Document:

Exhibit 10.19

 

FIRST AMENDMENT

TO THE

ALLIED
MOTION TECHNOLOGIES INC. DEFERRED COMPENSATION PLAN

WHEREAS,
Allied Motion Technologies Inc. (the “Company”) has reserved the right to amend
the Allied Motion Technologies Inc. Deferred
Compensation Plan (the “Plan”) at any time by action of its Board of Directors;
and

WHEREAS,
this amendment has been authorized by the Board of Directors of the Company;

NOW,
THEREFORE, the Company hereby amends the Plan as follows,
effective as of the dates specified herein:

I.              Effective as of
the Effective Date of the Plan, Section 1.13 of the Plan is hereby amended to
read as follows:

1.13         “Investment Funds” means those mutual
funds that are designated by the Board from time to time as the investments
available to measure adjustments to Accounts, as provided in Section 7.03.

II.            Effective as of
August 2, 2006, a new Section 1.13A is added to the Plan, as follows:

1.13A      The Company shall be considered to be “Insolvent”
for purposes of the Plan if (i) the Company is unable to pay its debts as they
become due, or (ii) the Company is subject to a pending proceeding as a debtor
under the United States Bankruptcy Code.

III.           Effective as of
August 2, 2006, a new Section 9.03 is added to the Plan, as follows

9.03         Company Obligation to Establish
Trust.

(a)           Notwithstanding the
foregoing provisions of this Section 9, upon the  occurrence of any event described in
subsection (b), the Company shall, as soon as practicable, but in any case
within sixty (60) days after notice of such event is delivered to the Company
by any Participant as provided herein:

(i)            establish an irrevocable “rabbi
trust”, within the meaning of IRS Revenue Procedure 92-64, or any comparable
provision of law then in effect, 

 

 

under this Plan, which
trust shall include a separate account for each Participant; and

(ii)           contribute to such trust such
principal amount, in cash, as shall be sufficient to fully fund all benefits of
all Participants under the Plan which have theretofore accrued.

Thereafter, each Year the
Company shall (A) contribute to such trust such additional amounst as shall be
required such that, after such contribution, the assets in the trust shall be sufficient
to fully fund all benefits under the Plan which have theretofore accrued, and
(B) cause the trustee to deliver periodic reports to all Participants (not less
frequently than annually) with respect to the assets, gains and losses of the
Participant’s account under the trust.

(b)           The events referred
to in subsection (a) are as follows:

(i)            A “Change of Control” with respect
to the Company;

(ii)           The Company’s becoming Insolvent; or

(iii)          Any Participant’s delivery of a
written notice to the Company requesting that the Company establish a rabbi
trust as provided herein.

IV.           Effective as of
August 2, 2006, a new Section 12.08 is added to the Plan, as follows:

12.08       Notices. All notices and other communications required or permitted to be
given under the Plan shall be in writing and shall be deemed to have been duly given
if (a) delivered personally, (b) sent by next-day or overnight mail or
delivery, or (c) sent by fax, as follows:

(a)           If to the Company
to:

Allied Motion
Technologies Inc.

Suite 150

23 Inverness Way East

Englewood, CO 80112

Fax:  (303) 799-8521

Attention:  Secretary

(b)           If to any
Participant, to the address or fax number of such Participant most recently
provided to the Company by the Participant.

 

 

IN WITNESS WHEREOF, the Company
has caused this First Amendment to be executed this 2nd day of August,
2006.

	
  

  	
  ALLIED
  MOTION TECHNOLOGIES INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Susan M.
  Chiarmonte

  	
   

  
	
   

  	
  Secretary and TreasurerExhibit 10.1

OPTION AGREEMENT

THIS AGREEMENT (the “Agreement”),
dated March 15, 2007, is made by and between JWH Holding Company, LLC, a
Delaware limited liability company (the “Company”), Walter Industries, Inc., a Delaware
corporation (“Walter”) and                        ,
an employee of the Company, hereinafter referred to as the “Grantee”:

WHEREAS, pursuant to the
2007 Long-Term Incentive Award Plan of the Company (the “Plan”), the Company has granted to the
Grantee a non-qualified option to
purchase fractional limited liability company interest in the Company on the terms and
subject to the conditions set forth in this Agreement and the Plan;

WHEREAS, this Agreement is intended to implement the
provisions of paragraph 3(c) of
the employment agreement dated                    
(the “Employment Agreement”) by and between the Grantee and Walter, which transferred its Homebuilding and
Financing businesses to the Company and currently owns 100% of the limited
liability company interest in the Company;

NOW, THEREFORE, in
consideration of the mutual covenants herein contained and other good and
valuable consideration, receipt of which is hereby acknowledged, the parties
hereto do hereby agree as follows:

ARTICLE
I.

DEFINITIONS

Whenever the following
terms are used in this Agreement, they shall have the meaning specified below
unless the context clearly indicates to the contrary.  Capitalized terms used in this Agreement and
not defined in this Article or other
Articles of this Agreement shall have the meaning given such terms in
the Plan.  The masculine pronoun shall
include the feminine, and the singular the plural, where the context so
indicates.

Section 1.1             “Cause” shall have the
meaning set forth in paragraph 11 of the Employment Agreement.

Section 1.2             “Change in Control” shall
have the meaning set forth in Section 1.6 of the Plan; provided,
however, that a spin-off or other transaction separating the Company
from Walter shall not be considered a Change in Control.

Section 1.3             “Disability” shall mean any
medical condition whatsoever which leads to the absence of the Grantee from his
or her job function for a continuous period of six months without the Grantee
being able to resume such functions on a full time basis at the expiration of
such period, it being understood that unsuccessful attempts to return to work
for periods under thirty days shall not be deemed to have interrupted said
continuity.

Section 1.4              “Eligible Representative”
shall mean, upon the Grantee’s death, the Grantee’s personal representative or
such other person as is empowered under the deceased Grantee’s will or the then
applicable laws of descent and distribution to represent the Grantee hereunder.

Section 1.5             “Fair Market Value” of an
LLC interest as of a given date shall be (a) the mean of the high and low sales
prices (rounded to the nearest $0.01) of an LLC interest on the principal
exchange on which the Company’s LLC interests are then trading, if any (or as
reported on any composite index which includes such principal exchange), on the
trading day immediately preceding such date, or if LLC interests were not traded on the trading day immediately
preceding such date, then on the next preceding date on which a trade occurred,
or (b) if LLC interests are not traded on an exchange but are quoted on Nasdaq
or a successor quotation system, the mean between the closing representative
bid and asked prices for an LLC interest on the trading day immediately
preceding such date as reported by Nasdaq or such successor quotation system,
or (c) if LLC interests are not publicly traded on an exchange and not quoted
on Nasdaq or a successor quotation system, the Fair Market Value of an LLC
interest as established by reference to the most recent valuation of the
Company as a going concern and a stand-alone public company conducted by a
mutually agreeable, experienced valuation firm of national reputation.

In calculating Fair
Market Value at any time pursuant to clause (c) above (including in the case of
a sale of all or substantially all of the assets of the Company or any other
Change in Control), the capitalization of the Company shall be assumed to be
the capital shown on a pro forma balance sheet prepared as of the date of such
calculation on a consistent basis with the Reference Balance Sheet.  Any calculation of Fair Market Value pursuant
to clause (c) above shall be based on results of operations and cash flows and
other pertinent operating and financial measures, both historical and forecast,
and shall assume adequate capitalization sufficient to support the operations
of the Company as a going concern and as a stand-alone public company.

Section 1.6             “Plan” shall mean the 2007
Long-Term Incentive Award Plan of JWH Holding Company, LLC.

Section 1.7             “Protected Party” shall have
the meaning set forth in Section 5.1(f).

Section 1.8             “Reference Balance Sheet”
shall mean the pro forma balance sheet of the Company as of March 1, 2006,
attached hereto as Schedule 1. 
Intercompany accounts and legacy tax issues as of March 1, 2006 have
been excluded from the Reference Balance Sheet, and shall not be included on
any pro forma balance sheet prepared as of any valuation date.

Section 1.9             “Retirement” shall mean the
time when the employee-employer relationship between the Grantee and the
Company or any Subsidiary is terminated (a) other than for Cause, and (b) such
termination occurs on or after March 2, 2009.

Section 1.10           “Secretary” shall mean the
Secretary of the Company.

ARTICLE II.

GRANT OF OPTION

Section 2.1             Grant of Option.  In consideration of the Grantee’s agreement
to remain in the employ of the Company or its Subsidiaries and for other good
and valuable consideration, the Company has irrevocably granted to the Grantee
the option to purchase all or any part of      % of the total LLC interests of the
Company (the “Option”) upon the terms and conditions set forth in this
Agreement.

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Section 2.2             Options Subject to the Plan.  The Option granted hereunder is subject to
the terms and provisions of the Plan.

Section 2.3             Option Exercise Price.  The aggregate  exercise price of the Option shall be as shown in
the pricing letter between Grantee and the Company of even date herewith.  It is understood that this valuation is based in part on the assumption that the capitalization
of the Company would be adequate to support the business of the Company as  a going concern
and a stand-alone public company.

Section 2.4             Not a Contract of Employment.  Nothing in this Agreement or in the Plan
shall confer upon the Grantee any right to continue in the employ of the
Company or any of its Subsidiaries or shall interfere with or restrict in any
way the rights of the Company or its Subsidiaries, which are hereby expressly reserved subject to the terms of the Employment
Agreement, to discharge the Grantee at any time for any reason whatsoever,
with or without Cause.

ARTICLE
III.

PERIOD OF EXERCISABILITY

Section 3.1             Commencement of Exercisability

(a)           Subject
to subsections (b) and (c) of this Section 3.1 and to Section 3.3, the Option
shall become exercisable in three cumulative installments as follows:

(i)            The first
installment shall consist of one-third (1/3) of the LLC interests covered by
the Option and became exercisable on March 2, 2007;

(ii)           The
second installment shall consist of one-third (1/3) of the LLC interests
covered by the Option and shall become exercisable on March 2, 2008; and

(iii)          The
third installment shall consist of one-third (1/3) of the LLC interests covered
by the Option and shall become exercisable on March 2, 2009.

(b)           Notwithstanding
subsection (a) above, but subject to subsection (c) below and to Section 3.3,
the Option shall become fully exercisable upon the date of consummation of the
first Change in Control, termination of Grantee’s employment by the Company or a Subsidiary
without Cause, Grantee’s resignation because of a significant diminution in pay
or responsibilities, Grantee’s resignation because of the Company’s or Walter’s
material breach of the Employment Agreement which is not cured within a
reasonable period after notice, or Grantee’s death, Disability or Retirement.

(c)           No
portion of the Option which is unexercisable at or as a result of Termination of
Employment shall thereafter become exercisable.

Section 3.2             Duration of Exercisability.  The installments provided for in Section 3.1
are cumulative.  Each such installment
which becomes exercisable pursuant to Section 3.1 shall remain exercisable
until it becomes unexercisable under Section 3.3.

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Section 3.3             Expiration of Option.  The Option may not be exercised to any extent
by anyone after the first to occur of the following events:

(a)           The
expiration of ten years from March 2, 2006; or

(b)           Except
as the Administrator may otherwise approve, the date that is 90 days after the date of
the Grantee’s Termination of Employment by the Company or a Subsidiary for Cause or by Grantee for other than a reason specified in
Section 3.1(b); or

(c)           The expiration of two (2) years from the date of the
Grantee’s Termination of Employment for
a reason specified in Section
3.1(b).

ARTICLE IV.

EXERCISE OF OPTION

Section 4.1             Person Eligible to Exercise.  During the lifetime of the Grantee, only he
may exercise the Option or any portion thereof. 
After the death of the Grantee, any exercisable portion of the Option
may, prior to the time when the Option becomes unexercisable under Section 3.3,
be exercised by his Eligible Representative.

Section 4.2             Partial Exercise.  Any exercisable portion of the Option or the
entire Option, if then wholly exercisable, may be exercised in whole or in part
at any time prior to the time when the Option or portion thereof becomes
unexercisable under Section 3.3; provided, however, that each partial exercise
shall be in respect of not less than 1/2 of 1% of the LLC interests of the Company (or the total
amount then exercisable pursuant to Section 3.1, if smaller) and shall be for
increments of 1/10
of 1% of the LLC interests of the
Company only.

Section 4.3             Gross-Up For Excise Tax.

(a)            To the extent that the vesting or exercise of the Option or the
payment (excluding the payments to be made pursuant to this Section 4.3)
received by Grantee under this Agreement and the Plan with respect to his
Option will be an “excess parachute payment” subject to the excise tax imposed
by Section 4999 of the Code, or any successor provision of the Code (the “Excise
Tax”), the Company shall pay Grantee an additional amount at the time the Excise Tax is due and payable equal to
the amount of the Excise Tax plus any federal, state and local income
and employment taxes and Excise Tax on the additional amount (the “Gross-Up Payment”).  For purposes of calculating the
Gross-Up Payment, Grantee shall be deemed to pay income taxes at the highest
applicable marginal rate of federal, state or local income taxation for the
calendar year in which the Gross-Up Payment is being made, net of the maximum
reduction in federal income taxes which could be obtained from deduction of any
such state and local taxes.

(b)           Subject to any
determinations made by the Internal Revenue Service (the “IRS”), all
determinations as to whether a Gross-Up Payment is required and the amount of
the Gross-Up Payment shall be made by the Company’s independent certified
public accounting firm and/or tax counsel selected by the Company
(collectively, the “Accountants”) in accordance with the principles of Section
280G of the Code and Internal Revenue
Service regulations thereunder. All fees and expenses of the Accountants
will be paid by the Company. All determinations made by the Accountants shall
be binding on the Company and Grantee, subject to any determinations made by
the IRS.

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(c)           In the event that the
Excise Tax is subsequently determined by the Accountants or the IRS to be less
than the amount taken into account under this Section 4.3 in calculating the
Gross-Up Payment, Grantee shall pay to the Company, on or before the date that
is ten (10) days after the date that the amount of such reduction in the Excise
Tax is finally determined, the portion of the Gross-Up Payment that would not have been payable had
the Gross-Up Payment been calculated
based on the amount of the finally determined Excise Tax, plus interest
on the amount of such payment at the prime rate published in the Wall Street
Journal on the date the Excise Tax is finally determined from the date the
Gross-Up Payment was made to the date such payment is made.

(d)           In the event that the
Excise Tax is subsequently determined by the Accountants or the IRS to be more
than the amount taken into account under this Section 4.3 in calculating the
Gross-Up Payment, the Company shall pay an additional Gross-Up Payment in
respect of such excess (plus any interest, penalties or additions payable by
Grantee with respect to such excess) on or before the date that is ten (10)
days after the date that the amount of such excess in the Excise Tax is finally
determined.

(e)           Grantee and the Company
shall each reasonably cooperate with the other in lawfully reducing the amount of Excise Tax that may be due and in
connection with any administrative or judicial proceedings concerning the
existence or amount of liability for Excise Tax with respect to the Option.
Grantee and the Company shall deliver to one another copies of any written
communications, and summaries of any verbal communications, with any taxing
authority regarding the application of Section 280G of the Code or the Excise
Tax to the Option. The Company will control all proceedings in the event of any
controversy with any taxing authority with regard to Section 280G of the Code
or the Excise Tax.

Section 4.3             Rights as Equity Owner.  The holder of the Option shall not be, nor
have any of the rights or privileges of, an equity owner of the Company in
respect of any LLC interests purchasable upon the exercise of any part of the
Option unless and until such LLC interests have been purchased upon the exercise
of the Option or portion thereof.

Section 4.4             Holding Period/Put and Call Rights.  Following the exercise of all or
any part of the Option, the Company shall, upon Grantee’s request made at any
time on or after 185 days following such exercise, purchase from Grantee for cash at the then Fair Market Value all or any portion of the LLC interests
Grantee has acquired upon exercise of the Option; provided, however, that (a) in the event of the termination
of Grantee’s employment with the Company for any reason or in the event of any
Change in Control Grantee’s put right shall become immediately exercisable and
(b) the Company shall have the right to purchase from Grantee for cash at the then Fair Market Value all or any portion of the LLC interests
Grantee has acquired upon exercise of the Option.  In respect of any such 185 day period, the
Company shall pay Grantee an amount equal to (i) the sum of (x) the exercise
price plus (y) Grantee’s marginal federal income tax rate times the amount of
taxable income Grantee incurs upon such exercise, multiplied by (ii) the
then-current London Interbank Offered Rate for similar principal amounts
for the period from the exercise date to the date of payment.

Section 4.5             Valuations.  At any time on or after March 2, 2007, unless
the Fair Market Value can be established pursuant to Section 1.5(a) or 1.5(b),
Grantee may demand in writing that the Company establish the Fair Market Value
pursuant to Section 1.5(c).  The
Company 

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may, at any time when the Fair Market Value cannot be established pursuant to Section 1.5(a) or
1.5(b), establish the Fair Market Value pursuant to Section 1.5(c), but
shall not do so within one year of a prior valuation without the consent of the
Grantee.  In the event that a valuation
is required under Section 1.5(c) in connection with any transaction in which
some of the assets and/or liabilities of the Company are sold and Walter
retains some of the assets and/or liabilities of the Company, the Fair Market
Value shall be the fair market value of the proceeds received for the sale of
such assets and liabilities plus the net assets (or minus the net liabilities)
retained by Walter.  Any calculation of
the net assets or net liabilities for purposes of the foregoing sentence shall
be made by reference to a balance sheet prepared on a consistent basis with the
Reference Balance Sheet.

Section 4.6             Restrictions on Transfer.  Without limitation of Grantee’s rights under
Section 4.4 hereof, Grantee agrees not to sell, pledge, hypothecate or transfer
in any manner whatsoever any LLC Interests acquired upon exercise of the
Option, other than a testamentary transfer, without the express written consent
of the Company, which consent shall not be unreasonably withheld; provided,
however, that the consent of the Company shall not be required (but prior
notice shall be given by the Grantee to the Company) (a) for a bona
fide pledge of the LLC Interests as security for a borrowing by Grantee from a
financial institution engaged in the day-to-day business of lending to individuals
and (b) at any time when the Company’s equity is publicly traded.

ARTICLE V.

OTHER AGREEMENTS

Section 5.1             Representations and Warranties  of Grantee.  By accepting
this Agreement, Grantee represents and warrants to the Company the following:

(a) Grantee
is accepting the Option solely for his own account, as principal, without a
view to, and not for resale in connection with, any distribution or
underwriting of it, and Grantee is not participating, directly or indirectly,
in any distribution or underwriting of the Option.  Grantee is not acquiring the Option as an
agent, nominee, or representative for the account or benefit of another person
or entity, and Grantee has not agreed or arranged to sell, assign, transfer,
subdivide, or otherwise dispose of all or any part of the Option to another
person or entity.

(b) Grantee
understands that (i) no state or federal agency has passed upon the Option or
made any finding or determination as to the fairness of the Option as an
investment, (ii) the Option has not been, and will not be, registered under
either the Securities Act, or any state securities law, and (iii) except as provided in Section 4.1, the Option cannot be offered for sale, sold,
assigned, foreclosed or otherwise transferred.

(c) Grantee
has been given adequate opportunity to evaluate this investment, including
opportunities to (i) examine the Company’s material books and records and all
material documents relating to this investment and the Plan, (ii) question
officers of the Company, (iii) obtain any additional information necessary to
evaluate the investment or to verify any information or representation
contained in the Plan, this Agreement or related documents, and 

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(iv) make such other investigation
that Grantee considered appropriate or necessary to evaluate the business and
financial affairs and condition of the Company.

(d) Grantee
has had access to all information regarding the Company and its present and
prospective businesses, assets, liabilities and financial condition that
Grantee considered important in making the decision to accept the Option.

(e) Grantee
is knowledgeable concerning the business of the Company, and has carefully
considered and understands the risks and other factors affecting the
suitability of the Option for him or her. 
Additionally, Grantee has sufficient knowledge and experience in
financial and business matters so as to be capable of evaluating the merits and
risks of his or her investment in the Option, on the basis of his investment experience, other
business and professional experience and education.

(f)
Grantee understands that none of the Company, Walter, their Subsidiaries, any
officer or director of the Company, Walter or any Subsidiary, or any
professional advisor of the Company, Walter, or its Subsidiaries (collectively,
the “Protected Parties” and each a “Protected Party”), makes any representation
or warranty to Grantee with respect to, or assumes any responsibility for, the
tax consequences to Grantee with respect to the Option, including, without
limitation, the federal income tax consequences under Section 409A of the
Code.  Grantee acknowledges that the Plan
and the Option may be subject to Section 409A of the Code and that his right to
receive a payment with respect to the Option may be delayed if his separation
from service does not satisfy applicable rules concerning payments following
Grantee’s separation from service under Section 409A of the Code and that the
Company intends to comply with all IRS reporting requirements applicable to the
Option.  In the event that a payment to
Grantee is delayed by virtue of Section 409A of the Code, the Company shall pay
to Grantee an additional amount equal to the amount of the delayed payment
multiplied by the then-current London Interbank Offered Rate for similar
principal amounts for the period from the exercise date to the date of payment.

(g)  Grantee has reviewed with his or her own tax
advisors the federal, state, and local tax consequences of participating in the
Plan, and Grantee relies solely on such advisors in respect of such matters.

Section 5.2             Release.  Grantee hereby irrevocably and
unconditionally releases each Protected Party from all liability for any
punitive, incidental, compensatory, consequential, or other damages or
obligations incurred by the Grantee for any act or omission in respect of the
Option by the Protected Party (including the person’s own negligence), or by
any agent, employee, professional advisor, or other expert used or engaged by
the Protected Party, if the act or omission does not constitute gross
negligence, willful misconduct or a breach of the terms of this Agreement and
is done or omitted in good faith, on behalf of the Company, and in a manner
believed by the Protected Party to be both in the best interests of the Company
and within the scope of the authority granted to the Protected Party by the
Plan; provided, however, notwithstanding the foregoing or any representation or
warranty made by Grantee in Section 5.1, the Company and Walter shall not be
released from liability to Grantee for any loss or damage suffered by Grantee
on account of breach by the Company or Walter of any representation or warranty
made by them in Section 5.3.

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Section
5.3             Representations and Warranties of the Company and
Walter.  The Company and Walter
represent and warrant to Grantee the following:

(a)           A valid election has been or will be
made under United States Treasury Regulation section 301.7701-3 to treat the
Company as a corporation for all federal tax purposes, and such election will
be continuously maintained in effect.

(b)           The Company is a limited liability
company duly and validly formed under applicable Delaware law.

(c)           The Reference Balance Sheet reflects
all the assets and liabilities of Walter’s Homebuilding and Financing
businesses as of March 1, 2006, and Walter has validly and effectively
transferred such businesses to the Company.

(d)           In the event of a spin-off of the
Company to the shareholders of Walter, the capital of the Company shall be
sufficient to support the operations of the Company as a going concern and as a
stand-alone public company.

(e)           The Plan has been duly and properly
adopted by the Company and approved by Walter.

ARTICLE VI.

MISCELLANEOUS

Section
6.1             Administration. 
The Administrator shall have the power to interpret this Agreement and
to adopt such rules for the administration, interpretation and application of
this Option as are consistent therewith and to interpret, amend or revoke any
such rules.  All actions taken and all
interpretations and determinations made by the Administrator in good faith
shall be final and binding upon the Grantee, the Company and all other
interested persons.  Neither the
Administrator nor any member of the Board shall be personally liable for any
action, determination or interpretation made in good faith with respect to the
Option.

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Section
6.2             Transferability of Option. Neither the Option nor
any interest or right therein or part thereof shall be sold, pledged, assigned,
or transferred in any manner other than by will or the laws of descent and
distribution.  Neither the Option nor any
interest or right therein or part thereof shall be liable for the debts,
contracts or engagements of the Grantee or his successors in interest or shall
be subject to disposition by transfer, alienation, anticipation, pledge,
encumbrance, assignment or any other means whether such disposition be
voluntary or involuntary or by operation of law by judgment, levy, attachment,
garnishment or any other legal or equitable proceedings (including bankruptcy),
and any attempted disposition thereof shall be null and void and of no effect,
except to the extent that such disposition is permitted by the preceding
sentence. In the event of a spin-off of the Company to the shareholders of
Walter, the Administrator shall adjust the Award under this Agreement into an
award of the Company at the time of such spin-off in order to prevent dilution
or enlargement of the benefits or potential benefits intended to be made
available with respect to this Award.

Section
6.3             Notices.  Any notice to be given under the terms of this
Agreement to the Company shall be addressed to the Company in care of its
Secretary, and any notice to be given to the Grantee shall be addressed to him
at the address reflected in the Company’s records.  By a notice given pursuant to this Section
6.3, either party may hereafter designate a different address for notices to be
given to him.  Any notice which is
required to be given to the Grantee shall, if the Grantee is then deceased, be
given to the Grantee’s personal representative if such representative has
previously informed the Company of his status and address by written notice
under this Section 6.3.  Any notice shall
be deemed duly given five (5) days after such notice is enclosed in a properly
sealed envelope or wrapper addressed as aforesaid, and deposited as Certified
Mail or Registered Mail, Return Receipt Requested (with postage prepaid) in a
post office or branch post office regularly maintained by the United States
Postal Service; provided, however, that any notice to be given by the Grantee
relating to the exercise of the Option or any portion thereof shall be deemed
duly given upon receipt by the Secretary or his office.

Section
6.4             Entire Agreement. 
This Agreement and the Plan constitute the entire understanding between
Grantee and the Company regarding the Option. 
This Agreement and the Plan supersedes any prior agreements, commitments
or negotiations concerning the Option.

Section
6.5             Titles. 
Titles are provided herein for convenience only and are not to serve as
a basis for interpretation or construction of this Agreement.

Section
6.6             Construction. 
This Agreement shall be administered, interpreted and enforced under the
internal laws of the State of Delaware without regard to conflicts of laws
thereof.

Section
6.7             Not a Registered Security.  The Grantee acknowledges that this Option is
a private contract and is not intended to conform to the provisions of the
Securities Act and the Exchange Act.

Section
6.8             Amendments or Terminations.  This Agreement and the Plan may be amended or
terminated without the consent of the Grantee provided that such amendment or
termination would not impair any rights of the Grantee under this
Agreement.  No amendment or termination
of this Agreement shall, without the consent of the Grantee, impair any rights
of the Grantee under this Agreement.

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IN
WITNESS WHEREOF, this Agreement has been executed and delivered by the parties
hereto.

	
  

  	
  JWH HOLDING COMPANY, LLC

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By: WALTER INDUSTRIES, INC.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Its Sole Member

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Its Vice Chairman

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  WALTER INDUSTRIES, INC.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Its:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  [Grantee]

  	
   

  	
   

  
						

 

 10

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00119-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00119-of-00352.parquet"}]]