Document:

Exhibit 10.1

 

COMPLETE SEPARATION AGREEMENT AND GENERAL RELEASE

 

This Complete Separation
Agreement and General Release (“Agreement”) is being entered into on the date
listed on the signature page hereof by and between Peter J.M. Harding (“Harding”)
and Westway Group, Inc. (“Company”). 
As used herein, Harding and Company are referred to jointly as “Parties”
or individually as a “Party.”

 

WHEREAS, Harding has been
employed by Company as its Chief Executive Officer and has served as a member
on Company’s Board of Directors;

 

WHEREAS, the Parties desire
to set forth their understandings and mutual agreements with respect to Harding’s
separation from Company, his benefits and obligations following his separation
from Company, and all other matters between them;

 

NOW, THEREFORE, in
consideration of the mutual promises and undertakings contained herein, and
intending to be legally bound hereby, the Parties agree as follows:

 

Section 1.              Separation from Company

 

(a)           Separation
Date.  Harding’s employment with
Company as Chief Executive Officer terminated effective June 30, 2010 (“Separation
Date”).  Harding will receive his regular
pay and benefits through the Separation Date.

 

(b)           Resignation
from Board of Directors. 
Harding will immediately resign from his position as a member of the
Board of Directors of Company, which resignation shall be effective no later
than the date Harding executes this Agreement.

 

Section 2.              Compensation
and Benefits Upon Separation

 

(a)           Severance
Payments.  The Company
shall pay Harding severance in the amount of four hundred seventy-five thousand
dollars ($475,000) (the “Severance”). 
The Severance shall be paid in twenty four (24) equal installments over
a term of twelve (12) months in accordance with Company’s regular payroll
practices and less applicable deductions and withholdings.  Severance payments will commence no later
than the second regular payroll cycle of Company following the expiration of
the Revocation Period (as defined herein), provided Harding has not revoked the
Agreement as provided in Section 5. 
Harding acknowledges and agrees that these severance payments are in
lieu of, and not in addition to, any other severance or similar payments to
which Harding may claim to be entitled under any agreement, plan, policy,
practice, or otherwise.

 

(b)           Prorated 2010
Cash Bonus.  The Company
shall pay Harding a prorated 2010 cash bonus in the amount of one million
twenty nine thousand, four hundred ninety two dollars ($1,029,492), less
applicable deductions and withholdings. 
Five hundred fourteen thousand, seven hundred forty six dollars
($514,746) of this prorated 2010 cash bonus, less applicable deductions and
withholdings, will be paid within fifteen (15) business

 

Harding Separation Agreement

 

 

days following the
expiration of the Revocation Period, provided Harding has not revoked the
Agreement as provided in Section 5. 
The remaining five hundred fourteen thousand, seven hundred forty six
dollars ($514,746) of this prorated 2010 cash bonus, less applicable deductions
and withholdings, will be paid at such time as the 2010 bonuses are paid to
actively employed executives of the Company, but in no event later than March 15,
2011.

 

(c)           Payment in Lieu
of Restricted Stock.  The Company
shall pay Harding a lump sum in the amount of three hundred seventy-two
thousand, one hundred eighty-seven dollars ($372,187), less applicable
deductions and withholdings, within fifteen (15) business days following the
expiration of the Revocation Period, provided Harding has not revoked the
Agreement as provided in Section 5. 
This payment represents a payment in lieu of the award that would have
been granted to Harding in the form of Company restricted common stock
following shareholder approval of the Company’s 2010 Incentive Compensation
Plan at the Company’s 2010 annual shareholder meeting, based on a grant of one
hundred thousand, five hundred ninety-one (100,591) shares of Company
restricted common stock at a price per share of three dollars and seventy cents
($3.70).

 

(d)           Benefits.  For one year following the Separation Date,
and to the extent permitted by any applicable plan documents, Company shall
continue to permit Harding to participate in the Company pension plan and
401(k), and to receive medical insurance to the same extent as actively employed
employees of Company.  The Company shall
continue to contribute to the pension plan and 401(k) on Harding’s behalf
on the same basis as to actively employed employees of the Company, to the
extent permitted by any applicable plan documents and Company policies.  In the event the applicable plan documents or
Company policies do not allow Company to continue to contribute to the pension
plan and 401(k) on Harding’s behalf following the Separation Date, Company
shall pay to Harding, at such times as Company contributes on behalf of
actively employed employees, the amounts that it would have contributed on
Harding’s behalf to such plans, in an amount not to exceed $50,000 in the
aggregate.  In the event the applicable
plan documents do not allow Company to permit Harding to continue his medical
insurance following the Separation Date, Company will reimburse Harding for the
applicable premiums for coverage of Harding and his family under the Company’s
health plans for a period of twelve (12) months following the Separation Date,
provided that Harding timely and properly elects continuation coverage under
the aforementioned plans pursuant to the provisions of COBRA, pays the
applicable premiums (and provides proof of such payments satisfactory to
Company), and remains eligible for such coverage.

 

(e)           Cell Phone,
Blackberry and Company Car.  For one year following the Separation Date,
Harding shall be entitled to retain and use his Company-issued blackberry and
his Company-issued car.  Harding shall
also be entitled to retain and use his cell phone number without temporal
limitation.

 

(f)            ED&F Man
Pension.  The Parties acknowledge that
Harding is vested in a pension plan maintained by ED&F Man.  The Company agrees that it will

 

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request that ED&F Man,
at Harding’s option, pay the full amount of Harding’s pension to Harding or his
designee in a single payment at Harding’s instructions, if permitted by law and
applicable plan documents.  Harding
acknowledges that Company cannot control ED&F Man’s actions or require
ED&F Man to pay Harding’s pension as requested.

 

(g)           No Other
Payments.  Except (1) as
described in this Section 2, (2) reasonable business expenses
incurred by Harding on or before June 30, 2010 and not yet reimbursed, and
(3) any unpaid salary and benefits attributable to Harding’s employment
prior to July 1, 2010, Harding acknowledges and agrees that he is not
entitled to any other compensation, severance, benefits or other payments in
connection with his employment or positions with Company or the termination
thereof.

 

Section 3.              Complete General Release of Claims

 

(a)           Release of
Company.  In consideration of the
delivery of the payments and other benefits described in this Agreement,
Harding unconditionally and irrevocably discharges, releases, and remises the
Released Parties (as defined below), jointly and severally, of and from all
claims, causes of action, suits, charges, debts, dues, sums of money, attorneys’
fees and costs, accounts, bills, covenants, contracts, torts, agreements,
expenses, wages, compensation, promises, damages, judgments, rights, demands,
or otherwise (“Claims”), known or unknown, in law or equity, accrued or
unaccrued, contingent or noncontingent, arising at any time up to and including
the date Harding executes this Agreement, whether or not capable of proof as of
the effective date of this Agreement, whether common law or statutory, whether
or not now recognized, that Harding or anyone claiming by, through, or under
him (including without limitation his heirs, executors, personal
representatives, administrators, assigns, and spouse(s)) in any way might have,
or could have, against any of the Released Parties.  The Claims released by Harding shall include
without limitation, and only by way of example:

 

(i)            all Claims
arising from or relating to Harding’s employment or positions with any of the
Released Parties, or the termination thereof;

 

(ii)           all Claims
arising from or relating to any acquisition, ownership, or disposition of
common stock or warrants to purchase common stock of the Company;

 

(iii)          all Claims of
employment discrimination or harassment based upon any protected characteristic
(such as age, race, color, sex, national origin, religion, and
disability/handicap status) arising under Title VII of the Civil Rights Act of
1964, the Age Discrimination in Employment Act, the Americans with Disabilities
Act, the Family and Medical Leave Act, 42 U.S.C. 

 

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§ 1981, the Louisiana
Employment Discrimination Law, and any other similar federal, state or local
laws;

 

(iv)          any and all
Claims arising under the Employee Retirement Income Security Act of 1974, as
amended, or any benefit plan, policy or program established by the Company;

 

(v)           any and all
Claims under any federal, state or local law relating to the payment of wages
or other compensation or the hours of work;

 

(vi)          any and all
Claims under the Sarbanes-Oxley Act or Louisiana Whistleblower Statute;

 

(vii)         any and all
Claims for any compensation in any form whatsoever from the Company (other than
as provided in this Agreement), including but not limited to any Claims for
wages, bonuses, commissions, equity, vacation pay or other similar
remuneration;

 

(viii)        any and all
Claims arising under any contract or agreement, whether written or oral,
between the Parties relating to any subject;

 

(ix)           any and all
Claims arising under the common law of any jurisdiction, including, but not
limited to, all claims for breach of contract, defamation, interference with
contractual/prospective economic advantage, invasion of privacy, promissory
estoppel, negligence, breach of the covenant of good faith and fair dealing,
fraud, emotional distress, and wrongful discharge/termination; and

 

(x)            any and all
Claims in any jurisdiction growing out of any legal restrictions, expressed or
implied, on the Company’s right to terminate or control the employment of its
employees.

 

It is the intention of the
Parties that the language relating to the description of Claims in this Section shall
be given the broadest possible interpretation permitted by law.  Harding agrees and warrants that he will not
hereafter make application for, seek, or accept employment or engagement as an
employee, independent contractor, agent, or consultant, with or for Company or
any affiliated entity (as defined below), and any denial of such employment or
engagement shall be considered legitimate, proper, and nondiscriminatory for
all purposes.

 

As used herein, “Released
Parties” shall mean (1) Company; (2) all direct and indirect parents,
subsidiaries, affiliates, units, divisions, predecessors, and successors of
Company (hereinafter “affiliated entity” or “affiliated entities”); (3) Company’s
and any affiliated entity’s past and current employees, officers, directors,
partners, agents, owners, shareholders, attorneys, heirs, successors, assigns,
predecessors, and legal representatives, in their individual and official
capacities; (4) Company’s and any affiliated entity’s insurers, except

 

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for the Company’s or any
affiliated entity’s D&O and E&O insurance carriers or otherwise as
required for the purpose of fulfilling the Company’s obligations under Section 3(c);
(5) Company’s and any affiliated entity’s past and present employee
benefit plans, as well as the administrators, fiduciaries, affiliates,
insurers, and otherwise of all such employee benefit plans; and (6) all
other persons, corporations, or other entities who/that might be claimed to be
jointly or severally liable with any of the persons or entities named above and
with respect to any of the Claims released by this Agreement.

 

(b)           Release of
Harding.  The Company unconditionally
and irrevocably discharges, releases, and remises Harding of and from all
Claims, known or unknown, in law or equity, accrued or unaccrued, contingent or
noncontingent, that the Company or any of the Released Parties or anyone
claiming by, through, or under any of them in any way have, might have, or could
have, against Harding. It is the intention of the Parties that the scope of the
claims released in this Section 3(b) be construed as broadly as the
release contained in Section 3(a).

 

(c)           Indemnity.  Notwithstanding the foregoing releases and
anything contained herein to the contrary, the Company agrees to indemnify,
defend, and hold Harding harmless against any and all Claims filed by a third
party (explicitly excluding any Claims by the Company for enforcement of this
Agreement) against or involving Harding arising from or in any way related to
Harding’s work on behalf of, or employment or position with, the Company, but
only to the extent such Claims are covered by Company’s insurance policies.

 

(d)           Insurance
Claims.  Notwithstanding anything
herein to the contrary, the foregoing release by Harding shall not preclude him
from filing a claim under the Company’s or any affiliated entity’s insurance
policies for any Claim that may be covered under said policies for the period
in which Harding was the Chief Executive Officer and member of the Board of
Directors of Company.

 

(e)           Enforcement.  Notwithstanding anything herein to the
contrary, the foregoing releases do not release any Party or entity from its
obligations imposed by or pursuant to this Agreement, and nothing shall
preclude the Parties from seeking to enforce the terms of this Agreement.

 

Section 4.              Covenants Not to Sue

 

Harding agrees and covenants
not to file, initiate, or join any lawsuit (either individually, with others,
or as part of a class), in any forum, pleading, raising, or asserting any Claim(s) barred
or released by Section 3 of this Agreement.  If he does so, and the action is found to be
barred in whole or in part by this Agreement, Harding agrees to pay the
attorneys’ fees and costs, or the proportions thereof, incurred by the
applicable Released Party in defending against those Claims that are found to
be barred by Section 3 of this Agreement. 
Nothing in this Section 4 precludes Harding from challenging the
validity of the release in Section 3 under the requirements of the Age
Discrimination in Employment Act, and Harding shall not be 

 

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responsible for reimbursing
the attorneys’ fees and costs of the Released Parties in connection with such a
challenge to the validity of the release. 
Harding, however, acknowledges that the release in Section 3
applies to all Claims that he has under the Age Discrimination in Employment
Act, and that, unless the release is held to be invalid, all of Harding’s
Claims under that Act shall be extinguished by execution of this
Agreement.  Moreover, Harding shall have
the right to sue to enforce his rights as an insured under any applicable
insurance policy.

 

The Company agrees and
covenants not to file, initiate, or join any lawsuit (either individually, with
others, or as part of a class), in any forum, pleading, raising, or asserting
any Claim(s) barred or released by Section 3 of this Agreement.  If Company does so, and the action is found
to be barred in whole or in part by this Agreement, Company agrees to pay the
attorneys’ fees and costs, or the proportions thereof, incurred by Harding in
defending against those Claims that are found to be barred by Section 3 of
this Agreement.

 

Section 5.              Acknowledgments

 

Harding is hereby advised to
consult with counsel before executing this Agreement.  Harding hereby acknowledges and understands
that he has the right to consider this Agreement, including the General Release
contained in Section 3, for a period of twenty-one (21) days prior to
execution.  Harding further acknowledges
and understands that for seven (7) days following his execution of this
Agreement (the “Revocation Period”), Harding may revoke this Agreement by
providing written notice to Company in the manner provided in Section 11
of this Agreement.  This Agreement shall
not become effective or enforceable until the seven-day revocation period has
expired without revocation.

 

The Parties acknowledge that
they are entering into this Agreement freely and voluntarily and without
reliance on any promises not expressly contained herein.  The Parties acknowledge that this Agreement
has been jointly drafted by counsel for the Parties and that the principle that
all ambiguities are to be construed against the drafter does not apply.

 

Section 6.              Restrictive Covenants

 

(a)           Non-Competition.  Harding hereby agrees that
for a period of eighteen (18) months following the Separation Date and anywhere
in  the Designated Area (as defined
below), he will not, directly or indirectly, alone or in conjunction with any
entity, own, manage, operate or control, or participate in the ownership,
management, operation or control of, or become associated, as an employee,
director, officer, advisor, agent, consultant, principal, partner, member, or
independent contractor with, any person or entity that engages in the
businesses of (a) providing, marketing, or selling bulk liquid storage or (b) developing,
producing, manufacturing, marketing, or selling liquid feed supplements, feed
mill molasses products, solid feed supplements, and/or dried molasses
products.  Notwithstanding the foregoing,
Harding shall be permitted to be employed by any person or entity in a
non-executive capacity following the expiration of the one-year anniversary of
the Separation Date.  For purposes of the
preceding sentence, a “non-executive capacity” means solely in an advisory 

 

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capacity and not in an
operational or managerial capacity and not on a full-time basis.  As used in this Section 6, the term “Designated
Area” means (a) the following parishes of Louisiana: West Baton Rouge,
Cameron, Vermilion, Iberia, St. Mary, Terrebonne, Lafourche, St. Charles,
Jefferson, Plaquemines, St. Bernard, Orleans, St. John, Tangipahoa, St.
Tammany, Washington, St. Helena, East Feliciana, West Feliciana, Concordia,
Tensas, Madison, East Carroll, Iberville, Ascension, St. James; (b) the
following counties in the United States or other applicable subdivisions of
Canada: Albany County, NY; Baltimore City County, MD; Pinal County, AZ; Rogers
County, OK; Hamilton, Lucas, and Franklin counties, OH; Philadelphia County,
PA; Hendry and Duval counties, FL; Rock Island and Cook counties, IL;
Castro, Harris, Sherman, Hopkins, and Deaf Smith counties, TX; Imperial and San
Joaquin counties, CA; Twin Falls County, ID; Morton and Cass counties, ND;
Shelby County, TN; Douglas County, NE; Barren County, KY; Franklin, Grays
Harbor, Walla Walla, and King counties, WA; Ramsey County, MN; Stafford County,
KS; Plymouth and Woodbury counties, IA; City of Hamilton, Ontario, Canada;
Lethbridge County, Alberta, Canada; Montreal, Quebec, Canada; Weyburn,
Saskatchewan, Canada; and/or (c) Europe.

 

(b)           Non-Solicitation
of Customers.  Harding
hereby agrees that for a period of eighteen (18) months following the
Separation Date and anywhere in  the Designated
Area, he will not, directly or indirectly, alone or in conjunction with any
entity, solicit, encourage, or induce any contractor, agent, client, customer,
supplier or the like of Company to terminate its/his/her relationship
(contractual or otherwise) with Company (in whole or in part), or to refrain
from entering into a relationship (contractual or otherwise) with Company,
including without limitation any prospective contact, contractor, agent,
client, customer, or the like of Company.

 

(c)           Non-Solicitation
of Employees.  Harding
hereby agrees that for a period of eighteen (18) months following the
Separation Date, he will not, directly or indirectly, (i) solicit for
hiring any employee of Company or seek to persuade any employee of Company to
discontinue or otherwise modify his or her employment with Company, or (ii) solicit
or encourage any independent contractor providing services to Company to
terminate or diminish its relationship with Company.  Harding further agrees not to assist any
person or entity, directly or indirectly, to engage in conduct prohibited by
this Section.

 

(d)           Protection of
Confidential Information. 
Harding understands and acknowledges that during Harding’s employment
with Company, Harding had been and was making use of, acquiring and/or adding
to Company’s Confidential Information (as defined below).  In order to protect the Confidential
Information, Harding agrees that for a period of ten (10) years following
the Separation Date, he will not in any way utilize or disclose any of the
Confidential Information, whether for Harding’s own benefit or the benefit of
any person or entity except the Company. 
The term “Confidential Information” shall mean any information that is
confidential and proprietary to the Company, or of others that do business with
Company that Company has received or may during Harding’s tenure receive,
including but not limited to the following general categories: (i) trade
secrets; (ii) lists and other information about current and prospective
customers; (iii) plans or strategies for sales, marketing, business 

 

7

 

development, or system
build-out; (iv) sales and account records; (v) prices or pricing
strategy or information; (vi) current and proposed advertising and
promotional programs; (vii) engineering and technical data; (viii) methods,
systems, techniques, procedures, designs, formulae, inventions and know-how; (ix) personnel
information; (x) legal advice and strategies; and (xi) other
information of a similar nature not known or made available to the public
(other than by breach of this Agreement). 
Confidential Information includes any such information that Harding
prepared or created during his employment or position with the Company, as well
as such information that has been or during Harding’s tenure may be created or
prepared by others.  This promise of
confidentiality is in addition to any common law or statutory rights of the
Company to prevent disclosure of its trade secrets and/or confidential
information.  Confidential Information
shall not include information that is or becomes publicly known, unless through
a breach of this Agreement by Harding or Harding knows such information became
publicly known as a result of a breach by any other person or entity of a
confidentiality obligation.

 

(e)           Protection of
Intellectual Property. 
Harding agrees that any Confidential Information, as well as any idea,
invention, copyrightable or patentable work, improvement, technique, design,
method, development, product, service, technology, writing, discovery, and the
like, whether tangible or intangible, directly or indirectly resulting or
arising from, or created through, Company’s business, in which a property
interest exists or may exist if asserted under federal, state or international
law (hereafter “Intellectual Property”), is the sole and exclusive property of,
and Harding hereby assigns all of his interest therein to, Company, with all
copyrightable Intellectual Property to be deemed “works for hire” under the
federal Copyright Act.  To the extent
that Harding retains any interest in such Intellectual Property, Harding
further agrees to, at Company’s request and expense, but without additional
compensation to Harding, assist Company or its designee in obtaining patents
and copyrights therefore that are deemed suitable for United States or foreign
letters patent or copyrights and will execute all documents and do all things
necessary to obtain letters patent, copyrights, trademarks and trade names, or
to otherwise vest Company with full and exclusive title thereto.

 

(f)            Non-Disparagement.  Neither Harding nor any person acting on his
behalf shall disparage or cause to be disparaged, whether directly or
indirectly, any of the Released Parties (as previously defined) in any forum or
through any medium of communication. 
Harding further agrees not to initiate any contact with or respond to
any inquiry by the press or other media regarding any of the Released
Parties.  Notwithstanding the foregoing,
if any Released Party other than a director or officer of the Company makes a
disparaging comment about Harding, Harding may respond to such disparaging
comment in the same forum or through the same medium of communication as the
initial disparaging comment.  No director
or officer of the Company shall disparage or cause to be disparaged, whether
directly or indirectly, Harding in any forum or through any medium of
communication.

 

(g)           Acknowledgements.  Harding acknowledges and agrees that the
restrictions set forth in this Section 6 of this Agreement are critical
and necessary to protect Company’s legitimate business interests (including the
protection of its Confidential Information); are reasonably drawn to this end
with respect to duration, scope, and otherwise; are 

 

8

 

not unduly burdensome; are
not injurious to the public interest; and are supported by adequate
consideration.  Harding also acknowledges
and agrees that, in the event that he breaches any of the provisions in this Section 6,
Company will be entitled to injunctive relief, in addition to any other damages
to which it may be entitled, as well as the costs and reasonable attorneys’
fees it incurs in enforcing its rights under this section.  Harding further acknowledges that (i) any
breach or claimed breach of the provisions set forth in this Agreement will not
be a defense to enforcement of the restrictions set forth in this Section 6
and (ii) Company’s obligations to make any payments or confer any benefit
under this Agreement, other than to pay for all compensation and benefits
accrued but unpaid up to the Separation Date, will automatically and
immediately terminate in the event that Harding breaches any of the obligations
in this Section 6.  Nothing in this Section shall
be construed to prevent Harding from bringing suit against Company in the event
Company exercises its right under the preceding sentence to cease payments and
benefits under this Agreement for a breach by Harding of any obligations in
this Section 6.  The Parties agree
that Harding will be entitled to injunctive relief for a breach of Section 6(f) by
any director or officer of Company.

 

(h)           Modifications
By Court.  If any
covenant set forth in this Section 6 is deemed invalid or unenforceable
for any reason, it is the Parties’ intention that such covenants be equitably
reformed or modified only to the extent necessary to render them valid and
enforceable in all respects.  In the
event that the time period and/or geographic scope referenced above is deemed
unreasonable, overbroad, or otherwise invalid, it is the Parties’ intention
that the enforcing court reduce or modify the time period and/or geographic
scope only to the extent necessary to render such covenants reasonable, valid,
and enforceable in all respects.

 

Section 7.              Return
of Company Property

 

Except as provided in Section 2,
Harding agrees immediately to return to Company, and not retain, all of its
property, including documents, data, and equipment (and any copies thereof) of
any nature and in whatever medium.

 

Section 8.              Cooperation
Following Termination

 

Harding agrees that, for one
(1) year following the Separation Date, he will cooperate fully with
Company’s reasonable requests relating to the completion of his pending work on
behalf of Company and the orderly transition of such work to such other
employees as Company may designate. 
Harding further agrees that following the Separation Date he will
cooperate fully with Company’s reasonable requests in matters relating to any
and all claims, controversies, disputes, or complaints of which he has any
knowledge or that may relate to him or his employment with Company, unless he
is an adverse party or potentially an adverse party.  Company will reimburse Harding for any
reasonable out-of-pocket expenses incurred pursuant to his duties under this Section 8.  Such cooperation includes but is not limited
to providing Company with all information known to him related to such claims,
controversies, disputes, or complaints and appearing and giving testimony in
any forum.

 

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Section 9.              Confidentiality of Agreement

 

Harding hereby agrees that
the background, negotiations and terms of this Agreement are strictly
confidential, and Harding will not disclose, directly or indirectly, any
information concerning them to any third party, with the exception of Harding’s
spouse, and financial and legal advisors, provided that each such third party
agrees to keep such information confidential and not disclose it to others.

 

Section 10.            No Admission Of Wrongdoing

 

Nothing in this Agreement
constitutes or should be construed to constitute an admission or evidence of
any liability or fault or wrongdoing on the part of any Party.

 

Section 11.            Notice

 

Any notice, request, or
other communication required or permitted to be delivered under this Agreement
must be in writing and will be considered received as of the date delivered if
delivered in person, on the next business day if sent by a nationally
recognized overnight courier service, and on the second business day if mailed
by registered mail, return receipt requested, postage prepaid.  If to Harding, the notice, request, or other
communication must be addressed and sent to Harding at 16 Richmond Place, New
Orleans, LA 70115, with a copy to Steven Usdin, 909 Poydras, Ste. 2400, New
Orleans, LA 70112, or such other address as Harding furnishes to the Company in
accordance with this Section.  If to the
Company, the notice, request, or other communication must be addressed to
Westway Group, Inc., 365 Canal Street, Suite 2900, New Orleans, LA
70130, Attn: Chief Executive Officer, with a copy to Company’s counsel, Craig
Godshall, Dechert LLP, Cira Centre, 2929 Arch Street, Philadelphia, PA 19104,
or to such other address as the Company furnishes to Harding in accordance with
this Section.

 

Section 12.            Governing Law; Arbitration

 

This Agreement shall be
governed by the laws of the State of Louisiana, irrespective of the principles
of conflicts of law applicable therein. 
The Parties agree to submit to binding arbitration before the American
Arbitration Association all claims arising out of or relating to this
Agreement.  This arbitration shall take
place in New Orleans, Louisiana, under the then prevailing commercial rules of
the American Arbitration Association.  If
the American Arbitration Association withholds its arbitration services for any
reason, then the arbitration will instead be conducted by a bona fide neutral
arbitration service provider reasonably acceptable to both Parties.  The arbitrator’s fees shall be split equally
between Company and Harding unless the parties agree otherwise.  Company and Harding shall each be responsible
for paying their own attorneys’ fees and all other costs they incur related to
any arbitration proceeding.  The
arbitrator’s decision will be final and binding in accordance with the Federal
Arbitration Act.  The arbitrator will not
have the right to modify or change any of the terms of this Agreement.

 

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Notwithstanding anything to
the contrary, claims under Section 6 of this Agreement need not be
submitted to arbitration and may be filed in any court of competent
jurisdiction.

 

Section 13.            Enurement and Assignment

 

This Agreement shall inure
to the benefit of, and be binding upon, the Parties’ heirs, executors, assigns,
successors, and legal representatives. 
Company, but not Harding, shall have the right to assign its rights or
obligations under this Agreement without the written consent of the other
Party.

 

Section 14.            Waiver

 

The waiver by Company or
Harding of a breach of any provision of this Agreement by another Party shall
not operate or be construed as a waiver of any subsequent breach.

 

Section 15.            Severability

 

If any provision of this
Agreement is adjudged to be invalid for whatever reason, such invalidity shall
not affect any other clause of this Agreement, and such clauses shall remain in
full force and effect.

 

Section 16.            Entire Agreement; Prior Agreements; Amendment

 

This Agreement contains the
entire agreement of the Parties with respect to the subject matter hereof and
supersedes any and all prior or contemporaneous agreements, oral or written.  This Agreement may not be changed, altered,
or otherwise amended except by mutual agreement in writing signed by the
Parties.

 

Section 17.            Section and
Paragraph Headings

 

The section and paragraph
headings in this Agreement are for reference purposes only and shall not affect
the meaning or interpretation of this Agreement.

 

THE UNDERSIGNED, INTENDING
TO BE LEGALLY BOUND BY THE FOREGOING TERMS, HEREBY APPLY THEIR SIGNATURES
VOLUNTARILY AND WITH FULL UNDERSTANDING OF THE TERMS OF THIS AGREEMENT AND EXECUTE
THIS AGREEMENT AS OF THE DATES SET FORTH BELOW.

 

 

	
  /s/ Peter J.M. Harding

  	
   

  	
  June 25, 2010

  
	
  Peter J.M. Harding

  	
   

  	
  Dated

  

 

11

 

	
  WESTWAY GROUP, INC.

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/ Francis P.
  Jenkins, Jr.

  	
   

  	
  June 25, 2010

  
	
  By:

  	
  Francis P.
  Jenkins, Jr.

  	
   

  	
  Dated

  
	
  Title: Chairman

  	
   

  	
   

  
				

 

12Exhibit 10.2

 

SEVERANCE AGREEMENT

 

This
Severance Agreement (the “Agreement”) dated and effective as of June 26,
2010 (the “Effective Date”) is entered into by and between Westway Group, Inc.,
a Delaware corporation with headquarters in New Orleans, Louisiana (the “Company”),
and Wayne N. Driggers (“Executive”).

 

WHEREAS,
the Company employs the Executive in the position of President; and,

 

WHEREAS,
it is understood that the Executive is employed by the Company on an “at will”
basis, and, as such can be terminated by the Company and/or by action of the
Company’s Board of Directors to effect such termination, with or without cause;
and,

 

WHEREAS,
the Company wishes to provide an inducement for the Executive to remain with
the Company; and,

 

WHEREAS,
the Company and the Executive wish to memorialize the terms of the Company’s
severance promises to the Executive in writing.

 

THEREFORE,
in consideration of the foregoing and the mutual provisions contained herein,
and for other good and valuable consideration, the parties hereto agree with
each other as follows:

 

1.             Term of Agreement

 

(a)           The term of this Agreement
shall commence on the Effective Date and expire at the end of the month in
which the Executive reaches age 70.

 

(b)           This Agreement cannot be
modified or terminated (except as expressly provided herein) without the mutual
consent of the Company and the Executive;

 

(c)           Following the expiration of
the Term, the Company will have no further obligations to the Executive under
this Agreement.

 

2.             Position

 

The
Executive will be appointed as President of the Company and shall report to the
Chief Executive Officer and Board of Directors of the Company within five days
of the Effective Date.  The Executive
will also be appointed by the Board of Directors to fill the unexpired term of Mr. Peter
Harding on the Board of Directors within thirty days of the Effective
Date.  The Executive shall have the
duties, responsibilities and authority commensurate with the Executive’s title
and position.  The Executive shall carry out
the duties and responsibilities of the Executive’s position primarily at the
Corporate Office of the Company located in New Orleans, Louisiana.

 

 

3.             Compensation and Benefits

 

(a)           Base Salary.

 

Executive’s
current base salary is $320,000.00 per annum. 
Executive’s base salary may be increased by the Board of Directors at
any time.  The term “Base Salary” as
utilized in the Agreement shall refer to the Executive’s base salary in effect
as of the Effective Date, as the same may be increased by the Board of
Directors from time to time.  Except as
may otherwise be provided in this Agreement, any obligation to pay Executive’s
Base Salary will cease upon termination of the Executive’s employment.

 

(b)           Annual Bonus.

 

For
each calendar year during which the Executive is employed by the Company, the
Executive is eligible to earn an annual performance-based bonus pursuant to the
Westway Group, Inc. 2010 Incentive Compensation Plan which is determined
by the Compensation Committee of the Company’s Board of Directors (the “Compensation
Committee”).

 

(c)           2009 Stock Bonus.

 

Executive
was previously awarded bonus compensation of $225,000.00 (the “2009 Stock Bonus”)
that was to be paid in restricted stock of the Company, provided that the Plan
was approved by the Company’s shareholders at the Company’s 2010 annual
meeting.  The Company agrees to pay the
2009 Stock Bonus to the Executive in cash (and not restricted stock) within
five (5) days of the Effective Date.

 

(d)           Retention Bonus.

 

The
Company hereby awards to Executive a retention bonus (the “Retention Bonus”) in
the amount of $1,000,000.00 payable in registered shares of the Class A
Common Stock of the Company bearing the restrictions described hereinbelow (the
“Restricted Stock”).  The Restricted
Stock will be issued to Executive pursuant to the terms and conditions of this
Agreement and The Westway Group, Inc. 2010 Bonus Compensation Plan (the “Plan”).  The number of shares of Restricted Stock to
be issued to the Executive shall equal the quotient of 1,000,000 divided by the
closing price on NASDAQ of the Class A Common Stock of the Company on the
Effective Date.  Except as otherwise
provided in Sections 6(e) and 8(c) of this Agreement, the
Restricted Stock shall vest as follows provided that the Executive remains employed
with the Company as of such date: 
one-quarter shall be immediately vested upon the Effective Date;
one-quarter shall vest at midnight on the first anniversary of the Effective
Date; one-quarter shall vest at midnight on the second anniversary of the
Effective Date; and the balance shall vest at midnight on the third anniversary
of the Effective Date.  You are precluded from selling,
encumbering or in any way alienating your unvested shares of Restricted Stock
and, unless the sale is first approved by the Board of Directors, your vested
shares of Restricted Stock.  Further, any
sales of 

 

2

 

your
vested shares of Restricted Stock approved by the Board of Directors, shall be
subject to insider trading rules and company policy.  Notwithstanding the foregoing, gratuitous
transfers to related parties and/or entities may be permitted by the terms of
the Plan.

 

(e)           Benefits.

 

For
so long as the Executive is employed by the Company and as expressly provided
herein, the Executive shall be entitled to receive employee benefits, fringe
benefits and perquisites consistent with, and on the same basis as, other high
level executives in the Company (the “Benefits”).

 

(f)            ADA, FMLA and Age Discrimination
Laws.

 

This
Agreement is subject to the Americans with Disabilities Act (“ADA”), the Family
and Medical Leave Act (“ FMLA”) and all Age Discrimination Laws of the United
States.

 

4.             Definitions

 

(a)           “Cause” shall mean for the
purposes of this Agreement the commission of acts of gross negligence, fraud,
theft, or misappropriation against the Company or the conviction of a felony
under the law.

 

(b)           “Without Cause” shall mean
the absence of Cause.

 

(c)           “Constructive Termination”
for purposes of this Agreement shall mean (1) a reduction in Base Salary
or Benefits; (2) any requirement that the Executive’s services be rendered
primarily at a location or locations other than the Company’s corporate offices
in New Orleans, Louisiana; (3) a material diminution by the Company of the
Executive’s roles and responsibilities as President of the Company and/or a
member of the Board of Directors of the Company; (4) any material breach
of this Agreement or the spirit of this Agreement by the Company; or
(5) the creation of a hostile work environment whereby the Executive is
unable to carry out the duties and responsibilities of the Executive’s roles
and responsibilities as President of the Company.

 

(d)           “Change in Control” means (i) any
person or “group” (as defined in Section 13(d)(3) of the 1934 Act),
other than ED&F Man Holdings Limited and its subsidiaries, acquiring
(whether by stock purchase, asset purchase, merger or otherwise) twenty percent
(20%) or more of the voting power of the Company’s then outstanding voting
shares, or (ii) the individuals who, as of July 1, 2010, are members
of the Board of Directors (the “Incumbent Board”), cease for any reason to
constitute more than fifty percent of the Board of Directors; provided,
however, that if the election, or nomination for election by the Company’s
shareowners, of any new director was approved by a vote of at least two-thirds
of the Incumbent Board, such new director shall, for purposes of this
Agreement, be considered as a member of the Incumbent Board, but excluding for
this purpose, any such 

 

3

 

individual whose initial assumption of office occurs
as a result of an actual or threatened election contest with respect to the
election or removal of directors or other actual or threatened solicitation of
proxies or consents by or on behalf of a person other than the Board of
Directors; or (iii) approval by shareowners of the Company of a complete
liquidation or dissolution of the Company or an agreement for the sale or other
disposition of all or substantially all of the assets of the Company.

 

(e)           “Disabled” and “Disability”,
as used herein, shall mean Executive’s inability to perform the essential
duties and responsibilities of Executive’s job with reasonable accommodation,
for a continuous period of 90 days or more, or for 120 days or more in a12
month period, due to a physical or mental condition.

 

5.             Termination for
Cause/Resignation by Executive.

 

The
Company may terminate Executive’s employment with Cause and the Executive may
resign from employment from the Company for any reason or no reason at
all.  Upon the Company’s termination of
the Executive for Cause or the Executive’s resignation (other than the
Executive’s death or Disability), Executive shall be entitled to receive only
that portion of Executive’s Base Salary earned, but unpaid, as of the date of
termination, payable no later than 30 days after Executive’s date of
termination.  The Executive will also
receive all vested benefits, including 401k and previously deferred compensation.

 

6.             Termination of Employment
Without Cause

 

The
Company may terminate Executive’s employment Without Cause.  If the Company terminates the Executive’s
employment Without Cause for any reason other than the Executive’s death or
Disability, Executive shall be entitled to receive the following:

 

(a)           that portion of Executive’s
Base Salary earned, but unpaid as of the date of termination, paid within 30
days of the date of the Executive’s termination;

 

(b)           a pro-rata portion of the
Executive’s Annual Bonus earned in the year of termination, measured as of the
date of termination, paid at the same time as all other Company annual bonuses
are paid for the year in which Executive’s employment terminates, but in no
event later than March 15 of the calendar year following the year in which
Executive’s employment terminates;

 

(c)           any Annual Bonus earned by
the Executive for a prior completed calendar year to the extent not therefore
paid and not theretofore deferred (with any such deferred amounts to be paid in
accordance with and at the times set forth in the applicable deferral
arrangement) paid at the same time as all other Company annual bonuses are paid
for the prior completed year, but in no event later than March 15 of the
calendar year following the year in which the Executive’s employment terminates
(the amounts described in clauses (a), (b), and (c), and the times at which
such amounts are paid, shall be hereinafter referred to as the “Accrued
Obligations”);

 

4

 

(d)           a lump sum payment (the “Severance
Payment”) equal to the sum of (x) Executive’s Base Salary in effect at the
time of such termination, and (y) the cash portion of Executive’s Annual
Bonus in respect of the calendar year immediately preceding the calendar year
in which such termination occurs. 
Payment of the Severance Payment will be made in cash; and

 

(e)           (A) any outstanding
equity awards (including outstanding awards held by the Executive pursuant to
the Westway Group, Inc. 2010 Incentive Compensation Plan and the
Restricted Stock awarded to Executive hereunder as a Retention Bonus) shall
become fully vested and exercisable and any restrictions thereon shall lapse
effective as of the Executive’s date of termination and (B) any stock
options outstanding as of Executive’s date of termination must be exercised
within 90 days of the Executive’s date of termination (clauses (A) and (B) collectively
referred to herein as the “Equity Benefits”).

 

In
order to receive the Severance Payment, Executive will be required to sign a
Settlement Agreement and Release of the Company (the “Release”).  The Severance Payment shall be paid to
Executive within 10 business days following the expiration of the revocation
period applicable to the Release consistent with applicable state and Federal
law.  For the avoidance of doubt,
(x) if the Executive is terminated Without Cause within 12 months of a
Change in Control and is entitled to payments and/or benefits pursuant to
Section 8 hereof, Executive shall not be entitled to any payments and/or
benefits pursuant to this Section 6 and (y) the Severance Payment
shall be calculated as provided in paragraph (d) above, regardless of the
amount of time remaining in the Term of this Agreement at the time the
Executive is terminated.

 

7.             Constructive Termination.

 

For
purposes of this Agreement, a Constructive Termination shall constitute
termination of the Executive Without Cause, subject to the provisions of this
Section 7.  In order to confect a
claim by the Executive of constructive termination, the Executive must provide
written notice to the Company of the existence of the conditions giving rise to
such a situation including evidential matter supporting the Executive’s
allegation.  The Company shall have 30
business days following receipt of such notice (the “Cure Period”) during which
it may remedy the condition.  In the
event that the Company fails to remedy the condition constituting the
Constructive Termination during the Cure Period, Executive must deliver notice
to the Company that the condition has not been remedied which, for purposes of
this Agreement, will constitute termination Without Cause.

 

8.             Termination After a Change
in Control of the Company.

 

If
within 12 calendar months of a Change in Control the Company terminates the
Executive’s employment Without Cause for any reason other than the Executive’s
death or Disability, Executive shall be entitled to receive:

 

(a)           the Accrued Obligations;

 

(b)           an amount equal to two times
the Severance Payment; and

 

5

 

(c)           the Equity Benefits.

 

In
order to receive the double Severance Payment provided for in paragraph (b) above,
Executive will be required to sign a Settlement Agreement and Release of the
Company (the “Release”).  The Severance
Payment provided for in paragraph (b) above shall be paid to Executive
within 10 business days following the expiration of the revocation period
applicable to the Release consistent with applicable state and Federal
law.  For the avoidance of doubt, (x) if
the Executive is terminated Without Cause within 12 months of a Change in
Control and is entitled to payments and/or benefits pursuant to this
Section 8, Executive shall not be entitled to any payments and/or benefits
pursuant to Section 6 hereof and (y) the Severance Payment shall be
calculated as provided in paragraph (d) of Section 6 hereof,
regardless of the amount of time remaining in the Term of this Agreement at the
time the Executive is terminated..

 

9.             Death or Disability.

 

The
Executive’s employment shall be automatically terminated upon Executive’s
death.  If Executive becomes “Disabled”,
the Company may terminate this Agreement after giving Executive 30 business
days written notice of its intention to do so unless Executive returns to
full-time performance of Executive’s duties within such 30 business day notice
period.  Disputes on issues of Disability
shall be determined by an impartial, reputable physician agreed upon by the
parties or their respective doctors. 
Upon the Executive’s termination due to death or Disability, the
Executive or Executive’s estate shall be entitled to receive (1) six
months Base Salary; (2) any Accrued Obligations; and (3) any Equity
Benefits.

 

10.           Tax Matters.

 

(a)           With regard to any payments
made under this Agreement which would trigger a tax under Internal Revenue Code
(“IRC”) Sec. 280G for the Executive, the Company will gross up the payment for
the IRC Section 280G tax liability.

 

(b)           The Company or any of its
applicable affiliates shall withhold from any amounts payable or provided under
this Agreement such federal, state or local taxes as shall be required to be
withheld under any applicable law or regulation and other required or
applicable deductions.

 

(c)           If and to the extent any
portion of any payment, compensation or other benefit provided to Executive in
connection with Executive’s separation from service (as defined in IRC Section 409A)
is determined to constitute “nonqualified deferred compensation” within the
meaning of IRC Section 409A and Executive is a specified employee as
defined in IRC Section 409A(a)(2)(B)(i), as determined by the Company or
any of its applicable affiliates in accordance with its procedures, by which
determination Executive hereby agrees that Executive is bound, such portion of
the payment, compensation or other benefit shall not be paid before the day
that is six months plus one day after the date of separation from service (as
determined under IRC Section 409A) (the “New Payment
Date”), except as IRC 

 

6

 

Section 409A may then permit.  The aggregate of any payments that otherwise
would have been paid to Executive during the period between the date of
separation from service and the New Payment Date (the “Postponement
Period”) shall be paid to Executive in a lump sum on such New
Payment Date, and any remaining payments will be paid on their original
schedule.

 

(d)           If Executive dies during the
Postponement Period, the amounts and entitlements delayed on account of IRC Section 409A
of the Code shall be paid to the personal representative of Executive’s estate
on the first to occur of the New Payment Date and thirty (30) days after the
date of Executive’s death.

 

(e)           For purposes of this
Agreement, each amount to be paid or benefit to be provided shall be construed
as a separate payment for purposes of IRC Section 409A, and any payments
that are due within the “short term deferral period” as defined in IRC Section 409A
shall not be treated as deferred compensation unless applicable law requires
otherwise.  Neither the Company nor any
of its applicable affiliates nor Executive shall have the right to accelerate
or defer the delivery of any such payments or benefits except to the extent specifically
permitted or required by IRC Section 409A.

 

(f)            All reimbursements and
in-kind benefits provided under this Agreement that constitute deferred
compensation within the meaning of IRC Section 409A shall be made or
provided in accordance with the requirements of IRC Section 409A, including,
without limitation, that (i) in no event shall reimbursements to Executive
under this Agreement be made later than the end of the calendar year next
following the calendar year in which the applicable fees and expenses were
incurred, provided, that Executive shall have submitted an invoice for such
fees and expenses at least ten (10) days before the end of the calendar
year next following the calendar year in which such fees and expenses were
incurred; (ii) the amount of in-kind benefits that Executive is entitled
to receive in any given calendar year shall not affect the in-kind benefits
that Executive is entitled to receive in any other calendar year;
(iii) Executive’s right to reimbursements and in-kind benefits may not be
liquidated or exchanged for any other benefit; and (d) in no event shall
Executive’s entitlement to reimbursements or in-kind benefits apply later than
Executive’s remaining lifetime (or if longer, through the twentieth (20th)
anniversary of the Effective Date).

 

(g)           This Agreement is intended
to comply with the provisions of IRC Section 409A and shall, to the extent
practicable, be construed in accordance therewith.

 

(h)           In no event shall a tax
gross-up payment be paid later than the end of the year following the year that
the related taxes, or taxes on the underlying income or imputed income, are
remitted to the applicable taxing authority. 
Employment Periods defined in this Agreement shall have the meanings
given such terms under IRC Section 409A if and to the extent required to
comply with IRC Section 409A.  In
any event, neither the Company nor any of its affiliates makes any
representations or warranty and shall have no liability to Executive or any
other 

 

7

 

person if any provisions of or payments under this
Agreement are determined to constitute deferred compensation subject to IRC Section 409A
but not to satisfy the conditions of IRC Section 409A.

 

11.           If Executive’s employment
ends for any reason, Executive agrees that Executive will immediately resign
from any and all officer and director positions that Executive then has with
the Company or any subsidiary or affiliate upon request of the Board of
Directors of the Company.

 

12.           In no event shall Executive
be obligated to seek other employment or take any other action by way of
mitigation of the amounts payable to Executive under any of the provisions of
this Agreement, and such amounts shall not be reduced whether or not the
Executive obtains other employment.

 

13.           While employed and for a
period of two years following the date of termination of Executive’s employment
for any reason, Executive shall not solicit or induce, or cause any other
person to solicit or induce, any employee of the Company or any of its
subsidiaries to leave the Company or any of its subsidiaries or in any way to
modify his or her relationship with the Company.

 

14.           While employed and for a
period of ten years following the date of termination of Executive’s employment
for any reason, Executive shall not directly or indirectly disclose or furnish
to any entity, firm, corporation or person, except as otherwise required by law
or in the direct performance of the Executive’s duties for or to the Company,
any confidential or proprietary non-public information of the Company.

 

15.           Executive agrees that upon
termination of Executive’s employment, Executive shall provide to the Company
all documents, papers, files (including electronic files) or other material in
Executive’s possession or under Executive’s control that are connected with or
derived from the Executive’s services to the Company or that belong to the
Company.

 

16.           Mediation

 

The
parties shall first try in good faith to settle by mediation any dispute
arising out of or relating to this Agreement or its breach.  The mediation is to be administered by the
American Arbitration Association (“AAA”). 
The mediation shall be held in the City of New Orleans.  All expenses associated with the mediation
shall be the responsibility of the Company. 
If the mediation is unsuccessful, the parties may then resort to
litigation or any other mutually agreeable dispute resolution procedure.

 

17.           Injunctive Relief

 

In
the event of a breach by Executive of Executive’s obligations under this
Agreement, the Company, in addition to being entitled to exercise all rights
granted by law, including recovery of damages, will be entitled to specific
performance of its rights under this Agreement. 
Executive acknowledges that the Company shall suffer irreparable harm in
the event of a breach or prospective breach of Sections 13, 14, and/or 15
hereof and that monetary damages would not be adequate relief.  Notwithstanding the provisions of 

 

8

 

Section 16
(Mediation), the Company shall be entitled to seek and obtain temporary
injunctive relief to enforce its rights under this Agreement in any court of
competent jurisdiction without first attempting to settle the matter through
mediation, provided that the Company does seek to mediate the dispute prior to
seeking permanent equitable relief from the court.  This section shall survive the expiration of
the Executive’s employment with the Company.

 

18.           Choice of Law; Venue.

 

The
laws of the State of Louisiana (without giving effect to its conflicts of law
principles) govern all matters arising out of or relating to this Agreement,
including, without limitation, its validity, interpretation, construction,
performance, and enforcement.  Any party
bringing a legal action or proceeding against any other party arising out of or
relating to this Agreement may bring the legal action or proceeding in the
United States District Court for the Eastern District of Louisiana or in any
court of the State of Louisiana sitting in New Orleans, Louisiana.

 

19.           Severability

 

Should
any provision of this Agreement be rendered or declared legally invalid or
unenforceable by a court or arbitration tribunal of competent jurisdiction or
by the decision of an authorized governmental agency, invalidation or
unenforceability of such provision shall not invalidate or render unenforceable
any of the remaining provisions of this Agreement.

 

20.           The provisions of this
Agreement contain the entire agreement and understanding of the parties
regarding the Agreement and its provisions, and shall, as of the Effective
Date, fully supersede any and all prior agreements, representations, promises
or understandings, written or oral, between them pertaining to the subject
matter.  The provisions of this Agreement
may not be amended except in writing by the Executive and an authorized officer
appointed by the Board of Directors of the Company to sign the amendment.

 

21.           Any failure by either party
to exercise any of its rights to enforce any of the provisions of this
Agreement shall not prejudice such party’s rights with respect to any
subsequent or further violation, breach or default by the other party.  A waiver of any provision of this Agreement
by the parties shall not be valid or effective unless memorialized in writing
and signed by both parties to this Agreement.

 

22.           The rights and obligations
of the Company under this Agreement will be transferable and will be binding
upon and be enforceable by its successors and assigns; provided, however, that
no assignment or transfer of Company’s rights and/or obligations hereunder will
serve to release the Company from its obligations hereunder without the written
agreement of the Executive.

 

9

 

IN
WITNESS WHEREOF, Executive and the Company have executed this Agreement
effective as of June 26, 2010.

 

	
   

  	
  WESTWAY
  GROUP, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Francis Jenkins, Jr.

  
	
   

  	
   

  	
  Francis
  Jenkins, Jr.

  
	
   

  	
   

  	
  Chairman
  of the Board and the Compensation

  Committee
  of the Board

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  EXECUTIVE

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/
  Wayne N. Driggers

  
	
   

  	
  Wayne
  N. Driggers

  
	
   

  	
  Date:

  	
  June 25,
  2010

  
				

 

10

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