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Frankfort Tower Industries Inc · 10-K/A · For 12/31/96

Filed On 4/25/97 · SEC File 1-08009 · Accession Number 912057-97-14110

  As Of               Filer                 Filing     On/For/As Docs:Pgs              Issuer               Agent

 4/25/97  Frankfort Tower Industries Inc    10-K/A     12/31/96    1:12                                     912057

Amendment to Annual Report · Form 10-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K/A      Amendment to Annual Report                            12±    60K

Document Table of Contents

Page	(sequential)	\|	(alphabetic)	Top
			Alternative Formats (RTF, XML, et al.) Certain Relationships and Related Transactions Change of Control Agreements Directors and Executive Officers of the Registrant Executive Compensation Summary Compensation Table Security Ownership of Certain Beneficial Owners and Management
1	1st Page
2	Item 10. Directors and Executive Officers of the Registrant
3	Item 11. Executive Compensation Summary Compensation Table
4	Change of Control Agreements
5	Item 12. Security Ownership of Certain Beneficial Owners and Management
"	Item 13. Certain Relationships and Related Transactions

10-K/A 1st "Page" of 7 TOC Top Previous Next Bottom Just 1st
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-K/A
AMENDMENT NO. 1

(X) ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE
ACT OF 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 1996

( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES
EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM
------------------ TO
------------------

COMMISSION FILE NO. 1-8009

UNR INDUSTRIES, INC.
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)

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DELAWARE 36-3060977
------------------------------------- --------------------
(State of Incorporation) (I.R.S. Employer
Identification No.)

6718 WEST PLANK ROAD, PEORIA, 61604
ILLINOIS --------------------
-------------------------------------
(Address of Principal Executive (Zip Code)
Office)

(309)-697-4400
(Registrant's Telephone Number Including Area Code)

Securities Registered Pursuant to Section 12(b) of the Act:

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NAME OF EACH EXCHANGE
TITLE OF EACH CLASS ON WHICH REGISTERED
-------------------------------------------------------------------------------------------- --------------------------

Common Stock $.01 par value................................................................. Chicago Stock Exchange

Securities Registered Pursuant to Section 12(g) of the Act: None

Indicate by checkmark whether the Registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
Registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. YES _X_ NO ____

Indicate by checkmark if disclosure of delinquent filers pursuant to Item
405 of Regulation S-K is not contained herein, and will not be contained, to the
best of Registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. __

As of April 17, 1997, 52,353,691 shares of common stock were outstanding.
The aggregate market value of stock held by nonaffiliates is $160,000,000 based
upon the average bid and asked prices of such stock as of April 17, 1997.

Documents incorporated by reference: None

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ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT

(a) DIRECTORS OF THE REGISTRANT

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DIRECTOR
DIRECTOR SINCE AGE
---------------------------- ----------- ---

Charles M. Brennan, III 1989 55
Darius W. Gaskins, Jr. 1990 57
Gene Locks 1989 60
Ruth R. McMullin 1990 55
Thomas F. Meagher 1989 66
Robert B. Steinberg 1989 68
William J. Williams 1990 68

DIRECTOR NOMINEE
----------------------------

Brian B. Pemberton 52

PRINCIPAL OCCUPATIONS FOR THE LAST FIVE YEARS,

DIRECTOR OTHER DIRECTORSHIPS AND COMMITTEE ASSIGNMENTS

---------------------------- -------------------------------------------------------------------------------

Charles M. Brennan, III Chairman and Chief Executive Officer of MYR Group Inc., an electrical

contracting firm (October 1989 to present); Secretary of UNR (July 1990 to

September 1992). Other directorships: MYR Group Inc.; Control Devices, Inc., a

supplier of sensor controls; Holbrook-Patterson, Inc., an educational equipment

manufacturer. Chair of UNR's Audit Committee and member of the Executive

Committee.

Darius W. Gaskins, Jr. Co-Founding Partner, Carlisle, Fagan, Gaskins & Wise Inc., a management

consulting firm (May 1993 to present); Partner, High Street Associates, a

management and investment firm (June 1991 to present); Chairman, Leaseway

Transportation Corp., a distribution services provider (December 1994 to April

1995). Other directorships: Northwestern Steel and Wire Company, a producer of

steel and wire products; Sapient Corporation, a software company; Anacomp

Incorporated, a micrographics supplier. Chair of UNR's Compensation Committee,

and member of the Executive Committee.

Gene Locks Chairman of the Board of UNR Industries, Inc. (May 1991 to present); Founding

partner, Greitzer & Locks, attorneys. Member of Trustees Advisory Committee to

UNR Asbestos-Disease Claims Trust (June 1989 to present). Other directorships:

Chairman of the Board, Apex Teletech Resources, Inc. Member of UNR's Executive

and Compensation Committees.

Ruth R. McMullin Chair, Trustees of the Eagle-Picher Personal Injury Settlement Trust (November

1996 to present); Management Fellow (faculty member) Yale School of Management

(August 1994 to 1995); President and Chief Executive Officer, Harvard Business

School Publishing Corporation (November 1991 to April 1994). Other

directorships: Bausch & Lomb, Inc., a health care and optics company; Middlesex

Mutual Assurance Company, a property and casualty insurance company; Secure

Technologies, Inc., a distance monitoring company. Member of UNR's Audit

Committee.

Thomas F. Meagher Chairman and principal stockholder of Howell Tractor and Equipment Company, a

distributor of heavy-duty construction equipment; Chairman, Continental Air

Transport Company, Inc., an airport transfer company (1964 to 1994); Chairman

of Tri-County Equipment Company, a distributor of golf cart equipment (1989 to

1993). Other directorships: Howell Tractor and Equipment Company; TransWorld

Airlines, an international air carrier. Member of UNR's Audit Committee.

Robert B. Steinberg Partner, Rose, Klein and Marias, attorneys; Member of Trustees Advisory

Committee to UNR Asbestos-Disease Claims Trust (June 1989 to present). Member

of UNR's Compensation Committee.

William J. Williams Retired Chairman (August 1986 to September 1993) and Chief Executive Officer

(August 1986 to November 1991) of The Huntington National Bank. Other

directorships: Huntington Bancshares Incorporated, a bank holding company;

Centerior Energy Corporation, a public utility holding company; Republic

Engineered Steels, Inc., a producer of bar and specialty steel. Member of UNR's

Compensation Committee.

DIRECTOR NOMINEE
----------------------------

Brian B. Pemberton President and Chief Executive Officer of UNR Industries, Inc. (April 14, 1997

to present); President and Chief Executive Officer, American Mobile Satellite

Corporation, a common carrier providing satellite-based mobile voice and data

services to North America (1990 to December 31, 1996). Other directorships: AC

Nielsen Corporation, provider of market research

DIRECTORS' COMPENSATION

UNR employees who serve as directors of UNR receive no compensation for such
services. Non-employee directors of UNR are paid compensation at an annual rate
of $30,000 (the Chairman receives $50,000), payable in quarterly installments.
Non-employee directors have the right to receive all or part of their annual
compensation in shares of restricted Common Stock of the

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Company. Non-employee directors receive $1,000 for each Board meeting or meeting
of a committee of the Board which they attend in person or by telephone.
Directors are also reimbursed for their out-of-pocket expenses incurred in
connection with such meetings.

(b) EXECUTIVE OFFICERS OF THE REGISTRANT

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BRIAN B. PEMBERTON 52 PRESIDENT AND CHIEF EXECUTIVE OFFICER SINCE APRIL 14, 1997; PRESIDENT
AND CHIEF EXECUTIVE OFFICER, AMERICAN MOBILE SATELLITE CORPORATION, A
COMMON CARRIER PROVIDING SATELLITE-BASED MOBILE VOICE AND DATA
SERVICES TO NORTH AMERICA (1990 TO DECEMBER 31, 1996).
HENRY GREY 43 SENIOR VICE PRESIDENT, CHIEF FINANCIAL OFFICER AND TREASURER (SINCE
1994); VICE PRESIDENT--FINANCE AND TREASURER (1986-1994); SENIOR
MANAGER, ARTHUR ANDERSEN & CO. (1974-1986).

Victor E. Grimm resigned as Vice President effective December 31, 1996. He
continues to serve as corporate secretary.

The executive officers are elected by the Board of Directors at the annual
meeting for one-year terms and serve until such time as their successors are
duly elected and qualified.

ITEM 11. EXECUTIVE COMPENSATION
SUMMARY COMPENSATION TABLE

The following table sets forth the total cash and non-cash compensation in
each of the last three years for the Company's executive officers.

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LONG-TERM COMPENSATION
ANNUAL COMPENSATION ----------------------------
------------------------------------- RESTRICTED
OTHER ANNUAL STOCK SECURITIES
SALARY COMPENSATION AWARDS UNDERLYING
NAME AND PRINCIPAL POSITION YEAR ($) BONUS ($) ($)(1) ($)(2) OPTIONS (#)(3)
-------------------------------------------- --------- --------- --------- --------------- ----------- ---------------

Thomas A. Gildehaus 1996 375,000 300,000 205,079 -- --
President and Chief 1995 375,000 300,000 324,091 -- --
Executive Officer 1994 375,000 335,000 119,090 163,125 --
Henry Grey 1996 197,700 135,000 113,933 -- --
Senior Vice President and 1995 190,100 130,000 180,051 48,491 --
Chief Financial Officer 1994 190,100 131,000 66,161 59,375 --
Victor E. Grimm 1996 189,300 91,000 56,966 -- --
Vice-President, General 1995 182,000 85,000 90,025 44,898 --
Counsel and Secretary 1994 182,000 85,000 33,081 56,875 --

ALL OTHER
COMPENSATION
NAME AND PRINCIPAL POSITION ($)
-------------------------------------------- ---------------

Thomas A. Gildehaus 22,298(4)
President and Chief 71,107(4)
Executive Officer 70,126(4)
Henry Grey 12,033(5)
Senior Vice President and 32,763(5)
Chief Financial Officer 30,972(5)
Victor E. Grimm 760,495(5)
Vice-President, General 28,254(5)
Counsel and Secretary 26,373(5)

------------------------------

(1) Represents imputed annual interest at 7 3/4% (the prime rate on the date of
the loans) on interest-free loans to purchase stock under the 1994 Executive
Stock Purchase Plan.

(2) Restricted Stock Awards are made pursuant to the terms of the UNR
Industries, Inc. 1992 Restricted Stock Plan. The stock is valued at the
closing price of the stock on the National Association of Securities
Dealers, Inc.'s Automated Quotation/National Market System ("NASDAQ/NMS") on
the date of the award. On December 31, 1996 Mr. Gildehaus held 30,000 shares
of restricted stock valued at $183,750. Mr. Gildehaus is entitled to receive
all dividends on restricted stock held by him. Mr. Gildehaus' restricted
stock is vested at the time of the award subject to forfeiture within three
years from the date of the award in the event of termination of his
employment by the Company for cause or by voluntary resignation. Mr.
Gildehaus' restricted stock was vested as of the termination of his
employment on April 11, 1997. The number of shares and the value of the
restricted stock held by Mr. Grey and Mr. Grimm, respectively, on December
31, 1996 was 26,321 shares valued at $161,216 and 24,370 shares valued at
$149,266. Messrs. Grey and Grimm are entitled to receive dividends on
restricted stock held by them. Vesting occurs after five years of continuous
employment or in the event of death, disability, retirement or change in
control of the Company. Mr. Grimm's restricted stock was vested as of the
termination of his employment on December 31, 1996.

(3) No stock options were granted to executive officers in the years 1994, 1995
and 1996.

(4) The amounts shown for 1994, 1995 and 1996 include the Company's
contributions to Mr. Gildehaus' 401(k) plan of $2,703, $3,234 and $3,325,
respectively; contributions to Mr. Gildehaus' account in the UNR Employees'
Profit Sharing Plan of $13,500, $13,500 and $6,000, respectively;
contributions to Mr. Gildehaus' account in the UNR Industries, Inc.
Supplemental Executive Retirement Plan of $49,950, $50,400 and $9,000,
respectively, for 1994, 1995 and 1996; and annual life insurance premiums of
$3,973, $3,973, and $3,973, respectively.

(5) The amounts shown include the Company contributions to the individual's
401(k) plan and contributions to his account in the UNR Employees' Profit
Sharing Plan and the UNR Industries, Inc. Supplemental Executive Retirement
Plan. For Mr. Grey, the Company contributions to the 401(k) plan for the
years 1994, 1995 and 1996 were $2,703, $3,234, and $3,325, respectively;
contributions to the Profit Sharing Plan for the years 1994, 1995 and 1996
were $13,500, $13,500 and $6,000, respectively; and the contributions to the
Supplemental Executive Retirement Plan for 1994, 1995 and 1996 were $14,769,
$16,029 and $2,708, respectively. For Mr. Grimm, the Company's contributions
to the 401(k) plan for 1994, 1995 and 1996 were $2,703, $3,234 and $3,325,
respectively; the contributions to the Profit Sharing Plan for the years
1994, 1995 and 1996 were $13,500, $13,500 and $6,000, respectively; and the
contribution to the Supplemental

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Executive Retirement Plan for 1994, 1995 and 1996 were $10,170, $11,520 and
$1,572, respectively. Mr. Grimm's employment was terminated on December 31,
1996, and the amount shown for Mr. Grimm includes a severance payment of
$749,598 pursuant to a Change of Control Agreement, described below.

EMPLOYMENT CONTRACTS AND CHANGE OF CONTROL AGREEMENTS
EMPLOYMENT AGREEMENT -- BRIAN B. PEMBERTON

Brian B. Pemberton was elected President and Chief Executive Officer of UNR
effective April 14, 1997. The Company has entered into an employment agreement
with Mr. Pemberton which provides for a base salary of $325,000, subject to
annual review and adjustment by the Compensation Committee. Mr. Pemberton will
be eligible for an annual bonus under the Company's Incentive Bonus Plan which
provides a maximum bonus opportunity of 100% of base salary for senior executive
officers. In addition, Mr. Pemberton was awarded 100,000 shares of restricted
stock under the Restricted Stock Plan and options to purchase an additional
100,000 shares under the Company's Stock Option Plan. Restricted stock will vest
at the rate of 25% per year during a four-year period of continuous employment
or in the event of death, disability or a change of control of the Company, as
provided in the Restricted Stock Plan. Stock options are exercisable after one
year of employment at the market price of the stock as of April 1, 1997, and
expire in five years. Mr. Pemberton will be covered by the Company's health,
disability and life insurance program and other benefits generally provided to
Company executives. Mr. Pemberton's employment may be terminated by either party
at any time for any reason, but in the event his employment is terminated by the
Company without cause, as defined in the agreement, Mr. Pemberton will be
entitled to a severance payment equal to one year's base salary then in effect
plus the amount of the target bonus under the Incentive Bonus Plan for the year
in which termination occurs.

EMPLOYMENT AGREEMENT -- THOMAS A. GILDEHAUS

Thomas A. Gildehaus was President and Chief Executive Officer of UNR from
July 1, 1992 to April 11, 1997. Under his employment agreement, if Mr. Gildehaus
is terminated by UNR other than for cause, death or disability or in the event
Mr. Gildehaus terminated his employment for good reason, as defined in the
agreement, he would be entitled to receive a lump sum cash payment equal to
accrued salary and a proportionate share of bonus for the year in which
termination occurs. In addition, Mr. Gildehaus was to receive severance pay in
an amount equal to 150% of the then current annual base salary, if a termination
occurred prior to a Change in Control of the Company (substantially as defined
under "Change of Control Agreements," below). Mr. Gildehaus received no
severance benefits under his employment agreement but did receive severance
benefits under his Change of Control Agreement, described below.

CHANGE OF CONTROL AGREEMENTS

On March 5, 1993, UNR entered into Change of Control Agreements ("Control
Agreements") with named executive officers, Henry Grey and Victor E. Grimm, and
on July 1, 1995, the Company entered into a Control Agreement with Thomas A.
Gildehaus. These Agreements are for a term of three years, subject to renewal
for additional three year terms. On March 5, 1996, the Control Agreements of
Messrs. Grey and Grimm were renewed for additional three-year terms. A Change of
Control includes (i) the acquisition by any person or group acting in concert of
beneficial ownership of 50% or more of the Company's outstanding shares, with
certain exceptions, (ii) a change in the composition of the Company's Board of
Directors in any 24-month or less period such that a majority of the directors
serving at the end of the period were not serving at the beginning of the
period, unless at the end of the period the majority of the directors in office
were nominated upon the recommendation of a majority of the Board at the
beginning of the period, or (iii) approval by stockholders of a merger,
consolidation or similar transaction (as to which those stockholders immediately
prior to such transaction are not the owners of more than 50% of the resulting
corporation's outstanding voting stock after such event) or the sale of all or
substantially all of the Company's consolidated assets. The Compensation
Committee determined that the sale of four of the Company's five operating
divisions in 1996 constituted a change of control for purposes of the Control
Agreements.

If, during the term of these Control Agreements, a Change of Control occurs,
and within a two year period from the date of such Change of Control, either (i)
the executive's employment with the Company is terminated by the Company other
than for cause or on account of the executive's death, permanent disability or
retirement, or (ii) the executive resigns for good reason, then the Company is
required to pay to the executive a severance payment in an amount equal to three
times the total of the executive's annual base salary (and in the case of
Messrs. Grey and Grimm, base salary plus the target bonus) for the year in which
termination occurs; provided that in no event may the total amount of the
severance payment exceed 2.99 times the five year average W-2 income of the
executive. The severance payment shall be payable in a single lump sum payable
within 30 days of the termination of employment or resignation.

In addition to the severance payment, the Company is required to provide
health, disability and life insurance in accordance with the plans maintained by
the Company for executives for a period of three years from the date of
termination of the executive's employment, provided that health, disability and
life insurance benefits cease if the executive becomes employed during such
period and receives similar benefits in connection with such employment.

During employment and for a period of one year after the termination of
employment for any reason, the executive may not enter into, be connected with,
or work for an individual, firm or corporation which is then in substantial
competition with the Company in the United States.

On December 31, 1996, and April 11, 1997, respectively, the employment of
Mr. Grimm and Mr. Gildehaus was terminated, triggering severance benefits under
their Control Agreements.

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ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

The following table sets forth information as of March 7, 1997 regarding
beneficial ownership of Common Stock by: (i) each person or group that has
reported beneficial ownership of more than five percent of the Common Stock
outstanding, and (ii) UNR executive officers and directors.

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COMMON STOCK
-----------------------------
AMOUNT AND
NATURE OF
BENEFICIAL PERCENT OF
BENEFICIAL OWNER OWNERSHIP (1) CLASS (3)
---------------------------------------------------------------------------------------- -------------- -------------

PRINCIPAL STOCKHOLDER
UNR Asbestos-Disease Claims Trust (2)................................................... 29,347,907 55.4%
100 North Lincolnway
North Aurora, IL 60542
DIRECTORS AND EXECUTIVE OFFICERS
Charles M. Brennan, III................................................................. 14,836 --
Darius W. Gaskins, Jr................................................................... 49,336 --
Thomas A. Gildehaus..................................................................... 1,030,000 2.0%
Henry Grey.............................................................................. 562,987 1.1%
Victor E. Grimm......................................................................... 196,656 --
Gene Locks.............................................................................. 18,894 --
Ruth R. McMullin........................................................................ 32,411 --
Thomas F. Meagher....................................................................... 17,333 --
Brian B. Pemberton (4).................................................................. 100,000 --
Robert B. Steinberg..................................................................... 15,336 --
William J. Williams..................................................................... 11,000 --
All directors and executive officers as a group......................................... 2,048,789 3.9%

--------------------------

(1) Unless otherwise noted, the persons listed beneficially own all shares set
forth opposite their respective names with sole power to vote and dispose of
such shares, except Mr. Grey (33,333 shares) and Mr. Meagher (13,164 shares)
wherein voting or investment power is shared with others. Mrs. McMullin's
total also includes 3,700 shares held by her spouse and 1,155 shares held by
her son.

(2) The Trustees of the Trust are John H. Laeri, Jr., Chairman, James J.
McMonagle, Vice Chairman, Michael E. Levine, Charles W. Murdock and David S.
Schrager. The Trustees are deemed to share beneficial ownership of the
29,347,907 Trust shares because they collectively possess the power to vote
and dispose of the Trust shares on behalf of the Trust, except that the
United States Bankruptcy Court for the Northern Division of Illinois must
approve sales of Trust shares.

(3) Percentage ownership is not shown for directors or officers owning less than
one percent of the outstanding Common Stock.

(4) Brian B. Pemberton was awarded 100,000 shares of restricted stock under
UNR's Restricted Stock Plan on April 14, 1997.

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

Pursuant to the UNR Industries, Inc. 1994 Executive Stock Purchase Plan,
Thomas A. Gildehaus, President and Chief Executive Officer, Henry Grey, Senior
Vice President and Chief Financial Officer and Victor E. Grimm, Vice President,
Secretary and General Counsel of the Company purchased a total of 1,650,000
shares of Common Stock of the Company on September 9, 1994 at a price of $5.525
per share. The purchase price was the average of the average of the reported
high and low prices for the Company's Common Stock on the NASDAQ/NMS on each of
the five trading days preceding the purchase. Shares were paid for in cash in
the amount of the par value of the shares ($.01 per share) and the balance in
promissory notes due in three years. The notes are interest free (although for
tax purposes interest is imputed), except that in the event that a participant
resigns from the Company or is terminated for cause, the notes become due and
interest at the applicable Federal rate under Section 1274 of the Internal
Revenue Code is applied retroactively from the date of the notes. If the shares
are sold prior to the expiration of three years other than in connection with a
Change in Control (as defined under "Change of Control Agreements," above),
interest is applied retroactively from the date of the note at the applicable
Federal rate. Dividends and distributions on the shares, after reduction for
Federal and state taxes, must be paid to the Company to be applied to the
principal of the notes. The notes are limited recourse in that, if the stock is
insufficient to satisfy the loan balance at maturity, the participant can tender
the shares in partial payment of the notes and is personally liable for that
portion of the deficiency that exceeds 25% of the loan balance (before applying
the security). The Company's recourse is limited to the shares if the
participant dies, becomes disabled or is terminated without cause, if there is a
Change in Control of the Company or if the Company exercises its option to apply
the shares to the notes upon the participant's resigning or being terminated for
cause. The amounts of the promissory notes executed by Messrs. Gildehaus, Grey
and Grimm on the date of the foregoing transactions were $4,963,500, $2,757,500
and $1,378,750, respectively. As of December 31, 1996, the outstanding principal
amounts of those notes were $1,254,978, $697,210 and $348,605, respectively.
Upon termination of their employment, the Company retained shares held by
Messrs. Gildehaus and Grimm sufficient to satisfy the unpaid principal of their
notes.

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Victor E. Grimm, Vice President, Secretary and General Counsel of UNR during
1996, is a partner in the law firm of Bell, Boyd & Lloyd which provided certain
legal services to UNR in 1996. The aggregate amount of legal fees for these
services in 1996 was $525,621.76. These fees were excluded from Mr. Grimm's
profit participation at the law firm.

At a Board of Directors meeting on December 5, 1996, the Board determined
that it was in the best interests of the Company to transfer certain contingent
liabilities associated with discontinued operations (the "Liabilities") to
Folding Carrier Corporation, a wholly owned subsidiary of the Company ("Folding
Carrier"). The Liabilities, estimated at $6,975,000, and an equal amount of cash
were transferred to Folding Carrier, and Folding Carrier issued to UNR 18 shares
of Class B (non-voting) common stock, par value $10 per share. This Class B
stock represents approximately 15% of the outstanding common stock of Folding
Carrier. The UNR Board has also determined that it was in the best interests of
the Company to provide a financial incentive in the form of stock to the
management of Folding Carrier to efficiently manage and satisfy the Liabilities
at the lowest possible cost. Accordingly, pursuant to a Stock Purchase and Sale
Agreement (the "Agreement") UNR sold nine shares of Class B stock of Folding
Carrier (the "Shares") to each of Henry Grey and Michael F. Boyle for the sum of
$90, or an amount equal to the par value of the shares purchased. Mr. Grey is
Senior Vice President and Chief Financial Officer of UNR and Vice
President-Finance and Treasurer of Folding Carrier; Mr. Boyle is a Vice
President of Folding Carrier and a former Vice President of UNR. Under the terms
of the Agreement, at such time as the Liabilities of Folding Carrier are
discharged, or if either Mr. Grey or Mr. Boyle ceases to provide services to
Folding Carrier, UNR is required to buy (and the stockholder is required to
sell) his Shares at their book value.

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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.

DATED: April 17, 1997
UNR INDUSTRIES, INC.

· Download Table

By: /s/ BRIAN B. PEMBERTON
----------------------------------------------------
Brian B. Pemberton
PRESIDENT AND CHIEF EXECUTIVE OFFICER
(Principal Executive Officer)

By: /s/ HENRY GREY
----------------------------------------------------
Henry Grey
SENIOR VICE-PRESIDENT AND CHIEF FINANCIAL OFFICER
(Principal Financial Officer)

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Dates Referenced Herein and Documents Incorporated By Reference

		Referenced-On Page
This 10-K/A Filing	Date	First	Last	Other Filings

	7/1/92	4
	3/5/93	4
	9/9/94	5
	7/1/95	4
	3/5/96	4
	12/5/96	6
For The Period Ended	12/31/96	1	5	10-K
	3/7/97	5
	4/1/97	4
	4/11/97	3	4
	4/14/97	2	5
	4/17/97	1	7
Filed On / Filed As Of	4/25/97

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Frankfort Tower Industries Inc · 10-K/A · For 12/31/96

Filed On 4/25/97 · SEC File 1-08009 · Accession Number 912057-97-14110

Amendment to Annual Report · Form 10-KFiling Table of Contents

Document Table of Contents

Dates Referenced Herein and Documents Incorporated By Reference

Amendment to Annual Report · Form 10-K
Filing Table of Contents