Document:

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                                  Exhibit 10.2

November 4, 2002

Mr. Jerry Rayburn, Exec. V.P. Finance
Isomet Corporation
5263 Port Royal Road
Springfield, VA 22151

Re: Lease Intended as Security Lease Number 00954-00600 dated August 16, 2000
(the "Master Lease") between Banc of America Leasing & Capital LLC ("BALC") and
Isomet Corporation ("Isomet") including Schedule Number 001 dated August 10,
2001 ("Schedule 1"), Schedule Number 002 dated December 06, 2001 ("Schedule 2"),
and Schedule Number 003 dated March 12, 2002 ("Schedule 3")

Dear Jerry:

You have informed BALC that Isomet is in the process of obtaining a new working
capital facility from RZB Finance LLC (the "RZB Facility") and that a portion of
the proceeds of the RZB Facility will be used by Isomet to pay in full Isomet's
credit facility with Bank of America, N.A. (the "BofA Credit Facility"). An
event of default may have occurred under Section 12(a)(8) of the Master Lease
because of the defaults and events of default that may have occurred under the
BofA Credit Facility (such events of default under the Master Lease,
collectively, the "BofA Event of Default"). As you are also aware, an event of
default under Section 12(a)(11) of the Master Lease will occur if the BofA
Credit Facility is terminated (the "Facility Termination Event of Default"). The
BofA Event of Default and the Facility Termination Event of Default shall
collectively be referred to herein collectively as the "Acknowledged Events of
Default."

In connection with the closing of the RZB Facility, Isomet has requested that
BALC modify one provision of the Master Lease and waive any prior occurrence and
continuation, for a period of one year, of the Acknowledged Events of Default.

Subject to the provisions contained below in this letter, BALC agrees to waive
any prior occurrence and continuation, until November 5, 2003, the Acknowledged
Events of Default and amend the Master Lease as follows:

         (1)     Section 10(c) of the Master Lease is deleted.

         (2)     Schedule 1 shall be amended to provide that:
                 (a)   the interest rate used to calculate the Base Rent (as
defined in Schedule 1) under Schedule 1 shall be increased to ten percent (10%)
per annum;
                 (b)   Isomet shall make additional rent payments under Schedule
1 in the amount of $50,000 on each of the following dates: on the date that the
RZB Facility is closed and funded (if the RZB Facility is closed and funded
after November 5, 2002, such payment shall be in the amount of $50,000 plus an
amount equal to $13.89 multiplied by the number of days that elapse between
November 5, 2002 and the date on which the RZB Facility is closed and funded),
on February 5, 2003, on May 5, 2003 and on August 3, 2003; and

                 (c)   the Base Rent under Schedule 1 shall be amended to be in
the following amounts for the following dates: $19,956.23 for each of the
payments due December 5, 2002, January 5, 2003 and February 5, 2003; $18,540.39
for each of the payments due March 5, 2003, April 5, 2003 and May 5, 2003;
$17,033.45 for each of the payments due June 5, 2003, July 5,

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Isomet Corporation
November 4, 2002
Page 2

2003 and August 5, 2003 and $15,420.09 for each of the payments due on September
5, 2003 and October 5, 2003. Because the waiver described in this letter will
expire on November 5, 2003, the entire unpaid balance of the Base Rent under
Schedule 1 (which is estimated to be $454,916.89) shall be due and payable in
full on November 5, 2003. The Amortization Schedule attached to Schedule 1 is
deleted and the new Amortization Schedule attached hereto and made a part hereof
as Exhibit A shall be inserted into Schedule 1 as the Amortization Schedule for
Schedule 1.

         (3)     Schedule 2 shall be amended to provide that:
                 (a)   the interest rate used to calculate the Base Rent (as
defined in Schedule 2) under Schedule 2 shall be increased to ten percent (10%)
per annum; and

                 (b)   the Base Rent under Schedule 2 shall be amended to be
$3,723.43 each month commencing on December 5, 2002 and continuing on the 5/th/
day of each month thereafter to and including October 5, 2003. Because the
waiver described in this letter will expire on November 5, 2003, the entire
unpaid balance of the Base Rent under Schedule 2 (which is estimated to be
$123,543.05) shall be due and payable in full on November 5, 2003. The
Amortization Schedule attached to Schedule 2 is deleted and the new Amortization
Schedule attached hereto and made a part hereof as Exhibit B-1 and Exhibit B-2
shall be inserted into Schedule 2 as the Amortization Schedules for Schedule 2.

         (4)     Schedule 3 shall be amended to provide that:
                 (a)   the interest rate used to calculate the Base Rent (as
defined in Schedule 3) under Schedule 3 shall be increased to ten percent (10%)
per annum; and

                 (b)   the Base Rent under Schedule 3 shall be amended to be
$220.97 each month commencing on December 5, 2002 and continuing on the 5/th/
day of each month thereafter to and including October 5, 2003. Because the
waiver described in this letter will expire on November 5, 2003, the entire
unpaid balance of the Base Rent under Schedule 3 (which is estimated to be
$7,803.56) shall be due and payable in full on November 5, 2003. The
Amortization Schedule attached to Schedule 3 is deleted and the new Amortization
Schedule attached hereto and made a part hereof as Exhibit C shall be inserted
into Schedule 3 as the Amortization Schedule for Schedule 3.

         BALC's agreement to enter into the amendment and waiver described in
this letter is expressly conditioned upon (i) Isomet's acknowledgement and
agreement to the following terms and provisions (each of which shall
automatically be effective upon Isomet's execution of this letter), (ii)
Isomet's payment of all of BALC' legal fees and expenses incurred in connection
with the negotiation, preparation and closing of the amendment and waiver
described in this letter, and (iii) the closing and funding of the RZB Facility
on or before November 12, 2002:

         (a)     Isomet agrees that the waivers described in this letter are
expressly limited to the terms set forth in this letter and only for the time
periods set forth in this letter.

         (b)     Isomet agrees that BALC has not and does not waive any defaults
or events of default under the Master Lease or any of Schedules 1, 2 or 3 except
for the Acknowledged Events of Default, and that any default or event of default
now existing or hereafter arising under the Master Lease or any of Schedules 1,
2 or 3 shall constitute a default or an event of default, as the case may be,
under the Master Lease; and BALC shall have the right to exercise any or all of
the

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Isomet Corporation
November 4, 2002
Page 3

rights and remedies under the Master Lease, under Schedules 1, 2 and/or 3, at
law or in equity, all of which rights and remedies are hereby expressly reserved
by BALC.

         (c)   Isomet represents and warrants to BALC (which representations and
warranties shall survive the closing of the amendment and waiver described in
this letter) that, other than the Acknowledged Events of Default, there are no
defaults or events of default under the Master Lease or any of Schedules 1, 2 or
3. Isomet shall have agreed that its failure to comply with any of the terms or
conditions contained in this letter (or any breach of any representation or
warranty contained in this letter) shall constitute an event of default under
the Master Lease and Schedules 1, 2 and 3, and BALC shall have the right to
exercise any or all of the rights and remedies under the Master Lease, under
Schedules 1, 2 and/or 3, at law or in equity without notice to or demand on
Isomet or any other person or entity.

         (d)   Isomet expressly reaffirms all of the covenants, duties and
obligations under the Master Lease and Schedules 1, 2 and 3, as amended by this
letter.

         (e)   Isomet, on behalf of itself and its parent, subsidiaries,
affiliates, employees, officers, directors, agents, attorneys, accountants,
consultants, insurers, successors and assigns, hereby releases, acquits and
forever discharges BALC and its parents, subsidiaries, affiliates, employees,
officers, directors, agents, attorneys, accountants, consultants, insurers,
successors and assigns from any and all claims, counterclaims, demands, rights
of action, causes of action, debts, damages (actual or punitive), costs,
expenses, attorneys' fees, and all liabilities and responsibilities of every
kind or character (all such claims, counterclaims, demands, rights of action,
causes of action, debts, damages (actual or punitive), costs, expenses,
attorneys' fees, liabilities and responsibilities shall collectively be referred
to as the "Liabilities"), howsoever arising, including without limitation
Liabilities arising out of or in connection with the Master Lease, Schedules 1,
2 and/or 3, this letter, or any other documents, instruments or papers
concerning or in any way relating to any of the foregoing, regardless of whether
the Liabilities are known or unknown, now existing or hereafter arising, joint
or several, at law or in equity, arising by statute, contract, warranty or tort,
and regardless of whether the Liabilities have heretofore been asserted.

         (f)   The closing and funding of the RZB Facility shall occur on or
before November 12, 2002, and the payment in full of all amounts due under the
BofA Credit Facility.

         (g)   Isomet shall pay to BALC all of BALC's legal fees and expenses
incurred in connection with the negotiation, preparation and closing of the
amendment and waiver described in this letter.

Please sign, date and return one copy of this letter to the undersigned by
facsimile and send the original of this letter to the undersigned by overnight
mail to the undersigned for delivery not later than 11:00 a.m. on November 5,
2002. Upon (i) BALC's receipt of an original of this letter executed and dated
by Isomet, (ii) Isomet's payment to BALC of the $50,000 payment described in
Item 2(b) above, (iii) Isomet's payment of all of BALC's legal fees as described
above, (iv) Isomet's written certification to BALC that (A) the RZB Facility has
been closed and funded on or prior to November 12, 2002, (B) the BofA Credit
Facility has been paid in full, and (C) all of the agreements, covenants,
representations and warranties contained in Items (a) to and including (e) above
are reaffirmed and continue to be true and correct as of the date of such
written certification, BALC shall send to Isomet a written confirmation that all
of the terms and

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Isomet Corporation
November 4, 2002
Page 4

conditions of this letter have been complied with. Upon BALC's sending of such
written confirmation, any prior occurrence and continuation of the Acknowledged
Event of Default shall

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Isomet Corporation
November 4, 2002
Page 5

be waived until November 5, 2003 and the Master Lease and Schedules 1, 2 and 3
shall automatically be amended as provided herein without any further action by
BALC or Isomet.

Sincerely,

Pamela J. Grillet
Principal, Special Assets Group

Attachments

Accepted and Agreed to this
___ day of November, 2002.

Isomet Corporation

By:____________________________
   Name: ______________________
   Title: _____________________

                                                                               5Exhibit 10.4

THE GOLDFIELD
CORPORATION

PERFORMANCE-BASED BONUS
PLAN

_______________________________________

 

THE GOLDFIELD
CORPORATION

Melbourne, Florida

Effective January 1,
2002

I.   PURPOSE 

The
purpose of The Goldfield Corporation Performance-Based Bonus Plan (the
"Plan") is to enhance The Goldfield Corporation's continued growth
and profitability through a performance-based compensation program that rewards
superior performance.  The Plan is
designed to focus a select group of The Goldfield Corporation's officers and
key employees on the establishment and implementation of strategic plans that
will help ensure the Company's continued growth, profitability and the
achievement of superior results by linking a portion of their compensation to
the success of the Company. 
Accordingly, the Plan is designed to provide participants with incentive
compensation opportunities, as determined by the Board, that focus on
individual and team contributions through the measurement of specific financial
performance goals that are consistent with the Company's corporate objectives. 

II.   DEFINITIONS  

In
addition to terms defined elsewhere in this Plan, the following terms shall
have the meanings indicated for purposes of the Plan: 

"BASE
COMPENSATION" means a Participant's annual base salary earned during the
applicable Plan Year. 

"BENEFICIARY"
means the person designated by a Participant in writing pursuant to Section X
of this Plan.  

"BOARD"
means the board of directors of the Company.

"BONUS
AWARD" means the bonus, if any, as determined by the Board, to be paid to
a Participant with respect to a Plan Year. 

"COMMITTEE" means the Compensation
Committee of the Board. 

"COMPANY"
means The Goldfield Corporation and any successor thereto, including its
Subsidiaries.

 

 

 

"PARTICIPANT"
means each officer or key employees of the Company who is designated by the
Committee as eligible to participate in the Plan and subject to the Board's
sole discretion, entitled to receive Bonus Awards under the Plan with respect to
a specific Plan Year. 

"PERFORMANCE
GOALS" means the Company and individual performance goals applicable for
the Plan Year, as described in Section VII. 

"PLAN"
means The Goldfield Corporation Performance-Based Bonus Plan.

"PLAN
YEAR" means the fiscal year of the Company. 

"SUBSIDIARY"
means any corporation, partnership, limited liability company or other entity
of which (a) if a corporation, fifty (50) percent or more of the total voting
power of shares of stock entitled (without regard to the occurrence of any
contingency) to vote in the election of directors thereof is at the time owned
or controlled, directly or indirectly, by the Company, one or more of the other
Subsidiaries of the Company or a combination thereof, or (b) if a partnership,
limited liability company or other entity, fifty (50) percent or more of the
partnership, membership or other similar equity ownership interest thereof is
at the time owned or controlled, directly or indirectly, by the Company, one or
more of the other Subsidiaries of the Company or a combination thereof.  For purposes hereof, the Company and its
Subsidiaries will be deemed to have fifty (50) percent or more ownership
interest in a partnership, limited liability company or business entity if the
Company and its Subsidiaries are allocated fifty (50) percent or more of
partnership, limited liability company or other entity gains or losses or
control the general partner, managing member or similar managing body of such
partnership, limited liability company or other entity.

"TARGET
BONUS LEVEL" means, for any Plan Year, the fixed dollar amount or the
percentage of the Participant's Base Compensation deemed by the Board to be the
Target Bonus Level for the Participant in that Plan Year.

"TOTAL
DISABILITY" means a Participant's incapacity due to physical or mental
illness, which entitles the Participant to long-term disability benefits under
the Company's long-term disability plan, or, if no such plan is then in place,
incapacity that causes the Participant to be absent from his duties on a full
time basis for 90 consecutive days or as otherwise provided pursuant to
employment agreement.

III.   EFFECTIVE DATE OF PLAN

The
Plan shall be effective for the fiscal year beginning January 1, 2002, and for
each fiscal year thereafter in which the Committee determines that bonuses will
be awarded under the Plan. 

 

  

IV.   PLAN ADMINISTRATION 

The
Plan will be administered by the Committee, which is authorized to interpret
the Plan and to establish rules and regulations necessary to administer the
Plan.  The decisions of the Committee
shall be final and binding on all Participants and Beneficiaries.  Not withstanding the establishment of a
Target Bonus Level for any Plan Year the Committee and the Board shall have
final discretion to determine actual award levels, methods of payment, and
whether or not payment shall be made for such Plan Year.  It is expressly understood that participants
are at will employees and do not have a property right or interest in this
Bonus Plan.  

The
Committee shall establish its own procedures and the time and place for its
meetings and provide for the keeping of minutes of all meetings.  A majority of the members of the Committee
shall constitute a quorum for the transaction of business at a meeting of the
Committee.  Any action of the Committee
may be taken upon the affirmative vote of a majority of the members of the
Committee at a meeting or, at the direction of its chairman, without a meeting,
provided that all members of the Committee are informed of their right to vote
on the proposal and of the outcome of the vote thereon. 

No
member of the Committee shall be personally liable by reason of any contract or
other instrument executed by him or on his behalf in his capacity as a member
of the Committee nor for any mistake of judgment made in good faith in
connection with the administration or interpretation of the Plan, and the
Company shall indemnify and hold harmless each member of the Committee and each
other officer, employee or director of the Company to whom any duty or power
relating to the administration or interpretation of the Plan has been
delegated, against any cost or expense (including counsel fees) or liability
(including any sum paid in settlement of a claim with the approval of the
Committee) arising out of any act or omission to act in connection with the
Plan, unless arising out of such person's own fraud or bad faith. 

V.   PARTICIPANTS

Participants
will be selected by the Committee from among officers and key employees working
at or for the Company or a Subsidiary who are in a position to make significant
contributions to the success of the Company.  
In the Committee's discretion, Participants may be added to the Plan or
removed from the Plan at any time during the Plan Year.  Participation in the Plan for a particular
Plan Year shall not entitle such Participant to participation in the Plan in
future Plan Years.  

VI.   TARGET BONUS LEVELS

For
each Plan Year, the Committee shall recommend to the Board the annual Target
Bonus Level for each Participant, denominated as a fixed dollar amount or
percentage of Base Compensation in effect at the beginning of the Plan Year
(or, if the Participant became a Participant during that Plan Year, at the time
the individual became a Participant) or other quantitative standard, such as a
percentage of operating income of a Subsidiary for which Participant
works.  Each Subsidiary or other
operating unit may be eligible to receive an incentive pool, will be available
for the officer in charge of Subsidiary or unit to distribute to Participants
at his or her discretion based on employee performance.  The Target Bonus Levels shall become
effective upon Board approval. 
Establishment of a Target Bonus Level for a Participant for a Plan Year
shall not imply or require that the same Target Bonus Level for such
Participant be set for any subsequent Plan Year.  The Target Bonus Level for a Participant who becomes a
Participant after the beginning of a Plan Year shall be adjusted as necessary
to reflect the partial year of participation. 

 

 

For
each Plan Year and for each Participant, the Board, upon recommendation from
the Committee, shall prescribe a formula to determine the percentages (which
may be lesser than or greater than 100%) of the Participant's Target Bonus
Level which may, in the discretion of the Board, be payable based upon the
degree of attainment of the Performance Goals during the Plan Year. 

VII.   PERFORMANCE GOALS

  

For
each Plan Year and with respect to each Participant, the Board shall, upon
recommendation from and after consultation with the Committee, select one or
more quantitative components and/or individual components that shall serve as
Performance Goals for that year, determine the conditions necessary for
attainment of any Performance Goals and, if more than one Performance Goal is
selected for a Participant, determine the weight given each such goal in
determining the Participant's total available Bonus Award.

Quantitative
Components:  The Committee is
responsible for defining the performance measures which support or correspond
with the Company's financial goals, as expressed in the Company's annual
business plan for the Plan Year.  In
general, quantitative measures of the Company's financial performance during a
Plan Year shall be selected by the Committee on a year-to-year basis and may
include one or more of the following: 
shareholder value, earnings per share (with or without extraordinary
items), net income (with or without extraordinary items), return on equity,
return on assets, net interest income, net interest margin, net interest
spread, non-performing assets, total assets, operating expenses, other
expenses, other income, loan income, fee income, and any sub-categories or
ratios of or between any of the above, on a GAAP basis, tax-equivalent basis or
any other regularly-utilized method of financial or regulatory accounting or
presentation. 

Individual
Component:   Individual performance
measures will be established for each Participant.  These measures shall relate to the strategic objectives and/or
special projects of the Company and/or a Subsidiary, as applicable, and shall
be weighted according to their importance to the Company and/or Subsidiary and
the impact of the Participant on their achievement. 

The
Performance Goals shall be established in writing not later than 90 days after
the commencement of the period of service to which the Performance Goal
relates; provided, however, that while the Company intends that Performance
Goals will be objective and will not be subject to adjustment once established,
the Board retains the right to adjust Performance Goals in the discretion of
the Board. At the end of each Plan Year, the Board will, upon recommendation
from the Committee, determine the extent, if any, to which the applicable
Performance Goals have been attained in order to determine the Bonus Award, if
any, to be paid to each Participant.

VIII.   COMMUNICATION 

If
a group of employees of a Subsidiary or unit will participate in an incentive
pool, the officer in charge of such Subsidiary or unit will be advised of the
aggregate Target Bonus Level.

  

IX.   PAYMENT OF AWARDS

Bonus
Awards, if any, shall be payable in cash as soon as practicable after the close
of the Plan Year; provided, however, that unless otherwise determined by the
Board, Bonus Awards shall be paid by not later than March 15.  In the event of an employee's death, retirement
or Total Disability while employed by the Company, the Committee may pay a pro
rata portion of his Bonus Award based on the time employed during the Plan Year
prior to his death, retirement, or Total Disability unless otherwise determined
by the Committee and approved by the Board, if termination of employment is for
any other reason, participation in the Plan shall cease and no Bonus Award may
be payable.  Any amounts to which a
Participant is entitled, if any, shall be paid to the Participant or his
Beneficiary or, in the absence of such designation, to his estate.

Notwithstanding
anything in this Plan to the contrary, the Bonus Award payable to the Chief
Executive Officer of the Company in any Plan Year shall be reduced, to the
extent necessary, so that it will not, when added to the Participant's Base
Compensation payable in such year, exceed the limitation for deductibility of
employee remuneration described in Section 162(m) of the Internal Revenue Code
of 1986, as amended.  

X.   AMENDMENT OR TERMINATION OF THE PLAN

The
Board reserves the right at any time to amend, suspend or terminate the Plan in
whole or in part, and for any reason and without the consent of any Participant
or Beneficiary.  Participants shall not
have a claim or cause of action under this Plan if the Board amends, suspends,
or terminates this Plan.

XI.   MISCELLANEOUS PROVISIONS

A.            Limitation of Rights

            No provision of the Plan or any
document describing the Plan or establishing rules or regulations regarding the
Plan's administration shall be deemed to confer on any Participant the right to
continue in the Company's employer or to affect the right of the Company to
terminate any such Participant's employment or service.  The Plan shall not be treated as an employee
benefit plan within the meaning of Title I of the Employee Retirement Income
Security Act of 1974, as amended.  The
Company shall not establish any fund to assist it in paying any Bonus Awards,
and no Participant or any other person shall have any right to any specific
assets or funds of the Company to satisfy the payment of a Bonus Award.

B.            Disputes 

            If a Participant has a dispute
regarding his Bonus Award under the Plan, he should prepare a written request
for review addressed to the Committee. 
The request for review should include any facts supporting the Participant's
request as well as any issues or comments the Participant deems pertinent.  The Committee will send the Participant a
written response documenting the outcome of this review in writing no later
than 60 days following the date of the Participant's written request. (If
additional time is necessary, the Participant shall be notified in
writing.)  The determination of this
request shall be final and conclusive upon all persons. 

 

 

C.            Withholding Taxes 

            The Company shall deduct from all
payments under the Plan an amount necessary to satisfy federal, state and local
tax withholding requirements. 

D.            Assignment 

            No Participant shall have any right
or power to pledge or assign any rights, privileges, or Bonus Awards provided
for under the Plan. 

E.             Gender and Number

            Except where otherwise indicated by
the context, any masculine term used herein also shall include the feminine,
the plural shall include the singular, and the singular shall include the
plural.

F.            Governing Law

            This
Plan shall be governed by the laws of the State of Florida, without regards to
the conflict of law principles thereof.

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