Exhibit 10.35

Employment Agreement
 
by and between
 
Imperial Nurseries, Inc.
 
and
 
Gregory Schaan
 
January 1, 2001

as amended

April 9, 2008

 
 
 

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TABLE OF CONTENTS

Page

ARTICLE 1.
 
EMPLOYMENT OF EMPLOYEE
 
ARTICLE 2.
 
DUTIES OF EMPLOYEE
 

 
Section 2.1
Positions and
Duties...................................................................................................................................................................................................................
1
Section 2.2
Time Devoted to
Work...............................................................................................................................................................................................................
1
Section 2.3
Term of
Employment...................................................................................................................................................................................................................
1

ARTICLE 3.
 
PLACE OF EMPLOYMENT

Section 3.1
Place of
Employment...................................................................................................................................................................................................................
2

ARTICLE 4.
 
COMPENSATION OF EMPLOYEE

Section 4.1
Base
Salary...................................................................................................................................................................................................................................
2
Section 4.2
Incentive
Compensation.............................................................................................................................................................................................................
2
Section 4.3
Stock
Options...............................................................................................................................................................................................................................
2
Section 4.4
Retirement and Deferred
Compensation..................................................................................................................................................................................
2
Section 4.5
Reimbursement for Business
Expenses...................................................................................................................................................................................
2

ARTICLE 5.
 
FRINGE BENEFITS

 
Section 5.1
Employer Employee Benefit
Plans............................................................................................................................................................................................
3
Section 5.2
Motor
Vehicle..............................................................................................................................................................................................................................
3
Section 5.3
Life
Insurance..............................................................................................................................................................................................................................
3

ARTICLE 6.
 
TERMINATION OF EMPLOYMENT

 
Section 6.1
Term of
Employment...................................................................................................................................................................................................................
3
Section 6.2
Extension of
Employment...........................................................................................................................................................................................................
3
Section 6.3
Termination at Employee’s
Death.............................................................................................................................................................................................
4

 
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Section 6.4
Termination by
Employee..........................................................................................................................................................................................................
4
Section 6.5
Termination by
Employer...........................................................................................................................................................................................................
4
Section 6.6
Notice of
Termination.................................................................................................................................................................................................................
5
Section 6.7
Date Termination is
Effective....................................................................................................................................................................................................
5
Section 6.8
Compensation Following
Termination.....................................................................................................................................................................................
5

ARTICLE 7.
 
CONFIDENTIAL INFORMATION; NON-SOLICITATION; NON-COMPETITION

Section 7.1
 
......................................................................................................................................................................................................................................................
6
Section 7.2
 
......................................................................................................................................................................................................................................................
7
Section 7.3
 
......................................................................................................................................................................................................................................................
7
Section 7.4
 
......................................................................................................................................................................................................................................................
7

ARTICLE 8.
 
MISCELLANEOUS

 
Section 8.1
Notices..........................................................................................................................................................................................................................................
8
Section 8.2
Binding Agreement – Employer’s
Successors.......................................................................................................................................................................
8
Section 8.3
Binding Agreement – Employee’s
Successors.......................................................................................................................................................................
8
Section 8.4
Waivers.........................................................................................................................................................................................................................................
9
Section 8.5
Entire
Agreement.........................................................................................................................................................................................................................
9
Section 8.6
Prior
Agreements.........................................................................................................................................................................................................................
9
Section 8.7
Amendment of
Agreement.........................................................................................................................................................................................................
9
Section 8.8
Severability of
Provisions..........................................................................................................................................................................................................
9
Section 8.9
Assignment of
Agreement.........................................................................................................................................................................................................
9
Section 8.10
Governing
Law.............................................................................................................................................................................................................................
9

ARTICLE 9.
 
AGREEMENTS BY GRIFFIN LAND & NURSERIES, INC.

 
Section 9.1
Guaranty.......................................................................................................................................................................................................................................
9
Section 9.2
Direct
Agreement........................................................................................................................................................................................................................
9

 
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EMPLOYMENT AGREEMENT
 
THIS AGREEMENT is made and entered into as of January 1, 2001, by and between
Gregory Schaan (“employee”) and Imperial Nurseries, Inc., a Delaware corporation
(“employer”).
 
WITNESSETH:
 
WHEREAS, employee and employer deem it to be in their respective best interests
to enter into an agreement providing for employer’s employment of employee
pursuant to the terms herein stated;
 
NOW, THEREFORE, in consideration of the premises and the mutual promises and
agreements contained herein, it is hereby agreed as follows:
 

ARTICLE 1.

 
EMPLOYMENT OF EMPLOYEE
 
 
 
Effective as of the date hereof, employer agrees to employ employee, and
employee agrees to provide services to the employer, upon the terms and
conditions set forth in this Agreement.

 
ARTICLE 2.

 
DUTIES OF EMPLOYEE
 
Section 2.1   Position and Duties.  Employer agrees to employ employee and
employee agrees to serve as President of employer for the term of employment (as
described in Section 2.3).  In this capacity, employee shall devote his
reasonable best efforts to the performance of the services customarily incident
to such office and position and to such other services of an executive nature as
may be reasonably requested by the board of directors of employer which may
include services for one or more subsidiaries or affiliates of employer,
including without limitation, Griffin Land & Nurseries, Inc.
(“Griffin”).  Employee shall in his capacity as an employee and officer of
employer be responsible to and obey the reasonable and lawful directives of the
board of directors of employer.
 
 Section 2.2   Time Devoted to Work.  Employee shall devote substantially all
his business time and attention, and shall use his reasonable best efforts,
toward fulfillment of his duties under this Agreement and toward protecting,
encouraging and promoting the interests of employer.
 
 Section 2.3   Term of Employment.  Except as otherwise specifically provided
herein, employer shall employ employee, and employee shall provide services to
employer, upon the terms and conditions set forth in this Agreement during the
period beginning on the date hereof and ending on the date provided under
Section 6 of this Agreement.
 

 
 

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ARTICLE 3.

PLACE OF EMPLOYMENT
 
 Section 3.1   Place of Employment.  Employee shall be based at employer’s
principal office Granby, Connecticut.  Employer agrees that during the term of
this employment agreement it shall not assign employee to work at any location
other than its principal office on a permanent basis without employee’s consent.

 
ARTICLE 4.

COMPENSATION OF EMPLOYEE
 
 Section 4.1   Base Salary.   Except as otherwise set forth below, for all
services rendered by employee under this employment agreement, employer agrees
to pay employee an annual base salary of $195,000, which shall be payable to
employee in such installments, but not less frequently than monthly, as are
consistent with employer’s practice for its other employees.  Employee’s annual
base salary with respect to each fiscal year beginning on or about the
applicable date set forth below shall be as follows:

 
December 1, 2001
$210,000
       
December 1, 2002
As determined by the Compensation Committee of Employer’s Board of Directors
(the “Committee”), but not less than $210,000

 
 
 Section 4.2   Incentive Compensation.  In addition to the base salary, employee
shall be entitled to receive not less than 30% of the employer’s senior
management incentive pool as established by the Committee.
 
 Section 4.3   Stock Options.  Employee shall be eligible to participate in the
Griffin Land & Nurseries, Inc. 1997 Stock Option Plan (the “Option Plan”), at
such level and in such amounts as may be determined by the employer’s board of
directors in its sole discretion, subject to the terms and conditions of the
Option Plan and any applicable award agreements.
 
 Section 4.4   Retirement and Deferred Compensation.  Employee shall be eligible
to participate in Griffin’s 401k plan and Griffin’s non-qualified deferred
compensation plan to the extent provided by the terms of such plans.
 
 Section 4.5   Reimbursement for Business Expenses.  Employer shall promptly pay
or reimburse employee for all reasonable business expenses incurred by employee
in performing employee’s duties and obligations under this employment agreement,
but only if employee properly accounts for expenses in accordance with
employer’s policies.
 

 
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ARTICLE 5.

FRINGE BENEFITS
 
 Section 5.1   Employer Employee Benefit Plans.  Employee shall be entitled to
participate in and receive benefits from all of employer’s employee benefit
plans that currently are maintained by employer for senior employees of
employer.  Employee shall be entitled to participate in and receive benefits
under any retirement plan, profit-sharing plan, or other employee benefit plan
that employer establishes for the benefit of similarly situated employees of
employer, after the effective date of this employment agreement.  No amounts
paid to employee from an employee benefit plan shall count as compensation due
employee as base salary or incentive compensation.  Nothing in this employment
agreement shall prohibit employer from modifying or terminating any of its
employee benefit plans in a manner that does not discriminate between employee
and other employees of employer.
 
 Section 5.2   Motor Vehicle.  Employer will provide employee with the use of a
motor vehicle to be selected in the reasonable discretion of employer in keeping
with employer’s present practice, and employer shall procure, maintain, and pay
for appropriate insurance on the motor vehicle, including liability insurance of
at least $300,000 per person and $1,000,000 per occurrence for personal injury
and $100,000 for property damage.
 
 Section 5.3   Life Insurance.  Employer shall maintain in effect during the
term of employee’s employment a term life insurance policy in an amount equal to
employee’s base salary.  In addition, employee shall be able to purchase
additional term life insurance in accordance with the group life insurance
policy made available by employer.  Any proceeds payable under the policy shall
be paid to the beneficiary or beneficiaries designated in writing from time to
time by employee.
 

ARTICLE 6.

 
 
TERMINATION OF EMPLOYMENT
 
 Section 6.1   Term of Employment.     Employee’s employment shall commence on
the date of the execution of this agreement and shall terminate on November 30,
2003, unless extended or terminated sooner, as provided by this article of the
employment agreement.  For purposes of this employment agreement, the later of
November 30, 2003 or the last day of any Extension Term (as defined in Section
6.2) shall be referred to as the “end-of-employment date.”
 
 Section 6.2   Extension of Employment.  On November 30, 2003 and on each
December 1 occurring in 2004 or thereafter, employee’s employment with employer
automatically shall be extended for an additional year (each such additional
year, an “Extension Term”) unless, at least sixty (60) days prior to the
termination date or end-of-employment date, employer or employee delivers to the
other a written notice that employee’s employment with employer is not to be
extended.  In the absence of an agreement, employee’s annual base compensation
shall be determined by the Committee, but shall be not less than the employee’s
previous year’s annual base compensation.”
 
 
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 Section 6.3   Termination at Employee’s Death or Disability.  Employee’s
employment with employer shall terminate as of the date of employee’s death or
as the effective date of his “Disability.”   For purposes of this Agreement,
“Disability” shall mean employee’s incapacity due to physical or mental illness
(as determined in good faith by a physician acceptable to employer) which (a)
results in employee being absent from the full-time performance of his duties
with employer for 120 consecutive days during any 12 month period or (b) which
(as determined in good faith by a physician acceptable to employer) will likely
result in employee’s inability to return to the full-time performance of his
duties with employer for 120 consecutive days during the succeeding 12 month
period.
 
 Section 6.4   Termination by Employee .  Employee may, but is not obligated to,
terminate this employment agreement at any time under the following
circumstances:

 
(a)   There is a change in control of employer.  There is a change in control of
employer if someone other than a current owner of employer becomes the
beneficial owner of more than 50% of the voting power of employer.  No
transaction or event will be deemed to have caused a change in control if
employee gives prior consent to the transaction or event.
     
(b)   Employee is assigned duties that are significantly adversely different
than those described in this employment agreement without his consent.
     
(c)   Employee is removed from any of the positions described in Section 2.1 of
this employment agreement (other than by employer for cause).
     
(d)   Employee’s fringe benefits or other compensation are materially reduced.
     
(e)   Employer fails to have a successor assume this employment agreement.
     
(f)   Employer becomes insolvent or files a bankruptcy petition.

 
              
 Section 6.5   Termination by Employer.

 
(a)   Termination for Cause.  Employer may terminate employee’s employment for
cause.
     
(b)   “Cause” Defined.  Employer shall have cause to terminate employee’s
employment if employee willfully fails to substantially perform any duties
required by this employment agreement (unless employee’s failure is due to a
physical or mental incapacity), employee is grossly negligent in the performance
of required duties, employee engages in conduct that demonstrably and
substantially damages employer, employee is convicted of or pleads nolo
contendere to a felony or a crime of moral turpitude, or employee discloses
material confidential information. No act or failure to act by employee may be
considered “willful” unless employee acted or failed to act without any
reasonable belief that the act or omission was in employer’s best interests and
without good faith.

 
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 Section 6.6   Notice of Termination.  Any termination of employee’s employment
by employer or employee must be communicated to the other party by a written
notice of termination.  The notice must specify the provision of this employment
agreement authorizing the termination and must set forth in reasonable detail
the facts and circumstances providing the basis for termination of employee’s
employment.
 
 Section 6.7   Date Termination Is Effective.  If employee’s employment
terminates because this employment agreement expires, then employee’s employment
will be considered to have terminated on that expiration date.  If employee’s
employment terminates because of employee’s death, then employee’s employment
will be considered to have terminated on the date of employee’s death. If
employee’s employment terminates because of employee’s Disability, then
employee’s employment will be considered to have terminated on the date as of
which employee is determined to be disabled in accordance with Section 6.3. If
employee’s employment is terminated by employee, then employee’s employment will
be considered to have terminated on the date that notice of termination is
given.  If employee’s employment is terminated by employer for cause, then
employee’s employment will be considered to have terminated on the date
specified by the notice of termination.
 
 Section 6.8   Compensation Following Termination.
 

 
(a)   If employee’s employment terminates because of employee’s death, employer
shall pay a death benefit to the person or persons designated in a written
notice filed with employer by employee or, if no person has been designated, to
employee’s estate.  The amount of the death benefit shall equal the sum of (i)
the employee’s then current annual base salary plus (ii) a pro-rated amount
(based on number of days in the performance period for which he was employed
during the applicable fiscal year) of the incentive compensation that the
employee would have otherwise earned with respect to the fiscal year in which
the employee’s death occurs based on actual results for the full fiscal
year.  Such pro-rated amount of incentive compensation shall be paid at such
time as the employee would have otherwise received any such incentive
compensation pursuant to the Imperial Nurseries, Inc. Incentive Compensation
Plan as in effect for such fiscal year (the “Imperial Incentive Plan”).  This
death benefit shall be in addition to any other amounts that the employee’s
beneficiaries and estate may be entitled to receive under any employee benefit
plan maintained by employer.”
 
 
(b)   If employee’s employment terminates because of employee’s Disability,
employer shall pay employee (i) in accordance with employer’s customary payroll
practices, his then current annual base salary during the period commencing on
the effective date of such termination and ending on the first anniversary of
the date the employee’s employment was terminated and (ii) a pro-rated amount
(based on number of days in the performance period for which he was employed
during the applicable fiscal year) of the incentive compensation that the
employee would have otherwise earned with respect to the fiscal year in which
the employee’s Disability occurs based on actual results for the full fiscal
year.  Such pro-rated amount of incentive compensation shall be paid at such
time as the employee would have otherwise received any such incentive
compensation pursuant to the Imperial Incentive Plan.  Amounts payable under
this Section 6.8(b) shall be paid in addition to any other amounts that employee
may be entitled to receive under any employee benefit plan or insurance
arrangement maintained by employer.”

 
 
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(c)   If employee’s employment is terminated by employer for cause, employer
shall pay employee his then current base salary through the date employment is
terminated, and employer shall have no further obligations to employee under
this employment agreement.
     
(d)   If employer terminates the employee’s employment other than for cause,
employer shall pay employee his then current base salary through the date
employment is terminated.  In addition, employer shall pay employee as
liquidated damages an amount equal to the sum of (i) his then current annual
base salary and (ii) a pro-rated amount (based on number of days in the
performance period for which he was employed during the applicable fiscal year)
of the incentive compensation that the employee would have otherwise earned with
respect to the fiscal year in which the employee’s termination of employment
occurs based on actual results for the full fiscal year.  Such pro-rated amount
of incentive compensation shall be paid at such time as the employee would have
otherwise received any such incentive compensation pursuant to the Imperial
Incentive Plan.”
     
(e)   If employee’s employment is terminated by employee in accordance with the
provisions of Section 6.4 of this employment agreement, employer shall pay
employee severance pay in an amount equal to the sum of (i) his then current
annual base salary and (ii) a pro-rated amount (based on number of days in the
performance period for which he was employed during the applicable fiscal year)
of the incentive compensation that the employee would have otherwise earned with
respect to the fiscal year in which the employee’s termination of employment
occurs based on actual results for the full fiscal year.  Such pro-rated amount
of incentive compensation shall be paid at such time as the employee would have
otherwise received any such incentive compensation pursuant to the Imperial
Incentive Plan.  If employee’s employment is terminated by employee for any
reason other than those set forth in Section 6.4 of this employment agreement,
employer shall pay to employee his then current base salary through the date of
such termination of employment and employer shall have no further obligations to
employee under this employment agreement.”
     
(f)   If employee’s employment is terminated by a successor in interest
following a merger or sale, if there is a change in control, or if employee
terminated employment with the successor employer for any reason during the term
of this employment agreement, Griffin agrees to employ employee.  Upon
commencement of employment with Griffin, employee will receive compensation and
benefits equal to or commensurate with the compensation and benefits provided in
this employment agreement until the first anniversary of the date of
commencement of employment with Griffin.”

ARTICLE 7.

 
 
CONFIDENTIAL INFORMATION; NON-SOLICITATION; NON-COMPETITION
 
 
 
               Section 7.1   During the term of employment hereunder and for one
year thereafter (the “Non- Compete Period”), employee shall not, directly or
indirectly in any manner or capacity (e.g., as an advisor, principal, agent,
partner, officer, director, shareholder, employee,
 
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member of any association or otherwise) engage in, work for, consult, provide
advice or assistance or otherwise participate in any activity which is
competitive with the business of employer or Griffin in any geographic area in
which employer is now or shall then be doing business.  Employee further agrees
that during the Non-Compete Period he will not assist or encourage any other
person in carrying out any activity that would be prohibited by the provisions
of this Section 7 if such activity were carried out by employee and, in
particular, employee agrees that he will not induce any employee of employer or
Griffin to carry out any such activity; provided, however, that the “beneficial
ownership” by employee, either individually or as a member of a “group,” as such
terms are used in Rule 13d of the General Rules and Regulations under the
Securities Exchange Act of 1934, as amended, of not more than two percent (2%)
of the voting stock of any publicly held corporation shall not be a violation of
this employment agreement.  It is further expressly agreed that employer will or
would suffer irreparable injury if employee were to compete with employer or any
subsidiary or affiliate of employer in violation of this employment agreement
and that employer would by reason of such competition be entitled to injunctive
relief in a court of appropriate jurisdiction, and employee further consents and
stipulates to the entry of such injunctive relief in such a court prohibiting
employee from competing with employer or any subsidiary or affiliate of employer
in violation of this employment agreement.
 
 
 
             Section 7.2   During the term of employment and for one year
thereafter, employee shall not, directly or indirectly, influence or attempt to
influence customers or suppliers of employer or any of its subsidiaries or
affiliates, to divert their business to any competitor of employer.
 
 
 
              Section 7.3   Employee recognizes that he will possess
confidential information about other employees of employer relating to their
education, experience, skills, abilities, compensation and benefits, and
interpersonal relationships with customers of employer. Employee recognizes that
the information he will possess about these other employees is not generally
known, is of substantial value to employee in developing its business and in
securing and retaining customers, and will be acquired by him because of his
business position with employer. Employee agrees that, during the term of
employment, and for a period of one year thereafter, he will not, directly or
indirectly, solicit or recruit any employee of employer for the purpose of being
employed by him or by any competitor of employer on whose behalf he is acting as
an agent, representative or employee and that he will not convey any such
confidential information or trade secrets about other employees of employer to
any other person.
 
 
 
               Section 7.4   If it is determined by a court of competent
jurisdiction in any state that any restriction in this Section 7 is excessive in
duration or scope or is unreasonable or unenforceable under the laws of that
state, it is the intention of the parties that such restriction may be modified
or amended by the court to render it enforceable to the maximum extent permitted
by the law of that state.
 

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ARTICLE 8.

 
 
MISCELLANEOUS
 
 Section 8.1   Notices.  Any notice given under this employment agreement to
either party shall be made in writing.  Notices shall be deemed given when
delivered by hand or when mailed by registered or certified mail, return receipt
requested, postage prepaid, and addressed to the party at the address set forth
below.
 

Employee’s address:
 
Gregory Schaan
   
17 Newbury Court
   
Simsbury, CT  06070
     
Employer’s address:
 
Imperial Nurseries, Inc.
   
90 Salmon Brook Street
   
Granby, CT  06035
     
Guarantor’s address:
 
Griffin Land & Nurseries, Inc.
   
One Rockefeller Plaza, suite 2301
   
New York, NY  10020

 
Each party may designate a different address for receiving notices by giving
written notice of the different address to the other party. The written notice
of the different address will be deemed given when it is received by the other
party.
 
 Section 8.2   Binding Agreement - Employer’s Successors.

 
(a)   The rights and obligations of employer under this employment agreement
shall inure to the benefit of and shall be binding upon the successors and
assigns of employer.
     
(b)   Employer shall require any direct or indirect successor (by purchase,
merger, consolidation, or otherwise) of all or substantially all of employer’s
business and/or assets relating to the employer’s growing operations to
expressly agree to assume employer’s obligations under this employment agreement
and perform them in the same manner and to the same extent as employer would
have been required to do if no succession had occurred.  The agreement must be
in a form and substance satisfactory to employee.
     
(c)   If employer fails to obtain such an agreement before the effective date of
the succession, employer’s failure will be considered a breach of this
employment agreement, and employee shall be entitled to the same amount of money
that employee would have been entitled to if employee had terminated employee’s
employment in accordance with the terms of this employment agreement, calculated
as though employee’s employment had terminated on the end-of-employment date.

 Section 8.3   Binding Agreement - Employee’s Successors.  This employment
agreement shall inure to the benefit and be enforceable by employee’s personal
representatives,
 
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legatees, and heirs.  If employee dies while amounts are still owed, such
amounts shall be paid to employee’s legatees or, if no such person or persons
have been designated, to employee’s estate.
 
 Section 8.4   Waivers.  The waiver by either party of a breach of any provision
of this employment agreement shall not operate or be construed as a waiver of
any subsequent breach.
 
 Section 8.5   Entire Agreement.  This instrument contains the entire agreement
of the parties.  The parties have not made any agreements or representations,
oral or otherwise, express or implied, pertaining to the subject matter of this
employment agreement other than those specifically included in this employment
agreement.
 
 Section 8.6   Prior Agreements.  This employment agreement supersedes any prior
agreements pertaining to or connected with or arising in any manner out of the
employment of employee by employer.  All such agreements are terminated and are
of no force or effect whatsoever.
 
 Section 8.7   Amendment of Agreement.  No change or modification of this
employment agreement shall be valid unless it is in writing and signed by the
party against whom the change or modification is sought to be enforced.  No
change or modification by employer shall be effective unless it is approved by
employer’s Board of Directors and signed by an officer specifically authorized
to sign such documents.
 
 Section 8.8   Severability of Provisions.  If any provision of this employment
agreement is invalidated or held unenforceable, the invalidity or
unenforceability of that provision or provisions shall not affect the validity
or enforceability of any other provision of this employment agreement.
 
 Section 8.9   Assignment of Agreement.  Employer shall not assign this
employment agreement without employee’s prior written consent, which consent
shall not be unreasonably withheld.  Employee may not assign this employment
agreement.
 
 Section 8.10   Governing Law.  All questions regarding the validity and
interpretation of this employment agreement shall be governed by and construed
and enforced in all respects in accordance with the laws of the State of
Connecticut.

ARTICLE 9.

AGREEMENTS BY GRIFFIN LAND & NURSERIES, INC.
 
 Section 9.1   Guaranty.  As a material inducement to employee to enter into
this agreement and in recognition to the contribution to be made by employee to
its own business, Griffin hereby guaranties full performance of this employment
agreement by employer.
 
 Section 9.2   Direct Agreement.  As a material inducement to employee to enter
into this employment agreement and in recognition to the contribution to be made
by employee to its own business, Griffin hereby agrees to issue stock as
provided in Article 5, to ratify and
 
 
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confirm the firm offer of employment contained in Article 7 and to allow
continuing participation by employee in stock option plans identified in Article
4.
 

 
[signature page follows]
 

 
 
 
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IN WITNESS, the parties have executed this employment agreement in duplicate and
effective as of January 1, 2001 and amended April 9, 2008.

Imperial Nurseries, Inc.,
employer
         
By:
/s/Frederick M. Danziger
/s/Gregory Schaan
 
Frederick M. Danziger, Director
Gregory Schaan, employee
           
Griffin Land & Nurseries, Inc.
         
By:
/s/Frederick M. Danziger
   
Frederick M. Danziger, President
   
And Chief Executive Officer
       

 

 
 
 
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