Wellman, Inc,

We believe Adjusted EBITDA is an important financial measurement, since it is commonly used to measure financial performance from a credit perspective and is an important factor in evaluating a business. We believe investors and analysts use trends in analyzing our business and since our Adjusted EBITDA is not comparable before and after our February 2004 Financing, we have included the effect of Financing Adjustments, which are described below. Our Adjusted EBITDA for each of the three years presented is calculated as follows:


		Financing Adjustments that represent cash charges related to certain contractual obligations that previously affected operating loss:

Our financial results are primarily determined by our sales volume and raw material margins, which is the difference between net selling price and raw material cost. Our sales volume and raw material margins increase or decrease as a result of supply and demand factors and competitive conditions. Given our substantial unit volumes, the impact on our financial results from changes in raw material margins is significant. A one-cent per pound change in raw material margin on approximately 2.3 billion pounds of PET resin and fiber sales volumes results in an annual change of approximately $23.0 million in pretax earnings.


		Financing Adjustments that represent cash charges related to certain contractual obligations that previously affected operating results:

We sell to a diverse group of customers, including North American, South American and European-based manufacturers of various types of plastic containers. Graham Packaging Holding, Inc. represented approximately 23% of the PPG’s total net sales for 2005 and 13% of our total net sales for 2005. Five customers represented 55% of the PPG’s total net sales for 2005. The unexpected loss of any of these customers may result in a temporary reduction in net sales and profitability of our PPG.

The majority of our products are marketed by 11 employees. We also utilize representatives or agents for certain sales. Our PET resins are promoted through various activities, including advertising, sales promotions and market development, into a variety of packaging markets whose end products include carbonated soft drinks, water, juices, and food. We are actively involved with our customers in joint end-use product development efforts to meet the future needs of the food and beverage packaging markets.

Numerous factors affect the demand for PET resins, including substitution of packaging products from glass, aluminum, paper board and other plastics into PET, consumer preferences and spending, the overall growth in food and beverage consumption, and weather. Our markets for the PPG have historically displayed price and volume cyclicality. For additional information, see Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations — General” and “Forward-Looking Statements; Risks and Uncertainties.”

The three major factors which affect our financial results in the PPG are the NAFTA supply/demand balance (also referred to as capacity utilization), the relative cost and availability of raw materials versus our competitors, particularly in Asia, and the NAFTA net trade balance, which may be affected by the cost and availability of raw materials. For more information on chemical raw material pricing and availability, see “Raw Materials” below. The following chart illustrates the supply/demand balance for the NAFTA PET resin market for the years 2000 through 2005.

The reduction in capacity utilization in 2005 was a result of the curtailment of NAFTA production due to the limited availability of raw material, and increased imports of PET resin in the fourth quarter of 2005, all of which were primarily caused by the recent Gulf Coast hurricanes. This significant increase in imports resulted from lower PET resin import prices since the dramatic increase in raw material costs that occurred in the U.S. did not occur in Asia. (See “Raw Materials” below and Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Recent Developments”). The significant increase in imports in the fourth quarter is illustrated in the following chart, which shows the net trade balance by quarter for the years 2003 through 2005.

Our Engineering Resins Division, located in Johnsonville, SC, primarily manufactures and markets nylon engineering resins under the EcoLon^® and Wellamid^® brands to the injection molding industry. We produce these resins using post-industrial, post-consumer, and virgin nylon compounded with various additives (glass fibers, minerals, fire retardant, etc.) to impart desired performance characteristics. These resins are used primarily in automotive applications.

The majority of our products are marketed by 39 employees. We also utilize representatives or agents for certain sales. Our polyester staple fibers are also promoted through various activities directed to our customers and to organizations downstream from our customers. These activities include advertising, sales promotion, market analysis and product development. As part of this effort, we encourage downstream purchasers of apparel, home furnishing and other products to specify to their suppliers the use of Fortrel^® brand polyester staple fiber in their products.

Polyester staple manufacturers in the U.S. and Europe are impacted by the actions of other competitors, the availability of raw materials, and the difference in raw material costs between the U.S., Europe, and Asia, which is a key factor in polyester staple fiber imports. These manufacturers and their customers are also adversely affected by imports of products throughout the textile chain. The recent Gulf Coast hurricanes contributed to a significant increase in polyester staple fiber imports in the fourth quarter of 2005. The following two charts illustrate the growth in polyester staple imports and in textile and apparel imports into the U.S.

A downturn in the U.S., European, or global economy or an increase in imports of textile, apparel or polyester staple fiber products into the U.S. and Europe could adversely affect our business. Polyester textile fiber demand also may be influenced by the relative price of substitute fibers, most notably cotton. For additional information, see Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations — General” and “Forward-Looking Statements; Risks and Uncertainties.”

We purchase PTA produced by BP Amoco Chemical Company, the primary U.S. merchant supplier, pursuant to long-term supply contracts in both the U.S. and Europe. In the U.S., we purchase MEG under long-term supply contracts with Lyondell (parent of Equistar Chemicals), and MEGlobal Americas, Inc. (a joint venture between Dow Chemical Co. and Kuwait Petrochemical Co.). In Europe, we purchase MEG from Diolen Industrial Fibers (formerly a part of Acordis). The prices of PTA and MEG are primarily determined by crude oil prices, natural gas prices, worldwide supply and demand of their feedstocks, and global polyester production. These factors have fluctuated in the past and are expected to continue to do so in the future.

Our recycling-based fibers utilize two categories of recycled PET raw materials: post-consumer containers and post-industrial materials. Post-industrial materials include off-quality or off-spec production, trim and other materials generated from fiber, resin, and film manufacturing processes. We obtain our post-consumer PET containers primarily from curbside recycling and deposit return programs. These post-consumer containers are processed initially at our recycling facilities in Johnsonville, S.C., Spijk, the Netherlands, and Verdun, France. The costs of recycled raw materials fluctuate, and the raw material mix for our U.S. and European fiber operations can be adjusted depending upon market conditions for the various raw materials. We purchase a portion of our recycled raw materials from manufacturers that compete with us in the sale of fibers and resins.

We operate in international markets. Since large portions of our non-U.S. sales are in different currencies, changes in exchange rates may affect the financial results and sales levels of these operations. Foreign exchange contracts and borrowings in local currencies are utilized to manage our foreign currency exposure. For additional information on these exposures, see Item 7A. “Quantitative and Qualitative Disclosure about Market Risk” and Note 14 to the Consolidated Financial Statements.

Our foreign businesses are subject to certain risks common to foreign operations and investments in foreign countries, including restrictive action by local governments, limitations on repatriating funds and changes in currency exchange rates. See Note 15 to the Consolidated Financial Statements and Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Forward-Looking Statements; Risks and Uncertainties” for additional information relating to our foreign activities.

Johnsonville, S.C. operations. This contract expires on July 29, 2008. In addition, wage reopeners are scheduled in June 2006 and 2007. In our European fiber business, four unions represented 196 of the 364 total employees at year-end 2005. The wage agreements with these unions expire on April 30, 2006. We employ 68 people at our European PET resins operation, with 45 represented by two unions whose contracts expired on December 31, 2005. We are currently in negotiations for a new contract. We believe that relations with our employees are satisfactory.

We make available all documents that we file with the Securities and Exchange Commission (the “SEC”) free of charge, through the “Investor Relations — SEC Documents” section of our Internet website (www.wellmaninc.com). This includes our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as soon as reasonably practicable after electronically filing such material with, or furnishing it to, the SEC. Once filed with the SEC, such documents may be read and/or copied at the SEC’s Public Reference Room at 100 F Street, N.E., Room 1580, Washington, D.C. 20549. Information on the operation of the Public Reference Room may be obtained by calling the SEC at (202) 551-8090. In addition, the SEC maintains an Internet site where you can access reports, proxy and information statements, and other information that issuers, including Wellman, Inc., electronically file with the SEC (http://www.sec.gov).

Indirect purchasers of polyester staple fiber products have filed 40 purported class action lawsuits alleging violations of state antitrust or unfair competition laws and certain state consumer protection acts against us and certain other persons in various state courts. In each of these lawsuits, the plaintiffs allege that the defendants engaged in a conspiracy to fix prices of polyester staple fiber products. These indirect purchaser cases are pending in Arizona, California, the District of Columbia, Florida, Kansas, Massachusetts, Michigan, New Mexico, North Carolina, South Dakota, Tennessee, West Virginia and Wisconsin. In all of these cases, the plaintiffs seek damages of unspecified amounts, attorney’s fees and costs and unspecified relief. Certain of the actions claim restitution, injunction against alleged illegal conduct and other equitable relief. These indirect purchaser actions were filed following the Department of Justice’s commencement of an investigation of the pricing practices in the polyester staple fiber industry. Neither we nor any of our employees were ever indicted in connection with this investigation. In October 2004, the Department of Justice publicly announced that there would be no further criminal prosecutions arising out of its investigation. Wellman vehemently

Warburg Pincus Private Equity VIII, L.P. (“WP VIII”) holds 11,202,143 shares of preferred stock, which were issued on June 27, 2003 and can be converted into our common stock at a conversion price of $11.25 which is fixed until June 28, 2007. If WP VIII had converted its preferred stock on December 31, 2005 it would have received approximately 23 million shares of common stock. On June 28, 2007 the conversion price will be adjusted downward by the amount that Wellman’s stock price for the preceding 60 days is below $23.00; however, the minimum Conversion Price is $6.75. WP VIII also holds two warrants, each representing the right to purchase 1,250,000 shares of our common stock at $11.25, which are currently exercisable.

Our quarterly dividend rate on our common stock is $0.05 per share and is appropriate considering our operating performance, our current debt level, our capital expenditures, and the dividend levels of other companies. Our current financing agreements permit a quarterly dividend rate on our common stock of up to $0.09 per share. However, if certain earnings levels are not achieved, our dividends are limited to an amount not to exceed $15.0 million in aggregate over the life of the financings. We have used $8.0 million of the $15.0 million limitation. For additional information, see Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Capital Resources and Liquidity.”

We are principally engaged in the manufacture and marketing of high-quality PermaClear^® brand PET (polyethylene terephthalate) packaging resins, Fortrel^® brand polyester staple fibers, and EcoLon^® engineering resins. We believe we are the world’s largest PET plastics recycler, utilizing a significant amount of recycled raw materials in our manufacturing operations. At December 31, 2005, we had stated annual operating capacity to manufacture approximately 1.5 billion pounds of PET resins and 0.8 billion pounds of polyester staple fiber at five major production facilities in the United States and Europe.

Our operations are classified into two reportable operating segments: the Packaging Products Group (or PPG) and the Fibers and Recycled Products Group (or FRPG). Our PermaClear^® PET resins are produced by the PPG from purified terephtalic acid (PTA) and monoethylene glycol (MEG). These resins are primarily used in the manufacture of plastic soft drink bottles and other food and beverage packaging. The FRPG produces Fortrel^® polyester staple fiber and other polyester staple fibers that are primarily used in apparel, home furnishing, non-woven, and industrial products. These fibers are produced from PTA, MEG and recycled raw materials. In addition, the FRPG produces EcoLon^® nylon engineering resins.

North American and global PET resins demand continues to grow, driven by new product applications for PET, conversions from other packaging materials to PET, and overall growth in beverage and food consumption. Demand for polyester staple fiber is subject to changes in consumer preferences and spending, retail sales patterns, and textile product imports. Imports of products throughout the textile chain continue to negatively impact the United States and European fiber markets, adversely affecting our operating results.

Our financial results are primarily determined by our sales volume and raw material margins, which is the difference between net selling price and raw material cost. Both PET resin and polyester staple fiber volume and raw material margins increase or decrease as a result of supply and demand factors, competitive conditions, global economic and market conditions, export and import activity, and the prices of competing materials. Seasonal factors, such as weather and the vacation and holiday closings of our facilities or those of our customers, may also affect our operations. Given our substantial unit volumes, the impact on our financial results from changes in raw material margins is significant. A one-cent per pound change in raw material margin on approximately 2.3 billion pounds of resin and fiber sales volumes results in an annual change of approximately $23.0 million in pretax earnings.

Sales to customers are recorded when both title and risk of ownership of the goods transfer to the customer. Provisions for allowances, discounts and rebates to customers are recorded at the time of sale based on our best estimates, which may change. A considerable amount of judgment is required in assessing the ultimate amount of allowances, discounts, and rebates. Our estimates could vary significantly from actual amounts realized, resulting in adjustments to selling prices.

We perform periodic credit evaluations of our customers’ financial condition. We have established an allowance for doubtful accounts based on our evaluation of the credit-worthiness of our customers and the potential risks inherent in their businesses. A considerable amount of judgment is required in assessing the ultimate realization of these receivables, especially in light of the difficult economic conditions facing our FRPG customers. These judgments could vary significantly from actual amounts realized, resulting in changes in bad debt expense and allowances. The allowance for doubtful accounts will increase or decrease based on circumstances or specific events impacting customers, including bankruptcy filings and changes in the customers’ credit ratings. If the financial condition of our customers were to deteriorate, resulting in an impairment of their ability to make payments, additional allowances may be required.

Inventories are stated at the lower of cost or market. Cost is recorded based on the purchase price of goods less estimated rebates or credits, and we principally use a first-in, first-out (FIFO) flow of inventory assumption. The physical condition (i.e., quality) of the inventories is also considered in establishing the valuation. Our estimates of rebates, credits and the physical condition of the goods are judgments and the actual results could vary significantly, either favorably or unfavorably. Changes in our inventory valuation resulting from such variances would affect our cost of sales.

When events or circumstances indicate that the carrying value of a fixed asset group may not be recoverable, we will test the fixed asset group for impairment. If any of the impairment indicators are present or if other circumstances indicate that impairment may exist, we then determine whether an impairment loss should be recognized. We estimate the future undiscounted cash flows to be derived from the entire facility or site to determine its fair market value and whether or not a potential impairment exists. If the carrying value exceeds the estimate of future undiscounted cash flows, we then calculate and record the impairment, which is equal to the excess of the carrying value of the asset over the estimate of its fair market value.

In accordance with Statement of Financial Accounting Standards (SFAS) No. 142 “Goodwill and Other Intangible Assets,” goodwill is no longer amortized, but we test for impairment at least annually at the reporting unit level by comparing the estimated future discounted cash flows to the carrying value of the reporting unit, including goodwill. If the fair value exceeds the carrying value, no impairment loss is recognized. If the carrying value exceeds the fair value, the goodwill of the reporting unit is impaired by this amount.

Our operations are subject to extensive laws and regulations governing air emissions, wastewater discharges, and solid and hazardous waste management activities. Our policy is to expense environmental remediation costs when it is both probable that a liability has been incurred and the amount can be reasonably estimated. The accruals represent our best estimate of probable non-capital environmental expenditures. The final resolution of these contingencies could result in expenses different than current accruals, and therefore may have an impact on our consolidated financial results in a future reporting period.

We have defined benefit plans and defined contribution pension plans that cover substantially all employees. Several statistical and other factors, which attempt to anticipate future events, are used in calculating the expense and liability (asset) related to the defined benefit plans. Key factors include assumptions about the expected rates of return on plan assets, salary and pension increases, mortality tables and discount rates. We consider the guidance of our professional advisors as well as market conditions, including changes in investment returns and interest rates, in making these assumptions.

We manage the assets in our defined benefit plans to obtain the highest possible return over the long-term commensurate with the appropriate level of assumed risk. In order to moderate the investment portfolio’s volatility, we forecast financial market returns over a wide range of potential future economic trends. The expected rate of return on plan assets is a long-term assumption and is reviewed annually. The discount rate reflects the market rate for high-quality fixed income debt instruments at December 31 and is subject to change each year.

Unrecognized actuarial gains or losses are amortized using the “corridor method” as defined by SFAS No. 87 for our domestic defined benefit plans and the Dutch plans. For the Irish plans, we separately identify actuarial gains and losses on the plan’s assets and projected benefit obligations and amortize them over a period of five years, subject to the minimum amortization requirements of SFAS No. 87. Unrecognized actuarial gains and losses arise from several factors including experience and assumption changes in the obligations and from the difference between expected returns and actual returns on plan assets.

In December 2004, the Financial Accounting Standards Board (FASB) issued SFAS No. 123R, “Share-Based Payment.” This Statement is a revision of SFAS No. 123, “Accounting for Stock-Based Compensation,” and supersedes APB Opinion No. 25, “Accounting for Stock Issued to Employees.” We will implement this Statement in our first quarter 2006 financial statements; however, we do not expect the adoption of this Statement to have an impact on our Consolidated Financial Statements. In December 2005, our Board of Directors voted to vest the 226,980 unvested 1997 options granted in August 2003 with an exercise price of $10.44 under the Wellman, Inc. Amended and Restated 1997 Stock Option Plan. One third of these unvested

In November 2004, the FASB issued SFAS No. 151, “Inventory Costs, An Amendment of ARB No. 43, Chapter 4, Inventory Pricing.” This statement clarifies the accounting for abnormal amounts of idle facility expense, freight, handling costs, and waste or spoilage. Such abnormal expenses must be recognized in the period in which they are incurred. In addition, this Statement requires the allocation of fixed production overhead to inventory based on the normal capacity of the production facilities. Unallocated overhead must be recognized as an expense in the period in which it is incurred. SFAS No. 151 is effective for inventory costs incurred during fiscal years beginning after June 15, 2005. We do not expect the adoption of this new accounting pronouncement to have a material impact on our financial statements.

In June 2005, the FASB issued SFAS No. 154, “Accounting Changes and Error Corrections,” which supersedes APB Opinion No. 20, “Accounting Changes,” and SFAS No. 3, “Reporting Accounting Changes in Interim Financial Statements.” This Statement applies to all voluntary changes in accounting principle and changes the requirements for accounting for and reporting of a change in accounting principle. SFAS No. 154 requires retrospective application to prior periods’ financial statements of a voluntary change in accounting principle unless it is impracticable. It is effective for accounting changes and corrections of errors made in fiscal years beginning after December 15, 2005.

In July 2005, the Financial Accounting Standards Board (“FASB”) issued an exposure draft of a proposed Interpretation, “Accounting for Uncertain Tax Positions — an Interpretation of FASB Statement No. 109.” The Interpretation, currently anticipated to be finalized in the first quarter of 2006, is expected to address diverse accounting practices that have developed with regard to recognizing, derecognizing, or measuring benefits related to uncertain tax positions. As the Exposure Draft is currently written, we would be required to recognize in our financial statements, the best estimate of the impact of a tax position, if that tax position is probable of being sustained on audit based solely on the technical merits of the position. We are currently evaluating the effect this Interpretation will have on our consolidated financial position and results of operations. Based on our current understanding of the exposure draft, we do not expect the impact to be material.

During 2005, we recorded pre-tax charges totaling $35.9 million arising primarily from the settlement of all the federal lawsuits of direct purchasers (including a class action lawsuit) alleging that we engaged in price fixing and customer allocation relating to the sales of polyester staple fiber. The $35.9 million charge, which is included in Other expense, net in our Consolidated Statements of Operations, represents our best estimate of the total costs including all agreed upon settlements as well as the future costs to defend or settle any remaining litigation including state claims by indirect purchasers. These agreements contain releases of all claims against us or any of our directors and employees arising from alleged price fixing and market allocation through the date of the settlement. These settlements cover virtually all of the polyester staple fiber sold in North America from April 1999 to July 2005. For additional information, see Item 3. “Legal Proceedings” and Note 13 to the Consolidated Financial Statements.

On August 27, 2005, we shut down our Pearl River facility in Hancock County, Mississippi, in anticipation of hurricane Katrina. The damages caused by the hurricane resulted in a complete loss of production from that date until the first production line, with an annual capacity of 280 million pounds, re-started production the week of October 31, 2005. The second production line, with the same annual capacity, re-started at the end of November, 2005. As of December 31, 2005, we have incurred total costs attributable to hurricane Katrina of $24.0 million, which included the following:

Our effective tax rate for 2005 on our loss from continuing operations was 37.5% compared to 28.8% for 2004. Our tax rate changed due to the relative proportion of U.S. to foreign earnings, our overall earnings level, and nondeductible compensation payments in 2005. Foreign earnings are taxed at rates lower than U.S. rates. In addition, during 2004 we incurred tax expense of $6.1 million as a result of our taking advantage of the lower tax rate on our foreign earnings repatriations as specified under the American Jobs Creation Act.

As a result of the June 2003 private equity investment, we recorded accretion based on the fair market value of the increase in the liquidation preference of the preferred stock and the amortization of the discount related to the common stock warrants. This amount was $14.2 million and $12.3 million in 2005 and 2004, respectively. The 2005 amount included $1.0 million, of which $0.8 million was recorded in the first quarter and $0.2 million was recorded in the second quarter, which was the amount that the fair market value of the accretion exceeded the book value of the accretion based in part on the value of the underlying common stock.

Plant added costs were lower overall compared to the previous year as savings from our cost reduction programs more than offset higher depreciation and amortization, other non-cash charges, and energy costs for both the PPG and the FRPG. This allowed for significant reductions in our per unit costs. The additional depreciation and amortization was principally a result of the February 2004 Financing. For additional information on the February 2004 Financing, see Note 7 to the Consolidated Financial Statements. For additional information on our cost reduction programs, see Note 6 to the Consolidated Financial Statements.

As a result of the June 2003 private equity investment, we recorded accretion of the preferred stock liquidation preference, including the amortization of the discount related to the valuation of the common stock warrants, of $12.3 million and $5.9 million in 2004 and 2003, respectively. In addition, we incurred non-cash beneficial conversion charge of $4.2 million in the fourth quarter of 2003 as a result of the preferred stock becoming convertible into common stock.

Our financial results are primarily determined by our sales volumes and raw material margins, which are impacted by industry capacity utilization and the differential in raw material costs between the U.S. and Asia. As a result of hurricanes Katrina and Rita, Asian raw material costs became significantly less expensive than U.S. raw material costs which resulted in a dramatic increase in PET resin and polyester staple fiber imports in the fourth quarter of 2005. In the beginning of 2006, customers were still utilizing these imports and the difference in raw material costs had not returned to pre Katrina levels. Therefore, we believe the first quarter of 2006 results could be less than the results in the third quarter of 2005 before hurricane Katrina.

We have announced selling price increases in our U.S. PET resin business of $0.05 and $0.04 per pound effective February 1, and March 1, 2006, respectively. In addition, we have announced $0.03 and $0.04 per pound selling price increases in our domestic fibers business effective January 1, 2006 and March 5, 2006, respectively. Given the competitive nature of our businesses and other market influences, there can be no assurance that these price increases will be fully realized.

If the NAFTA PET resin industry capacity utilization improves, the differences in raw material costs between the U.S. and Asia is reduced, and the aforementioned price increases are realized, our operating results for the last three quarters of 2006 should improve significantly over the comparable period in 2005. However, there are announced PET resins expansions for late 2006 and early 2007 that, if these expansions occur as expected, could adversely affect our raw material margins during these periods.

Net cash used in investing activities amounted to $51.4 million in 2005, compared to $242.2 million in 2004. Investing activities for 2005 and 2004 were comprised of capital expenditures in the amounts of $51.4 million and $15.1 million, respectively, and in 2004, also included the purchase of sale-leaseback assets of $150.0 million and the $77.1 million pre-payment of a raw material contract, both in conjunction with the February 2004 Financing. The higher capital expenditures in 2005 are primarily related to the expansion of PET resin capacity at our Pearl River facility. We expect our 2006 capital expenditures to approximate our 2005 levels primarily due to our PET resin expansion at our Pearl River facility.

Net cash provided by financing activities amounted to $19.8 million in 2005 compared to $63.6 million in 2004. The net proceeds from the February 2004 Financing of $489.5 million plus $206.4 million in cash ($695.9 million in total) were used to pay balance sheet debt, purchase PET resin assets that were leased under a sale and leaseback transaction, pre-pay a raw material contract, purchase accounts receivable, and pay certain financing costs, interest and fees. We incurred $40.2 million of non-capitalizable financing costs (including non-cash charges) as a part of the February 2004 Financing. For additional information on the non-capitalizable financing costs, see Note 7 to the Consolidated Financial Statements.

At December 31, 2005, we had a total of $150 million in interest rate hedging agreements which were entered into to reduce our exposure to floating rate debt, which are as follows: a $50 million fixed-rate swap which matures June 2007 where we receive three-month LIBOR and pay 6.17% quarterly; a $25 million fixed-rate swap which matures July 2007 where we receive three-month LIBOR and pay 3.69% quarterly; a $25 million fixed-rate swap which matures July 2007 where we receive three-month LIBOR and pay 3.608% quarterly; and a $50 million cap which matures July 2007 where, for quarterly periods when three-month LIBOR exceeds 6% on its reset date, we receive the difference between three-month LIBOR and 6%.


	Credit Facility is based on our leverage ratio as defined in the Revolving Credit Facility. The credit spread over LIBOR and the prime rate borrowings ranges from 200 to 275 basis points and 100 to 125 basis points, respectively.

(2)	We have a $185.0 million First Lien Term Loan which matures on February 10, 2009, which is primarily secured by our domestic real property, plant and equipment. Our annual interest rate is three-month LIBOR plus 400 basis points and is paid quarterly. There is a LIBOR floor of 200 basis points.

(3)	We have a $265.0 million Second Lien Term Loan, which matures on February 10, 2010 which is secured by a second priority interest in substantially all of our domestic assets. Our annual interest rate is three-month LIBOR plus 675 basis points and is paid quarterly. There is a LIBOR floor of 200 basis points. The amount outstanding is net of the unamortized portion of an original issue discount.

(4)	Effective July 2005, certain of our foreign subsidiaries entered into a five-year €20 million multi-currency facility, secured by their trade accounts receivable. While interest rates vary by currency borrowed, we primarily borrow in Euros, and the Euro borrowing rate is the Bank’s Prime Rate plus 2% (4.94% at December 31, 2005).

(5)	The adjustments are a reduction in the amounts available under the Revolving Credit Facility due to outstanding letters of credit and the mark-to-market value of outstanding swaps. For additional information on swaps, see Note 7 to the Consolidated Financial Statements.

Our debt agreements contain financial and restrictive covenants. The terms of the Revolving Credit Facility require that we maintain available liquidity (as defined in the Revolving Credit Facility) of at least $55.0 million or maintain a Fixed Charge Coverage Ratio initially of at least 1.0:1.0. This ratio increases to 1.05:1.0 beginning with the four quarters ending December 31, 2006 and further increases to 1.10:1.0 beginning with the four quarters ending March 31, 2008. The Fixed Charge Coverage Ratio, as defined in the Revolving Credit Facility, is earnings before interest, taxes, certain other items and non-cash charges

(primarily depreciation and amortization) divided by the sum of cash taxes, cash interest expense, capital expenditures and certain payments related to our equity for the same period. There are other restrictions which include limitations on capital expenditures, asset sales and dispositions, the incurrence or guarantee of additional debt, acquisitions, certain payments and investments, affiliate and subsidiary transactions, payment of dividends, repurchase of stock, and excess cash. Our current financing agreements permit us to pay a common stock dividend of up to $0.09 per share in each quarter and Restricted Payments (as defined in the First and Second Lien Term Loans) can not exceed $15.0 million in aggregate over the life of the financings. Restricted Payments include dividend payments when the Fixed Charge Coverage Ratio, as defined in the First and Second Lien Term Loans, is below 3 to 1, stock redemption payments, principal payments of subordinated debt prior to its maturity, and certain investments. The Fixed Charge Coverage Ratio, as defined in the First and Second Lien Term Loans, is earnings before interest, taxes, non-cash charges (primarily depreciation and amortization), extraordinary gains or losses and non-recurring and non-operational charges or gains divided by interest expense exclusive of any amortization or discounts related to the February 2004 Financing. As of December 31, 2005, we have used $8.0 million of the $15.0 million limitation on Restricted Payments. We are in compliance with all debt covenants.

The financial resources available to us at December 31, 2005 included approximately $141.2 million available under our U.S. revolving credit facility and our European facility implemented in July 2005, and internally generated funds. We have increased our borrowings in the first three months of 2006 to rebuild our working capital which was depleted as a result of hurricane Katrina and for capital expenditures to complete our Pearl River expansion. These borrowings, coupled with a need to build additional working capital during the second quarter relating to our Pearl River expansion, will significantly reduce amounts available to us.

We are considering refinancing some or all of our debt, primarily because we believe we can borrow at lower costs and on more favorable terms. We believe that we have in place or have access to financial resources which will provide us with sufficient liquidity to meet our foreseeable needs for working capital, capital expenditures and dividends. For additional information on the payment of dividends, see Item 5. “Market for Registrant’s Common Equity and Related Stockholder Matters.”

Our operations are subject to extensive laws and regulations governing air emissions, wastewater discharges and solid and hazardous waste management activities. We take a proactive approach in addressing the applicability of these laws and regulations as they relate to our manufacturing operations and in proposing and implementing any remedial plans that may be necessary. We have identified certain situations that will require future capital and non-capital expenditures to maintain or improve compliance with current environmental laws and regulations. The majority of these are found at our major manufacturing facilities and primarily deal with groundwater remediation, quality of air emissions and wastewater treatment processes.

Our policy is to expense environmental remediation costs when it is both probable that a liability has been incurred and the amount can be reasonably estimated. While it is often difficult to reasonably quantify future environmental-related expenditures, we currently estimate our future non-capital expenditures related to environmental matters to range between $4.1 million and $13.7 million. In connection with these expenditures, we have accrued undiscounted liabilities of approximately $6.6 million and $7.0 million at December 31, 2005 and 2004, respectively, which are reflected as other noncurrent liabilities in our Consolidated Balance Sheets. These accruals represent our best estimate of probable non-capital environmental expenditures. In addition, aggregate future capital expenditures related to environmental matters are expected to range from $6.1 million to $16.5 million. These non-capital and capital expenditures are expected to be incurred during the next 15 to 30 years. For additional information, including changes in the accrued undiscounted liabilities, see Notes 1 and 9 to the Consolidated Financial Statements.

We believe we are either in material compliance with all currently applicable regulations or are operating in accordance with the appropriate variances and compliance schedules or similar arrangements. Subject to the imprecision in estimating future environmental costs, we believe that compliance with current laws and regulations will not require significant capital expenditures or have a material adverse effect on our consolidated financial position or results of operations. See “Forward Looking Statements; Risks and Uncertainties.”

Statements contained in this Form 10-K that are not historical facts, including those made in the “Outlook” section above, are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. In addition, words such as “believes,” “expects,” “anticipates,” and similar expressions are intended to identify forward-looking statements. These statements are made as of the date of this report based upon current expectations, and we undertake no obligation to update this information. These forward-looking statements involve certain risks and uncertainties, including, but not limited to: reduced raw material margins; availability and cost of raw materials; reduced sales volumes; increase in costs; polyester staple fiber, textile and PET resin imports; the actions of our competitors; the financial condition of our customers; availability of financing, changes in financial markets, interest rates, credit ratings, tax risks; environmental risks and foreign currency exchange rates; regulatory changes; U.S., European, Asian and global economic conditions; prices and volumes of PET resin imports; work stoppages; levels of production capacity and profitable operations of assets; prices of competing products; natural disasters and acts of terrorism; and maintaining the operations of our existing production facilities. Actual results may differ materially from those expressed herein. Results of operations in any past period should not be considered indicative of results to be expected in future periods. Fluctuations in operating results may result in fluctuations in the price of our common stock.

Raw material margin, which is the difference between our net selling price and the cost of our raw materials, is an extremely important factor in determining our operating results. Selling prices are influenced by competition and capacity utilization, which is the demand for product divided by total industry capacity. Demand for our product is determined principally by growth in end-use markets, substitution of our product for other products, economic conditions, imports, and our products’ competitive cost position. Supply is determined by worldwide capacity, which is expanding for both PET resin and polyester staple fiber. Any reduction of selling prices, failure to achieve announced selling price increases, or any significant expansion in capacity over demand could reduce our operating results. Any increase in raw material costs (see “Our operations are dependent on the availability and cost of our raw materials” below) without a corresponding increase in selling price would reduce our raw material margins and operating results. A material change in demand, supply, general economic conditions or uncertainties regarding future economic prospects could have a material adverse effect on our operating results.

Our operations are substantially dependent on the availability and cost of our two primary raw materials, PTA and MEG, and to a lesser extent our recycled raw materials. We currently rely on a single producer for our domestic supply of PTA and a small number of sources for MEG. The effect of the loss of any producer, a disruption in their businesses or a failure to meet our product needs on a timely basis would depend primarily upon the length of time necessary to find a suitable alternative source. Temporary shortages in needed raw materials could have a material adverse effect on our results of operations. We cannot be sure that we would

Our inability to maintain our cost structure and efficiently operate our manufacturing facilities may reduce our operating results. In addition, increases in certain non-controllable costs where the expense we incur may change based on external factors may reduce our operating results. Examples of these costs are energy, insurance, tax and pension costs. Energy costs are impacted by changes in petrochemical costs and, as these increase, our cost of natural gas, electricity, and oil increases and may reduce our operating results by increasing our production costs. Insurance costs change depending on the market and our experience, and pension costs are impacted by the changes in the equity and debt markets.

The growth in textile and apparel imports, especially from Asia, could have a negative impact on our textile customers. All remaining quotas on textile and apparel imports into the United States were eliminated as of January 1, 2005 pursuant to the GATT (now known as the World Trade Organization Agreement) Uruguay Round Agreement enacted in 1994. In November 2005, the United States and China reached a new agreement on 34 textile and apparel categories which will limit most apparel imports to a 10.0% — 12.5% annual growth rate and most textile imports to a 12.5% — 17.0% annual growth rate for 2006 — 2008. This agreement may limit the growth in textile and apparel imports from China during this period; however, growth in textile and apparel imports may accelerate from other Asian countries whose quotas are completely eliminated.

Producers of polyester staple fiber and PET resin in the United States and the European Union benefit from favorable rules and regulations that affect imports of selected products produced from certain countries. Imports of polyester staple fiber into the European Union from Australia, India, Indonesia, Korea, Belarus, China, Saudi Arabia, and Thailand are subject to anti-dumping and countervailing duties. PET resin products imported into the European Union from Australia, China, India, Indonesia, Korea, Malaysia, Taiwan and Thailand currently have anti-dumping duties and for India, Malaysia and Thailand, countervailing duties. Certain polyester staple products imported into the U.S. from South Korea and Taiwan are subject to anti- dumping duties. Adverse changes in any of these rules or anti-dumping or countervailing determinations could affect the demand and selling price for our products and adversely affect our operating results.

A portion of our operating results occurs in entities where the functional currency is not the U.S. dollar. When these currencies weaken against the dollar, our financial results and the value of our investment in the foreign subsidiary decreases. In addition, our foreign subsidiaries conduct business in currencies other than their functional currency. Changes in the relative strength of these currencies can adversely affect the financial results of the foreign subsidiaries in their functional currency and a material change in foreign currency exchange rates could adversely affect our operating results.

We use foreign currency debt and foreign currency purchase and sale contracts with terms of less than one year to hedge our exposure to changes in foreign currency exchange rates. These financial instruments are primarily used to hedge certain accounts receivable denominated in foreign currencies. If foreign currency exchange rates at December 31, 2005 and 2004 adversely changed by 10%, the fair value of these financial instruments outstanding at December 31, 2005 and 2004 would decline by approximately $0.2 million and $1.0 million, respectively. However, such loss in fair value would be substantially offset by an increase in the fair value of our underlying exposure. Our sensitivity analysis of the effects of changes in foreign currency exchange rates does not factor in any potential changes in any underlying hedged amount or changes in sales levels affected by changes in local currency prices.

Wellman, Inc. and entities it controls are international manufacturers, operating primarily in the United States, Ireland and the Netherlands. The Consolidated Financial Statements include all of these entities and all material intercompany transactions have been eliminated. When used in these Consolidated Financial Statements, “Wellman,” “we,” “our,” and “us” each refers to Wellman, Inc. and entities it controls. We primarily manufacture high-quality PermaClear^® brand PET (polyethylene terephthalate) packaging resins, Fortrel^® brand polyester staple fibers and EcoLon^® engineering resins. The principal markets for our PET resins are North American, South American, and European-based manufacturers of various types of plastic containers. The principal markets for our polyester staple fibers are apparel, non-woven, home furnishing, and industrial manufacturers in the United States, Mexico, and Europe. EcoLon^® engineering resins are primarily used in automotive applications in the United States.

We record all of our derivatives as either assets or liabilities on our balance sheet at their respective fair values. The accounting for changes in the fair value (i.e., gains or losses) of a derivative depends on whether it has been designated and qualifies as part of a hedging relationship and on the type of hedging relationship. We formally assess, both at the hedge’s inception and on an ongoing basis, whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged items. For those derivatives that qualify as hedges, we must designate the hedge as either a fair value hedge or a cash flow hedge. For fair value hedges, the gain or loss on the derivative as well as the offsetting loss or gain on the hedged item attributable to the hedged risk are recognized in current earnings (loss) during the period of the change in fair values. For cash flow hedges, the effective portion of the gain or loss on the derivative is reported as a component of other comprehensive income (loss) and reclassified into earnings (loss) in the same period or periods during which the hedged transaction affects earnings (loss), with the ineffective portion, if any, being recognized in current earnings (loss) during the period of the change.

During the third quarter of 2005, we experienced a production outage at our Pearl River facility in Hancock County, Mississippi, related to hurricane Katrina, which resulted in a temporary shutdown of the entire facility. The facility re-started production in two phases. One production line, which has an annual capacity of 280 million pounds, resumed production the week of October 31, 2005. The second production line, with the same annual capacity, started at the end of November, 2005. Our Pearl River facility, which had a depreciable net book value of $290.7 million at December 31, 2005, is being depreciated using the units of production method, and as a result, depreciation was suspended during the shutdown. For additional information on the costs incurred related to hurricane Katrina, see Note 5.

In December 2003, we abandoned the polyester staple fiber spinning and drawing equipment at our Pearl River facility and recorded a non-cash impairment charge of $135.3 million. This charge represented a reduction in the carrying value of the abandoned polyester staple fiber spinning and drawing assets to their estimated fair value. This spinning and drawing equipment, along with the related polymerization assets, was idled in December 2000. These assets were depreciated using the units of production method, and as a result, no depreciation has been recorded related to these assets since that date. The decision to abandon the polyester staple fiber spinning and drawing equipment was based on the determination that the conversion of these idled polymerization assets with a net book value of $43.3 million at December 31, 2005 to PET resin production would be the most profitable use of the assets. We expect to complete the conversion, adding approximately 300 million pounds of additional annual solid stating capacity to our Pearl River facility, in the second quarter of 2006.

When events or circumstances indicate that the carrying value of a fixed asset group may not be recoverable, we will test the fixed asset group for impairment. If any of the impairment indicators are present or if other circumstances indicate impairment may exist, we then determine whether an impairment loss should be recognized. We estimate the future undiscounted cash flows to be derived from the fixed asset group to determine its fair market value and whether or not a potential impairment exists. Our fixed asset group is defined as an entire facility or site. If the carrying value exceeds the estimate of future undiscounted cash

In accordance with SFAS No. 144, when an asset is held for sale, it is measured at the lower of its carrying amount or fair value less costs of disposal. The fair value of an asset is the amount at which that asset could be bought or sold in a current transaction between willing parties. Judgment is required in determining the fair value of the assets, and the fair value could differ from the actual amount received upon disposal. In March 2002, as a result of our review of strategic alternatives, we adopted a plan to sell our small recycled fine denier polyester staple fiber business with a manufacturing facility located in Marion, South Carolina. These assets were sold in March 2003. For additional disclosure on discontinued operations, see Note 2.

Expenditures, which materially increase productivity, change capacities, or extend useful lives are capitalized in property, plant and equipment. Routine maintenance, repairs and replacement costs are charged to expense in the period incurred. We do not accrue for major maintenance and repairs. Periodically, we conduct a complete shutdown and inspection of equipment (turnaround) at our facilities to perform necessary repairs and replacements. Costs associated with these turnarounds are capitalized and are generally depreciated over the period until the next turnaround.

In accordance with SFAS No. 142, we no longer amortize goodwill but instead test goodwill for impairment at least annually at the reporting unit level. Goodwill is tested for impairment by comparing the fair value of the reporting unit to its carrying value, including goodwill. The fair value is determined based on the present value of estimated future discounted cash flows. If the fair value exceeds the carrying value, no impairment loss is recognized. If the carrying value exceeds the fair value, the goodwill of the reporting unit is impaired by this amount.

The financial statements of foreign subsidiaries have been translated into U.S. dollar equivalents in accordance with SFAS Statement No. 52, “Foreign Currency Translation.” All balance sheet accounts have been translated using the exchange rates in effect at the balance sheet date. Income statement amounts have been translated using the average exchange rate for the year. The gains and losses resulting from the changes in exchange rates from year to year have been reported in other comprehensive income (loss). The effect on

Accumulated other comprehensive income (loss) is comprised of foreign currency translation adjustments, minimum pension liability adjustments, and the effective portion of the gain (loss) for derivatives designated and accounted for as cash flow hedges. Substantially all of the earnings associated with our investments in foreign entities are considered to be permanently invested, and no provision for U.S. federal and state income taxes on those earnings or translation adjustments has been provided.

Currently, we account for stock option grants in accordance with APB Opinion No. 25, “Accounting for Stock Issued to Employees,” and recognize compensation expense over the vesting period for the difference between the exercise price and the fair value of the shares at the date of grant. The difference between the employee purchase price and the fair value of restricted stock awarded is considered to be compensatory. Based on a decision by our Board of Directors in December 2005, all unvested stock options awarded to employees in August 2003 were vested as of December 30, 2005. We will adopt SFAS No. 123R, “Share-Based Payment,” which requires all share-based payments to employees, including grants of employee stock

Effective January 1, 2002, we adopted SFAS No. 144, “Accounting for the Impairment or Disposal of Long-Lived Assets,” which addresses financial accounting and reporting for the impairment or disposal of long-lived assets and supersedes SFAS No. 121, “Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets to Be Disposed Of,” and the accounting and reporting provisions of Accounting Principles Board Opinion No. 30, “Reporting the Results of Operations-Reporting the Effects of Disposal of a Segment of a Business and Extraordinary, Unusual and Infrequently Occurring Events and Transactions” for a disposal of a segment of a business.

As a result of our review of strategic alternatives, in March 2002, we adopted a plan to sell our small recycled fine denier polyester staple fiber business with a manufacturing facility located in Marion, South Carolina. This business, which was previously reported as part of our FRPG, was reported as discontinued operations in our financial statements. In 2003, these operations had $0.7 million in sales and a net loss of $0.2 million. We sold these assets in March 2003 for net cash proceeds totaling $1.1 million. The total loss on disposal of assets was $4.4 million, net of taxes. An impairment loss of $4.7 million, net of taxes, was recorded in the first quarter of 2002. A gain of $0.3 million, net of taxes, was recognized during the first quarter of 2003 and included in discontinued operations in our Consolidated Statement of Operations.

Legal costs consisted of fees, settlements, and other expenses in connection with an investigation by the Department of Justice (which it has since abandoned) and related civil litigation. During 2005, we recorded pre-tax charges totaling $35.9 million arising primarily from the settlement of the federal class action lawsuits of direct purchasers alleging that we engaged in price fixing and customer allocation relating to the sales of polyester staple fiber. The $35.9 million charge represents our best estimate of total costs including all agreed upon settlements as well as the future costs to defend or settle any remaining litigation including state claims by indirect purchasers. We have entered into settlement agreements with all of the federal direct purchaser lawsuits. These agreements contain releases of all claims against us or any of our directors and employees arising from alleged price fixing and market allocation through the date of the settlement. These settlements cover virtually all of the polyester staple fiber sold in North America from April 1999 to July 2005. For additional information, see Item 3. “Legal Proceedings.”

During the second quarter of 2005, we announced and implemented a strategic plan to reduce the stated annual polyester staple fiber capacity located at our Johnsonville, S.C. facility by approximately 80 million pounds. In conjunction with this plan, our Fibers and Recycled Products Group (“FRPG”) recorded a total charge of $0.6 million. Severance costs represented $0.4 million and equipment that was permanently shut down represented $0.2 million of the charge. At the end of the second quarter 2005, $0.4 million was accrued and $0.3 million was paid before the end of 2005. The remaining balance of $0.1 million will be paid out in the first quarter of 2006.

In November 2003, we announced a plan with Company-wide cost reduction initiatives that included eliminating levels of management, reducing the number of employees, and other organizational and administrative consolidations and changes. During 2004, we incurred severance and contract termination costs of $2.7 million associated with this plan, of which $0.8 million related to the Packaging Products Group (“PPG”) and $1.9 million related to the FRPG. These costs were reflected in Operating income (loss) in our

The Revolving Credit Facility is collateralized by a first lien on our domestic accounts receivable, inventory, and related intangibles. Availability under the Revolving Credit Facility is determined by the amount of eligible accounts receivable and inventory. Borrowings under the First Lien Term Loan are primarily collateralized by a first priority security interest in our domestic real property, plant and equipment. Borrowings under the Second Lien Term Loan are collateralized by a second priority security interest in substantially all of our domestic assets.

These debt agreements contain financial and restrictive covenants. The terms of the Revolving Credit Facility require that we maintain available liquidity (as defined in the Revolving Credit Facility) of at least $55.0 million or maintain a Fixed Charge Coverage Ratio initially of at least 1.0:1.0. This ratio increases to 1.05:1.0 beginning with the four quarters ending December 31, 2006 and further increases to 1.10:1.0 beginning with the four quarters ending March 31, 2008. The Fixed Charge Coverage Ratio, as defined in the Revolving Credit Facility, is earnings before interest, taxes, non-cash charges (primarily depreciation and amortization) and certain other items divided by the sum of cash taxes, cash interest expense, capital expenditures and certain payments related to our equity for the same period. There are other restrictions which include limitations on capital expenditures, asset sales and dispositions, the incurrence or guarantee of additional debt, acquisitions, certain payments and investments, affiliate and subsidiary transactions, payment of dividends, repurchase of stock, and excess cash. Our current financing agreements limit our common stock dividend to no more than $0.09 per share in each quarter and we can not make more than $15.0 million in Restricted Payments (as defined in the First and Second Lien Term Loans) over the life of the financings. Restricted Payments include dividend payments when the Fixed Charge Coverage Ratio, as defined in the First and Second Lien Term Loans, is below 3 to 1, stock redemption payments, principal payments of subordinated debt prior to its maturity, and certain investments. The Fixed Charge Coverage Ratio, as defined in the First and Second Lien Term Loans, is the sum of earnings before interest, taxes, non-cash charges (primarily depreciation and amortization), extraordinary gains or losses and non-recurring and non-operational items divided by interest expense exclusive of any amortization or discounts related to the February 2004 Financing. Our Fixed Charge Coverage Ratio as defined in the First and Second Lien Term Loans was greater than 3:1 for the last three quarters of 2005. As of December 31, 2005, we have used $8.0 million of the $15.0 million limitation. We are in compliance with all debt covenants.

At December 31, 2005, we had a total of $150 million in interest rate hedging agreements which were entered into to reduce our exposure to floating rate debt as follows: a $50 million fixed-rate swap which matures June 2007 where we receive three-month LIBOR and pay 6.17% quarterly; a $25 million fixed-rate swap which matures July 2007 where we receive three-month LIBOR and pay 3.69% quarterly; a $25 million fixed-rate swap which matures July 2007 where we receive three-month LIBOR and pay 3.608% quarterly; and a $50 million cap where, for quarterly periods when three-month LIBOR exceeds 6% on its reset date, we receive the difference between three-month LIBOR and 6%. The two $25 million fixed-rate swaps were designated as cash flow hedges.

At December 31, 2005, we had a federal net operating loss (NOL) of approximately $415.0 million available for carryforward, which begins to expire in 2019, and approximately $6.0 million of federal tax credit carryforwards, which begin to expire in 2018. Additionally, we had approximately $637.0 million of state NOLs available for carryforward that begin to expire in 2006. We also had foreign NOLs of approximately $13.0 million that may be carried forward indefinitely. The valuation allowance, which is primarily attributable to state and foreign NOLs and federal tax credits, decreased by $1.9 million during 2005 and increased by $4.4 million during 2004.

Deferred taxes have not been provided for approximately $85.0 million of undistributed earnings of foreign subsidiaries, which are permanently reinvested outside the United States. We intend to reinvest such undistributed earnings for an indefinite period except for distributions upon which incremental taxes would not be material. If all such earnings were distributed, we would be subject to both U.S. income taxes (subject to a potential adjustment for foreign tax credits) and foreign withholding taxes. Determination of the amount of unrecognized deferred U.S. income tax liability is not practicable because of the complexities associated with its hypothetical calculation.

Our operations are subject to extensive laws and regulations governing air emissions, wastewater discharges and solid and hazardous waste management activities. As discussed in Note 1, our policy is to expense environmental remediation costs when it is both probable that a liability has been incurred and the amount can be reasonably estimated. While it is often difficult to reasonably quantify future environmental-related expenditures, we currently estimate our future non-capital expenditures related to environmental matters to range between $4.1 million and $13.7 million on an undiscounted basis. In connection with these expenditures, we have accrued undiscounted liabilities of approximately $6.6 million and $7.0 million at December 31, 2005 and 2004, respectively, which are reflected as other noncurrent liabilities in our Consolidated Balance Sheets. These accruals represent our best estimate of probable non-capital environmental expenditures. In addition, aggregate future capital expenditures related to environmental matters are expected to range from $6.1 million to $16.5 million. These non-capital and capital expenditures are expected to be incurred over the next 15 to 30 years.

We have defined benefit plans and defined contribution pension plans that cover substantially all employees. One defined contribution plan (The Wellman, Inc. Retirement Plan) provides for employer contributions based on the earnings of eligible employees. Expense related to this defined contribution plan amounted to $3.9 million, $2.7 million and $3.8 million for the years ended December 31, 2005, 2004 and 2003, respectively. In conjunction with our cost reduction efforts, certain employer contributions were suspended in 2003 and 2004. Certain of these employer contributions were reinstated, effective January 1, 2005.

Our other defined contribution plan is the Wellman, Inc. Employee Stock Ownership Plan (the ESOP). In 2003, as part of our restructuring and cost reductions we suspended our contributions to the ESOP. Subsequently, the ESOP was frozen and in late 2005 the ESOP assets for the non-union participants were transferred to a defined contribution plan for these participants and we applied for permission to terminate the ESOP. We received permission to terminate the ESOP and distribute the remaining funds to the union participants in 2006. Expense related to the ESOP amounted to $0.8 million for the year ended December 31,

Benefits under the European businesses’ defined benefit plans are based on employees’ compensation and length of service, while benefits under defined benefit plans covering domestic employees are based on employees’ compensation and length of service or at stated amounts based on length of service. Our policy is to fund amounts, which are actuarially determined to provide the plans with sufficient assets to meet future benefit payment requirements. Substantially all of the assets of the plans are invested in equity securities, debt securities, money market instruments, and insured products.

The expected return on plan assets is based on the expected long term rate of return on plan assets taking into account the plans’ asset allocation (primarily between equity and debt securities) and giving appropriate consideration to historical plan returns. The rate of compensation increase is determined by taking into consideration future economic conditions, such as inflation and our expected future compensation levels when compared to historical performance.

Unrecognized net actuarial gains or losses are amortized using the “corridor method” as defined by SFAS No. 87, “Employers Accounting for Pensions, for our domestic defined benefit plans and Dutch plans. For the Irish plans, we separately identify gains and losses on the plan’s assets and projected benefit obligations and use an amortization method, which spreads each year’s actuarial gain or loss over a period of five years, without regard to the corridor, subject to the minimum amortization requirements of SFAS No. 87.

On June 27, 2003, we received from Warburg Pincus Private Equity VIII, L.P. (“Warburg Pincus VIII”), a global private equity fund, $126.0 million in proceeds from the issuance of 11,202,143 shares of perpetual convertible preferred stock (the Preferred Stock) and two warrants to acquire a total of 2,500,000 shares of our common stock at $11.25 that vested on that date. We valued the preferred stock at $121.1 million and the warrants at $4.9 million. Net proceeds from this transaction were used primarily to pay down existing debt.

The initial liquidation preference of the Preferred Stock is $126.0 million, increasing by 8.5% per year compounded quarterly for the first five years unless our consolidated net income for 24 consecutive quarters (excluding any changes in accounting principle after September 30, 2002, any beneficial conversion charges and any preferred stock dividends) is greater than $160.0 million. If that occurs, the accretion rate will become 7.25% and the holders of the Preferred Stock will participate with the common stock dividend. After June 27, 2008, the holders of the Preferred Stock will be able to elect to receive cash dividends or continue to increase their liquidation preference. The rate will increase to 8.75% per year compounded quarterly at that time. If the holders of the Preferred Stock are not participating in the common stock dividend, or if the common stock dividend is less than $0.045 per share per quarter, then the rate will increase to 10% per year compounded quarterly. The Preferred Stock is also entitled to participate in any extraordinary dividends, and if there is a change of control within the first five years, then the liquidation preference of the Preferred Stock is adjusted as if it had been owned for five years.

The conversion price of the Preferred Stock is $11.25 per share. The conversion price will be reduced on June 27, 2007 if the volume-weighted average price of our common stock for the immediately preceding 60 consecutive trading days does not equal or exceed $23.00. The reduction will be equal to the excess of $23.00 over such average price, but the conversion price will not be reduced by more than $4.50. We can require conversion of the preferred stock at any time after June 27, 2008 if the closing price of our common stock exceeds 125% of the conversion price for 30 consecutive trading days.

The Preferred Stock was initially reflected on our financial statements at $121.1 million, which is a discount of $4.9 million from its initial liquidation value of $126.0 million. Since, at the end of the seventh year (June 27, 2010), the holders of the Preferred Stock can require us to remarket the Preferred Stock by increasing its dividend rate until its market value is its liquidation value, the discount will be accreted and recorded as a reduction of earnings attributable to common stockholders ratably for a period of seven years from the date of issuance. The warrants are immediately included in the computation of diluted earnings per share using the treasury stock method, and therefore become dilutive only when the market price of our common stock is above their exercise price.

The Preferred Stock may be converted into shares of our common stock at any time. The Preferred Stock became convertible in the fourth quarter of 2003 when we publicly reported cash earnings per share, as defined in the securities agreement, of less than $1.50 for the trailing four calendar quarters ending September 30, 2003, which is a conversion event, as defined in the securities purchase agreement. We incurred non-cash beneficial conversion feature (“BCF”) amounts totaling $4.2 million in 2003. These BCF amounts resulted in a non-cash increase in the loss attributable to common stockholders in the fourth quarter of 2003.

our employees are eligible to receive awards of restricted common stock shares (Restricted Awards). The terms of the restrictions and the awards are at the sole discretion of the Compensation Committee. A total of 1,000,000 shares of common stock are reserved for issuance under the New Restricted Stock Plan. On June 28, 2004, 125,000 Restricted Awards were issued to employees. The initial restriction term is two years and the fair market value of the common stock on the date of issuance was approximately $7.99 per share. At December 31, 2005, 5,000 Restricted Awards have been forfeited before the restrictions lapsed. On March 14, 2005, 395,000 restricted stock awards were granted, which vest over five years with provisions for accelerated vesting if certain financial targets are achieved. The fair market value of the common stock on the date of issuance was $15.15 per share. The fair market value times the number of Restricted Awards is being amortized to compensation expense over the vesting period of the awards.

We also have a deferred compensation and restricted stock plan (Restricted Stock Plan). Pursuant to the Restricted Stock Plan, certain officers and directors are required to defer a certain portion of their compensation and could elect to defer additional compensation that is exchanged for restricted stock. Shares granted are subject to certain restrictions on transferability. The exercise price for restricted stock awards granted is 85% of the average of the highest and lowest sales prices of the common stock as reported on the New York Stock Exchange on the last day of the prior calendar quarter and on each of the 15 days before and after that date. A total of 1,000,000 shares of common stock are reserved for issuance under the Restricted Stock Plan. As of December 31, 2005, a total of 360,115 shares of restricted stock had been awarded pursuant to the Restricted Stock Plan and the restrictions have not lapsed on 170,926 of these shares. During 2005 and 2003 participants purchased 2,095 and 15,538 shares of restricted common stock, respectively, at an average price per share of $8.89 and $11.29, respectively. No shares of restricted common stock were purchased under this plan in 2004. The amount of non-cash compensation expense associated with purchases during 2005, 2004, and 2003 was not material.

We have stock option plans for certain employees (the Plans) that authorize the grant of non-qualified stock options (NQSOs). For all options granted in connection with the Plans, the option period extends for 11 years from the date of grant with the shares vesting at 20% per year over the first five years. The exercise price for options granted prior to 1998 is equal to the fair value of our common stock at the date of grant. For options granted after 1997, the exercise price is equal to the average of the highest and lowest sales prices of our common stock over a period of 20 days prior to the date of the grant. In addition, we have a Directors’ Stock Option Plan. Each year through 2004, each eligible director was granted an option for 1,000 shares on the eighth business day after we publicly announced our annual earnings. In 2005, the Directors voted not to grant any of these options. The option period extends for 11 years from the grant date with the shares being 100% vested one year after the grant date. The exercise price is equal to the average of the highest and lowest sales price of our common stock over a period of 20 days prior to the date of the grant.

In December 2004, the FASB released SFAS No. 123 (Revised 2004), “Share-Based Payment.” We will implement this Statement in our first quarter 2006 financial statements, using the Standard’s “modified prospective” method. We do not expect the adoption of this Statement to have an impact on our Consolidated Financial Statements. In December 2005, our Board of Directors voted to vest the 226,980 unvested 1997 options granted in August 2003 with an exercise price of $10.44 under the Wellman, Inc. Amended and Restated 1997 Stock Option Plan. One third of the remaining unvested options would have vested in August of 2006, 2007, and 2008, respectively. We estimate that approximately $0.5 million of expense was eliminated as a result of accelerating these. Prior to adoption of SFAS 123 (Revised 2004), we will continue to follow Accounting Principles Board Opinion No. 25, “Accounting for Stock Issued to Employees” (APB 25), and related Interpretations in accounting for our employee stock options. Under APB 25, any difference between the exercise price of our employee stock options and the market price of the underlying stock on the date of grant is recognized as compensation expense over the vesting period of the options. The alternative fair value accounting provided for under FASB Statement No. 123, “Accounting for Stock-Based Compensation,” requires use of option valuation models for determining compensation expense.

Pro forma information regarding net earnings (loss) and earnings (loss) per common share is required by Statement 123, which also requires that the information be determined as if we have accounted for our employee stock options granted subsequent to December 31, 1994 under the fair value method of that Statement. There were no options granted in 2005 and only directors received stock options in 2004. The fair value for options granted in 2004 and 2003 was estimated as of the date of grant using a Black-Scholes option pricing model with the following assumptions for 2004 and 2003, respectively: risk-free interest rate of 4.44%, and 3.82%; a dividend yield of 1.38%, and 1.36%; volatility factors of the expected market price of our common stock of .468 in each year; and a weighted-average expected life of the option of 8 years. The weighted-average fair value of options granted to directors in 2004 was $3.86. The weighted-average fair value of options granted in 2003 was $4.05 for employees and $5.05 for directors. No stock options were granted to employees and directors in 2005 and no stock options were granted to employees in 2004.

The Black-Scholes option valuation model was developed for use in estimating the fair value of traded options, which have no vesting restrictions and are fully transferable. In addition, option valuation models require the input of highly subjective assumptions including the expected stock price volatility. Because our employee stock options have characteristics significantly different from those of traded options, and because changes in the subjective input assumptions can materially affect the fair value estimate, in our opinion, the existing models do not necessarily provide a reliable single measure of the fair value of our employee stock options.

On August 31, 2001, our Board of Directors authorized a plan that provides each stockholder of record one common stock purchase right for each share of common stock (the Plan). The rights are represented by the common stock certificates and are not separately traded from the common stock and are not currently exercisable. The rights become exercisable only if a person acquires beneficial ownership of 20% or more of our common stock or announces a tender offer or exchange offer that would result in beneficial ownership of 20% or more of our common stock, at which time each right would enable the holder to buy shares of the common stock at a discount to the then market price. We may redeem the rights for $0.01 per right, subject to adjustment, at any time before the acquisition by a person or group of 20% or more of our common stock. The rights have a 10-year term. On February 12, 2003, our Board of Directors amended the terms of the Plan to provide that the rights are not exercisable in connection with the private equity investment.

New Mexico, North Carolina, South Dakota, Tennessee, West Virginia and Wisconsin. In all of these cases, the plaintiffs seek damages of unspecified amounts, attorney’s fees and costs and unspecified relief. Certain of the actions claim restitution, injunction against alleged illegal conduct and other equitable relief. Wellman vehemently denies that we or our employees engaged in price fixing or customer allocation and we intend to vigorously defend against the remaining civil claims unless we can settle them in a cost effective manner.

On December 31, 2005 and 2004, our balance sheets reflected net liabilities of $0.2 million and $3.4 million respectively representing the fair market value of the three swaps. It also reflected $0.1 million for the unamortized cost of the cap. A gain of $1.4 million, net of deferred taxes, was reported as a component of other comprehensive income (loss) at December 31, 2005. This amount will be realized when the underlying amount is recognized in earnings. We recognized $1.7 million of income as a result of the ineffectiveness associated with this swap. This amount was recorded as a reduction of interest expense in our net loss for 2005.

We operate in international markets and uses foreign exchange contracts with maturities of less than twelve months to hedge existing foreign exchange exposures. Foreign currency contracts require us at a future date to either buy or sell foreign currency in exchange for U.S. dollars, Euros, and other currencies. We had contracts with notional amounts of approximately $1.7 million and $6.7 million at December 31, 2005 and 2004, respectively, which were designated as cash flow hedges. The fair value of these contracts was approximately $0 and $0.1 million at December 31, 2005 and 2004, respectively. These forward contracts resulted in an unrealized gain in accumulated other comprehensive income (loss) of $0 and $0.1 million at December 31, 2005 and 2004, respectively, which will be realized when the underlying transaction gain or loss is recognized in earnings.

major financial institutions with which we also have other financial relationships. We are exposed to credit loss in the event of nonperformance by these counterparties. However, we do not anticipate nonperformance by the other parties, and no material loss would be expected from nonperformance by any one of such counterparties. We place our temporary cash investments with financial institutions with high credit ratings. Concentration of credit risk with respect to trade accounts receivable is managed by an in-house professional credit staff or is insured. We perform periodic credit evaluations of our customers’ financial condition and generally do not require collateral. Five of our customers comprise approximately 40% of our total accounts receivable. A down turn in the financial condition of any of these customers may have a negative impact on our financial results of operations.

One customer represented approximately 23% of the PPG’s total net sales for 2005 and 13% of our total net sales for 2005. Five customers represented 55% of the PPG’s total net sales for 2005 and comprised 40% of our total accounts receivable at December 31, 2005. The unexpected loss of any of these customers may result in a temporary reduction in net sales and profitability of our PPG. No single customer accounted for 10% or more of our FRPG’s net sales in 2005.

Generally, we evaluate segment profit (loss) on the basis of operating profit (loss) less certain charges for research and development costs, administrative costs, and amortization expenses. Intersegment transactions, which are not material, have been eliminated and historical exchange rates have been applied to the data. The accounting policies of the reportable operating segments are the same as those described in the Summary of Significant Accounting Policies in Note 1.

We have audited the accompanying consolidated balance sheets of Wellman, Inc. and subsidiaries as of December 31, 2005 and 2004, and the related consolidated statements of operations, stockholders’ equity, and cash flows for each of the three years in the period ended December 31, 2005. Our audits also include the financial statement schedule listed in the Index at Item 8. These financial statements and schedule are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements and schedule based on our audits. We did not audit the financial statements and schedule of Wellman International Limited, a wholly-owned subsidiary, which statements reflect total assets constituting 10% as of December 31, 2005 and 2004, and total net sales constituting 9% in 2005, 10% in 2004 and 10% in 2003 of the related consolidated totals. Those financial statements and schedule were audited by other auditors whose report has been furnished to us, and our opinion, insofar as it relates to the amounts included for such wholly owned subsidiary, is based solely on the report of other auditors.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits and the report of other auditors provide a reasonable basis for our opinion.

In our opinion, based on our audits and the report of other auditors, the financial statements referred to above present fairly, in all material respects, the consolidated financial position of Wellman, Inc. and subsidiaries at December 31, 2005 and 2004, and the consolidated results of their operations and their cash flows for each of the three years in the period ended December 31, 2005, in conformity with U.S. generally accepted accounting principles. Also, in our opinion, based upon our audits and the report of other auditors, the related financial statement schedule, when considered in relation to the basic consolidated financial statements taken as a whole, present fairly in all material respects the information set forth therein.

Evaluation of Disclosure Controls and Procedures. As of the end of the period covered by this report, we carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures. Based on the evaluation, both the Chief Executive Officer and the Chief Financial Officer concluded that our disclosure controls and procedures, as defined in Rules 13a — 14(c) and 15d — 14(c) promulgated under the Securities Exchange Act of 1934, were effective on that date.

Management’s Report on Internal Control over Financial Reporting. Our management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rules 13a-15(f) and 15d-15(f). Under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, we conducted an evaluation of the effectiveness of our internal control over financial reporting as of December 31, 2005 based on the framework in Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Based on that evaluation, our management concluded that our internal control over financial reporting was effective as of December 31, 2005, and that there was no change in our internal control over financial reporting that materially affected, or is reasonably likely to materially affect, such internal control during the quarter ended on such date.

We have audited management’s assessment, included in the accompanying Annual Report on Form 10-K, that Wellman, Inc. maintained effective internal control over financial reporting as of December 31, 2005, based on criteria established in Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (the COSO criteria). Wellman Inc.’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting. Our responsibility is to express an opinion on management’s assessment and an opinion on the effectiveness of the company’s internal control over financial reporting based on our audit. We did not audit management’s assessment regarding the effectiveness of internal control over financial reporting of Wellman International Limited, a wholly-owned subsidiary, whose financial statements reflect total assets of 10% and total sales of 9% of the related consolidated financial statement amounts as of and for the year ended December 31, 2005. The effectiveness of Wellman International Limited’s internal control over financial reporting was audited by other auditors whose report has been furnished to us, and in our opinion, insofar as it relates to the effectiveness of Wellman International Limited’s internal control over financial reporting, is based solely on the report of the other auditors.

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, evaluating management’s assessment, testing and evaluating the design and operating effectiveness of internal control, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit and the report of other auditors provide a reasonable basis for our opinion.

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

In our opinion, based on our audit and the report of other auditors, management’s assessment that Wellman, Inc. maintained effective internal control over financial reporting as of December 31, 2005, is fairly stated, in all material respects, based on the COSO criteria. Also, in our opinion, based on our audit and the report of other auditors, Wellman, Inc. maintained, in all material respects, effective internal control over financial reporting as of December 31, 2005, based on the COSO criteria.

77 EX-3.2 2 b57836wiexv3w2.txt EX-3.2 RESTATED BY-LAWS EXHIBIT 3.2 WELLMAN, INC. RESTATED BY-LAWS ARTICLE I. OFFICES SECTION 1.01. Registered Office. The registered office of the Corporation in the State of Delaware shall be at Corporation Trust Center, 1209 Orange Street in the City of Wilmington, County of New Castle. The name of the resident agent in charge thereof shall be The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, Delaware. SECTION 1.02. Other Offices. The Corporation may also have an office in Shrewsbury, New Jersey, and at such other place or places either within or without the State of Delaware as the Board of Directors may from time to time determine or the business of the Corporation require. ARTICLE 2. MEETINGS OF STOCKHOLDERS SECTION 2.01. Place of Meetings. All meetings of the stockholders of the Corporation shall be held at such place ether within or without the State of Delaware as shall be fixed by the Board of Directors and specified in the respective notices or waivers of notice of said meetings. SECTION 2.02. Annual Meetings. (a) The annual meeting of the stockholders for the election of directors and for the transaction of such other business as may come before the meeting shall be held at the principal office of the Corporation in the State of Delaware, or such place as shall be fixed by the Board of Directors, at ten o'clock in the forenoon, local time, on the third Tuesday in May in each year, if not a legal holiday at the place where such meeting is to be held, and if a legal holiday, then on the next succeeding business day not a legal holiday at the same hour. (b) In respect of the annual meeting for any particular year the Board of Directors may, by resolution fix a different day, time or place (either within or without the State of Delaware) for the annual meeting. (c) If the election of directors shall not be held on the day designated herein or the day fixed by the Board, as the case may be, for any annual meeting, or on the day of any adjourned session thereof, the Board of Directors shall cause the election to be held at a special meeting as soon thereafter as conveniently may be. At such special meeting the stockholders may elect the directors and transact other business with the same force and effect as at an annual meeting duly called and held. SECTION 2.03 Special Meetings. A special meeting of the stockholders for any purpose or purposes may be called at any time by the Chief Executive Officer or President or by order of the Board of Directors and must be called by the Secretary upon the request in writing of stockholders holding of record a majority of the outstanding shares of stock of the Corporation entitled to vote at such meeting. SECTION 2.04. Notice of Meetings. (a) Except as otherwise required by statute, notice of each annual or special meeting of the stockholders shall be given to each stockholder of record entitled to vote at such meeting not less than ten days nor more than fifty days before the day on which the meeting is to be held by delivering written notice thereof to him personally or by mailing such notice, postage prepaid, addressed to him at his post-office address last shown in the records of the Corporation or by transmitting notice thereof to him at such address by telegraph, cable or any other available method. Every such notice shall state the time and place of the meeting and, in case of a special meeting, shall state briefly the purposes thereof. (b) Notice of any meeting of stockholders shall not be required to be given to any stockholder who shall attend such meeting in person or by proxy or who shall in person or by attorney thereunto authorized, waive such notice in writing or by telegraph, cable or any other available method either before or after such meeting. Notice of any adjourned meeting of the stockholders shall not be required to be given except when expressly required by law. SECTION 2.05. Quorum. (a) At each meeting of the stockholders, except where otherwise provided by statute, the Certificate of Incorporation or these By-Laws, the holders of record of a majority of the issued and outstanding shares of a stock of the Corporation entitled to vote at such meeting, present in person or represented by proxy, shall constitute a quorum for the transaction of business. (b) In the absence of a quorum a majority in interest of the stockholders of the Corporation entitled to vote, present in person or represented by proxy or, in the absence of all such stockholders, any officer entitled to preside at, or act as secretary of, such meeting, shall have the power to adjourn the meeting from time to time, until stockholders holding the requisite amount of stock shall be present or represented. At any such adjourned meeting at which a quorum shall be present any business may be transacted which might have been transacted at the meeting as originally called. SECTION 2.06. Organization. At each meeting of the stockholders the President, any Vice President, or any other officer designated by the Board of Directors, shall act as chairman, and the Secretary or an Assistant Secretary of the Corporation, or in the absence of the Secretary and all Assistant Secretaries, a person whom the chairman of such meeting shall appoint shall act as secretary of the meeting and keep the minutes thereof. SECTION 2.07. Voting. (a) Except as otherwise provided by law or by the Certificate of Incorporation or these By-Laws, at every meeting of the stockholders each stockholder shall be entitled to one vote, in person or by proxy, for each share of capital stock of the Corporation registered in his name on the books of the Corporation: (i) on the date fixed pursuant to Section 9.03 of these By-Laws as the record date for the determination of stockholders entitled to vote at such meeting; or (ii) if no such record date shall have been fixed, then the record date shall be at the close of business on the day next preceding the day on which notice of such meeting is given. (b) Persons holding stock in a fiduciary capacity shall be entitled to vote the shares so held. In the case of stock held jointly by two or more executors, administrators, guardians, conservators, trustees or other fiduciaries, such fiduciaries may designate in writing one or more of their number to present such stock and vote the shares so held, unless there is a provision. to the contrary in the instrument, if any, defining their powers and duties. (c) Persons whose stock is pledged shall be entitled to vote thereon until such stock is transferred on the books of the Corporation to the pledgee, and thereafter only the pledgee shall be entitled to vote. (d) Any stockholder entitled to vote may do so in person or by his proxy appointed by an instrument in writing subscribed by such stockholder or by his attorney thereunto authorized, or by a telegram, cable or any other available method delivered to the secretary of the meeting; provided, however, that no proxy shall be voted after three years from its date, unless said proxy provides for a -2- longer period. (e) At all meetings of the stockholders, all matters (except where other provision is made by law or by the Certificate of Incorporation or these By-Laws) shall be decided by the vote of a majority in interest of the stockholders entitled to vote thereon, present in person or by proxy, at such meeting, a quorum being present. SECTION 2.08. Inspectors. The chairman of the meeting may at any time appoint two or more inspectors to serve at a meeting of the stockholders. Such inspectors shall decide upon the qualifications of voters, accept and count the votes for and against the questions presented, report the results of such votes, and subscribe and deliver to the secretary of the meeting a certificate stating the number of shares of stock issued and outstanding and entitled to vote thereon and the number of shares voted for and against the questions presented. The inspectors need not be stockholders of the Corporation, and any director or officer of the Corporation may be an inspector on any question other than a vote for or against his election to any position with the Corporation or on any other question in which he may be directly interested. Before acting as herein provided each inspector shall subscribe an oath faithfully to execute the duties of an inspector with strict impartiality and according to the best of his ability. SECTION 2.09. List of Stockholders. (a) It shall be the duty of the Secretary or other officer of the Corporation who shall have charge of its stock ledger to prepare and make, or cause to be prepared and made, at least ten days before every meeting of the stockholders, a complete list of the stockholders entitled to vote thereat, arranged in alphabetical order and showing the address of each stockholder and the number of shares registered in the name of stockholder. Such list shall be open during ordinary business hours to the examination of any stockholder for any purpose germane to the meeting for a period of at least ten days prior to the election, either at a place within the city where the meeting is to be held, which place shall be specified in the notice of the meeting or, if not so specified, at the place where the meeting is to be held. (b) Such list shall be produced and kept at the time and place of the meeting during the whole time thereof and may be inspected by any stockholder who is present. (c) Upon the willful neglect or refusal of the directors to produce such list at any meeting for the election of directors they shall be ineligible for election to any office at such meeting. (d) The stock ledger shall be conclusive evidence as to who are the stockholders entitled to examine the stock ledger and the list of stockholders required by this Section 2.09 or the books of the Corporation or to vote in person or by proxy at any meeting of stockholders. SECTION 2.10. Introduction of Business at a Meeting of Stockholders. (a) At an annual or special meeting of stockholders, only such business shall be conducted, and only such proposals shall be acted upon, as shall have been properly brought before an annual or special meeting of stockholders. To be properly brought before an annual or special meeting of stockholders, business must be (i) in the case of a special meeting, specified in the notice of the special meeting (or any supplement thereto) given by the officer of the Corporation calling such meeting or by or at the direction of the Board, or (ii) in the case of an annual meeting, properly brought before the meeting by or at the direction of the Board, or otherwise properly brought before the annual meeting by a stockholder. For business to be properly brought before an annual meeting of stockholders by a stockholder, the stockholder must have given timely notice thereof in writing to the Secretary of the Corporation. To be timely, a stockholder's notice must be delivered to the Secretary of the Corporation, or mailed to and received at the principal executive offices of the Corporation by the Secretary, not less than 30 days prior to the date of the annual meeting; provided, however, that if less than 40 days' notice or prior public disclosure of the date of the annual meeting is given or made to stockholders, notice by the stockholder to be timely must be so delivered or received not later than the close of business on the 7th day following the earlier of (i) the day on which such notice of the meeting was mailed, or (ii) the day on which such public disclosure was made. -3- (b) A stockholder's notice to the Secretary shall set forth as to each matter the stockholder proposes to bring before an annual meeting of stockholders (i) a brief description of the business desired to be brought before the annual meeting and the reasons for conducting such business at the annual meeting, (ii) the name and address, as they appear on the Corporation's books, of the stockholder proposing such business and any other stockholders known by such stockholder to be supporting such proposal, (iii) the class and number of bares of the Corporation which are beneficially owned by such stockholder on. the date of such stockholder's notice and by any other stockholders known by such stockholder to be supporting such proposal on the date of such stockholder's notice, and (iv) any material interest of the stockholder in such proposal. (c) Notwithstanding anything in the By-laws to the contrary, no business shall be conducted at a meeting of stockholders except in accordance with the procedures set forth in this Section 2.10. The chairman of the meeting shall, if the facts warrant, determine and declare to the meeting that the business was not properly brought before the meeting in accordance with the procedures prescribed by the By-laws, and if he should so determine, he shall so declare to the meeting and any such business not properly brought before the meeting shall not be transacted. SECTION 2.11. Notwithstanding Section 2.07(e) of these By-laws, at all meetings of the stockholders, any matter properly brought before the meeting by a stockholder in accordance with Section 2.10 of these By-laws shall be decided by the vote of a majority of the total quorum. For purposes of the foregoing, an abstention from voting on such a matter or a broker non-vote shall have the same legal effect as a vote "against" the matter. ARTICLE 3. BOARD OF DIRECTORS SECTION 3.01. General Powers. The business, property and affairs of the Corporation shall be managed by the Board of Directors. SECTION 3.02. Number, Qualifications and Term of Office. (a) The number of directors of the Corporation which shall constitute the whole Board of Directors shall be such number, not less than one nor more than nine as from time to time shall be fixed by the Board of Directors. (b) A director need not be a stockholder. Each director shall hold office until the annual meeting of the stockholders next following his election and until his successor shall have been elected and shall qualify, or until his death, or until he shall resign, or until he shall have been removed in the manner hereinafter provided. SECTION 3.03. Election of Directors. At each meeting of the stockholders for the election of directors at which a quorum is present, the persons, not exceeding the authorized number of directors, receiving the greatest number of votes of the stockholders entitled to vote thereon, present in person or by proxy, shall be the directors. In the case of any increases in the number of directors, the additional director or directors may be elected either at the meeting of the Board of Directors or of the stockholders at which each increase is voted, or at any subsequent annual, regular or special meeting of the Board of Directors or stockholders. SECTION 3.04. Quorum and Manner of Acting. (a) Except as otherwise provided by statute or by the Certificate of Incorporation, a majority of the directors at the time in office shall constitute a quorum for the transaction of business at any meeting and the affirmative action of a majority of the directors present at any meeting at which a quorum is present shall be required for the taking of any action by the Board of Directors. (b) In the event one or more of the directors shall be disqualified to vote at such meeting, -4- then the required quorum shall be reduced by one for each such director so disqualified; provided, however, that in no event shall the quorum as adjusted be less than one third of the total number of directors. (c) In the absence of a quorum at any meeting of the Board such meeting need not be held; or a majority of the directors present thereat or, if no director be present, the Secretary may adjourn such meeting from time to time until a quorum shall be present. Notice of any adjourned meeting need not be given. SECTION 3.05. Offices, Place of Meeting and Records. The Board of Directors may hold meetings, have an office or offices and keep the books and records of the Corporation at such place or places within or without the State of Delaware as the Board may from time to time determine. The place of meeting shall be specified or fixed in the respective notices or waivers of notice thereof, except where otherwise provided by statute, by the Certificate of Incorporation or these By-Laws. SECTION 3.06. Annual Meeting. The Board of Directors shall meet for the purpose of organization, the election of officers and the transaction of other business, as soon as practicable following each annual election of directors. Such meeting shall be called and held at the place and time specified in the notice or waiver of notice thereof as in the case of a special meeting of the Board of Directors. SECTION 3.07. Regular Meetings. Regular meetings of the Board of Directors shall be held at such places and at such times as the Board shall from time to time by resolution determine. If any day fixed for a regular meeting shall be a legal holiday at the place where the meeting is to be held, then the meeting which would otherwise be held on that day shall be held at said place at the same hour on the next succeeding business day. Notice of regular meetings need not be given. SECTION 3.08. Special Meetings; Notice. Special meetings of the Board of Directors shall be held whenever called by the President or by any two of the directors. Notice of each such meeting shall be mailed to each director, addressed to him at his residence or usual place of business, at least two days before the day on which the meeting is to be held, or shall be sent to him at his residence or at such place of business by telegraph, cable or other available means, or shall be delivered personally or by telephone, not later than one day before the day on which the meeting is to be held. Each such notice shall state the time and place of the meeting but need not state the purposes thereof except as otherwise herein expressly provided. Notice of any such meeting need not be given to any director, however, if waived by him in writing or by telegraph, cable or any other available method, whether before or after such meeting shall be held, or if he shall be present at such meeting. SECTION 3.09. Organization. At each meeting of the Board of Directors the President or, in his absence, a director chosen by a majority of the directors present, shall act as chairman. The Secretary or, in his absence an Assistant Secretary or, in the absence of the Secretary and all Assistant Secretaries, a person whom the chairman of such meeting shall appoint shall, act as secretary of such meeting and keep the minutes thereof. SECTION 3.10. Order of Business. At all meetings of the Board of Directors business shall be transacted in the order determined by the Board. SECTION 3.11. Removal of Directors. Except as otherwise provided in the Certificate of Incorporation or in these By-Laws, any director may be removed, either with or without cause, at any time, by the affirmative vote of the holders of record of a majority of the issued and outstanding stock entitled to vote for the election of directors of the Corporation given at a special meeting of the stockholders called and held for the purpose; and the vacancy in the Board -5- caused by any such removal may be filled by such stockholders at such meetings in the manner hereinafter provided or, if the stockholders at such meeting shall fail to fill such vacancy, as in these By-Laws provided. SECTION 3.12. Resignation. Any director of the Corporation may resign at any time by giving written notice of his resignation to the Board of Directors, the President, any Vice President or the Secretary of the Corporation. Such resignation shall take effect at the date of receipt of such notice or at any later time specified therein; and, unless otherwise specified therein, the acceptance of such resignation shall not be necessary to make it effective. SECTION 3.13. Vacancies. Any vacancy in the Board of Directors caused by death, resignation, removal, disqualification, an increase in the number of directors, or any other cause may be filled by majority action of the remaining directors then in office, though less than a quorum, or by the stockholders of the Corporation at the next annual meeting or any special meeting called for the purpose, and each director so elected shall hold office until the next annual election of directors and until his successor shall be duly elected and qualified or until his death or until he shall resign or shall have been removed in the manner herein provided. SECTION 3.14. Compensation. Each director, in consideration of his serving as such, shall be entitled to receive from the Corporation such amount per annum or such fees for attendance at directors' meetings, or both, as the Board of Directors shall from time to time determine, together with reimbursement for the reasonable expenses incurred by him in connection with the performance of his duties; provided that nothing herein contained shall be construed to preclude any director from serving the Corporation or its subsidiaries in any other capacity and receiving proper compensation therefor. ARTICLE 4. COMMITTEES SECTION 4.01. Executive Committee. The Board of Directors may, by resolution or resolutions passed by a majority of the whole Board, appoint an Executive Committee to consist of not less than two nor more than five members of the Board of Directors, including the President, and shall designate one of the members as its chairman. Notwithstanding any limitation on the size of the Executive Committee, the Committee may invite members of the Board to attend one at a time at its meetings. For the purpose of the meeting he so attends, the invited director shall be entitled to vote on matters considered at such meeting and shall receive the Executive Committee fee for such attendance. At anytime one additional director may be invited to an Executive Committee meeting in addition to the rotational invitee and in such case such additional invitee shall also be entitled to vote on matters considered at such meeting and shall receive the Executive Committee fee for such attendance. Each member of the Executive Committee shall hold office, so long as he shall remain a director, until the first meeting of the Board of Directors held after the next annual meeting of the Board of Directors held after the next annual election of directors and until his successor is duly appointed and qualified. The chairman of the Executive Committee or, in his absence, a member of the Committee chosen by a majority of the members present shall preside at meetings of the Executive Committee and the Secretary or an Assistant Secretary of the Corporation, or such other person as the Executive Committee shall from time to time determine, shall act as secretary of the Executive Committee. The Board of Directors, by action of the majority of the whole Board, shall fill vacancies in the Executive Committee. -6- SECTION 4.02. Powers. During the intervals between the meetings of the Board of Directors, the Executive Committee shall have and may exercise all of the powers of the Board of Directors in all cases in which specific directions shall not have been given by the Board of Directors. SECTION 4.03. Procedure; Meetings; Quorum. The Executive Committee shall fix its own rules of procedure subject to the approval of the Board of Directors, and shall meet at such times and at such place or places as may be provided by such rules. At every meeting of the Executive Committee the presence of a majority of all the members shall be necessary to constitute a quorum and the affirmative vote of a majority of the members present shall be necessary for the adoption by it of any resolution. In the absence of a quorum at any meeting of the Executive Committee such meeting need not be held, or a majority of the members present thereat or, if no members be present, the secretary of the meeting may adjourn such meeting from time to time until a quorum be present. SECTION 4.04. Compensation. Each member of the Executive Committee shall be entitled to receive from the Corporation such fee, if any, as shall be fixed by the Board of Directors, together with reimbursement for the reasonable expenses incurred by him in connection with the performance of his duties. SECTION 4.05. Other Board Committees. The Board of Directors may from time to time, by resolution passed by a majority of the whole Board, designate one or more committees in addition to the Executive Committee, each committee to consist of two or more of the directors of the Corporation. Any such committee, to the extent provided in the resolution or in the By-Laws of the Corporation, shall have and may exercise the powers of the Board of Directors in the management of the business and affairs of the Corporation. A majority of all the members of any such committee may determine its action and fix the time and place of its meetings, unless the Board of Directors shall otherwise provide. The Board of Directors shall have power to change the members of any committee at any time, to fill vacancies and to discharge any such committee, either with or without cause, at any time. SECTION 4.06. Alternates. The President may designate one or more directors as alternate members of any committee who may act in the place and stead of members who temporarily cannot attend any such meeting. SECTION 4.07. Additional Committees. The Board of Directors may from time to time create such additional committees of directors, officers, employees or other persons designated by it (or any combination of such persons) for the purpose of advising the Board, the Executive Committee and the officers and employees of the Corporation in all such matters as the Board shall deem advisable and with such functions and duties as the Board shall by resolutions prescribe. A majority of all the members of any such committee may determine its action and fix the time and place of its meetings, unless the Board of Directors shall otherwise provide. The Board of Directors shall have the power to change the Members of any committee at any time, to fill vacancies and to discharge any such committee, either with or without cause, at any time. -7- ARTICLE 5. ACTION BY CONSENT SECTION 5.01. Consent by Directors. Any action required or permitted to be taken at any meeting of the Board of Directors or of any committee thereof may be taken without a meeting if prior to such action a written consent thereto is signed by all members of the Board or of such committee, as the case may be, and such written consent is filed with the minutes of the proceedings of the Board or such committee. SECTION 5.02. Consent by Stockholders. Any action required or permitted to be taken at any meeting of the stockholders may be taken without a meeting upon the written consent of the holders. of shares of stock entitled to vote who hold the number of shares which in the aggregate are at least equal to the percentage of the total vote required by statute or the Certificate of Incorporation or these By-Laws for the proposed corporate action. ARTICLE 6. OFFICERS SECTION 6.01. Number. The principal officers of the Corporation shall be a President, Chief Executive Officer, Chief Operating Officer, Chief Financial Officer, one or more Vice Presidents (the number thereof and variations in title to be determined by the Board of Directors), a Treasurer and a Secretary. SECTION 6.02. Election, Qualifications and Term of Office. Each officer of the Corporation, except such officers as may be appointed in accordance with the provisions of Section 6.03, shall be elected annually by the Board of Directors and shall hold office until his successor shall have been duly elected and qualified, or until his death, or until he shall have resigned or shall have been removed in the manner herein provided. The Chairman of the Board and the President shall be and remain directors. SECTION 6.03. Other Officers. The Corporation may have such other officers, agents, and employees as the Board of Directors may deem necessary, including a Controller, one or more assistant Controllers, one or more Assistant Treasurers and one or more Assistant Secretaries, each of whom shall hold office for such period, have such authority, and perform such duties as the Board of Directors or the President may from time to time determine. The Board of Directors may delegate to any principal officer the power to appoint or remove any such subordinate officers, agents, or employees. SECTION 6.04. Removal. Any officer may be removed, either with or without cause, by the vote of a majority of the whole Board of Directors or, except in case of any officer elected by the Board of Directors, by any committee of officers upon whom the power of removal may be conferred by the Board of Directors. SECTION 6.05. Resignation. Any officer may resign at any time by giving written notice to the Board of Directors or the President. Any such resignation shall take effect at the date of receipt of such notice or at any later time specified therein; and, unless otherwise specified therein, the acceptance of such resignation shall not be necessary to make it effective. -8- SECTION 6.06. Vacancies. A vacancy in any office because of death, resignation, removal, disqualification or any other cause shall be filled for the unexpired portion of the term in the manner prescribed in these By-Laws for regular election or appointment to such office. SECTION 6.07. Chief Executive Officer. The Chief Executive Officer shall preside at all meetings of the Board of Directors. Subject to definition by the Board of Directors, he shall have general executive powers and such specific powers and duties as from time to time may be conferred upon or assigned to him by the Board of Directors. SECTION 6.08. President. Subject to the powers of the Chief Executive Officer, the President shall have general executive powers and shall perform such duties as from time to time may be conferred upon or assigned to him by the Board of Directors or the Chief Executive Officer. In the absence of the Chief Executive Officer, the President shall preside at meetings of the Board of Directors. SECTION 6.09. Chief Operating Officer. Subject to the powers of the Chief Executive Officer and the President, the Chief Operating Officer shall have general executive powers, including operational authority over the Corporation's divisions, and shall perform such duties as from time to time may be conferred upon or assigned to him by the Chief Executive Officer or the Board of Directors. SECTION 6.10. Vice President. Each Vice President shall have such powers and perform such duties as the Board of Directors or the Executive Committee may from time to time prescribe or as shall be assigned to him by the President. SECTION 6.11. Chief Financial Officer. The Chief Financial Officer shall have charge and custody of, and be responsible for, all funds and securities of the Corporation, and shall deposit all such funds to the credit of the Corporation in such banks, trust companies or other depositories as shall be selected in accordance with the provisions of these By-Laws; he shall disburse the funds of the Corporation as may be ordered by the Board of Directors or the Executive Committee, making proper vouchers for such disbursements, and shall render to the Board of Directors or the stockholders, whenever the Board may require him so to do, a statement of all his transactions as Chief Financial Officer or the financial condition of the Corporation; and, in general, he shall perform all the duties as from time to time may be assigned to him by the Board of Directors, any committee of the Board designated by it so to act or the President. SECTION 6.12. Secretary. The Secretary shall record or cause to be recorded in books provided for the purpose the minutes of the meetings of the stockholders, the Board of Directors, and all committees of which a secretary shall not have been appointed; shall see that all notices are duly given in accordance with the provisions of these By-Laws and as required by law; shall be custodian of all corporate records (other than financial) and of the seal of the Corporation and see that the seal is affixed to all documents the execution of which on behalf of the Corporation under its seal is duly authorized in accordance with the provisions of these By-Laws; shall keep, or cause to be kept, the list of stockholders as required by Section 2.09, which include the post-office addresses of the stockholders and the number of shares held by them, respectively, and shall make or cause to be made, all proper changes therein, shall see that the books, reports, statements, certificates and all other documents and records required by law are properly kept and filed; and, in general, shall perform all duties incident to the office of Secretary and such other duties as may from time to time be assigned to him by the Board of Directors, the Executive Committee or the President. -9- SECTION 6.13. Treasurer. The Treasurer shall have such powers and perform such duties as the Board of Directors or the Executive Committee may from time to time prescribe or shall be assigned to him by the President or Chief Financial Officer. SECTION 6.14. Salaries. The salaries of the principal officers of the Corporation shall be fixed from time to time by the Board of Directors or a special committee thereof, and none of such officers shall be prevented from receiving a salary by reason of the fact that he is a director of the Corporation. ARTICLE 7. INDEMNIFICATION OF DIRECTORS AND OFFICERS (a) Right to Indemnification. Each person who was or is made a party, or is threatened to be made a party to, or is involved in any threatened, pending or completed action, suit or proceeding, whether criminal, administrative or investigative, by reason of the fact that the person is the legal representative, is or was a director or officer of the Corporation or is or was serving at the request of the Corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, including service with respect to employee benefit plans, whether the basis of such proceeding is alleged action in an official capacity as a director, officer, employee or agent or in any other capacity while serving as a director, officer, employee or agent, shall be indemnified and held harmless by the Corporation to the fullest extent authorized by the Delaware General Corporation Law, as the same exists or may hereafter be amended (but, in the case of any such amendment, only to the extent that such amendment permits the Corporation to provide broader indemnification rights than said law permitted the Corporation to provide prior to such amendment) against all expenses, liability and loss (including attorneys' fees, judgments, fines, ERISA excise taxes or penalties and amounts paid or to be paid in settlement) reasonably incurred or suffered by such person in connection therewith; provided, however, that the Corporation shall indemnify any such person seeking indemnity in connection with any action, suit or proceeding (or part thereof) initiated by such person only if such action, suit or proceeding (or part thereof) was authorized by the Board of Directors of the Corporation. Such right shall be a contract right and shall include the right to be paid by the Corporation expenses incurred in defending any such proceeding in advance of its final disposition; provided, however, that, if the Delaware General Corporation Law requires, the payment of such expenses incurred by a director or officer in his or her capacity as a director or officer (and not in any other capacity in which service was or is rendered by such person while a director or officer, including, without limitation, service to an employee benefit plan) in advance of the final disposition of such proceeding, shall be made only upon delivery to the Corporation of an undertaking, by or on behalf of such director or officer, to repay all amounts so advanced if it should be determined ultimately that such director or officer is not entitled to be indemnified under this Article or otherwise. (b) Right of Claimant to Bring Suit. If a claim under paragraph (a) is not paid in full by the Corporation within ninety days after a written claim has been received by the Corporation, the claimant may at any time thereafter bring suit against the Corporation to recover the unpaid amount of the claim. If successful in whole or in part in such suit, the claimant shall be entitled to be paid also the expense of prosecuting such claim. It shall be a defense to any such action (other than an action brought to enforce a claim for expenses incurred in defending any proceeding in advance of its final disposition where the required undertaking has been tendered to the Corporation) that the claimant has not met the standards of conduct which make it permissible under the Delaware General Corporation Law for the Corporation to indemnify the claimant for the amount claimed, but the burden of proving such defense shall be on the Corporation. Neither the failure of the Corporation (including its Board of Directors, -10- independent legal counsel, or its stockholders) to have made a determination prior to the commencement of such action that indemnification of the claimant is proper in the circumstances because claimant has met the applicable standards of conduct set forth in the Delaware General Corporation Law, nor an actual determination by the Corporation (including its Board of Directors, independent legal counsel or its stockholders) that the claimant had not met such applicable standards of conduct, shall be a defense to the action or create a presumption that claimant had not met the applicable standards of conduct. (c) Non-Exclusivity of Rights. The rights conferred on any person by paragraphs (a) and (b) shall not be exclusive of any other right which such person may have or hereafter acquire under any statute, provision of the Corporation's Certificate of Incorporation, By-Laws, agreement, vote of stockholders or disinterested directors or otherwise. (d) Insurance. The Corporation may maintain insurance, at its expense, to protect itself and any such director, officer, employee or agent of the Corporation or another corporation, partnership, joint venture, trust or other enterprise against any such expense, liability or loss, whether or not the Corporation would have the power to indemnify such person against such expense, liability or loss under the Delaware General Corporation Law. ARTICLE 8. CONTRACTS, CHECKS, DRAFTS, BANK ACCOUNTS. ETC. SECTION 8.01. Execution of Contracts. Unless the Board of Directors or the Executive Committee shall otherwise determine, the Chief Executive Officer, the President, the Chief Operating Officer, the Chief Financial Officer, any Vice President or the Treasurer, and the Secretary or any Assistant Secretary, may enter into any contract or execute any contract or other instrument, the execution of which is not otherwise specifically provided for, in the name and on behalf of the Corporation. The Board of Directors, or any committee designated thereby with power so to act, except as otherwise provided in these By-Laws, may authorize any other or additional officer or officers or agent or agents of the Corporation, and such authority may be general or confined to specific instances. Unless authorized so to do by these By-Laws or by the Board of Directors or by any such committee, no officer, agent or employee shall have any power or authority to bind the Corporation by any contract or engagement or to pledge its credit or to render it liable pecuniary for any purpose or to any amount. SECTION 8.02. Loans. No loan shall be contracted on behalf of the Corporation, and no evidence of indebtedness shall be issued, endorsed or accepted in its name, unless authorized by the Board of Directors or Executive Committee or other committee designated by the Board to act. Such authority may be general or confined to specific instances. When so authorized, the officer or officers thereunto authorized may effect loans and advances at any time for the Corporation from any bank, trust company or other institution, or from any firm, corporation or individual, and for such loans and advances may make, execute and deliver promissory notes or other evidences of indebtedness of the Corporation, and, when authorized as aforesaid, as security for the payment of any and all loans, advances, indebtedness and liabilities of the Corporation, may mortgage, pledge, hypothecate or transfer any real or personal property at any time owned or held by the Corporation, and to that end execute instruments of mortgage or pledge or otherwise transfer such property. SECTION 8.03. Checks, Drafts, etc. All checks, drafts, bills of exchange or other orders for the payment of money, obligations, notes, or other evidence of indebtedness, bills of lading, warehouse receipts and insurance certificates of the Corporation, shall be signed or endorsed by such officer or officers, agent or agents, attorney or attorneys, employee or employees, of the -11- Corporation as shall from time to time be determined by resolution of the Board of Directors or Executive Committee or other committee designated by the Board so to act. SECTION 8.04. Deposits. All funds of the Corporation not otherwise employed shall be deposited from time to time to the credit of the Corporation in such banks, trust companies or other depositories as the Board of Directors or Executive Committee or other committee designated by the Board so to act may from time to time designate, or as may be designated by any officer or officers or agent or agents of the Corporation to whom such power may be delegated by the Board of Directors or Executive Committee or other committee designated by the Board so to act and, for the purpose of such deposit and for the purposes of collection for the account of the Corporation may be endorsed, assigned and delivered by any officer, agent or employee of the Corporation or in such other manner as may from time to time be designated or determined by resolution of the Board of Directors or Executive Committee or other committee designated by the Board so to act. SECTION 8.05. Proxies in Respect of Securities of Other Corporations. Unless otherwise provided by resolution adopted by the Board of Directors or the Executive Committee or other committee so designated to act by the Board, the President or any Vice President may from time to time appoint an attorney or attorneys or agent or agents of the Corporation, in the name and on behalf of the Corporation, to cast the votes which the Corporation may be entitled to cast as the holder of stock or other securities in any other corporation, association or trust any of whose stock or other securities may be held by the Corporation, at meetings of the holders of the stock or other securities of such other corporation, association or trust, or to consent in writing, in the name of the Corporation as such holder, to any action by such other corporation, association or rust, and may instruct the person or persons so appointed as to the manner. ..of casting such votes or giving such consent, and may execute or cause to be executed in the name and on behalf of the Corporation and under its corporate seal, or otherwise, all such written proxies or other instruments as he may deem necessary or proper in the premises. ARTICLE 9. BOOKS AND RECORDS SECTION 9.01. Place. The books and records of the Corporation may be kept at such places within or without the State of Delaware as the Board of Directors may from time to time determine. The stock record books and the blank stock certificate books shall be kept by the Secretary or by any other officer or agent designated by the Board of Directors. SECTION 9.02. Addresses of Stockholders. Each stockholder shall furnish to the Secretary of the Corporation or to the transfer agent of the Corporation an address at which notices of meetings and all other corporate notices may be served upon or mailed to him, and if any stockholder shall fail to designate such address, corporate notices may be served upon him by mail, postage prepaid, to him at his post-office address last known to the Secretary or to the transfer agent of the Corporation or by transmitting a notice thereof to him at such address by telegraph, cable or other available method. SECTION 9.03. Record Dates. The Board of Directors may fix in advance a date, not exceeding sixty days preceding the date of any meeting of stockholders, or the date for the payment of any dividend, or the date for the allotment of any rights, or the date when any change or conversion or exchange of capital stock of the Corporation shall go into effect, or a date in connection with obtaining such consent, as a record date for the determination of the stockholders entitled to notice of, and to vote at, any such meeting or any adjournment thereof, or entitled to receive payment of any such dividend or to any such allotment of rights, or to exercise -12- the rights in respect of any change, conversion or exchange of capital stock of the Corporation, or to give such consent, and in each such case such stockholders and only such stockholders as shall be stockholders of record on the date so fixed shall be entitled to notice of, or to vote at, such meeting and any adjournment thereof, or to receive payment of such dividend, or to receive such allotment of rights, or to exercise such rights or to give such consent, as the case may be, notwithstanding any transfer of any stock on the books of the Corporation after any such record date fixed as aforesaid. SECTION 9.04. Audit of Books and Accounts. The books and accounts of the Corporation shall be audited at least once in each fiscal year by certified public accountants of good standing selected by the Board of Directors. ARTICLE 10. SHARES AND THEIR TRANSFER SECTION 10.01. Certificates of Stock. Every owner of stock of the Corporation shall be entitled to have a certificate certifying the number of shares owned by him in the Corporation and designating the class of stock to which such shares belong, which shall otherwise be in such form as the Board of Directors shall prescribe. Every such certificate shall be signed by the President or a Vice President, and the Treasurer or any Assistant Treasurer or the Secretary or any Assistant Secretary of the Corporation; provided, however, that where such certificate is signed or countersigned by a transfer agent or registrar the signatures of such officers of the Corporation and the seal of the Corporation may be in facsimile form. In case any officer or officers who shall have signed, or whose facsimile signature or signatures shall have been used on, any such certificate or certificates shall cease to be such officer or officers of the Corporation, whether because of death, resignation or otherwise, before such certificate or certificates shall have been delivered by the Corporation, such certificate or certificates may nevertheless be issued and delivered by the Corporation as though the person or persons who signed such certificate or whose facsimile signature or signatures shall have been used thereof had not ceased to be such officer or officers of the Corporation. SECTION 10.02. Record. A record shall be kept of the name of the person, firm or corporation owning the stock represented by each certificate for stock of the Corporation issued, the number of shares represented by each such certificate, and the date thereof, and, in case of cancellation, the date of cancellation. The person in whose name shares of stock stand on the books of the Corporation shall be deemed the owner thereof for all purposes as regards the Corporation. SECTION 10.03. Transfer of Stock. Transfers of shares of the stock of the Corporation shall be made only on the books of the Corporation by the registered holder thereof, or by his attorney thereunto authorized, and on the surrender of the certificate or certificates for such shares properly endorsed. SECTION 10.04. Transfer Agent and Registrar; Regulations. The Corporation shall, if and whenever the Board of Directors or Executive Committee shall so determine, maintain one or more transfer offices or agencies, each in charge of a transfer agent designated by the Board of Directors, where the shares of the capital stock of the Corporation shall be directly transferable, and also if and whenever the Board of Directors shall so determine, maintain one or more by the Board of Directors, where such shares of stock shall be registered. The Board of Directors may make such rules and regulations as it may deem expedient, not inconsistent with these By-Laws, concerning the issue, transfer and registration of certificates for shares of the capital stock of the Corporation. -13- SECTION 10.05. Lost, Destroyed or Mutilated Certificates. In case of the alleged loss or destruction or the mutilation of a certificate representing capital stock of the Corporation, a new certificate may be issued in place thereof, in the manner and upon such terms as the Board of Directors may prescribe. ARTICLE 11. SEAL The Board of Directors shall provide a corporate seal, which shall be in the form of a circle and shall bear the name of the Corporation and the words and figures "Incorporated 1985, Delaware. ARTICLE 12. FISCAL YEAR The fiscal year of the Corporation shall commence on the first day of January, except as otherwise provided from time to time by the Board of Directors. ARTICLE 13. WAIVER OF NOTICE Whenever any notice whatever is required to be given by statute, these By-Laws or the Certificate of Incorporation, a waiver thereof in writing, signed by the person or persons entitled to said notice, whether before or after the time stated therein, shall be deemed equivalent thereto. ARTICLE 14. AMENDMENTS These By-Laws may be altered, amended or repealed, in whole or in part, and new By-Laws may be adopted, in whole or in part, by the affirmative vote of a majority of the whole Board of Directors given at any meeting. No amendment may be made unless the By-Laws, as amended, is consistent with the requirements of law and of the Certificate of Incorporation. -14- EX-4.2 3 b57836wiexv4w2.txt EX-4.2 FIRST AMENDMENT TO CREDIT AGREEMENT EXHIBIT 4.2 FIRST AMENDMENT TO CREDIT AGREEMENT THIS FIRST AMENDMENT TO CREDIT AGREEMENT, dated as of December 22, 2005 (this "Agreement"), is made by and among Wellman, Inc., a Delaware corporation ("Wellman"), Prince, Inc., a Delaware corporation ("Prince"), Wellman of Mississippi, Inc., a Delaware corporation ("Wellman Mississippi"), Carpet Recycling of Georgia, Inc., a Georgia corporation ("Carpet"), ALG, Inc., a Delaware corporation ("ALG"), PermaClear East Incorporated, a Delaware corporation ("PermaClear"), PTA Resources, LLC, a Delaware limited liability company ("PTA Resources"), Wellman Resins, LLC, a Delaware limited liability company ("Resins") and Fiber Industries, Inc., a Delaware corporation ("Fiber" and, together with Wellman, Prince, Wellman Mississippi, Carpet, ALG, PermaClear, PTA Resources and Resins, each individually referred to herein as a "Borrower" and collectively as "Borrowers" with Wellman acting in its capacity as Funds Administrator for the Borrowers), each of the undersigned Lenders and Deutsche Bank Trust Company Americas, acting in its capacity as administrative agent (the "Administrative Agent") and collateral agent ("Collateral Agent") for the Lenders hereunder (in its capacities as Administrative Agent and Collateral Agent, the "Agent"). W I T N E S S E T H: WHEREAS, the Borrowers, the Agent and certain financial institutions parties thereto (each, a "Lender"; collectively, the "Lenders") are parties to that certain Credit Agreement dated as of February 10, 2004 (as in effect from time to time, the "Credit Agreement"). WHEREAS, the Borrowers have requested certain amendments to the Credit Agreement, and the Agent and the Lenders are willing to effect such amendments. NOW, THEREFORE, in consideration of the recitals herein contained and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: SECTION 1. DEFINITIONS. Unless otherwise defined herein, all capitalized terms used herein shall have the meanings given them in the Credit Agreement, as amended hereby. SECTION 2. AMENDMENTS TO CREDIT AGREEMENT (a) SECTION 1.1 -- DEFINITIONS. Section 1.1 of the Credit Agreement is amended as follows: (I) APPLICABLE MARGIN. The definition of "Applicable Margin" is hereby amended by (A) inserting the clause "or the Leverage Certificate that is required to be delivered pursuant to Section 7.1(i)" immediately after the clause "the financial statements that are required to be delivered pursuant to Section 7.1(b)" and (B) inserting the phrase "or Leverage Certificate" immediately after the phrase "such financial statements". (II) APPLICABLE MARGIN PERIOD. The definition of "Applicable Margin Period" is hereby amended by deleting such definition in its entirety and replacing it with the following definition: "'Applicable Margin Period' shall mean each period which shall commence on the first Business Day of each March, June, September and December (each such day, a "Start Date") following delivery of (a) with respect to the Applicable Margin Periods beginning in June, September and December, the financial statements and compliance certificate pursuant to Section 7.1(b) relating to the most recently ended Fiscal Quarter and (b) with respect to the Applicable Margin Periods beginning in March, a Leverage Certificate relating to the most recently ended Fiscal Quarter. The Applicable Margin Period shall end, in each case, on the earlier of (i) the day immediately preceding the Start Date of the next Applicable Margin Period or (ii) the Expiration Date; provided that the first Applicable Margin Period shall commence on the first Business Day of the month following the delivery of the financial statements in respect of the Fiscal Quarter ending on March 31, 2005." (III) INTERCOMPANY INDEBTEDNESS. The definition of "Intercompany Indebtedness" is hereby amended by deleting "8.3(d)" where it appears in such definition and replacing it with "8.3(c)". (IV) INTEREST PERIOD. The definition of "Interest Period" is hereby amended by deleting the parenthetical "(and if available to all Lenders, nine or twelve)" and inserting the parenthetical "(and other longer or shorter periods if available to all Lenders)" immediately after the words "six months". (v) RESPONSIBLE OFFICER. The definition of "Responsible Officer" is hereby amended by deleting such definition in its entirety and replacing it with the following definition: "'Responsible Officer' means the controller, chief financial officer, treasurer, assistant treasurer, chief accounting officer or any other similar financial officer or position." (VI) START DATE. The definition of "Start Date" is hereby amended by deleting such definition in its entirety and replacing it with the following definition: "'Start Date' shall have the meaning ascribed to such term in the definition of Applicable Margin Period." (VII) LEVERAGE CERTIFICATE. The following definition is hereby inserted alphabetically in Section 1.1: 2 "'Leverage Certificate' means a certificate signed by a Responsible Officer of Wellman in the form of Exhibit F." (b) SECTION 2.4(e) -- MANDATORY PAYMENTS; MANDATORY REDUCTIONS OF COMMITMENTS. Section 2.4(e) of the Credit Agreement is hereby amended by inserting after the clause "On the Business Day on which any Asset Sale occurs" the clause "which decreases the Eligible Inventory and/or Eligible Accounts Receivable amounts that are included in computation of the Borrowing Base". (c) SECTION 7.1 -- FINANCIAL INFORMATION. Section 7.1 of the Credit Agreement is amended as follows: (i) SECTIONS 7.1(b), 7.1(c) AND 7.1(f). Sections 7.1(b), 7.1(c) and 7.1(f) are hereby amended by deleting the phrase "the chief accounting officer or chief financial officer" where it appears in each such section and inserting in its place in each such section the phrase "a Responsible Officer". (II) SECTIONS 7.1(h) AND (i). Section 7.1(h) is hereby amended by deleting the word "and" found at the end of such section, and Section 7.1(i) is hereby redesignated as Section 7.1(j). (III) SECTION 7.1(i). The following is added as the new Section 7.1(i) immediately after Section 7.1(h): "(i) as soon as available but in no event later than the Business Day preceding the Start Date occurring each March, a Leverage Certificate duly certified by a Responsible Officer of Wellman; and". (d) SECTION 8.2 -- CAPITAL EXPENDITURES. Section 8.2 of the Credit Agreement is amended as follows: (i) SECTION 8.2(d). Section 8.2(d) is hereby amended by deleting the amount "$50 million" where it appears in such section and replacing it with the amount "$65 million". (II) SECTION 8.2(e) AND 8.2(f). Section 8.2(e) is hereby amended by deleting the phrase "270 days" where it appears in such section and replacing it with the phrase "365 days" and by deleting the parenthetical phrase "(whether due to application of a deductible or otherwise)". The following is added immediately after Section 8.2(e) as Section 8.2(f): "(f) In addition to the foregoing, to the extent that Wellman or any Subsidiary suffers a Casualty Loss (without regard to the minimum threshold requirement in Section 7.8) on property or assets which are insured (without regard to the deductible or otherwise), Wellman or such Subsidiary may incur Capital Expenditures to repair or replace such assets within 365 days of such Casualty Loss." 3 (e) SECTION 8.3 -- ADDITIONAL INDEBTEDNESS. Section 8.3(c) of the Credit Agreement is hereby amended by deleting such section in its entirety and inserting the following in its place: "(c) subject to Section 8.9(f), a Borrower and its Subsidiaries may incur and remain liable with respect to Intercompany Indebtedness, subject to no Lien held by any Person other than a Borrower or a Subsidiary Guarantor or a Lien permitted by this Credit Agreement, provided, however, that all Intercompany Indebtedness owed by the Borrowers and/or any of the Subsidiary Guarantors, on the one hand, to the Subsidiaries which are not Credit Parties, on the other, incurred under this clause (c) shall be Subordinated Indebtedness;". (f) SECTION 8.5 -- SALE OF ASSETS. Section 8.5 is hereby amended by redesignating clause (d) therein as clause (e) and inserting the following in such section as the new clause (d): "(d) any disposition of assets or property which, in the reasonable judgment of such Borrower, is uneconomical, obsolete, worn out or no longer useful in such Borrower's or such Subsidiary's business;". (g) SECTION 8.9 -- INVESTMENTS. Section 8.9(f) is hereby amended by deleting such section in its entirety and replacing it with the following: "(f) So long as no Default or Event of Default has occurred and is continuing, (i) Investments consisting of intercompany loans by any Credit Party to any Foreign Subsidiary made after the Closing Date in an amount not in excess of $15.0 million in the aggregate at any time outstanding, (ii) Investments other than intercompany loans made by any Credit Party in any Foreign Subsidiary after the Closing Date in an amount not in excess of $5.0 million in the aggregate at any time outstanding and (iii) Investments by any Credit Party in any Foreign Subsidiary made after the Closing Date in an amount not to exceed the amount of cash received by Credit Parties (whether as a return of capital, dividend, loan, interest or otherwise, but excluding trade payables or proceeds of asset sales between any Credit Party and any Foreign Subsidiary) from any Foreign Subsidiaries after the Closing Date but without duplication of amounts already credited in determining the amount of loans or other Investments permitted under clauses (i) and (ii) of this Section 8.9(f);". (h) SECTION 8.17 -- VOLUNTARY PREPAYMENT OF DEBT. Section 8.17 is hereby amended by inserting the word "and" before the phrase "(y) Average Normalized Availability" and deleting the clause "and (z) the Pearl River Project is complete and substantially all Capital Expenditures required to be made in connection therewith have been paid". (i) SECTION 9.1 -- EVENTS OF DEFAULT. Section 9.1(b) is hereby amended by inserting the phrase "7.1(i)," immediately after the phrase "excluding Sections". Section 9.1(c) is hereby amended by inserting the phrase "7.1(i) or Section" immediately in front of the phrase "9.1(a) or (b) above". 4 (j) SECTION 10.4, 10.10 AND 11.10 -- SUPER MAJORITY LENDERS. (i) SECTION 10.4. Section 10.4 is hereby amended by deleting the phrase "the Super Majority Lenders or" where it appears in such section. (II) SECTION 10.10. Section 10.10 is hereby amended by deleting the phrases "or the Super Majority Lenders, as the case may be," and "or Super Majority Lenders" where such phrases appears in such section. (III) SECTION 11.10(b). Section 11.10(b) is hereby amended by deleting clauses (iv) and (v) of such section in their entirety and inserting the following clauses (iv) and (v) in their place: (iv) change the percentage of the Commitments, or any minimum requirement necessary for the Lenders or the Majority Lenders to take any action hereunder; (v) amend or waive this Section 11.10, or change the definition of Majority Lenders; (IV) SECTION 11.10(c). Section 11.10(c) is hereby amended by (A) deleting the phrase "Super Majority Lenders" where it appears in clause (i) of such section and replacing it with the phrase "Majority Lenders" and (B) deleting the text of clause (ii) and replacing such text with the word "[Reserved.]" (k) EXHIBIT F -- LEVERAGE CERTIFICATE. The form of Leverage Certificate attached to this Agreement as Exhibit B is hereby added to the Credit Agreement as Exhibit F. SECTION 3. REPRESENTATIONS AND WARRANTIES 3.1. REPRESENTATIONS AND WARRANTIES. In order to induce the Agent and the Lenders to enter into this Agreement, the Borrowers hereby represent and warrant to the Agent and the Lenders, in each case after giving effect to this Agreement, as follows: (a) POWER AND AUTHORITY. Each Borrower has the power and authority to execute, deliver and perform this Agreement and, in the case of each Borrower and each Credit Party, all agreements, documents and instruments executed and delivered pursuant to this Agreement and each Borrower and each Credit Party has taken all necessary action to authorize the execution, delivery and performance by it of this Agreement and all agreements, documents and instruments executed and delivered by it pursuant to this Agreement, as the case may be. (b) BINDING OBLIGATION. This Agreement has been duly executed and delivered by each Borrower and the Acknowledgement and Consent (as hereinafter defined) has been duly executed by each Subsidiary Guarantor, and such documents are the legal, valid and binding obligation of each such entity a party thereto, enforceable against such entity in accordance with its terms, except to the extent that the enforcement thereof may be limited by applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or other similar laws generally affecting creditors' rights and by equitable principles (regardless of whether enforcement is sought in equity or at law). 5 (c) INCORPORATION OF REPRESENTATIONS AND WARRANTIES FROM THE CREDIT AGREEMENT. After giving effect to this Agreement, the representations and warranties contained in the Credit Agreement and the other Credit Documents are true and correct in all material respects on and as of the Effective Date as though made on such date, except to the extent that such representations and warranties are expressly made as of a specific date (in which event such representations and warranties shall have been true and correct in all material respects on and as of such specified date). (d) NO VIOLATION OR CONFLICT. Neither execution, delivery and performance of this Agreement nor the transactions contemplated hereby will (i) contravene in any material respect any Requirement of Law, (ii) conflict or be inconsistent with or result in any breach of any of the terms, covenants, conditions or provisions of, or constitute a default under, or result in the creation or imposition of (or the obligation to create or impose) any Lien upon any of the properties or assets of any Borrower or any Subsidiary pursuant to the terms of any indenture, mortgage, deed of trust, credit agreement or loan agreement, or any other agreement, contract or instrument, to which a Borrower or any Subsidiary is a party or by which it or any of its property or assets is bound or to which it may be subject, except for any such conflict, breach or Lien which would not individually or in the aggregate reasonably be expected to have a Material Adverse Effect, or (iii) will violate or conflict with the Governing Documents of any Credit Party. (e) NO ADDITIONAL CONSENTS REQUIRED. No authorization or approval or other action by, and no notice to or filing or registration with, any Governmental Authority or other Person is required in connection with the execution, delivery and performance of this Agreement and all agreements, documents and instruments executed and delivered pursuant to this Agreement other than those obtained and in full force and effect. (f) ABSENCE OF DEFAULT. No Default or Event of Default will exist or be continuing. (g) GOOD STANDING. On the Effective Date, each Credit Party is a duly organized and validly existing entity in good standing in its jurisdiction of incorporation or formation. SECTION 4. CONDITIONS PRECEDENT 4.1. CONDITIONS TO EFFECTIVENESS OF AGREEMENT. This Agreement shall become effective upon the date when each of the following conditions precedent have been satisfied (the "Effective Date"): (a) EXECUTION AND DELIVERY OF AGREEMENT. Each Borrower, the Administrative Agent and the Majority Lenders shall have executed and delivered this Agreement. (b) ACKNOWLEDGEMENT AND CONSENT. The Administrative Agent shall have received an acknowledgement and consent dated the Effective Date in the form of Exhibit A attached hereto (the "Acknowledgement and Consent"), duly executed and delivered by each Subsidiary Guarantor. 6 (c) NO DEFAULTS. After giving effect to this Agreement, no Default or Event of Default under the Credit Agreement shall have occurred and be continuing. (d) REPRESENTATIONS AND WARRANTIES. After giving effect to this Agreement, the representations and warranties of the Borrower and the other Credit Parties contained in the Credit Agreement and the other Credit Documents are true and correct in all material respects on and as of the Effective Date as though made on such date, except to the extent that such representations and warranties are expressly made as of a specific date (in which event such representations and warranties shall have been true and correct in all material respects on and as of such specified date). 4.2 ADDITIONAL CONDITIONS TO EFFECTIVENESS OF SECTION 2(j). Section 2(j) of this Agreement shall, notwithstanding the prior effectiveness of the Agreement, become effective only if all Lenders shall have executed and delivered this Agreement. SECTION 5. MISCELLANEOUS 5.1. MISCELLANEOUS. The parties hereto hereby further agree as follows: (a) COUNTERPARTS. This Agreement may be executed in one or more counterparts, each of which, when executed and delivered, shall be deemed to be an original and all of which counterparts, taken together, shall constitute but one and the same document with the same force and effect as if the signatures of all of the parties were on a single counterpart, and it shall not be necessary in making proof of this Agreement to produce more than one (1) such counterpart. (b) HEADINGS. Headings used in this Agreement are for convenience of reference only and shall not affect the construction of this Agreement. (c) INTEGRATION. This Agreement, the other agreements and documents executed and delivered pursuant to this Agreement and the Credit Agreement constitute the entire agreement among the parties hereto with respect to the subject matter hereof. (d) GOVERNING LAW. THIS AGREEMENT SHALL BE DEEMED TO BE A CONTRACT MADE UNDER THE LAWS OF THE STATE OF NEW YORK, AND THE RIGHTS AND DUTIES OF THE FUNDS ADMINISTRATOR, THE BORROWERS, THE AGENT, EACH ISSUING BANK AND THE LENDERS UNDER THIS AGREEMENT AND ANY OTHER DOCUMENTS EXECUTED IN CONNECTION HEREWITH SHALL, PURSUANT TO NEW YORK GENERAL OBLIGATIONS LAW SECTION 5-1401, BE GOVERNED BY THE INTERNAL LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICT OF LAW PRINCIPLES. (e) BINDING EFFECT. This Agreement shall be binding upon and inure to the benefit of and be enforceable by each Borrower, the Agent and the Lenders and their respective successors and assigns. Except as expressly set forth to the contrary herein, this Agreement shall not be construed so as to confer any right or benefit upon any Person other than the each Borrower, the Agent and the Lenders and their respective successors and permitted assigns. 7 (f) LIMITATIONS. Except as expressly provided herein, the execution and delivery of this Agreement shall not: (a) constitute an extension, modification, or waiver of any aspect of the Credit Agreement or the other Credit Documents; (b) extend the terms of the Credit Agreement or the due date of any of the Obligations; (c) give rise to any obligation on the part of the Agent and the Lenders to extend, modify or waive any term or condition of the Credit Agreement or any of the other Credit Documents; or (d) give rise to any defenses or counterclaims to the right of the Agent and the Lenders to enforce its or their rights and remedies under the Credit Agreement and the other Credit Documents. (g) REFERENCE TO AND EFFECT ON THE CREDIT AGREEMENT. The parties hereto agree and acknowledge that nothing contained in this Agreement in any manner or respect limits or terminates any of the provisions of the Credit Agreement or any of the other Credit Documents other than as expressly set forth herein and further agree and acknowledge that the Credit Agreement (as amended hereby) and each of the other Credit Documents remain and continue in full force and effect and are hereby ratified and confirmed. Except to the extent expressly set forth herein, the execution, delivery and effectiveness of this Agreement shall not operate as an amendment of any rights, power or remedy of the Lenders or the Agent under the Credit Agreement or any other Credit Document, nor constitute an amendment of any provision of the Credit Agreement or any other Credit Document. On and after the Effective Date each reference in the Credit Agreement to "this Agreement," "hereunder," "hereof," "herein" or words of like import, and each reference to the Credit Agreement in the Credit Documents and all other documents delivered in connection with the Credit Agreement shall mean and be a reference to the Credit Agreement as amended hereby. Each Borrower acknowledges and agrees that this Agreement constitutes a "Credit Document" for purposes of the Credit Agreement. None of the terms and conditions of this Agreement may be changed, waived, modified or varied in any manner, whatsoever, except in accordance with Section 11.10 of the Credit Agreement. [SIGNATURE PAGES FOLLOW] 8 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their respective officers thereunto duly authorized, as of the date first written above. BORROWERS: WELLMAN, INC., a Delaware corporation, individually, as a Borrower and as Funds Administrator By:/s/ Keith R. Phillips Title: Chief Financial Officer PRINCE, INC., as a Borrower By: /s/ Keith R. Phillips --------------------- Title: President WELLMAN OF MISSISSIPPI, INC., as a Borrower By: /s/ Keith R. Phillips --------------------- Title: Vice President CARPET RECYCLING OF GEORGIA, INC., as a Borrower By: /s/ Keith R. Phillips --------------------- Title: Vice President Signature Page to First Amendment to Credit Agreement ALG, INC., as a Borrower By: /s/ Keith R. Phillips --------------------- Title: Vice President PERMACLEAR EAST INCORPORATED, as a Borrower By: /s/ Keith R. Phillips --------------------- Title: Vice President FIBER INDUSTRIES, INC., as a Borrower By: /s/ Keith R. Phillips --------------------- Title: Vice President WELLMAN RESINS LLC, as a Borrower By: /s/ Keith R. Phillips --------------------- Title: Vice President PTA RESOURCES, LLC, as a Borrower By: /s/ Keith R. Phillips --------------------- Title: Vice President Signature Page to First Amendment to Credit Agreement AGENT: DEUTSCHE BANK TRUST COMPANY AMERICAS, as a Lender, Administrative Agent and Collateral Agent By: /s/ Frank Fazio --------------- Title: Director Signature Page to First Amendment to Credit Agreement LENDERS: JP Morgan Chase Bank, NA By: /s/ James H. Ramage ------------------- Title: Managing Director LENDERS: General Electric Capital Corporation By: /s/ Marie G. Mollo ------------------ Title: Duly Authorized Signatory LENDERS: LASALLE BUSINESS CREDIT, LLC By: /s/ Steven Friedlander ---------------------- Title: Senior Vice President LENDERS: PB Capital Corporation By: /s/ Tyler J. McCarthy --------------------- Title: Vice President By: /s/ Kevin M. Higgins -------------------- Title: Assistant Vice President LENDERS: CONGRESS FINANCIAL CORPORATION BY: /s/ Barry Felker ---------------- Title: Associate LENDERS: WELLS FARGO FOOTHILL, LLC By: /s/ Yelenda Kravshuk -------------------- Title: Assistant Vice President Signature Page to First Amendment to Credit Agreement LENDERS: GMAC COMMERCIAL FINANCE LLC By: /s/ Thomas Brent ---------------- Title: Director LENDERS: Merill Lynch Capital, a division of Merrill Lynch Business Financial Services Inc. By: /s/ Ed Shuster -------------- Title: Assistant Vice President LENDERS: PNC BANK, NATIONAL ASSOCIATION By: /s/ John Cunningham ------------------- Title: Vice President LENDERS: ALLIED IRISH BANK, PLC By: /s/ Martin Chin --------------- Title: Senior Vice President LENDERS: WEBSTER BUSINESS CREDIT CORPORATION By: /s/ Bradford Mitch ------------------ Title: Vice President Signature Page to First Amendment to Credit Agreement EXHIBIT A FORM OF ACKNOWLEDGMENT AND CONSENT The undersigned entities, constituting Subsidiaries of the Borrowers (each, a "Subsidiary Guarantor"), hereby (a) acknowledge that they have reviewed the terms and provisions of (i) the Credit Agreement dated as of February 10, 2004 (as amended, the "Agreement"), by and among Wellman, Inc. ("Wellman"), Prince, Inc. ("Prince"), Wellman of Mississippi, Inc. ("Wellman Mississippi"), Carpet Recycling of Georgia, Inc. ("Carpet"), ALG, Inc. ("ALG"), PermaClear East Incorporated ("PermaClear"), PTA Resources, LLC ("PTA Resources"), Wellman Resins, LLC ("Resins") and Fiber Industries, Inc. ("Fiber" and, together with Wellman, Prince, Wellman Mississippi, Carpet, ALG, PermaClear, PTA Resources and Resins, each individually referred to herein as a "Borrower" and collectively as "Borrowers" with Wellman acting in its capacity as Funds Administrator for the Borrowers), the financial institutions party thereto as Lenders and Deutsche Bank Trust Company Americas, acting in its capacity as administrative agent (the "Administrative Agent") and collateral agent ("Collateral Agent") for the Lenders hereunder (in its capacities as Administrative Agent and Collateral Agent, the "Agent") and (ii) the First Amendment to Credit Agreement (the "Amendment") and (b) consent to the amendment of the Agreement pursuant to the Amendment and the other matters contemplated under the Amendment. Each Subsidiary Guarantor hereby acknowledges and agrees that any of the Credit Documents to which it is a party or otherwise bound shall continue in full force and effect and that all of its obligations thereunder shall be valid and enforceable and shall not be impaired or affected by the execution or effectiveness of the Amendment. Each Subsidiary Guarantor represents and warrants that all representations and warranties applicable to it contained in the Agreement as amended by this Amendment and the Credit Documents to which it is a party or otherwise bound are true and correct in all material respects on and as of the Effective Date (except to the extent that such representations and warranties are expressly made as of a specific date, in which event such representations and warranties shall have been true and correct in all material respects on and as of such specified date). Each Subsidiary Guarantor acknowledges and agrees that (i) notwithstanding the conditions to effectiveness set forth in the Amendment, each Subsidiary Guarantor is not required by the terms of the Agreement or any other Credit Document to consent to the amendment of the Agreement effected pursuant to the Amendment and (ii) nothing in the Agreement or the Amendment or any other Credit Document shall be deemed to require the consent of any Subsidiary Guarantor to any future amendment of the Agreement or any other Credit Document. [SIGNATURE PAGE FOLLOWS] Exhibit A IN WITNESS WHEREOF, each of the Subsidiary Guarantors has caused this Acknowledgement and Consent to First Amendment to Agreement to be duly executed and delivered by its proper and duly authorized officer as of the ___th day of December, 2005. WAREHOUSE ASSOCIATES, INC. USA By: /s/ Keith R. Phillips --------------------- Name: Keith Phillips Title: Vice President & Treasurer FINWELL, INC. By: /s/ Keith R. Phillips --------------------- Name: Keith Phillips Title: Director & President MRF, INC. By: /s/ Keith R. Phillips --------------------- Name: Keith Phillips Title: Vice President & Treasurer JOSDAV INC. By: /s/ Keith R. Phillips --------------------- Name: Keith Phillips Title: Vice President & Treasurer Signature Page to Acknowledgement and Consent FIISB, INC. By: /s/ Keith R. Phillips --------------------- Name: Keith Phillips Title: Vice President MED RESINS, INC. By: /s/ Keith R. Phillips --------------------- Name: Keith Phillips Title: President WELLMAN EXPORTS V.I. By: /s/ Keith R. Phillips --------------------- Name: Keith Phillips Title: Treasurer Signature Page to Acknowledgement and Consent EXHIBIT B FORM OF LEVERAGE CERTIFICATE This Leverage Certificate is given by Wellman, Inc. for itself and its Subsidiaries ("Wellman") pursuant to Section 7.1(i) of that certain Credit Agreement, dated as of February 10, 2004, among Wellman, the other Borrowers named therein, the Lenders signatory thereto from time to time, and Deutsche Bank Trust Company Americas, as Agent (as such agreement may have been amended, restated, supplemented or otherwise modified from time to time, the "Credit Agreement"). Capitalized terms used herein without definition shall have the meanings set forth in the Credit Agreement. The undersigned is duly authorized to execute and deliver this Leverage Certificate on behalf of Borrowers. By executing this Leverage Certificate such officer hereby certifies to Agent and Lenders that the Leverage Ratio for the Fiscal Quarter ending December 31, [____], is ____, and the Applicable Margins shall be calculated using Level ___. IN WITNESS WHEREOF, Wellman has caused this Leverage Certificate to be executed by its ________________________ this _______ day of _____________. WELLMAN, INC. By:___________________________________________ its:__________________________________________ Exhibit B EX-10.3 4 b57836wiexv10w3.txt EX-10.3 WELLMAN, INC. LIFE INSURANCE PLAN FOR DESIGNATED EMPLOYEES EXHIBIT 10.3 [WELLMAN LOGO] WELLMAN, INC. LIFE INSURANCE PLAN FOR DESIGNATED EMPLOYEES Personal and Confidential TABLE OF CONTENTS Article I Name Article II Statement of Purpose Article III Plan Administration Article IV Participation Article V Definitions Article VI Requirements for Life Insurance Article VII Change in Status during the Plan Year Article VIII General Provisions Article IX Limitations WELLMAN, INC. LIFE INSURANCE PLAN FOR DESIGNATED EMPLOYEES ARTICLE I NAME 1.1 The "Plan" is the "Wellman, Inc. Life Insurance Plan for Designated Employees." ARTICLE II STATEMENT OF PURPOSE 2.1 The purpose of the Plan is to provide adequate life insurance to certain designated executives (the "Participants") as part of their overall compensation from Wellman, Inc. (the "Company"). 2.2 The Plan permits Participants to utilize an amount paid by the Company which is 9.5% of their Base Salary to purchase a Life Insurance Product (as defined below). ARTICLE III PLAN ADMINISTRATION 3.1 The Compensation Committee of the Wellman, Inc. Board of Directors (the "Committee") or their designee shall be responsible for the design, administration, and interpretation of the Plan. 3.2 This Plan may be amended, suspended or terminated at any time at the sole discretion of the Board of Directors of Wellman, Inc. (the "Board") upon the recommendation of the Committee. ARTICLE IV PARTICIPATION 4.1 The Participants are all Company executives recommended by the Chief Executive Officer and approved by the Committee. ARTICLE V DEFINITIONS 5.1 "Plan Year" is the fiscal year of the Company, which is generally the calendar year. 5.2 "Base Salary" means the annual salary paid by the Company to a Participant for performance of his job excluding any fringe benefits, incentive awards, bonuses or any component of pay other than the base amount. 5.3 "Beneficiary" means any person, estate or trust entitled to receive the Participant's Death Benefit upon the Death of the Participant, including contingent Beneficiaries. 5.4 "Code" means the Internal Revenue Code of 1986 as amended. 5.5 "Death Benefit" and "Life Insurance Amount" mean the amount payable with respect to a Life Insurance Product where the Participant is one of the Insured to the Participant's Beneficiaries regardless of the source of that amount, i.e., cash value, pure insurance, etc. 5.6 "Life Insurance Product" is a product, plan and/or policy or combination of products, plans and/or policies which include life insurance and that provide a Death Benefit. Group Term Life Insurance provided by the Company is not a Life Insurance Product. The Life Insurance Product may be in any form that is appropriate for the Participant and may include whole life products, term life products, second to die policies and annuities. The Participant shall select the company(s) providing the Life Insurance Product ("Insurance Company"); however, before any such product, plan or policy commences, the Company reserves the right to decide that any such Insurance Company is not appropriate for any reason including administrative reasons. If this occurs the Participant shall select an alternative Insurance Company that is acceptable to the Company to provide such Life Insurance Product(s). ARTICLE VI REQUIREMENTS FOR LIFE INSURANCE 6.1 The Plan requires Participants to have a Life Insurance Product providing a Death Benefit which, when combined with their Group Term Policy provided by the Company is at least five (5) times their Base Salary. Participants are eligible to apply an amount, paid by the Company, of up to 9.5% of their Base Salary, toward the premium for a Life Insurance Product ("Premium Payments"). If the amount paid by the Company is insufficient to purchase the required Death Benefit, the Participant is responsible for paying the additional premium required to bring the Death Benefit up to the required level, except as provided in Section 6.2. 6.2 The required Life Insurance Benefit may be reduced, with the approval of the Committee or its representative in certain circumstances. Examples of this would be: It becomes difficult or impossible for the Participant to purchase additional coverage because of their physical condition, or upon the attainment of certain ages, or reductions in the amount of the group term insurance policy. 6.3 Premium Payments will be treated as taxable income to the Participant except where the Internal Revenue Code provides a specific exemption from taxation. 6.4 The Life Insurance Product is the property of the Participant. ARTICLE VII CHANGE IN STATUS DURING THE PLAN YEAR 7.1 Disability. A Participant shall be deemed "Permanently Disabled" if, because of a physical or mental condition, the Participant is unable for a period of at least one year to perform the principle duties of his/her occupation as determined by a physician selected by the Committee. As long as the Participant remains an employee of the Company and is a Participant, the Company will continue to make Premium Payments until the Participant is "Permanently Disabled." 7.2 Death. A Participant's participation in this program terminates upon death. 7.3 Retirement. In the year of a Participant's retirement upon or after reaching age 55 the Company will continue to make Premium Payments on the dates they are normally paid until the monthly premium due date coincident with or following the Participant's retirement date. 7.4 Resignation or Termination. No Premium Payments will be made after a Participant's employment ends. 7.5 Participant's Own Life Insurance Policies. In all cases the scheduled payment date of the Life Insurance Product governs when the payments are made. If any Premium Payments are made before any of the events named in Sections 7.1 to 7.4 the Premium Payment is included in the value of the Life Insurance Product which is the property of the Participant. If a Premium Payment is due after any of the events named in Sections 7.1 to 7.4 the Premium Payment is only required to be made if it is a contractual obligation of the Company under the terms of another plan or agreement. 7.6 No Guarantee. Participation in the Plan provides no guarantee that this Plan will continue. ARTICLE VIII GENERAL PROVISIONS 8.1 Withholding of Taxes. The Company shall have the right to withhold the amount of taxes, which in the determination of the Company, are required to be withheld under law with respect to any amount due or paid under the Plan. 8.2 Expenses. The Company shall pay all expenses and costs in connection with the adoption and administration of the Plan. 8.3 No prior Right or Offer. Except and until expressly granted pursuant to the Plan, nothing in the Plan shall be deemed to give any Participant any contractual or other right to participate in the benefits of the Plan. ARTICLE IX LIMITATIONS 9.1 No Continued Employment. Neither the establishment of the Plan or the grant of an award hereunder shall be deemed to constitute an express or implied contract of employment for any period of time or in any way abridge the rights of the Company to determine the terms and conditions of employment or to terminate the employment of any Participant with or without cause at any time. 9.2 No Vested Rights. Except as otherwise provided herein and provided in Participant's Life Insurance Product, the Plan does not confer on any Participant or other person any claim of right (legal, equitable, or otherwise) to any payment for a Death Benefit from the Company. No interest conferred herein to a Participant shall be assignable or subject to claim by a Participant's creditors. 9.3 Not Part of Other Benefits. The benefits provided in this Plan shall not be deemed a part of any other benefit provided by the Company to its Participants. The Company assumes no obligation to Plan Participants except as specified herein. This is a complete statement of the terms and conditions of the Plan. 9.4 Other Plans. Nothing contained herein shall limit the Company or the Committee's ability to make payments for insurance to other employees of the Company, whether or not Participants in this Plan. EX-10.5 5 b57836wiexv10w5.txt EX-10.5 WELLMAN, INC. DEFERRED COMPENSATION AND RESTRICTED STOCK PLAN EXHIBIT 10.5 WELLMAN, INC. DEFERRED COMPENSATION AND RESTRICTED STOCK PLAN EFFECTIVE AS OF FEBRUARY 17, 1998, AND AS AMENDED AS OF DECEMBER 1, 1998 AND DECEMBER 31, 2002 AND DECEMBER 31, 2004 SECTION I. PURPOSE OF THE PLAN 1.1 PURPOSE OF THE PLAN. Wellman, Inc. has adopted a Statement of Policy with respect to Stock Ownership for Directors and Officers (the "Statement of Policy") to promote and create significant ownership of the Company's Common Stock by members of the Company's Board and senior management. The Statement of Policy is intended to promote the interests of the Company and its stockholders by increasing the ownership of Common Stock by the directors and certain senior management so that, as stockholders themselves, those individuals will be more likely to represent the views and interests of other stockholders and to motivate them to manage the Company for long-term growth and profitability. This Plan has been adopted to implement and promote the Statement of Policy and to enhance the Company's ability to attract and retain persons who will make substantial contributions to the Company's future success. 1.2 EFFECTIVE DATE. The Plan is effective as amended as of December 31, 2004 and will continue in effect until terminated by the Board. SECTION II. DEFINITIONS 2.1 ANNUAL BONUS means the cash portion of any Incentive Award. 2.2 ANNUAL RETAINER is the annual base compensation paid to a Board member. It excludes all other fees and any other amount paid to the director in connection with their position as a director such as: - fees for Board, Committee or educational meetings, and - fees for the position of lead director, head of any committees, committee membership and - reimbursement for Director's expenses. 2.3 BASE SALARY means the annual salary paid by the Company to a management Participant excluding any benefits, incentive awards, bonuses or any component of pay other than the annual salary. 2.4 BENEFICIARY means any person, estate or trust entitled to receive the certificate or certificates representing shares of Common Stock upon which the restrictions have lapsed upon the death of a Participant, including contingent Beneficiaries. 2.5 BOARD means the Board of Directors of the Company. 2.6 BUSINESS DAY means any day on which the New York Stock Exchange is open and the Common Stock is traded. 2.7 CAUSE in the context of a termination of employment means only one or more of the following: (i) the commission in the course of employment of any dishonest or fraudulent act; (ii) a conviction of a felony (from which, through lapse of time or otherwise, no successful appeal has been made) whether or not committed in the course of employment; (iii) the willful refusal to carry out reasonable instructions of the Board which has a material adverse effect upon the Company or any of its subsidiaries; and (iv) the willful disclosure of any trade secrets or material confidential corporate information to unauthorized persons. 2.8 CHANGE IN CONTROL shall be deemed to have occurred when (i) any "person" or "group" (as such terms are used in Sections 13(d)(3) and 14(d)(2) of the Securities Exchange Act of 1934, as amended (the "Exchange Act")), other than the Company, any of its subsidiaries, or any employee benefit plan of the Company or of any subsidiary, is or becomes the "beneficial owner" (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing 50% or more of the combined voting power of the Company's then outstanding securities; or (ii) during any period of two consecutive years (not including any period prior to the Effective Date), individuals who at the beginning of such period constitute the Board cease for any reason to constitute at least a majority thereof unless the election, or the nomination for election by the Company's stockholders, of each new director was approved by a vote of at least two-thirds of the directors of the Company then still in office who were directors of the Company at the beginning of the period. 2.9 COMMITTEE means the Compensation Committee of the Board or any successor committee. 2.10 COMMON STOCK means the Common Stock, $.001 par value, of Wellman, Inc. 2.11 COMPANY means Wellman, Inc. and its subsidiaries with domestic operations. 2.12 DISABILITY shall have the meaning specified in Section 22(e)(3) of the Internal Revenue Code of 1986, as amended. 2.13 EFFECTIVE DATE shall have the meaning set forth in subsection 1.2 hereof. 2.14 VOLUNTARY DEFERRAL EXERCISE PRICE means for Restricted Stock Awards granted after 1998, 85% of the average of the highest and lowest sales prices of the Common Stock as reported on the New York Stock Exchange on the last day of the prior calendar quarter and on each of the fifteen (15) days before and after that date. 2.15 MANDATORY DEFERRAL EXERCISE PRICE means 85% of the average of the highest and lowest sales prices of the Common Stock as reported on the New York Stock Exchange on the last day of the calendar quarter in which the compensation is deferred and on each of the fifteen (15) days before and after that date. -2- 2.16 FAIR MARKET VALUE means the average of the highest and lowest sales prices of the Common Stock as reported on the New York Stock Exchange on the date of termination of employment or service of a Participant and on each of the fifteen (15) Business Days before and after that date. 2.17 INCENTIVE AWARD means an award under any incentive plan (other than a stock option plan and this Plan) designated by the Committee that entitles the recipient to shares of Common Stock, cash or a combination of Common Stock and cash 2.18 MIP BONUS means bonus earned pursuant to Wellman, Inc.'s Management Incentive Plan Bonus. 2.19 PARTICIPANT means a non-employee director of the Company, any domestic executive officer listed in the Company's most recent Annual Report on Form 10-K or otherwise designated by the Committee, any other member of management of the Company as designated by the Committee, or a consultant to the Company selected to participate in the Plan by the Committee. 2.20 PLAN means this Wellman, Inc. Deferred Compensation and Restricted Stock Plan, as it may be amended from time to time. 2.21 RESTRICTED PERIOD means the three year period commencing on the January 1st of the year in which a Restricted Stock Award is granted pursuant to this Plan during which the restrictions imposed by Section V hereof shall apply. The restrictions expire on the first business day in January of the fourth year and the value of the stock for income tax purposes is the average of the opening and closing stock price as reported on the New York Stock Exchange. 2.22 RESTRICTED STOCK means shares of Common Stock which are issued by the Company under this Plan subject to forfeiture, restrictions on transfer and such other restrictions as are set forth in Section V hereof or as the Committee may determine in accordance with the provisions of Section V of this Plan. 2.23 RESTRICTED STOCK AWARD means an award that provides for a Participant to acquire one (or more) share(s) of Restricted Stock as soon as administratively possible after the date compensation is deferred which is equal to the Exercise Price. 2.24 RETIREMENT means retirement from the Company on or after 55 years of age. 2.25 SUBSIDIARY means a domestic corporation of which more than 50% of the total combined voting power of all classes of stock entitled to vote is owned, directly or indirectly, by Wellman, Inc 2.26 STOCK OWNERSHIP POLICY means the Wellman, Inc. Stock Ownership Policy for Directors and Officers. 2.27 TRANSFER AGENT means Wellman, Inc.'s transfer agent. -3- Unless the context clearly requires otherwise, the masculine pronoun whenever used shall include the feminine and neuter pronouns, the singular shall include the plural and the plural shall include the singular. SECTION III. GENERAL TERMS 3.1 ADMINISTRATION OF THE PLAN. The Plan shall be administered by the Committee which shall have exclusive and absolute authority and discretion to interpret the Plan, to establish and modify rules for the administration of the Plan, to impose such conditions and restrictions as it determines appropriate with respect to the Plan and to take such other actions and make such other determinations as it may deem necessary or advisable for the implementation and administration of the Plan. All actions taken and all interpretations and determinations made by the Committee in good faith shall be final and binding upon the Participants, the Company and all other interested persons. No member of the Committee shall be personally liable for any action, determination or interpretation made in good faith with respect to the Plan. 3.2 SHARES SUBJECT TO THE PLAN. The Common Stock to be issued as Restricted Stock under the Plan may be either authorized but unissued shares or treasury shares. The aggregate number of shares of Common Stock which may be issued under the Plan may not exceed one million (1,000,000) shares, subject, however, to the adjustments provided in subsection 3.3 in the event of stock splits, stock dividends, exchanges of shares or the like occurring after the Effective Date. No Restricted Stock may be issued under the Plan which would cause such maximum limit to be exceeded. 3.3 ADJUSTMENTS. In the event of any stock dividend, stock split, combination or exchange of shares, merger, consolidation, spin-off or other distribution (other than normal cash dividend) of the Company assets to stockholders, or any other change affecting shares or the Company's capitalization, such adjustments as the Committee in its discretion may deem appropriate to reflect such change or to fairly preserve the intended benefits of the Plan shall be made. In addition, any shares issued by the Company through the assumption or substitution of outstanding stock awards or award commitments from an acquired company or other entity shall not reduce the shares available for issuance under the Plan. SECTION IV. DEFERRED COMPENSATION AND RESTRICTED STOCK AWARDS 4.1 MANDATORY DEFERRED COMPENSATION. (a) Participants are required to defer the following amounts of compensation: (i) Non-employee directors of the Company must defer 50% of their Annual Retainer if they are not in compliance with the Wellman, Inc. Stock Ownership Policy for Directors. These deferrals may occur quarterly, semi-annually or annually as determined by Committee in consultation with Wellman, Inc.'s Chief Financial Officer.; (ii) Employees who are participants in the Wellman, Inc. Management Incentive Compensation Plan must defer 50% of any MIP Bonus if they are not in compliance with the Stock Ownership Policy; and -4- (iii) At the discretion of the Committee and on terms determined by the Committee, consultants may contractually commit to defer full or partial payment of consulting fees. The Participants will be granted Restricted Stock Awards as follows: (i) Any directors required to defer a portion of their Annual Retainer will receive their award within 60 days after the end of the quarter in which the fees are deferred. (ii) Participants in the Wellman, Inc. Management Incentive Compensation Plan, who are required to defer a portion of their MIP Bonus will receive their award within 60 days of the date that these bonuses are paid to executives who are in compliance with the Stock Ownership Policy; and (iii) Consultants, as determined by the Committee. 4.2 VOLUNTARY DEFERRED COMPENSATION. (a) Not later than 45 days after a Participant first becomes a Participant in the Plan and not later than December 15 preceding the next full calendar year thereafter (i.e., December 15, 2005 for compensation earned in 2006), the Participant may make an irrevocable election on a form provided by the Company to defer a specified dollar amount of his Base Salary, Annual Bonus and any other cash remuneration. Participants may only defer the following amounts: (i) Participants who are employees may defer up to: (50% of their Base Salary, Annual Bonus and any other cash remuneration, (ii) Directors may defer up to 100% of their annual retainer, meeting fees and other cash remuneration. The Participant will receive a Restricted Stock Award on the last day of each calendar quarter of any year for deferrals of base pay earned during those calendar quarters and on the last calendar day of the year in which any deferred bonus is earned. (b) For purposes of Section 4.1 and this Section 4.2, any Participant who receives a hardship withdrawal from the Wellman, Inc. Retirement Plan shall be prohibited from having any deferred compensation contributions made to this Plan. SECTION V. SECTION V. RIGHTS AND TERMS OF RESTRICTED STOCK 5.1 TERMS OF RESTRICTED STOCK. (a) The Restricted Stock shall be issued as soon as administratively possible after a Participant's compensation is actually deferred and exchanged for Restricted Stock pursuant to a Restricted Stock Award. Each Restricted Stock Award granted pursuant to the Plan will provide for the exchange of the applicable Participant's deferred compensation for Restricted Stock within fifteen (15) months after the date of grant. In the event a Participant is granted a Restricted Stock Award and compensation is not actually deferred for whatever reason, no Restricted Stock shall be issued. -5- (b) Each grant of a Restricted Stock Award pursuant to subsections 4.1 and 4.2 shall be embodied in an agreement signed by the Participant and the Company (the "Agreement"). The Agreement (i) shall provide that the Restricted Stock Award and any Restricted Stock issuable thereunder or hereunder shall be subject to the provisions of the Plan, (ii) shall provide that Participants who received Restricted Stock Awards pursuant to subsections 4.1 (b) and 4.2 shall not be able to sell stock (except shares acquired upon exercise of an option granted pursuant to a stock option plan of the Company and disposed of within 30 days of such exercise) during the period these Restricted Stock Awards are exercisable unless they receive permission of the Committee (which will generally be granted only if there are extenuating circumstances), and (iii) shall contain such other provisions as the Committee may prescribe not inconsistent with the Plan. (c) All Restricted Stock Awards granted and Restricted Stock issued pursuant to this Plan shall be subject to the following restrictions: (i) a Participant shall not be entitled to delivery of a certificate evidencing the shares of Restricted Stock until the expiration or termination of the Restricted Period and the satisfaction of any and all other conditions specified in the Agreement applicable to such shares of Restricted Stock; (ii) none of the Restricted Stock Awards or shares of Restricted Stock may be sold, transferred, assigned, pledged or otherwise encumbered or disposed of during the Restricted Period and until the satisfaction of any and all other conditions specified in the Agreement applicable to such Restricted Stock; and (iii) any Restricted Stock Awards or shares of Restricted Stock which are forfeited shall be returned to the Company and all rights of the Participant with respect to such Restricted Stock Awards or shares of Restricted Stock shall terminate without the Company having any further obligation upon the occurrence of any of the events set forth below in subsection 5.4. 5.2 CUSTODY OF SHARES OF RESTRICTED STOCK; RIGHTS WITH RESPECT TO STOCK. (a) Any certificates representing shares of Restricted Stock issued under the Plan shall either be held in book form by the Transfer Agent or shall be issued in the Participant's name but shall be held by the Company during the Restricted Period. The Company shall serve as attorney-in-fact for the Participant during the Restricted Period with full power and authority in the Participant's name to assign and convey to the Company any shares of Restricted Stock held by the Company for such Participant if the Participant forfeits the shares under the terms of the Restricted Stock. Each certificate representing shares of Restricted Stock may bear a legend referring to the Plan and the risk of forfeiture of the shares and stating that such shares are nontransferable until all restrictions have been satisfied and the legend has been removed. (b) Upon the purchase of Restricted Stock pursuant to the Plan and either the Transfer Agent holding it in book form or the issuance of a certificate or certificates representing such Restricted Stock, the Participant shall thereupon be a stockholder and have all the rights of a stockholder with respect to such shares, including the right to vote and receive all dividends or other distributions made or paid with respect to such shares; provided, however, that such Restricted Stock and any new, additional or different securities the Participant may become entitled to receive with respect to such Restricted Stock by virtue of a stock - split, dividend or other change in the corporate or capital structure of the Company, shall be subject to the restrictions described in subsection 5.1 hereof. -6- 5.3 DISTRIBUTION OF RESTRICTED STOCK. If a Participant who receives shares of Restricted Stock under the Plan remains in the continuous employment or service of the Company during the entire Restricted Period and otherwise does not forfeit such shares pursuant to subsection 5.4 hereof, all restrictions applicable to the shares of Restricted Stock shall lapse upon expiration of the Restricted Period, and the stock may be held by the transfer agent in book form or a certificate or certificates representing the shares of Common Stock that were granted to the Participant in the form of shares of Restricted Stock shall be delivered to the Participant or their representative. 5.4 FORFEITURE. (a) If a Participant's service or employment is terminated before the expiration of the Restricted Period by the Company without Cause or by reason of Retirement, Disability or death of the Participant then the restrictions shall lapse three (3) months after termination of employment. When the restrictions lapse the stock may either be held by the transfer agent in book form or the certificate or certificates representing the shares of Common Stock upon which the restrictions have lapsed shall be delivered to the Participant or their representative (or in the event of the Participant's death, to his Beneficiary). (b) If a Participant's service or employment is terminated before the expiration of the Restricted Period by the Company for Cause or by the Participant at any time, the Participant shall forfeit all Restricted Stock and within 4 months after their termination the Participant shall receive a cash payment equal to the lower of 85% of the Fair Market Value of the Restricted Stock 90 days after their date of termination or the deferred compensation used to acquire the Restricted Stock. (c) In the case of any consultant Participant, any events of forfeiture shall be determined by the Committee in its sole discretion (including but not limited to confidentiality and competitive issues) and shall be set forth in the Agreement with respect to the Restricted Stock Award granted to such consultant. Once these terms are set they can not be modified by either party. (d) If a Participant's service is terminated for any reason before a Restricted Stock Award is exchanged for Restricted Stock, then the Participant shall forfeit all rights under the Restricted Stock Award and receive the amount of the compensation deferred. 5.5 CHANGE OF CONTROL. Upon any Change of Control, unless the Committee in its sole discretion determines otherwise prior to the Change of Control, all restrictions applicable to shares of Restricted Stock shall immediately lapse and the Participant may continue to maintain the stock in book form with the transfer agent or a certificate or certificates representing the shares of Common Stock that were granted to the Participants in the form of shares of Restricted Stock shall be delivered to the Participants. In addition, each Participant shall have the right to deliver to the Company cash and receive unrestricted Common Stock for any unexchanged Restricted Stock Award. SECTION VI. MISCELLANEOUS -7- 6.1 TERMINATION AND AMENDMENT. The Board at any time may terminate this plan and there shall be no additional restricted stock issued after that date. Notwithstanding any expiration or termination of the Plan the provisions relating to Restricted Stock Awards and Restricted Stock contained in Sections II, III, IV, V and VI shall continue to apply with respect to all Restricted Stock Awards or shares of Restricted Stock outstanding as of the date of expiration or termination. 6.2 WITHHOLDING. Each Participant shall pay to the Company any amount necessary to satisfy applicable federal, state or local tax withholding requirements attributable to the grant of a Restricted Stock Award, the issuance of Restricted Stock under the Plan, or upon the vesting of such Restricted Stock, promptly upon notification of the amount due. If these amounts are not paid when requested, then at the election of the Committee, stock may be sold to satisfy these obligations and the proceeds may be used for withholding obligations. This would reduce the shares of Common Stock that otherwise would be distributed to such Participant pursuant to the Plan. 6.3 LEGAL AND OTHER REQUIREMENTS. The grant of Restricted Stock Awards and the distribution of shares of Restricted Stock shall be subject to the condition that if at any time the Company determines in its discretion that the satisfaction of withholding tax or other tax liabilities, or the listing, registration or qualification of any shares of Common Stock upon any securities exchange or under any federal or state law, or the consent or approval of any regulatory body, is necessary or desirable as a condition of, or in connection with such grant or distribution, then in any such event, such grant or distribution shall not be effective unless such liabilities have been satisfied or such listing, registration, qualification, consent or approval shall have been effected or obtained free of any conditions not acceptable to the Company. 6.4 CHOICE OF LAW. The Plan, its validity, interpretation and administration and the rights and obligations of all persons having an interest therein shall be governed by and construed in accordance with the laws of the State of Delaware, except to the extent that such laws may be preempted by federal law. 6.5 FRACTIONAL SHARES. The Company shall not be required to issue or deliver any fractional share of Restricted Stock issuable under this Plan but shall round each issuance of shares of Restricted Stock hereunder up to the nearest whole share. 6.6 NO EMPLOYMENT CONTRACT. The Plan shall not confer upon any Participant any right to continued employment by the Company nor shall the Plan in any way interfere with the right of the Company to terminate the employment of any Participant at any time. 6.7 SECTION 83(b) ELECTIONS. A Participant who files an election with the Internal Revenue Service to include the fair market value of any shares of Restricted Stock in gross income during a Restricted Period shall promptly furnish the Company with a copy of such election together with the amount of any federal, state, local or other taxes required to be withheld (if any) to enable the Company to claim an income tax deduction with respect to such election. -8- EX-10.25 6 b57836wiexv10w25.txt EX-10.25 2006 RESTRICTED STOCK GRANT AGREEMENT - THOMAS M. DUFF EXHIBIT 10.25 WELLMAN, INC. 2006 RESTRICTED STOCK GRANT AGREEMENT SECTION I. GRANT 1.1 This Grant of Restricted Stock is made pursuant to and is subject to the terms of the Wellman, Inc. Restricted Stock Plan which is effective June 1, 2004 (the "Plan"). All capitalized terms used herein and not defined in this document have the meaning given such terms in the Plan. Each Grant made pursuant to the Plan is an Award and shall be subject to all the terms and conditions of the Plan, which are incorporated herein by reference. 1.2 EFFECTIVE DATE. This Grant is effective on January 13, 2006 (the "Effective Date"). SECTION II. CERTAIN DEFINITIONS 2.1 ACCOUNTS PAYABLE are the Accounts Payable reported on the balance sheet for the applicable period in the Company's Public Filings. 2.2 ACCRUED LIABILITIES are the Accrued Liabilities reported on the balance sheet for the applicable period in the Company's Public Filings. 2.3 ADJUSTED EBITDA is the Gross Profit less SG&A Expense plus D&A. This means other items such as restructuring, DOJ legal costs and CDO rebates are excluded. 2.4 AVERAGE NET ASSETS are the Net Assets for December 31st of the previous fiscal year plus the Net Assets at the end of each fiscal period in the current year divided by thirteen. 2.5 CASH is the cash reported on the balance sheet for the applicable period in the Company's Public Filings. 2.6 CAUSE means, when used with respect to the termination of the employment of the Executive by the Company, termination due to (a) an act or acts of personal dishonesty taken by the Executive and intended to result in substantial personal enrichment of the Executive at the expense of the Company; (b) the Executive's continued failure to substantially perform his employment duties (other than any such failure resulting from the Executive's incapacity due to physical or mental illness) which are demonstrably willful and deliberate on the Executive's part and which are not remedied in a reasonable period of time after receipt of written notice from the Company; or (c) conviction of, or a plea of guilty or no contest by, the Executive to a crime that constitutes a felony involving moral turpitude. No act or failure to act on the part of the Executive shall be considered "willful" unless it is done, or omitted to be done, by the Executive in bad faith or without reasonable belief that the Executive's action or omission was in the best interests of the Company. 2.7 CIP is construction in progress reported on the balance sheet for the applicable period in the Company's Public Filings. 2.8 CURRENT ASSETS are the current assets reported on the balance sheet for the applicable period in the Company's Public Filings. 2.9 D&A is the depreciation and amortization reported on the statement of cash flows for the applicable period in the Company's public filings but only to the extent it reduces Gross Profit or increases SG&A Expense. 2.10 DISABILITY means that the Executive has been unable, for the period specified in the Company's disability plan for senior executives, but not less than a period of 180 consecutive days, to perform the Executive's duties under this Agreement, as a result of physical or mental illness or injury. 2.11 EBITDA RETURN is a percentage which is calculated by dividing Adjusted EBITDA for a fiscal year by the Average Net Assets. 2.12 ENVIRONMENTAL RESERVES are the estimated future environmental related liabilities that are recorded on the balance sheet for the applicable period in the Company's Pubic Filings. 2.13 GROSS PROFIT is the Gross Profit reported on the income statement for the applicable period in the Company's Public Filings. 2.14 IDLE ASSETS are any property plant and equipment that has not been utilized for 28 consecutive days on the last day of each Fiscal Period. 2.15 INITIAL RESTRICTED PERIOD means the period commencing on January 13, 2006 and ending on January 13, 2011. 2.16 LONG TERM RECEIVABLES are any amounts due from either current or former customers that are included in Other Assets as reported in the Company's Public Filings. 2.17 NET ASSETS are the Current Assets less Cash plus Net PP&E less CIP less Idle Assets plus the Prepaid Raw Material Contract plus Long Term Receivables less Accounts Payable less Accrued Liabilities less Environmental Reserves. 2.18 NET PP&E is the Property Plant and Equipment less the related accumulated depreciation reported on the balance sheet for the applicable period in the Company's Public Filings. 2.19 PREPAID RAW MATERIAL CONTRACT is the amount related to a prepayment for a raw material contract that are included in Other Current Asset and Other Assets reduced by the related amortization, all as reported in the Company's Public Filings. 2.20 PUBLIC FILINGS are the applicable Form 10-K or 10-Q that is initially filed with the SEC. 2.21 RESTRICTED STOCK AWARD is the number of shares awarded to the individual in this grant as provided in Section 3.1. 2.22 RESTRICTED PERIOD means either the Initial Restricted Period or a Subsequent Restricted Period, as applicable. 2.23 RESTRICTED STOCK means shares of Common Stock which are issued by the Company pursuant to this Grant Agreement and which are subject to forfeiture, restrictions on transfer and other restrictions as are set forth in Section IV hereof. 2.24 SG&A EXPENSE is the selling, general and administrative expense reported on the income statement for the applicable period in the Company's Public Filings. 2.25 SUBSIDIARY means a corporation of which more than 50% of the total combined voting power of all classes of stock entitled to vote is owned, directly or indirectly, by Wellman, Inc. 2.26 UNVESTED RESTRICTED STOCK is Restricted Stock subject to the restrictions set forth in subsection 4.1 (a) and (b). Unless the context clearly requires otherwise, the masculine pronoun whenever used shall include the feminine and neuter pronouns, the singular shall include the plural and the plural shall include the singular. SECTION III. AWARD 3.1 AWARD. The Committee has designated the person executing this Grant Agreement as a Participant eligible to receive 50,000 shares of Restricted Stock and this Grant is made subject to the terms and conditions in this Grant Agreement and the Plan. No payment for such shares is required except pursuant to Section 5.2. 3.2 ACCEPTANCE. By accepting this Grant of Restricted Stock the Participant acknowledges and agrees that the shares of Restricted Stock are subject to the terms and conditions of this Grant Agreement and the Plan. 3.3 ADJUSTMENTS. In the event of any stock dividend, stock split, combination or exchange of shares, merger, consolidation, spin-off or other distribution (other than normal cash dividend) of the Company assets to stockholders, or any other change affecting shares or the Company's capitalization, such adjustments as the Committee in its discretion may deem appropriate to reflect such change or to fairly preserve the intended benefits of the Plan shall be made. In addition, any shares issued by the Company through the assumption or substitution of outstanding stock awards or award commitments from an acquired company or other entity shall not reduce the shares available for issuance under the Plan. SECTION IV. TERMS OF RESTRICTED STOCK 4.1 TERMS OF RESTRICTED STOCK (a) Prior to the expiration of the Restricted Period the Participant shall not sell, transfer, pledge or otherwise encumber ("Transfer") the Restricted Stock and any such Transfer shall be void. After the Restricted Period the Participant shall not Transfer the Restricted Stock in any manner that could violate any securities laws or result in short swing profits. (b) The Participant shall not be entitled to delivery of a certificate evidencing the shares of Restricted Stock until the expiration or termination of the Restricted Period and the satisfaction of any and all other conditions specified in this Grant Agreement. (c) Any shares of Restricted Stock which are forfeited pursuant to this Grant Agreement shall be cancelled and all rights of the Participant with respect to such forfeited shares of Restricted Stock shall terminate without further obligation on the part of the Company upon the occurrence of any of the events set forth below in subsection 4.4. 4.2 CUSTODY OF SHARES OF RESTRICTED STOCK; RIGHTS WITH RESPECT TO STOCK. (a) The Restricted Stock granted hereunder shall be issued and registered in the Participant's name and shall be held by the Company during the Restricted Period. The Company shall serve as attorney-in-fact for the Participant during the Restricted Period with full power and authority in the Participant's name to assign and convey to the Company any shares of Restricted Stock held by the Company for such Participant if the Participant forfeits the shares under the terms of this Grant Agreement. Each certificate representing shares of Restricted Stock may bear a legend referring to this Grant Agreement and the Plan and the risk of forfeiture of the shares of Restricted Stock and stating that such shares of Restricted Stock are nontransferable until all restrictions have been satisfied and the legend has been removed. Similarly, for Restricted Stock shares held in book form, controls are in place to prevent the transfer of such shares until the transfer agent has been notified by the Company that the restrictions on those shares have lapsed. (b) During the Restricted Period, the Participant shall be a stockholder and have all the rights of a stockholder with respect to such shares, including the right to vote and receive all dividends or other distributions made or paid with respect to such shares; provided, however, that such Restricted Stock and any new, additional or different securities the Participant may become entitled to receive with respect to such Restricted Stock by virtue of a stock split, dividend or other change in the corporate or capital structure of the Company, shall be subject to the restrictions described in this Grant Agreement. 4.3 DISTRIBUTION OF RESTRICTED STOCK. If the Participant remains in the continuous employment or service of the Company or any Subsidiary during the entire Restricted Period and otherwise does not forfeit such shares of Restricted Stock pursuant to subsection 4.4 or any other terms of the Grant Agreement, all restrictions applicable to the shares of Restricted Stock shall lapse upon expiration or termination of the Restricted Period, and a certificate or certificates of unrestricted Common Stock representing the shares of Restricted Stock shall be delivered to the Participant. 4.4 FORFEITURE. (a) If a Participant's service or employment is terminated before the expiration of the Restricted Period due to Disability or death of the Participant the restrictions in subsection 4.1 (a) and (b) shall lapse. The certificate or certificates representing the shares of Restricted Stock upon which the restrictions have lapsed pursuant to this subsection 4.4(a) shall be delivered to the Participant (or in the event of the Participant's death, to his estate) after the Participant or his legal representative complies with the terms of Section 5.2. (b) On January 13th of each year that the Participant remains employed by the Company, and the participant has Unvested Restricted Stock, the restrictions set forth in subsection 4.1 (a) and (b) shall lapse with respect to the lesser of 20% of the Restricted Stock Award or the remaining Unvested Restricted Stock. (c) In addition to the provisions of Section 4.4(a), if the Participant is an employee of the Company on January 13th of any year when the Company files its 10-K for the prior year the participant has Unvested Restricted Stock, then the restrictions set forth in subsection 4.1 (a) and (b) shall lapse with respect to the lesser of the Additional Vesting Amount set forth in the table below or the remaining Unvested Restricted Stock.

(d) If a Participant's service or employment is terminated by the Company or any Subsidiary without Cause (other than as a result of death or Disability) in any year and the Participant has Unvested Restricted Stock then the restrictions set forth in subsection 4.1 (a) and (b) shall lapse with respect to the lesser of the Unvested Restricted Stock or 20% of the Restricted Stock multiplied by a fraction, the numerator of which shall be the number of months the Participant has remained an employee (or in the service of) of the Company or a Subsidiary since January 13th of the applicable year and the denominator of which shall be 12. Any remaining Unvested Restricted Stock will be forfeited. (e) If a Participant's service or employment is terminated before the expiration of the Restricted Period by the Company or any Subsidiary for Cause or by the Participant (other than as a result of death or Disability), the Participant shall forfeit all Restricted Stock. 4.5 CHANGE OF CONTROL. Upon any Change of Control all restrictions and forfeiture provisions applicable to shares of Restricted Stock granted to the Participant hereunder and not previously forfeited shall immediately lapse and the certificate or certificates representing the Restricted Stock that were granted to the Participants shall be delivered to the Participants as unrestricted Common Stock, subject to the provisions of Section 5.2. 4.6 WAIVER OF RESTRICTIONS. The Committee, in its sole discretion, may at any time waive any or all restrictions with respect to any shares of Restricted Stock. SECTION V. MISCELLANEOUS 5.1 TERMINATION. The provisions relating to the Restricted Stock granted hereunder shall continue to apply with respect to all shares of Restricted Stock until the restrictions lapse or the shares are forfeited. 5.2 WITHHOLDING. The Participant shall promptly pay to the Company any amount necessary to satisfy applicable federal, state or local tax withholding requirements attributable to the grant of Restricted Stock, the issuance of Restricted Stock hereunder, or upon the vesting of or lapse of restrictions on such Restricted Stock. If these amounts are not paid when requested, then at the election of the Committee, shares of Restricted Stock with a value equal to the amount of tax to be withheld shall be forfeited. 5.3 LEGAL AND OTHER REQUIREMENTS. The grant of Restricted Stock and the distribution of shares of Restricted Stock provided by this Grant Agreement shall be subject to the condition that if at any time the Company determines in its discretion that the satisfaction of withholding tax or other tax liabilities, or the listing, registration or qualification of any shares of Restricted Stock upon any securities exchange or under any federal or state law, or the consent or approval of any regulatory body, is necessary or desirable as a condition of, or in connection with such grant or distribution, then in any such event, such grant or distribution shall not be effective unless such liabilities have been satisfied or such listing, registration, qualification, consent or approval shall have been effected or obtained free of any conditions not acceptable to the Company. 5.4 CHOICE OF LAW. This Grant Agreement and the Plan, their validity, interpretation and administration and the rights and obligations of all Persons having an interest therein shall be governed by and construed in accordance with the laws of the State of Delaware, except to the extent that such laws may be preempted by federal law. 5.5 FRACTIONAL SHARES. The Company shall not be required to issue or deliver any fractional share of Restricted Stock issuable under this Grant Agreement. Fractional shares will be paid in cash. 5.6 NO EMPLOYMENT CONTRACT. This Grant Agreement and the Plan shall not confer upon the Participant any right to continued employment by the Company or in any way interfere with the right of the Company to terminate the employment of any Participant at any time. 5.7 SECTION 83(B) ELECTIONS. If a Participant files an election with the Internal Revenue Service to include the fair market value of any shares of Restricted Stock in gross income then the Participant shall promptly furnish the Company with a copy of such election together with the amount of any federal, state, local or other taxes required to be withheld (if any) to enable the Company to claim an income tax deduction with respect to such election. Wellman, Inc. By: /s/ Keith R. Phillips ------------------------------------ Name: Keith R. Phillips Title: Chief Financial Officer Agreed to by: Participant's Signature: /s/ Mark J. Ruday --------------------- Name (Please Print): Mark J. Ruday Social Security Number: XXX-XX-XXXX EX-21 12 b57836wiexv21.txt EX-21 SUBSIDIARIES EXHIBIT 21 WELLMAN, INC. AND SUBSIDIARIES 2005 SUBSIDIARY LISTING ALG, Inc. Carpet Recycling of Georgia, Inc. CKB, Co. DRS Holdings NV FIISB, Inc. Fiber Industries, Inc. Fibres Finance BV Finwell, Inc. GuardWell Insurance Company JCT, Ltd. Josdav, Inc. KRP, Ltd. MED Resins, Inc. Middlewich Limited MJR Recycling BV MRF, Inc. PermaClear East, Inc. Prince, Inc. Resins Finance BV RGB Co. Shobara Company TMD, Co. Warehouse Associates, Inc. Wellman BV Wellman Fibres Limited Wellman Finance CV Wellman France Recyclage SARL Wellman International Handelsgesellsch GmbH Wellman International Investments Wellman International Limited Wellman International Trading Wellman of Mississippi, Inc. Wellman PAC Wellman PET Resins Europe BV Wellman Recyclage UK Limited Wellman Resins LLC Wellman UK Holdings Limited Wellman Voluntary Employees Benefit Association EX-23.1 13 b57836wiexv23w1.txt EX-23.1 CONSENT OF ERNST & YOUNG EXHIBIT 23.1 CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM We consent to the incorporation by reference in Registration Statements (Form S-8, Nos. 33-17196, 33-44822, 33-44877, 33-44876, 33-22459, 33-38491,33-54075, 33-54079, 33-54077, 333-47833, 333-28273, 333-38752, 333-62568,333-62572, and 333-117017) pertaining to various stock option, employee savings, deferred compensation and restricted stock plans and in Registration Statements (Form S-3, Nos. 33-36001, 333-60175, and 333-121743) pertaining to a universal shelf registration statement and registration of preferred stock and common stock warrants of Wellman, Inc. of our reports dated March 14, 2006, with respect to the consolidated financial statements and financial statement schedule of Wellman, Inc., Wellman, Inc. management's assessment of the effectiveness of internal controls over financial reporting, and the effectiveness of internal control over financial reporting of Wellman, Inc., included in this Annual Report (Form 10-K) of Wellman, Inc. for the year ended December 31, 2005. /s/ Ernst & Young LLP Charlotte, North Carolina March 15, 2006 EX-23.2 14 b57836wiexv23w2.txt EX-23.2 CONSENT OF KPMG EXHIBIT 23.2 Consent of Independent Registered Public Accounting Firm The Board of Directors Welllman International Limited: We consent to the incorporation by reference in the Registration Statements (Nos. 33-17196, 33-44822, 33-44877, 33-44876, 33-22459, 33-38491, 33-54075, 33-54079, 33-54077, 333-47833, 333-28273, 333-38752, 333-62568, 333-62572 and 333-117017) on Form S-8 and in Registration Statements (Nos. 33-36001, 333-60175 and 333-121743) on Form S-3 of Wellman, Inc. of our reports dated 3 March 2006, with respect to the consolidated balance sheets of Welllman International Limited as of 31 December 2005 and 2004, and the related consolidated statements of operations, stockholders' equity and other comprehensive (loss)/income, and cash flows, for each of the years in the three-year period ended 31 December 2005, and management's assessment of the effectiveness of internal control over financial reporting as of 31 December 2005 and the effectiveness of internal control over financial reporting as of 31 December 2005, which reports appear in the 31 December 2005 annual report on Form 10-K of Wellman, Inc. /s/ KPMG CHARTERED ACCOUNTANTS REGISTERED AUDITORS Dublin, Ireland 15 March 2006 EX-31.1 15 b57836wiexv31w1.txt EX-31.1 SECTION 302 CERTIFICATION OF C.E.O. EXHIBIT 31.1 CERTIFICATIONS I, Thomas M. Duff, Chief Executive Officer of Wellman, Inc., certify that: 1. I have reviewed this annual report on Form 10-K of Wellman, Inc.; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors: a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls over financial reporting. Date March 15, 2006 By: /s/ Thomas M. Duff ------------------------------------ Chief Executive Officer EX-31.2 16 b57836wiexv31w2.txt EX-31.2 SECTION 302 CERTIFICATION OF C.F.O. EXHIBIT 31.2 CERTIFICATIONS I, Keith R. Phillips, Chief Financial Officer of Wellman, Inc., certify that: 1. I have reviewed this annual report on Form 10-K of Wellman, Inc.; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors: a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls over financial reporting. Date March 15, 2006 By: /s/ Keith R. Phillips ------------------------------------ Chief Financial Officer EX-32.1 17 b57836wiexv32w1.txt EX-32.1 SECTION 906 CERTIFICATION OF C.E.O. EXHIBIT 32.1 CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 The undersigned officer of Wellman, Inc. (the "Company") hereby certifies that the Company's annual report on Form 10-K for the year ended December 31, 2005 (the "Report"), as filed with the Securities and Exchange Commission on the date hereof, fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. This certification is provided solely pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, and shall not be deemed to be a part of the Report or "filed" for any purpose whatsoever. Date: March 15, 2006 /s/ Thomas M. Duff ---------------------------------------- Chief Executive Officer EX-32.2 18 b57836wiexv32w2.txt EX-32.2 SECTION 906 CERTIFICATION OF C.F.O. EXHIBIT 32.2 CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 The undersigned officer of Wellman, Inc. (the "Company") hereby certifies that the Company's annual report on Form 10-K for the year ended December 31, 2005 (the "Report"), as filed with the Securities and Exchange Commission on the date hereof, fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. This certification is provided solely pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, and shall not be deemed to be a part of the Report or "filed" for any purpose whatsoever. Date: March 15, 2006 /s/ Keith R. Phillips ---------------------------------------- Chief Financial Officer EX-99.1 19 b57836wiexv99w1.txt EX-99.1 REPORT OF KPMG EXHIBIT 99.1 Report of Independent Registered Public Accounting Firm To the directors and shareholders of Wellman International Limited and Subsidiaries We have audited the accompanying consolidated balance sheets of Wellman International Limited and Subsidiaries ("the company") as of 31 December 2005 and 2004 and the related consolidated statements of operations, shareholders' equity and other comprehensive (loss)/income, and cash flows for each of the years in the three year period ended 31 December 2005. These consolidated financial statements are the responsibility of the company's management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Wellman International Limited and Subsidiaries as of 31 December 2005 and 2004, and the results of their operations and their cash flows for each of the years in the three year period ended 31 December 2005 in conformity with accounting principles generally accepted in the United States of America. We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the effectiveness of Wellman International Limited's internal control over financial reporting as of 31 December 2005, based on criteria established in "Internal Control - Integrated Framework" issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) and our report dated 3 March 2006 expressed an unqualified opinion on management's assessment of, and the effective operation of, internal control over financial reporting. KPMG 3 March 2006 Chartered Accountants Dublin, Ireland EX-99.2 20 b57836wiexv99w2.txt EX-99.2 REPORT OF KPMG EXHIBIT 99.2 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Board of Directors and Shareholders of Wellman International Limited and subsidiaries We have audited management's assessment, included in the accompanying Management's Report on Internal Controls over Financial Reporting for the year ended 31 December 2005, that Wellman International Limited and subsidiaries ('the Company') maintained effective internal control over financial reporting as of December 31, 2005, based on criteria established in "Internal Control - Integrated Framework" issued by the Committee of Sponsoring Organisations of the Treadway Commission (COSO). Wellman International Limited's management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting. Our responsibility is to express an opinion on management's assessment and an opinion on the effectiveness of the Company's internal control over financial reporting based on our audit. We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, evaluating management's assessment, testing and evaluating the design and operating effectiveness of internal control, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion. A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. In our opinion, management's assessment that the Company maintained effective internal control over financial reporting as of December 31, 2005, is fairly stated, in all material respects, based on criteria established in "Internal Control - Integrated Framework" issued by the Committee of Sponsoring Organization of the Treadway Commission (COSO). Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2005, based on criteria established in "Internal Control - Integrated Framework" issued by the Committee of Sponsoring Organization of the Treadway Commission (COSO). We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated balance sheets of Wellman International Limited and subsidiaries as of 31 December 2005 and 2004 and the related consolidated statements of operations, shareholders' equity and other comprehensive (loss)/income, and cash flows for each of the years in the three year period ended 31 December 2005 and our report dated 3 March 2006 expressed an unqualified audit opinion on those consolidated financial statements. 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(Mark One)
þ		ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

		For the fiscal year ended December 31, 2005

OR

o		TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

		For the transition period from to


Delaware		04-1671740
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)
1041 521 Corporate Center Drive Fort Mill, South Carolina (Address of principal executive offices)		29715 (Zip Code)


		Name of Each Exchange
Title of Each Class		on Which Registered

Common Stock, $0.001 par value		New York Stock Exchange
Common Stock Purchase Rights		New York Stock Exchange


PART I
	Item 1. Business
	Item 2. Properties
	Item 3. Legal Proceedings
PART II
	Item 5. Market for Registrant’s Common Equity and Related Stockholder Matters
	Item 6. Selected Consolidated Financial Data
	Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
	Item 7A. Quantitative and Qualitative Disclosure about Market Risk
	Item 8. Financial Statements and Supplementary Data
		CONSOLIDATED STATEMENTS OF OPERATIONS
		CONSOLIDATED BALANCE SHEETS
		CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
		CONSOLIDATED STATEMENTS OF CASH FLOWS
		Notes to Consolidated Financial Statements
SCHEDULE II
	Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
	Item 9A. Controls and Procedures
	Item 9B. Other Information
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
PART III
	Item 10. Directors and Executive Officers of the Registrant
	Item 11. Executive Compensation
	Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
	Item 13. Certain Relationships and Related Transactions
	Item 14. Principal Accountant Fees and Services
PART IV
	Item 15. Exhibits, Financial Statement Schedules and Reports on Form 8-K
SIGNATURES
EX-3.2 Restated By-Laws
EX-4.2 First Amendment to Credit Agreement
EX-10.3 Wellman, Inc. Life Insurance Plan for Designated Employees
EX-10.5 Wellman, Inc. Deferred Compensation and Restricted Stock Plan
EX-10.25 2006 Restricted Stock Grant Agreement - Thomas M. Duff
EX-10.26 2006 Restricted Stock Agreement - Keith R. Phillips
EX-10.27 2006 Restricted Stock Agreement - Joseph C. Tucker
EX-10.28 2006 Restated Stock Agreement - Michael E. Dewsbury
EX-10.29 2006 Restricted Stock Agreement - Audrey L. Goodman
EX-10.30 Restricted Stock Grant Agreement - Mark J. Ruday
EX-21 Subsidiaries
EX-23.1 Consent of Ernst & Young
EX-23.2 Consent of KPMG
EX-31.1 Section 302 Certification of C.E.O.
EX-31.2 Section 302 Certification of C.F.O.
EX-32.1 Section 906 Certification of C.E.O.
EX-32.2 Section 906 Certification of C.F.O.
EX-99.1 Report of KPMG
EX-99.2 Report of KPMG


	2005			2004			2003

	(In millions, except per share data)
Net Sales	$	1,376.9		$	1,305.0		$	1,109.3
Gross Profit	$	117.8		$	83.8		$	80.6
Operating Loss	$	(2.6	)	$	(16.4	)	$	(141.0	)
Loss From Continuing Operations	$	(30.0	)	$	(38.8	)	$	(96.7	)
Per Share Net Loss Attributable to Common Stockholders	$	(1.40	)	$	(1.61	)	$	(3.38	)
Total Assets	$	1,098.7		$	1,166.9		$	1,117.1
Capital Expenditures	$	51.4		$	15.1		$	15.5


(a)		The Financing Adjustments represent certain cash operating expenses associated with obligations that were refinanced with our February 2004 Financing. The adjustments assume that the February 2004 Financing was completed before the beginning of the period. The following represents details of the


	•	PermaClear^® and PermaClear HP^® solid-stated and amorphous PET resin from chemical-based raw materials for use in the manufacture of plastic soft drink bottles and other food and beverage packaging and

	•	EcoClear^® PET resin, utilizing recycled PET materials to meet customers’ recycled content PET resin requirements.


(a)		For a reconciliation of the Segment Profit to the Loss from continuing operations before income taxes and an explanation of the calculation of Segment Profit (Loss) in the accompanying consolidated financial statements, see Note 15 to the Consolidated Financial Statements.

(b)		The Financing Adjustments represent certain cash operating expenses associated with obligations that were refinanced with our February 2004 Financing. The adjustments assume that the February 2004 Financing was completed before the beginning of the period. The following represents details of the


(1)	All industry information presented in Item 1. “Business” include industry data which are taken from sources we believe to be reliable and may have been modified by us based on our knowledge of the industry.


	•	Fortrel^® chemical-based polyester staple fibers for use in apparel, non-woven, home furnishing, and industrial products,

	•	recycled-based polyester and nylon staple fibers for use in home furnishing, non-woven, and industrial products, and

	•	EcoLon^® and Wellamid^® recycled-based nylon and polyester engineering resins for use in the injection molding industry.


	•	Mixed Xylenes (MX) — 3.2 million tons or 35% of U.S. capacity offline due to damage.

	•	Paraxylene (PX) — 3.0 million tons or 63% of U.S. capacity offline due to damage.

	•	Ethylene — 19.5 million tons or 56% of North America capacity offline either from damage or lack of natural gas.

	•	Ethylene glycol (MEG) — 2.3 million tons or 68% of the U.S. capacity offline either from damage or lack of ethylene.


(a)		Includes environmental, health and safety capital expenditures.


Name and Age		Position

Thomas M. Duff, 58		Chairman, Chief Executive Officer, and Director
Keith R. Phillips, 51		Vice President, Chief Financial Officer
Michael E. Dewsbury, 56		Vice President, PET Resins Division — U.S.
Audrey L. Goodman, 52		Vice President, Treasurer
Mark J. Ruday, 40		Vice President, Chief Accounting Officer and Controller
Joseph C. Tucker, 58		Vice President, Fibers and Recycled Products Group


			Stated Annual
			Production Capacity
Location	Principal Products		(In millions of pounds)

Darlington, S.C. (Palmetto)		PET resins		760	(1)
Hancock County, MS (Pearl River)		PET resins		560	(2)
Emmen, the Netherlands		PET resins		120
Darlington, S.C. (Palmetto)		Polyester staple fiber		500
Johnsonville, S.C.		Polyester staple fiber		160
Mullagh, Ireland		Polyester staple fiber		185
Johnsonville, S.C.		Engineering resins		70


(1)	Includes 260 million pounds of amorphous PET resin capacity in excess of solid-stating capacity. The 260 million pounds consist of (i) 90 million pounds, which are solid-stated externally pursuant to a long-term contract; (ii) 90 million pounds, which are sold as amorphous PET resin pursuant to a long-term contract; and (iii) 80 million pounds, which are available for external sales as amorphous PET resin.

(2)	Excludes polymerization production equipment with an annual capacity of approximately 300 million pounds, which is in the process of being converted in order to manufacture PET resin. This conversion is expected to be fully operational in the second quarter of 2006.


Item 1.	*Business*


	2005			2004			2003

	(In millions)
Operating Loss	$	(2.6	)	$	(16.4	)	$	(141.0	)
Depreciation		51.3			55.4			47.1
Amortization		17.4			15.2			5.6
Other Expense, Net		56.2			37.0			6.0
Restructuring Charges		0.6			2.6			10.2
Provision for Uncollectible Accounts		0.5			0.8			3.5
Impairment Charge		—			—			135.3
Financing Adjustments(a)		—			3.4			32.0

Adjusted EBITDA	$	123.4		$	98.0		$	98.7


	2005		2004		2003

	(In millions)
Net Sales	$	781.4	$	747.9	$	632.0
Segment Profit(a)	$	48.1	$	29.5	$	17.3
Segment Depreciation and Amortization		41.4		44.2		28.9
Segment Financing Adjustments(b)		—		3.0		25.5

Segment EBITDA	$	89.5	$	76.7	$	71.7

Assets	$	704.0	$	775.4	$	455.2
Capital Expenditures	$	40.3	$	9.4	$	7.6


	All quarters are annualized


Item 4.	*Submission of Matters to a Vote of Security Holders*


Item 5.	*Market for Registrant’s Common Equity and Related Stockholder Matters*


Year	High		Low		Dividend

2005
Fourth Quarter	$	8.23	$	5.36	$	0.05
Third Quarter	$	10.99	$	5.62	$	0.05
Second Quarter	$	14.82	$	9.35	$	0.05
First Quarter	$	15.42	$	9.50	$	0.05
2004
Fourth Quarter	$	10.88	$	6.89	$	0.05
Third Quarter	$	8.48	$	6.38	$	0.05
Second Quarter	$	8.64	$	7.15	$	0.05
First Quarter	$	10.81	$	7.33	$	0.05


	Years Ended December 31,

	2005			2004			2003			2002			2001

	(In millions, except per share data)
Net sales	$	1,376.9		$	1,305.0		$	1,109.3		$	1,014.0		$	1,009.6
Gross profit	$	117.8		$	83.8		$	80.6		$	115.2		$	107.3
Operating income (loss)	$	(2.6	)	$	(16.4	)	$	(141.0	)	$	45.7		$	35.2
Interest expense	$	45.4		$	38.1		$	10.1		$	10.3		$	17.9
Earnings (loss) from continuing operations	$	(30.0	)	$	(38.8	)	$	(96.7	)	$	26.4		$	13.4
Accretion and beneficial conversion charge	$	(14.2	)	$	(12.3	)	$	(10.1	)	$	—		$	—
Cumulative effect of accounting change, net of tax		—			—			—		$	(197.0	)		—
Net earning (loss) attributable to common stockholders	$	(44.2	)	$	(51.1	)	$	(106.7	)	$	(194.3	)	$	8.4
Basic net earnings (loss) attributable to common stockholders per common share	$	(1.40	)	$	(1.61	)	$	(3.38	)	$	(6.15	)	$	0.27

Diluted net earnings (loss) attributable to common stockholders per common share	$	(1.40	)	$	(1.61	)	$	(3.38	)	$	(6.07	)	$	0.26

Dividends declared per common share	$	0.20		$	0.20		$	0.36		$	0.36		$	0.36


	December 31,

	2005		2004		2003		2002		2001

	(In millions)
Balance Sheet Data:
Total assets	$	1,098.7	$	1,166.9	$	1,117.1	$	965.2	$	1,234.4
Total debt(b)	$	498.6	$	471.5	$	371.0	$	236.9	$	333.1
Stockholders’ equity	$	349.4	$	426.5	$	465.6	$	426.7	$	612.7


(b)		The following summarizes our total debt and certain contractual obligations for each of the years presented.


Item 7.	*Management’s Discussion and Analysis of Financial Condition and Results of Operations*


Direct Damage to Plant Site —		Costs incurred to repair and/or restore all machinery, equipment, foundations, and buildings to their normal operating condition.
Fixed Costs —		Salaries, wages, property insurance, electricity, and waste water treatment costs incurred during the shutdown period.
Incremental freight costs —		Additional freight costs incurred above our normal freight expense primarily due to the disruption in rail service.
Infrastructure support —		Costs to maintain an adequate living environment for both our employees and contract workers starting with the initial repair period and continuing in order to maintain proper staffing levels to operate the plant.
Inventory spoilage —		Costs representing the difference between the inventory cost at the time of the hurricane less the net realizable value of inventory that was damaged or spoiled as a result of the hurricane.
Rail car damage —		Costs of repairing all of our leased rail cars that were damaged during the hurricane.
Rail car leases —		Monthly lease cost related to the rail cars that were damaged and thus inoperable.


	PPG			FRPG			Total

	(In millions)
Net selling prices	$	127.0		$	101.8		$	228.8
Sales volumes		(93.6	)		(63.6	)		(157.2	)
Foreign currency translation		0.1			0.2			0.3

Increase in net sales		33.5			38.4			71.9
Volume effect		(75.3	)		(52.4	)		(127.7	)
Raw material unit costs		89.0			69.1			158.1
Plant added unit costs		(0.1	)		7.1			7.0
Foreign currency translation		0.1			0.4			0.5

Increase in cost of sales		13.7			24.2			37.9

Increase in gross profit	$	19.8		$	14.2		$	34.0


									Amounts Available
			Total				Amount		under Committed
	Maturity		Facility		Commitment		Outstanding		Facilities

	(In millions)
Revolving Credit Facility(1)		February 2009	$	175.0	$	175.0	$	50.1	$	124.9
First Lien Term Loan(2)		February 2009	$	185.0	$	185.0	$	185.0	$	—
Second Lien Term Loan(3)		February 2010	$	265.0	$	265.0	$	261.4	$	—
European Facility(4)		July 2010	$	23.7	$	20.5	$	—	$	20.5
Other		N/A	$	2.1	$	2.1	$	2.1	$	—

Total			$	650.8	$	647.6	$	498.6	$	145.4

Adjustments(5)									$	(4.2	)

									$	141.2


	Payments Due by Period

									Greater
									Than 5
			Less Than 1		Years 1-3		Years 3-5		Years
			Year
Contractual					(Years 2007		(Years 2009		Years 2011
Obligations	Total		(Year 2006)		& 2008)		& 2010)		& Beyond

	(In millions)
Debt Agreements (see Table I)	$	498.6	$	0.3	$	1.6	$	496.7	$	—
Interest Payments on Debt Agreements(6)		194.3		51.7		103.5		39.1		—
Operating Leases(7)		47.5		7.9		13.5		10.6		15.5

Total	$	740.4	$	59.9	$	118.6	$	546.4	$	15.5


(6)	Interest payments on Debt Agreements include the unamortized portion of an original issue discount. Future interest rates are based on a forward rate curve.

(7)	These amounts relate primarily to operating leases for our railcars, computer hardware, and executive offices.


	*Reduced raw material margins could adversely affect our operating results.*


	*Our operations are dependent on the availability and cost of our raw materials.*


	*Reduced sales volume could adversely affect our operating results.*


	*Increases in costs could adversely affect our operating results.*


	*Polyester staple fiber, textile and PET resin imports could adversely impact our margins.*


	*The actions of our competitors may adversely affect our operating results.*


	*The financial condition of our customers impacts our operating results.*


	*The availability and costs of our financing could adversely affect our operating results.*