Document:

exv10w2

 

Exhibit 10.2

REVOLVING LINE OF CREDIT NOTE

	 	 	 
	$25,000,000.00

	 	Los Angeles, California

June 30, 2005

     FOR VALUE RECEIVED, the undersigned FIRST INTERSTATE BANCSYSTEM, INC.
(“Borrower”) promises to pay to the order of WELLS FARGO BANK, NATIONAL
ASSOCIATION (“Bank”) at its office at 707 Wilshire Blvd., 21st
Floor, Los Angeles, California, or at such other place as the holder hereof
may designate, in lawful money of the United States of America and in
immediately available funds, the principal sum of Twenty-five Million Dollars
($25,000,000.00), or so much thereof as may be advanced and be
outstanding, with interest thereon, to be computed on each advance from the
date of its disbursement as set forth herein.

DEFINITIONS:

     As used herein, the following terms shall have the meanings set forth
after each, and any other term defined in this Note shall have the meaning
set forth at the place defined:

     (a)     “Business Day” means any day except a Saturday, Sunday or any other
day on which commercial banks in California are authorized or required by
law to close.

     (b)     “Fixed Rate Term” means a period commencing on a Business Day and
continuing for 1, 2, 3 or 6 months, as designated by Borrower, during
which all or a portion of the outstanding principal balance of this Note
bears interest determined in relation to LIBOR; provided however, that no
Fixed Rate Term may be selected for a principal amount less than One Hundred
Thousand Dollars ($100,000.00); and provided further, that no Fixed Rate
Term shall extend beyond the scheduled maturity date hereof. If any Fixed
Rate Term would end on a day which is not a Business Day, then such Fixed
Rate Term shall be extended to the next succeeding Business Day.

     (c)     “LIBOR” means the rate per annum (rounded upward, if
necessary, to the nearest whole 1/8 of 1%) and determined pursuant to
the following formula:

LIBOR =                       Base
LIBOR                      

                  100% - LIBOR Reserve Percentage

          (i)     “Base LIBOR” means the rate per annum for United States dollar
deposits quoted by Bank as the Inter-Bank Market Offered Rate, with the
understanding that such rate is quoted by Bank for the purpose of calculating
effective rates of interest for loans making
reference thereto, on the first day of a Fixed Rate Term for delivery of
funds on said date for a period of time approximately equal to the number of
days in such Fixed Rate Term and in an
amount approximately equal to the principal amount to which such Fixed
Rate Term applies.
Borrower understands and agrees that Bank may base its quotation of the
Inter-Bank Market
Offered Rate upon such offers or other market indicators of the
Inter-Bank Market as Bank in its discretion deems appropriate including, but
not limited to, the rate offered for U.S. dollar
deposits on the London Inter-Bank Market.

          (ii)     “LIBOR Reserve Percentage” means the reserve percentage prescribed
by the Board of Governors of the Federal Reserve System (or any successor)
for “Eurocurrency

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Liabilities” (as defined in Regulation D of the Federal Reserve Board,
as amended), adjusted by Bank for expected changes in such reserve percentage
during the applicable Fixed Rate Term.

     (d)     “Prime Rate” means at any time the rate of interest most recently
announced within Bank at its principal office as its Prime Rate, with the
understanding that the Prime Rate is one of Bank’s base rates and serves as
the basis upon which effective rates of interest are calculated for those
loans making reference thereto, and is evidenced by the recording thereof
after its announcement in such internal publication or publications as Bank
may designate.

INTEREST:

     (a)     Interest. The outstanding principal balance of this Note shall bear
interest
(computed on the basis of a 360-day year, actual days elapsed) either
(i) at a fluctuating rate equal to the Prime Rate in effect from time to
time, or (ii) at a fixed rate per annum determined by Bank to be one and
one-quarter percent (1.25%) above LIBOR in effect on the first day of the
applicable Fixed Rate Term. When interest is determined in relation to the
Prime Rate, each change in the rate of interest hereunder shall become
effective on the date each Prime Rate change is announced within Bank. With
respect to each LIBOR selection hereunder, Bank is hereby authorized to note
the date, principal amount, interest rate and Fixed Rate Term
applicable thereto and any payments made thereon on Bank’s books and
records (either
manually or by electronic entry) and/or on any schedule attached to this
Note, which notations shall be prima facie evidence of the accuracy of the
information noted.

     (b)     Selection of Interest Rate Options. At any time any portion of this
Note bears
interest determined in relation to LIBOR, it may be continued by
Borrower at the end of the
Fixed Rate Term applicable thereto so that all or a portion thereof
bears interest determined in
relation to the Prime Rate or to LIBOR for a new Fixed Rate Term
designated by Borrower. At
any time any portion of this Note bears interest determined in relation
to the Prime Rate,
Borrower may convert all or a portion thereof so that it bears interest
determined in relation to
LIBOR for a Fixed Rate Term designated by Borrower. At such time as
Borrower requests an
advance hereunder or wishes to select a LIBOR option for all or a
portion of the outstanding
principal balance hereof, and at the end of each Fixed Rate Term,
Borrower shall give Bank
notice specifying: (i) the interest rate option selected by Borrower;
(ii) the principal amount
subject thereto; and (iii) for each LIBOR selection, the length of the
applicable Fixed Rate Term.
Any such notice may be given by telephone (or such other electronic
method as Bank may
permit) so long as, with respect to each LIBOR selection, (A) if
requested by Bank, Borrower
provides to Bank written confirmation thereof not later than three (3)
Business Days after such
notice is given, and (B) such notice is given to Bank prior to 10:00
a.m. on the first day of the
Fixed Rate Term, or at a later time during any Business Day if Bank, at
it’s sole option but
without obligation to do so, accepts Borrower’s notice and quotes a
fixed rate to Borrower. If
Borrower does not immediately accept a fixed rate when quoted by Bank,
the quoted rate shall
expire and any subsequent LIBOR request from Borrower shall be subject
to a redetermination
by Bank of the applicable fixed rate. If no specific designation of
interest is made at the time
any advance is requested hereunder or at the end of any Fixed Rate Term,
Borrower shall be
deemed to have made a Prime Rate interest selection for such advance or
the principal amount
to which such Fixed Rate Term applied.

     (c)     Taxes and Regulatory Costs. Borrower shall pay to Bank
immediately upon demand, in addition to any other amounts due or to
become due hereunder, any and all (i) withholdings, interest equalization
taxes, stamp taxes or other taxes (except income and

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franchise taxes) imposed by any domestic or foreign governmental
authority and related in any
manner to LIBOR, and (ii) future, supplemental, emergency or other changes in
the LIBOR
Reserve Percentage, assessment rates imposed by the Federal Deposit Insurance
Corporation,
or similar requirements or costs imposed by any domestic or foreign
governmental authority or
resulting from compliance by Bank with any request or directive (whether or
not having the force
of law) from any central bank or other governmental authority and related in
any manner to
LIBOR to the extent they are not included in the calculation of LIBOR. In
determining which of
the foregoing are attributable to any LIBOR option available to Borrower
hereunder, any
reasonable allocation made by Bank among its operations shall be conclusive
and binding upon
Borrower.

     (d)     Payment of Interest. Interest accrued on this Note shall be payable on the last
day of each month, commencing July 31, 2005.

     (e)     Default Interest. From and after the maturity date of this Note, or
such earlier date as all principal owing hereunder becomes due and payable by
acceleration or otherwise, the outstanding principal balance of this Note
shall bear interest until paid in full at an increased rate per annum
(computed on the basis of a 360-day year, actual days elapsed) equal to four
percent (4%) above the rate of interest from time to time applicable to this
Note.

BORROWING AND REPAYMENT:

     (a)     Borrowing and Repayment. Borrower may from time to time during the
term of this Note borrow, partially or wholly repay its outstanding
borrowings, and reborrow, subject to all of the limitations, terms and
conditions of this Note and of any document executed in connection with or
governing this Note; provided however, that the total outstanding borrowings
under this Note shall not at any time exceed the principal amount stated
above. The unpaid principal balance of this obligation at any time shall be
the total amounts advanced hereunder by the holder hereof less the amount of
principal payments made hereon by or for any
Borrower, which balance may be endorsed hereon from time to time by the
holder. The outstanding principal balance of this Note shall be due and
payable in full on June 30, 2008.

     (b)     Advances. Advances hereunder, to the total amount of the principal
sum stated
above, may be made by the holder at the oral or written request of (i)
Terrill R. Moore, Abram M.
Stevens or Steven Bauer, any one acting alone, who are authorized to
request advances and
direct the disposition of any advances until written notice of the
revocation of such authority is
received by the holder at the office designated above, or (ii) any
person, with respect to
advances deposited to the credit of any deposit account of any Borrower,
which advances,
when so deposited, shall be conclusively presumed to have been made to
or for the benefit of
each Borrower regardless of the fact that persons other than those
authorized to request
advances may have authority to draw against such account. The holder
shall have no
obligation to determine whether any person requesting an advance is or
has been authorized by
any Borrower.

     (c)     Application of Payments. Each payment made on this Note shall be
credited first, to any interest then due and second, to the outstanding
principal balance hereof. All payments credited to principal shall be applied
first, to the outstanding principal balance of this Note which bears interest
determined in relation to the Prime Rate, if any, and second, to the
outstanding principal balance of this Note which bears interest determined in
relation to LIBOR, with such payments applied to the oldest Fixed Rate Term
first.

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PREPAYMENT:

     (a)     Prime Rate. Borrower may prepay principal on any portion of this Note which
bears interest determined in relation to the Prime Rate at any time, in any amount and
without
penalty.

     (b)     LIBOR. Borrower may prepay principal on any portion of this Note
which bears
interest determined in relation to LIBOR at any time and in the minimum
amount of One
Hundred Thousand Dollars ($100,000.00); provided however, that if the
outstanding principal
balance of such portion of this Note is less than said amount, the
minimum prepayment amount
shall be the entire outstanding principal balance thereof. In
consideration of Bank providing this
prepayment option to Borrower, or if any such portion of this Note shall
become due and
payable at any time prior to the last day of the Fixed Rate Term
applicable thereto by
acceleration or otherwise, Borrower shall pay to Bank immediately upon
demand a fee which is
the sum of the discounted monthly differences for each month from the
month of prepayment
through the month in which such Fixed Rate Term matures, calculated as
follows for each such
month:

	 	(i)	 	Determine the amount of interest which would have accrued each
month on the
amount prepaid at the interest rate applicable to such amount
had it remained
outstanding until the last day of the Fixed Rate Term applicable
thereto.
	 
	 	(ii)	 	Subtract from the amount determined in (i) above the amount of interest which
would have accrued for the same month on the amount prepaid for the remaining
term of such Fixed Rate Term at LIBOR in effect on the date of prepayment for
new loans made for such term and in a principal amount equal to the amount
prepaid.
	 
	 	(iii)	 	If the result obtained in (ii) for any month is greater than zero, discount that
difference by LIBOR used in (ii) above.

Each Borrower acknowledges that prepayment of such amount may result in Bank
incurring
additional costs, expenses and/or liabilities, and that it is difficult to
ascertain the full extent of
such costs, expenses and/or liabilities. Each Borrower, therefore, agrees to
pay the above
described prepayment fee and agrees that said amount represents a reasonable
estimate of the
prepayment costs, expenses and/or liabilities of Bank. If Borrower fails to
pay any prepayment
fee when due, the amount of such prepayment fee shall thereafter bear
interest until paid at a
rate per annum two percent (2%) above the Prime Rate in effect from time to
time (computed on
the basis of a 360-day year, actual days elapsed). Each change in the rate of
interest on any
such past due prepayment fee shall become effective on the date each Prime
Rate change is
announced within Bank.

EVENTS OF DEFAULT:

     This Note is made pursuant to and is subject to the terms and
conditions of that certain Credit Agreement between Borrower and Bank dated
as of June 30, 2005, as amended from time to time (the “Credit Agreement”).
Any default in the payment or performance of any obligation under this Note,
or any defined event of default under the Credit Agreement, shall constitute
an “Event of Default” under this Note.

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MISCELLANEOUS:

     (a)     Remedies. Upon the occurrence of any Event of Default, the holder of
this Note, at the holder’s option, may declare all sums of principal and
interest outstanding hereunder to be immediately due and payable without
presentment, demand, notice of nonperformance,
notice of protest, protest or notice of dishonor, all of which are
expressly waived by each
Borrower, and the obligation, if any, of the holder to extend any
further credit hereunder shall
immediately cease and terminate. Each Borrower shall pay to the holder
immediately upon
demand the full amount of all payments, advances, charges, costs and
expenses, including
reasonable attorneys’ fees (to include outside counsel fees and all
allocated costs of the
holder’s in-house counsel), expended or incurred by the holder in
connection with the
enforcement of the holder’s rights and/or the collection of any amounts
which become due to
the holder under this Note, and the prosecution or defense of any action
in any way related to this Note, including without limitation, any action for
declaratory relief, whether incurred at the trial or appellate level, in an
arbitration proceeding or otherwise, and including any of the
foregoing incurred in connection with any bankruptcy proceeding
(including without limitation, any adversary proceeding, contested matter or
motion brought by Bank or any other person)
relating to any Borrower or any other person or entity.

     (b)     Obligations Joint and Several. Should more than one person or
entity sign this Note as a Borrower, the obligations of each such Borrower
shall be joint and several.

     (c)     Governing Law. This Note shall be governed by and construed in accordance
with the laws of the State of California.

     IN WITNESS WHEREOF, the undersigned has executed this Note as of the
date first written above.

	 	 	 	 
	FIRST INTERSTATE BANCSYSTEM, INC.

 	 
	By:  	/s/ TERRILL R. MOORE
 	 
	 	Terrill R. Moore	 
	 	Executive Vice President and

Chief Financial Officer 	 

-5-exv10w1

 

Exhibit 10.1

SECOND AMENDED AND RESTATED COMPENSATION AGREEMENT

     This Amended and Restated Compensation Agreement (“Agreement”) is made and
entered into by and between Palm Harbor Homes, Inc., a Florida corporation (“Palm Harbor”),
and Lee Posey (“Employee”), and is dated to be effective as of July 1, 2005.

W I T N E S S E T H:

     WHEREAS, effective March 27, 1999, Palm Harbor and Employee entered into that certain Amended
and Restated Compensation Agreement, which was amended pursuant to that certain Amendment No. 1 to
Amended and Restated Compensation Agreement dated to be effective March 29, 2002 (collectively, the
“Original Agreement”); and

     WHEREAS, the parties desire to amend and restate the Original Agreement to reflect the current
agreement between the parties;

     NOW, THEREFORE, in consideration of the mutual covenants herein contained, the employment and
payment of compensation to Employee upon the terms and conditions set forth herein and each act
done pursuant hereto, the parties hereto agree as follows:

Employment

     1. Nature of Employment. For the term of employment as below stated, and subject to
general supervision by the Board of Directors of Palm Harbor (the “Board”), to whom
Employee shall exclusively report, Palm Harbor hereby employs Employee as its Chairman Emeritus to
perform such duties as are customarily provided by persons in similar officer positions with
companies of the same general size and engaged in comparable businesses as the Company and as the
Board shall from time to time reasonably prescribe. Employee shall have the authority to bind Palm
Harbor to contracts to the same extent as the Chief Executive Officer and/or President of Palm
Harbor, without the necessity of having the Board adopt a specific resolution in each such instance
in which the Chief Executive Officer and/or President has or is given authority to execute
contracts.

     2. Term. Subject to earlier termination as hereinafter provided, the term of
employment of Employee hereunder shall commence on the date hereof, and continue for a period of
eight years (the “Term”).

     3. Termination. This Agreement shall be terminated prior to the expiration of the
Term only as follows:

	 	(a)	 	by mutual consent of the parties;
	 
	 	(b)	 	upon the death or permanent disability (as determined in
accordance with the then existing policy of Palm Harbor) of Employee;

 

 

	 	(c)	 	by Palm Harbor, upon conviction of a felony by Employee;
	 
	 	(d)	 	by Palm Harbor, upon commission of any intentional misconduct
relating to the business of Palm Harbor which causes material damage to Palm
Harbor; or
	 
	 	(e)	 	at Employee’s option.

     4. Relationship. In performing the services described under this Agreement, it is
mutually understood and agreed that Employee will at all times be acting and performing as an
employee. This Agreement creates the relationship of principal and agent between Palm Harbor and
Employee during the Term. Subject to the limitations in Section 1, Employee shall have the
authority to create obligations and make any contracts, agreements, representations and warranties
on behalf of and in the name of Palm Harbor during the employment period.

     5. Compensation. As compensation for his services to Palm Harbor and other duties and
responsibilities herein contemplated during the Term, Employee shall receive from Palm Harbor
$100,000 per annum. Upon termination of this Agreement for any reason other than death or
disability, Palm Harbor shall have no further obligations to Employee. If this Agreement
terminates due to death or disability, Palm Harbor shall pay to Employee or his spouse, as
applicable, the sum of $8,333.33 per month for a number of months equal to 96 minus the number of
months Employee received payments under this Agreement prior to his death or disability.

     6. Sick Leave, etc. During the term of employment, Employee shall be entitled to sick
leave of such duration as he is currently entitled, and dental, medical and other insurance and
other fringe benefits, as are consistent with Palm Harbor’s policy for its executive level
employees. All reasonable travel expenses and other business expenses incurred by Employee in
connection with the performance of his services for Palm Harbor shall be reimbursed to Employee by
Palm Harbor. Such reimbursement shall be made upon presentation to Palm Harbor of vouchers,
receipts, business purpose summaries and other statements itemizing such expenses in detail
complying with all tax reporting requirements therefor and reimbursement policies of Palm Harbor.

     7. Arbitration. THE PARTIES AGREE THAT ANY AND ALL DISPUTES BETWEEN THEM RELATED
HERETO AND ANY RELATED CLAIM BY ANY PARTY THAT CANNOT AMICABLY BE SETTLED SHALL BE DETERMINED
SOLELY AND EXCLUSIVELY BY ARBITRATION IN ACCORDANCE WITH THE RULES THEN PROMULGATED BY THE AMERICAN
ARBITRATION ASSOCIATION (“AAA”) OR ANY SUCCESSOR AT ITS OFFICES NEAREST DALLAS, TEXAS,
UNLESS THE PARTIES OTHERWISE AGREE IN WRITING. A DISPUTE SUBJECT TO THE PROVISIONS OF THIS SECTION
8 WILL EXIST IF EITHER PARTY NOTIFIES THE OTHER IN WRITING THAT A DISPUTE SUBJECT TO ARBITRATION
EXISTS AND STATES WITH REASONABLE SPECIFICITY THE ISSUES SUBJECT TO DISPUTE (THE “ARBITRATION
NOTICE”). THE PARTIES AGREE THAT AFTER THE ISSUANCE OF AN ARBITRATION NOTICE, THE

 

 

PARTIES WILL TRY IN GOOD FAITH TO RESOLVE THE DISPUTE BY MEDIATION IN ACCORDANCE WITH THE
COMMERCIAL MEDIATION RULES OF THE AAA BETWEEN THE DATE OF ISSUANCE OF THE ARBITRATION NOTICE AND
THE DATE SET FOR ARBITRATION. THE PARTIES ALSO AGREE THAT THE AAA OPTIONAL RULES FOR EMERGENCY
MEASURES OF PROTECTION SHALL APPLY TO THE PROCEEDING. IF THE DISPUTE IS NOT SETTLED BY THE DATE
SET FOR ARBITRATION, THEN ANY REMAINING UNRESOLVED CONTROVERSY OR CLAIM ARISING OUT OF OR RELATING
TO THIS AGREEMENT OR THE BREACH THEREOF WILL BE RESOLVED BY BINDING ARBITRATION IN ACCORDANCE WITH
THE COMMERCIAL ARBITRATION RULES OF THE AAA, AND JUDGMENT UPON THE AWARD RENDERED BY THE
ARBITRATOR(S) MAY BE ENTERED AND ENFORCED IN ANY COURT OF COMPETENT JURISDICTION. ANY MEDIATOR OR
ARBITRATOR SELECTED TO RESOLVE SUCH A DISPUTE MUST HAVE AT LEAST 10 YEARS EXPERIENCE IN THE FINANCE
FIELD AND MUST HAVE ACTED AS MEDIATOR OR ARBITRATOR IN AT LEAST FIVE PRIOR DISPUTES WHERE THE
AMOUNT IN CONTROVERSY EQUALS OR EXCEEDS THE AMOUNT IN CONTROVERSY IN THE SUBJECT DISPUTE. ANY SUCH
MEDIATOR OR ARBITRATOR MUST BE ACCEPTABLE TO EMPLOYEE AND PALM HARBOR AND MUST BE KNOWLEDGEABLE
ABOUT MANUFACTURED HOUSING AND RELATED FINANCIAL ISSUES; PROVIDED, HOWEVER, THAT SUCH MEDIATOR OR
ARBITRATOR SHALL NOT BE EMPLOYED BY OR ACTING AS A CONSULTANT TO A COMPETITOR OF PALM HARBOR. IF
THE PARTIES ARE UNABLE TO REACH AGREEMENT ON A MEDIATOR OR ARBITRATOR WITHIN SEVEN DAYS AFTER
RECEIPT OF THE ARBITRATION NOTICE, THEN A MEDIATOR OR ARBITRATOR MEETING THE REQUIREMENTS OF THIS
SECTION 7 WILL BE SELECTED BY THE AAA.

     8. Confidentiality. During the term of this Agreement, and thereafter, Employee shall
not use for his personal benefit, or disclose, communicate or divulge to, or use for the direct or
indirect benefit of any person, firm, association or company other than Palm Harbor or its
affiliates, any Confidential Information. “Confidential Information” means information relating to
the operations of Palm Harbor or any subsidiaries or affiliates thereof that is not generally
known, is proprietary to Palm Harbor, its subsidiaries or affiliates or is made known to Employee
or learned or acquired by Employee while in the employ of Palm Harbor, including, without
limitation, information relating to advertising, marketing, accounting, purchasing, selling,
finance and business methods and techniques.

     9. Notice. Whenever, in connection with this Agreement, any notice is required to be
given or any other act or event is to be done or occur on or by a particular number of days, and
the date thus particularized should be a Saturday, Sunday, or bank holiday in the City of Dallas,
Texas, such date shall be postponed to the next day which shall not be a Saturday, Sunday, or bank
holiday in the City of Dallas, Texas. In the event a notice or other document is required to be
given hereunder to Palm Harbor or Employee, such notice or other document shall either be
personally delivered or be mailed to the party entitled to receive the same by registered or
certified mail, return receipt requested, at the appropriate address set forth below or at such

 

 

other address as such party shall designate in a written notice given in accordance with this
Section:

	 	 	 
	Palm Harbor:	 	Employee:
	 
	 	 
	Palm Harbor Homes, Inc.

	 	Lee Posey
	15303 Dallas Parkway, Suite 800

	 	17427 Club Hill Drive
	Addison, Texas 75001

	 	Dallas, Texas 75248

Notice shall be deemed given on the date of actual delivery, if delivered in person, or, if mailed,
then on the date noted on the return receipt.

     10. Severability and Reformation. If any provision of this Agreement is held to be
illegal, invalid or unenforceable under any present or future law, and if the rights or obligations
of Employee or Palm Harbor under this Agreement would not be materially and adversely affected
thereby, such provision shall be fully severable, and this Agreement shall be construed and
enforced as if such illegal, invalid or unenforceable provision had never comprised a part thereof,
the remaining provisions of this Agreement shall remain in full force and effect and shall not be
affected by the illegal, invalid or unenforceable provision or by its severance herefrom, and in
lieu of such illegal, invalid or unenforceable provision, there shall be added automatically as a
part of this Agreement a legal, valid and enforceable provision as similar in terms to such
illegal, invalid or unenforceable provision as may be possible, and Palm Harbor and Employee hereby
request the court or any arbitrator to whom disputes relating to this Agreement are submitted to
reform the otherwise unenforceable covenant in accordance with this Section 10.

     11. Waiver, Modification, and Integration. The waiver by any party hereto of a breach
of any provision of this Agreement shall not operate or be construed as a waiver of any subsequent
breach by any party. This instrument contains the entire agreement of the parties and supersedes
all prior and contemporaneous representations, understandings and agreements, either oral or in
writing, between the parties and all such prior or contemporaneous representations, understandings
and agreements (including, but not limited to, the Original Agreement) are hereby terminated. This
Agreement may not be modified, altered or amended except by written agreement executed by all the
parties hereto.

     12. Binding Effect and Assignability. Employee and Palm Harbor understand and
acknowledge that Employee’s duties and responsibilities under this Agreement are personal in nature
and shall not be assigned by Employee or Palm Harbor to any other person or entity without the
prior written consent of the other party hereto, which consent may be withheld in such party’s sole
discretion.

     13. Law Applicable; Venue. This Agreement shall be governed by and construed and
enforced in accordance with the laws of the State of Texas; this Agreement is performable in, and
venue for any litigation shall lie in, Dallas County, Texas.

     14. Counterparts. This Agreement may be executed in any number of counterparts, each
of which shall be deemed to be an original instrument, and all of which together shall constitute
one and the same Agreement.

 

 

     15. Attorney’s Fees. The prevailing party in any arbitration brought by or against
the other party to enforce any provision of this Agreement shall be entitled to recover against the
non-prevailing party the reasonable attorney’s fees, court or arbitration costs and other expenses
incurred by the prevailing party.

     IN WITNESS WHEREOF, this Agreement is executed as of the date first set above.

	 	 	 
	PALM HARBOR HOMES, INC., 

a Florida corporation

	 	EMPLOYEE
	 
	 	 
	/s/ Larry Keener                    

	 	/s/ Lee Posey                              
	LARRY KEENER, CHAIRMAN AND

	 	LEE POSEY
	CHIEF EXECUTIVE OFFICER

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