Document:

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                                                                    EXHIBIT 10.2
                                    AGREEMENT

            THIS AGREEMENT (this "Agreement") is made, entered into and
effective as of September 2, 2004 (the "Effective Date"), by and between PVC
Container Corporation (the "Company"), located at 401 Industrial Way West,
Eatontown, New Jersey 07724 and Phillip L. Friedman ("Executive"), residing at
12 Laird Road, Middletown, New Jersey 07748.

                                   WITNESSETH:

            WHEREAS, Executive is currently employed by the Company as President
and Chief Executive Officer and is a member of the Board of Directors of the
Company (the "Board");

            WHEREAS, it has been determined to be in both parties' interests for
Executive to voluntarily resign as President and Chief Executive Officer as of
the Effective Date;

            WHEREAS, effective on December 31, 2004, (the "Retirement Date"),
Executive will resign as an employee of the Company;

            WHEREAS, from the Effective Date until the Retirement Date (the
"Working Period"), Executive will continue as an employee of the Company and
thereafter will serve as a consultant to the Company as provided herein;

            WHEREAS, following the Effective Date, Executive will remain as a
member of the Board and will commence serving as the Chairman of the Board as
provided in this Agreement;

            WHEREAS, the Company accepts Executive's resignation as President
and Chief Executive Officer as of the Effective Date;

            WHEREAS, the Company and Executive desire to set forth the payments
and benefits that Executive will be entitled to receive from the Company in
connection with his retirement and resignation from employment with the Company;
and

            WHEREAS, the Company and Executive wish to resolve, settle and/or
compromise certain matters, claims and issues between them, including, without
limitation, Executive's retirement and resignation from his employment with the
Company.

            NOW, THEREFORE, in consideration of the promises and agreements
contained herein and other good and valuable consideration, the sufficiency and
receipt of which are hereby acknowledged, and intending to be legally bound, the
Company and Executive hereby agree as follows:

1.    Employment During Working Period. The Company agrees to continue the
      employment of Executive during the Working Period and, during such time,
      Executive will devote his

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      best efforts and skill to the duties required of him by the Company.
      During the Working Period, the Company shall continue to pay the
      Executive's cash base salary, less applicable withholdings, in
      installments pursuant to the Company's normal and customary payroll
      practices. During the Working Period, Executive will be entitled to
      participate on the same basis as other executives of the Company, in those
      benefits (including insurance, vacation, and other benefits) for which
      substantially all of the executives of the Company are from time to time
      generally eligible, as determined from time to time by the Board.

2.    Retirement and Resignation.

      (a)   Executive hereby resigns, effective on the Effective Date from his
            position as President and Chief Executive Officer of the Company.
            Executive hereby further resigns (other than as Chairman of the
            Board of the Company), effective as of the Effective Date, from (i)
            all offices of any entity that is a parent of, a subsidiary of, or
            is otherwise related to or affiliated with, the Company; (ii) all
            administrative, fiduciary or other positions he may hold with
            respect to arrangements or plans for, of or relating to, the
            Company; and (iii) any other directorship, office, or position of
            any corporation, partnership, joint venture, trust or other
            enterprise insofar as Executive is serving in the directorship,
            office, or position of such entity at the request of the Company.
            The Company hereby consents to and accepts said resignations.

      (b)   Executive will resign, effective on the day after the Retirement
            Date, his employment with the Company. The Company will consent to
            and accept such resignation.

      (c)   Following the Effective Date, Executive shall remain a member of the
            Board. He shall become the Chairman of the Board as of the Effective
            Date and shall remain as Chairman of the Board through June 30,
            2005. The Company shall cause Executive to be nominated as a member
            of the Board for all periods following June 30, 2005, so long as
            Executive continues to own at least fifty percent (50%) of the
            shares of the Company's common stock that he owns on the date of
            this Agreement.

3.    Consulting Period. Following the Retirement Date, Executive will be
      available as a consultant to the Company until June 30, 2005 (the "Term of
      Consulting"). During the Term of Consulting, Executive shall act as a
      consultant to the Company and shall provide and perform such reasonable
      consulting services in connection with the business activities formerly
      carried on by the Company as may be determined from time to time by the
      Chief Executive Officer of the Company or the Board. During the Term of
      Consulting, Executive agrees that he shall be available to serve on an
      as-needed basis, at a rate of $1,500 per day; provided, however, for two
      (2) days per month, Executive agrees to provide such consulting services
      to the Company without charge to the Company.

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4.    Compensation and Benefits. Subject to the conditions hereof, the Company
      and Executive agree to the following:

      (a)   Bonus. In consideration of Executive's performance during the fiscal
            year ending June 30, 2004, Executive will be entitled to receive a
            bonus in amount equal to $50,000, which bonus shall be paid to
            Executive no later than September 30, 2004.

      (b)   Severance Compensation. As severance compensation, the Company shall
            pay Executive an amount equal to $710,000. One-half of such amount
            ($355,000) shall be paid to Executive on December 30, 2004 and the
            other half of such amount ($355,000) shall be paid to Executive on
            the later of (i) the day following the end of the Revocation Period
            (as defined below), provided that Executive has signed the Release
            Agreement (as defined below) and (ii) June 29, 2005.

      (c)   Stock Options.

            (i)   Executive has certain stock options that were granted to
                  Executive prior to the Effective Date (the "Stock Options").
                  Except as otherwise provided in this paragraph 4(c),
                  Executive's eligibility to exercise such Stock Options is
                  governed and will continue to be governed by the terms and
                  conditions of the Company's 1996 Stock Option Plan (the
                  "Plan") and the agreements previously entered into between the
                  Company and Executive with respect to such Stock Options.
                  Notwithstanding the foregoing and except as provided in
                  paragraph 6 of this Agreement, Executive shall have until the
                  earlier of (A) January 15, 2007 (the "Stock Option Expiration
                  Date") or (B) the expiration date of such Stock Option (as
                  identified in the agreement evidencing such Stock Option) to
                  exercise or forfeit the vested Stock Options, and the Plan and
                  each agreement evidencing any such Stock Option is hereby
                  amended accordingly.

            (ii)  Executive agrees and acknowledges that (i) due to the
                  extension of the post-termination exercise period relating to
                  his outstanding Stock Options as provided above, such Stock
                  Options will become non-qualified stock options under Section
                  422 of the Internal Revenue Code of 1986, as amended; (ii) he
                  is ineligible for any other stock options, grants or awards;
                  and (iii) he forfeits upon the Retirement Date any rights in
                  or to any other stock option grants, including, without
                  limitation, any right to vest after the Retirement Date in any
                  stock options that are not already vested as of the Retirement
                  Date.

      (d)   Medical Coverage. Following the Retirement Date, Executive and his
            spouse shall be allowed to continue as a plan participant in the
            Company's group health plan (medical, dental and vision coverage)
            for the remainder of their respective lives, on the same basis that
            Executive is currently participating in such plans (e.g., Executive
            will be responsible for payment of twenty-five percent (25%) of the
            total premiums paid to the insurer in connection with such insurance

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            coverage). If and to the extent that any benefit described in this
            paragraph 4(d) is not or cannot be paid or provided under any
            policy, plan, program or arrangement of the Company, then the
            Company will itself pay, or provide for the payment of, such
            benefits to Executive and Executive's spouse. Notwithstanding the
            provisions of this paragraph 4(d), the Company's obligation to
            provide medical coverage pursuant to this paragraph 4(d) shall be
            suspended during the time that Executive and his spouse are covered
            under another employer's plan, and upon the Executive and his spouse
            ceasing to be eligible under any such plan, the Company's
            obligations under this paragraph 4(d) shall be reinstated
            automatically on notice to the Company.

      (e)   401(k) Plan. As of the Retirement Date, Executive's participation in
            the Company's 401(k) Plan will cease, and Executive's account will
            be valued as of that date. Executive may elect to leave the money in
            his 401(k) Plan in accordance with the 401(k) Plan's provisions.

      (f)   Split Dollar Life Insurance. The Company will continue to pay the
            premiums attributable to the Executive's Split-Dollar Life Insurance
            Policy until June 30, 2005, and on that date the Company shall be
            entitled to any cash surrender value of such policy. Following June
            30, 2005, Executive will have the right to continue the policy, but
            the Company will have no obligation to pay any portion of the
            premiums.

      (g)   Automobile. Through June 30, 2005, the Company shall continue to
            make the lease payments, and shall reimburse Executive for all
            maintenance and insurance expenses incurred, on Executive's
            automobile. Following June 30, 2005, Executive shall have the option
            to assume the lease at his own expense.

      (h)   Business Expenses. The Company will reimburse Executive for any
            reasonable business expenses incurred by Executive prior to the
            Retirement Date and during the Consulting Period, that are
            reimbursable pursuant to the Company's expense reimbursement
            policies. The Company shall also reimburse Executive for business
            expenses related to Executive's service as a director, in accordance
            with the policies applicable to all directors of the Company.

      (i)   Accrued Salary. Executive shall be paid in accordance with the
            Company's normal payroll cycle any base salary amount earned but
            unpaid as of the Retirement Date.

      (j)   Professional Fees. The Company shall be responsible for the payment
            of Executive's legal fees and costs (and related disbursements)
            incurred in connection with Executive's retirement and resignation
            and all matters relating to the negotiation and execution of the
            releases and all other matters covered by this Agreement, in an
            amount not to exceed $5,000.

      (k)   Withholding. The Company shall withhold such amounts from the
            payments described herein as are required by applicable tax or other
            law.

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      (l)   Release. Executive and the Company agree that following the
            Retirement Date, they shall sign and return the Release Agreement,
            attached to this Agreement as Exhibit A (the "Release Agreement"),
            and Executive shall not revoke such Release Agreement in the time
            provided therein (the "Revocation Period").

      (m)   Executive's Death. In the event of Executive's death prior to the
            payment of benefits under paragraphs 4(a) and 4(b), the Company
            shall pay such benefits (regardless of whether Executive has signed
            the Release Agreement), at the time they would otherwise be paid, to
            Executive's estate.

5.    Confidential Information.

      (a)   Executive acknowledges and agrees that in the performance of his
            duties as an officer and employee of the Company he was brought into
            frequent contact with, had or may have had access to, and/or became
            informed of confidential and proprietary information of the Company
            and/or information which is a competitive asset of the Company
            (collectively, "Confidential Information") and the disclosure of
            which would be harmful to the interests of the Company or its
            subsidiaries. Such Confidential Information is more fully described
            in subparagraph (b) of this paragraph 5. Executive acknowledges that
            the Confidential Information of the Company gained by Executive
            during his association with the Company was developed by and/or for
            the Company through substantial expenditure of time, effort and
            money and constitutes valuable and unique property of the Company.

      (b)   Executive will keep in strict confidence, and will not, directly or
            indirectly, at any time, disclose, furnish, disseminate, make
            available, use or suffer to be used in any manner any Confidential
            Information of the Company without limitation as to when or how
            Executive may have acquired such Confidential Information. Executive
            specifically acknowledges that Confidential Information includes any
            and all information, whether reduced to writing (or in a form from
            which information can be obtained, translated, or derived into
            reasonably usable form), or maintained in the mind or memory of
            Executive and whether compiled or created by the Company, which
            derives independent economic value from not being readily known to
            or ascertainable by proper means by others who can obtain economic
            value from the disclosure or use of such information, that
            reasonable efforts have been put forth by the Company to maintain
            the secrecy of confidential or proprietary or trade secret
            information, that such information is and will remain the sole
            property of the Company, and that any retention or use by Executive
            of confidential or proprietary or trade secret information after the
            termination of Executive's employment with and services for the
            Company shall constitute a misappropriation of the Company's
            Confidential Information.

      (c)   Executive will immediately return to the Company (to the extent he
            has not already returned), equipment, software, electronic files,
            computers, including any laptop, in good condition, all property of
            the Company, including, without limitation, property, documents
            and/or all other materials (including copies,

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            reproductions, summaries and/or analyses) which constitute, refer or
            relate to Confidential Information of the Company.

      (d)   Executive further acknowledges that his obligation of
            confidentiality shall survive, regardless of any other breach of
            this Agreement or any other agreement, by any party hereto, until
            and unless such Confidential Information of the Company shall have
            become, through no fault of Executive generally known to the public
            or Executive is required by law (after providing the Company with
            notice and opportunity to contest such requirement) to make
            disclosure. Executive's obligations under this paragraph 5 are in
            addition to, and not in limitation or preemption of, all other
            obligations of confidentiality which Executive may have to the
            Company under general legal or equitable principles or statutes.

      (e)   Notwithstanding the other provisions of this paragraph 5, this
            paragraph 5 shall not be deemed to prevent Executive, in connection
            with any subsequent employment of Executive in a business that is
            similar to that of the Company's, from using information learned by
            him during the course of his performing his duties at the Company;
            provided, however, that for a period of six (6) months following the
            Retirement Date, Executive will not disclose or use any pricing
            information of the Company.

6.    Non-Competition.

      (a)   Covenants Following Termination. Until the earlier of (A) the Stock
            Option Expiration Date; and (B) the date on which Executive
            voluntarily forfeits all rights to and under his Stock Options,
            Executive will not:

            (i)   enter into or engage in any business which competes with the
                  Company's business within the United States;

            (ii)  solicit customers, business, patronage or orders for, or sell,
                  any products and services in competition with, or for any
                  business, wherever located, that competes with, the Company's
                  business within the United States;

            (iii) divert, entice or otherwise take away any customers, business,
                  patronage or orders of the Company within the United States,
                  or attempt to do so; or

            (iv)  promote or assist, financially or otherwise, any person, firm,
                  association, partnership, corporation or other entity engaged
                  in any business which competes with the Company's business
                  within the United States.

      (b)   Indirect Competition. For the purposes of paragraph 6(a), but
            without limitation thereof, Executive will be in violation thereof
            if Executive engages in any or all of the activities set forth
            therein directly as an individual on Executive's own account, or
            indirectly as a partner, joint venturer, employee, agent,
            salesperson, consultant, officer and/or director of any firm,
            association, partnership, corporation or other entity, or as a
            stockholder of any corporation in which

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            Executive or Executive's spouse, child or parent owns, directly or
            indirectly, individually or in the aggregate, more than five percent
            (5%) of the outstanding stock.

      (c)   The Company. For purposes of this paragraph 6, the Company shall
            include any and all direct and indirect subsidiary, parent,
            affiliated, or related companies of the Company .

      (d)   The Company's Business. For the purposes of paragraphs 6(a), the
            Company's business is defined to be the manufacture and sale of
            plastic bottles and containers, as further described in any and all
            manufacturing, marketing and sales manuals and materials of the
            Company as the same may be altered, amended, supplemented or
            otherwise changed from time to time, or of any other products or
            services substantially similar to or readily suitable for any such
            described products and services.

      (e)   Violation. If it shall be judicially determined that Executive has
            violated any of Executive's obligations under paragraph 6(a), then
            the period applicable to each obligation that Executive shall have
            been determined to have violated shall automatically be extended by
            a period of time equal in length to the period during which such
            violation(s) occurred. In addition, upon any violation by Executive
            of his obligations under paragraph 6(a), the Stock Options shall,
            without further action, terminate.

      (f)   Non-Solicitation. For a period of one (1) year following the
            Retirement Date, Executive will not directly or indirectly at any
            time solicit or induce or attempt to solicit or induce any
            employee(s), sales representative(s), agent(s) or consultant(s) of
            the Company and/or its subsidiaries, affiliated or related companies
            to terminate their employment, representation or other association
            with the Company and/or its subsidiaries, affiliated or related
            companies; provided, however, that this paragraph 6(f) shall not
            apply to Executive's solicitation of any immediate family members of
            Executive.

      (g)   Reasonableness. Executive acknowledges that Executive's obligations
            under this paragraph 6 are reasonable in the context of the nature
            of the Company's business and the competitive injuries likely to be
            sustained by the Company if Executive was to violate such
            obligations. Executive further acknowledges that this Agreement is
            made in consideration of, and is adequately supported by the
            agreement of the Company to perform its obligations under this
            Agreement and by other consideration, which Executive acknowledges
            constitutes good, valuable and sufficient consideration.

7.    Disclosure.

      (a)   Executive will communicate the contents of paragraphs 5, 6, 8 and 10
            of this Agreement to any person, firm, association, or corporation
            other than the

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            Company which he intends to be employed by, associated in business
            with, or represent.

      (b)   Executive shall take no action with respect to the Company's Shares
            that is in violation of the federal securities laws.

8.    Continued Availability and Cooperation.

      (a)   Executive shall cooperate fully with the Company, the Company's
            counsel and the Company's insurer in connection with any present and
            future actual or threatened litigation or administrative proceeding
            involving the Company that relates to events, occurrences or conduct
            occurring (or claimed to have occurred) during the period of
            Executive's employment by the Company. This cooperation by Executive
            shall include, but not be limited to:

            (i)   making himself reasonably available for interviews and
                  discussions with the Company's counsel as well as for
                  depositions and trial testimony;

            (ii)  if depositions or trial testimony are to occur, making himself
                  reasonably available and cooperating in the preparation
                  therefor as and to the extent that the Company or the
                  Company's counsel reasonably requests;

            (iii) refraining from impeding in any way the Company's prosecution
                  or defense of such litigation or administrative proceeding;
                  and

            (iv)  cooperating fully in the development and presentation of the
                  Company's prosecution or defense of such litigation or
                  administrative proceeding.

      (b)   In connection with such cooperation, Executive shall (i) be entitled
            to payment by the Company of the lesser of (A) $1,500 per day and
            (B) the actual income lost by Executive, if any, for providing such
            cooperation; and (ii) be reimbursed by the Company for reasonable
            travel, lodging, telephone and similar expenses incurred in
            connection with such cooperation. The Company shall reasonably
            endeavor to schedule the need for such cooperation at times not
            conflicting with the reasonable requirements of any employer of
            Executive, or with the requirements of any third party with whom
            Executive has a business relationship permitted hereunder that
            provides remuneration to Executive. Executive shall not unreasonably
            withhold his availability for such cooperation.

9.    Successors and Binding Agreement.

      (a)   This Agreement shall be binding upon and inure to the benefit of the
            Company and any successor of or to the Company, including, without
            limitation, any persons acquiring, directly or indirectly, all or
            substantially all of the business and/or assets of the Company
            whether by purchase, merger, consolidation, reorganization, or
            otherwise (and such successor shall thereafter be deemed included in
            the definition of "the Company" for purposes of this Agreement), but
            shall not otherwise be assignable or delegable by the Company.

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      (b)   This Agreement shall inure to the benefit of and be enforceable by
            Executive's personal or legal representatives, executors,
            administrators, successors, heirs, distributees, and/or legatees.

      (c)   This Agreement is personal in nature and none of the parties hereto
            shall, without the consent of the other parties, assign, transfer or
            delegate this Agreement or any rights or obligations hereunder
            except as expressly provided in subparagraphs (a) and (b) of this
            paragraph 9.

      (d)   This Agreement is intended to be for the exclusive benefit of the
            parties hereto, and except as provided in subparagraphs (a) and (b)
            of this paragraph 9, no third party shall have any rights hereunder.

10.   Non-Disclosure; Statements to Third Parties.

      (a)   Except as otherwise provided in paragraph 7 and except to potential
            employers if required in connection with future employment of
            Executive, all provisions of this Agreement and the circumstances
            giving rise hereto are and shall remain confidential and shall not
            be disclosed to any person not a party hereto (other than (i)
            Executive's spouse and (ii) each party's attorney, financial advisor
            and/or tax advisor to the extent necessary for such advisor to
            render appropriate legal, financial and tax advice, except as
            necessary to carry out the provisions of this Agreement, and except
            as may be required by law. Notwithstanding the foregoing, this
            Agreement may be disclosed and described as well as filed with or
            provided to the Securities and Exchange Commission or any other
            governmental instrumentality or agency, including the Internal
            Revenue Service, if the Company deems such filing or provision to be
            necessary.

      (b)   Because the purpose of this Agreement is to settle amicably any and
            all potential disputes or claims among the parties, neither
            Executive nor the Company shall, directly or indirectly, make or
            cause to be made any statements to any third parties criticizing or
            disparaging the other or commenting on the character or business
            reputation of the other. Executive further hereby agrees not: (i) to
            comment to others concerning the status, plans or prospects of the
            business of the Company, or (ii) to engage in any act or omission
            that would be detrimental, financially or otherwise, to the Company,
            or that would subject the Company to public disrespect, scandal, or
            ridicule. For purposes of this subparagraph 10(b), the "Company"
            shall mean the Company and its directors, officers, predecessors,
            parents, subsidiaries, divisions, and related or affiliated
            companies, officers, directors, stockholders, members, employees,
            heirs, successors, assigns, representatives, agents, accountants and
            counsel.

11.   Notices. For all purposes of this Agreement, all communications provided
      for herein shall be in writing and shall be deemed to have been duly given
      when delivered, addressed to the Company (to the attention of the Chief
      Executive Officer) at its principal executive offices and to Executive at
      his principal residence, as set forth in the preamble to this Agreement,
      or to such other address as any party may have furnished to the other

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      in writing and in accordance herewith. Notices of change of address shall
      be effective only upon receipt.

12.   Miscellaneous. No provision of this Agreement may be modified, waived or
      discharged unless such modification, waiver or discharge is agreed to in
      writing signed by Executive and the Company. No waiver by either party
      hereto at any time of any breach by the other party hereto or compliance
      with any condition or provision of this Agreement to be performed by such
      other party shall be deemed a waiver of similar or dissimilar provisions
      or conditions at the same or at any prior or subsequent time. No
      agreements or representations, oral or otherwise, expressed or implied
      with respect to the subject matter hereof have been made by any of the
      parties that are not set forth expressly in this Agreement and every one
      of them (if, in fact, there have been any) is hereby terminated without
      liability or any other legal effect whatsoever.

13.   Entire Agreement. This Agreement shall constitute the entire agreement
      among the parties hereto with respect to the subject matter hereof and
      shall supersede all prior verbal or written agreements (including the
      employment agreement between the Company and Executive unless this
      Agreement is revoked), covenants, communications, understandings,
      commitments, representations or warranties, whether oral or written, by
      any party hereto or any of its representatives pertaining to such subject
      matter.

14.   Governing Law. Any dispute, controversy, or claim of whatever nature
      arising out of or relating to this Agreement or breach thereof shall be
      governed by and under the laws of the State of New York. The parties agree
      that any and all disputes, controversies, or claims of whatever nature
      arising out of or relating to this agreement or breach thereof shall be
      resolved by a court of general jurisdiction in the State of New York, and
      the parties hereby consent to the exclusive jurisdiction of such court in
      any action or proceeding arising under or brought to challenge, enforce,
      or interpret any of the terms of this Agreement.

15.   Validity. The invalidity or unenforceability of any provision of this
      Agreement shall not affect the validity or enforceability of any other
      provision of this Agreement, which shall nevertheless remain in full force
      and effect.

16.   Counterparts. This Agreement may be executed in one or more counterparts,
      each of which shall be deemed to be an original, but all of which together
      shall constitute one and the same Agreement.

17.   Captions and Paragraph Headings. Captions and Paragraph headings used
      herein are for convenience and are not part of this Agreement and shall
      not be used in construing it.

18.   Further Assurances. Each party hereto shall execute such additional
      documents, and do such additional things, as may reasonably be requested
      by the other party to effectuate the purposes and provisions of this
      Agreement.

                         [SIGNATURES ON FOLLOWING PAGE]

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            IN WITNESS WHEREOF, the parties have executed and delivered this
Agreement as of the date first set forth above.

                                             PVC CONTAINER CORPORATION

                                             By: /s/ Jeffrey Shapiro
                                                 -------------------------------
                                             Name:  Jeffrey Shapiro
                                             Title: Chief Financial Officer

                                             /s/ Phillip L. Friedman
                                             -----------------------------------
                                             EXECUTIVE - PHILLIP L. FRIEDMAN

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                                    EXHIBIT A

                                RELEASE AGREEMENT

      This Release Agreement (this "Release Agreement") is made, entered into
and effective as of __________________, by and between PVC Container Corporation
(the "Company") and Phillip L. Friedman ("Executive"). In consideration of the
promises and agreements contained in the Severance Agreement, dated as of
September 2, 2004, between Executive and the Company (the "Agreement"), the
parties agree as follows:

1.    Executive for himself and his dependents, successors, assigns, heirs,
      executors and administrators (and his and their legal representatives of
      every kind), hereby releases, dismisses, remisses and forever discharges
      the Company from any and all arbitrations, claims (including claims for
      attorney's fees), demands, damages, suits, proceedings, actions and/or
      causes of action of any kind and every description, whether known or
      unknown, which Executive now has or may have had for, upon, or by reason
      of any cause whatsoever (except that this release shall not apply to (x)
      the obligations of the Company arising under the Agreement and (y)
      Executive's rights of indemnification by the Company, if any, pursuant to
      the Company's certificate of incorporation or by-laws, any agreement
      between the Company and Executive or any insurance policy or other
      existing rights to indemnification), against the Company ("claims"),
      including but not limited to:

      (a)   any and all claims, directly or indirectly, arising out of or
            relating to: (A) Executive's past employment or service with the
            Company; and (B) Executive's retirement and resignation as President
            and Chief Executive Officer of the Company;

      (b)   any and all claims of discrimination, including but not limited to
            claims of discrimination on the basis of sex, race, age, national
            origin, marital status, religion or disability, including,
            specifically, but without limiting the generality of the foregoing,
            any claims under the Age Discrimination in Employment Act, as
            amended (the "ADEA"), Title VII of the Civil Rights Act of 1964, as
            amended, the Americans with Disabilities Act of 1990, the Family and
            Medical Leave Act of 1993 and New Jersey's civil rights statute(s);

      (c)   any and all claims of wrongful or unjust discharge or breach of any
            contract or promise, express or implied; and

      (d)   any and all claims under or relating to any and all employee
            compensation, employee benefit, employee severance or employee
            incentive bonus plans and arrangements, all of which Executive
            agrees are forfeited upon his retirement and resignation; provided
            that he shall remain entitled to the amounts and benefits described
            in paragraph 4 of the Agreement.

2.    Executive understands and acknowledges that the Company does not admit any
      violation of law, liability or invasion of any of his rights and that any
      such violation, liability or

<PAGE>

      invasion is expressly denied. The consideration provided under the
      Agreement is made for the purpose of settling and extinguishing all claims
      and rights (and every other similar or dissimilar matter) that Executive
      ever had or now may have or ever will have against the Company to the
      extent provided in this Release Agreement. Executive further agrees and
      acknowledges that no representations, promises or inducements have been
      made by the Company other than as appear in the Agreement.

3.    Executive further understands and acknowledges that:

      (a)   The release provided for in this Release Agreement, including claims
            under the ADEA to and including the date of this Release Agreement,
            is in exchange for the additional consideration provided for in the
            Agreement, to which consideration he was not heretofore entitled;

      (b)   He has been advised by the Company to consult with legal counsel
            prior to executing the Agreement and this Release Agreement, has had
            an opportunity to consult with and to be advised by legal counsel of
            his choice, fully understands the terms of this Release Agreement,
            and enters into this Release Agreement freely, voluntarily and
            intending to be bound;

      (c)   He has been given a period of twenty-one days to review and consider
            the terms of this Release Agreement, and the release contained
            herein, prior to its execution and that he may use as much of the
            twenty-one day period as he desires; and

      (d)   He may, within seven days after execution, revoke this Release
            Agreement. Revocation shall be made by delivering a written notice
            of revocation to the Chief Executive Officer at the Company. For
            such revocation to be effective, written notice must be actually
            received by the Chief Executive Officer at the Company no later than
            the close of business on the seventh day after Executive executes
            this Release Agreement. If Executive does exercise his right to
            revoke this Release Agreement, all of the terms and conditions of
            the Agreement shall be of no force and effect and the Company shall
            have no obligation to satisfy the terms or make any payment to
            Executive as set forth in paragraph 4 of the Agreement.

4.    Executive and the Company acknowledge that his retirement and resignation
      is by mutual agreement between the Company and Executive, and that
      Executive waives and releases any claim that he has or may have to
      reemployment.

5.    For purposes of the above provisions of this Release Agreement, the
      "Company" shall include its present and former predecessors, subsidiaries,
      divisions, related or affiliated companies, officers, directors,
      stockholders, members, employees, heirs, successors, assigns,
      representatives, agents, accountants and counsel.

6.    The Company hereby releases, dismisses, and forever discharges Executive,
      his successors, assigns, heirs, executors, and administrators from any and
      all claims, demands, damages, suits, actions and/or causes of action of
      any kind and every description, which the Company now has or may have had
      for, upon or by reason of any cause against Executive. This release shall
      not however, apply to the obligations of

                                       13

<PAGE>

      Executive arising under the Agreement and shall not apply to any claims,
      demands, damages, suits, actions and/or causes of action in connection
      with any violation by Executive of the U.S. securities laws.

                         [SIGNATURES ON FOLLOWING PAGE]

                                       14

<PAGE>

            IN WITNESS WHEREOF, the parties have executed and delivered this
Release Agreement as of the date first set forth above.

                                             PVC CONTAINER CORPORATION

                                             By:
                                             -----------------------
                                             Name:
                                             Title:

                                                     -----------------------
                                             EXECUTIVE - PHILLIP L. FRIEDMAN

                                       15Exhibit 10.P

 

Exhibit 10(p)

INDEMNIFICATION AGREEMENT

     THIS AGREEMENT is made as of the                     day of                    , 2004 between C-COR
Incorporated, a Pennsylvania Corporation (“Corporation”) and                     with an
address at                     (“Officer”).

WITNESSETH:

     WHEREAS, Officer is an officer of Corporation and in such capacity is
performing a valuable service for Corporation; and

     WHEREAS, the stockholders of Corporation have adopted Bylaws (the
“Bylaws”) providing for the indemnification of the officers and directors of
Corporation to the fullest extent now or hereafter permitted by law (the
“Law”); and

     WHEREAS, the Bylaws and the Law provide specifically that they are not
exclusive, and thereby contemplate that contracts may be entered into between
Corporation and its officers with respect to indemnification of such officers;
and

     WHEREAS, in accordance with the authorization provided by the Bylaws and
the Law, Corporation has purchased and presently maintains a policy or policies
of Directors’ and Officers’ Liability Insurance (“D&O Insurance”), covering
certain liabilities which may be incurred by its directors and officers in the
performance of their services for Corporation; and

     WHEREAS, recent developments with respect to the terms and availability of
D&O

	 	 	 	 	 	 	 
	

	 	 	1 of 8	 	 	Rev 08-2004

 

 

Insurance and with respect to the application, amendment and enforcement of
statutory and bylaw indemnification provisions generally have raised questions
concerning the adequacy and reliability of the protection afforded to officers
thereby; and

     WHEREAS, in order to resolve such questions and thereby induce Officer to
continue to serve as an officer of Corporation, Corporation has determined and
agreed to enter into this contract with Officer.

     NOW, THEREFORE, in consideration of Officer’s continued service as an
officer after the date hereof, the parties hereto, intending to be legally
bound hereby, agree as follows:

     1. Indemnity of Officer. Corporation hereby agrees to hold harmless and
indemnify Officer to the full extent authorized or permitted by the provisions
of the Law, or by any amendment thereof or other statutory provisions
authorizing or permitting such indemnification which is adopted after the date
hereof.

     2. Maintenance of Insurance and Self Insurance.

          (a) Corporation represents that it presently has in force and effect
policies of D&O Insurance in insurance companies and amounts as follows (the
“Insurance Policies”):

	 	 	 	 	 
	Insurer
	 	Amount
	 	Deductible

	National Union Fire Insurance Company (AIG)
	 	$10,000,000	 	$-0- for
	 
	 	 	 	Officers
	Arch Insurance Company
	 	$5,000,000 excess	 	None
	 
	 	of $10,000,000	 	 
	Axis Reinsurance Company (Axis Financial Insurance)
	 	$5,000,000 excess	 	None
	 
	 	of $15,000,000	 	 
	Ace American Insurance Company (ACE USA)
	 	$10,000,000 excess	 	None
	 
	 	of $20,000,000	 	 

	 	 	 	 	 	 	 
	

	 	 	2 of 8	 	 	Rev 08-2004

 

 

     Subject only to the provisions of Section 2(b) hereof, Corporation hereby
agrees that, so long as Officer shall continue to serve as an officer of
Corporation (or shall continue at the request of Corporation to serve as an
officer, director, employee or agent of another corporation, partnership, joint
venture, trust or other enterprise) and thereafter so long as Officer shall be
subject to any possible claim or threatened, pending or completed action, suit
or proceeding, whether civil, criminal or investigative by reason of the fact
that Officer was an officer of Corporation (or served in any of said other
capacities), Corporation will purchase and maintain in effect for the benefit
of Officer one or more valid, binding and enforceable policy or policies of D&O
Insurance providing, in all respects, coverage at least comparable to that
presently provided pursuant to the Insurance Policies.

          (b) Corporation shall not be required to maintain said policy or policies
of D&O Insurance in effect if said insurance is not reasonably available or if,
in the reasonable business judgment of the then directors of Corporation,
either (i) the premium cost for such insurance is substantially
disproportionate to the amount of coverage, or (ii) the coverage provided by
such insurance is so limited by exclusions that there is insufficient benefit
from such insurance.

          (c) In the event Corporation does not purchase and maintain in effect said
policy or policies of D&O Insurance pursuant to the provisions of Section 2(b)
hereof, Corporation agrees to hold harmless and indemnify Officer to the full
extent of the coverage which would otherwise have been provided for the benefit
of Officer pursuant to the Insurance Policies.

     3. Additional Indemnity. Subject only to the exclusions set forth in
Section 4 hereof, Corporation hereby further agrees to hold harmless and
indemnify Officer:

	 	 	 	 	 	 	 
	

	 	 	3 of 8	 	 	Rev 08-2004

 

 

          (a) Against any and all expenses (including attorneys’ fees), judgments,
fines and amounts paid in settlement actually and reasonably incurred by
Officer in connection with any threatened, pending or completed action, suit or
proceeding, whether civil, criminal, administrative or investigative (including
an action by or in the right of the Corporation) to which Officer is, was or at
any time becomes a party, or is threatened to be made a party, by reason of the
fact that Officer is, was or at any time becomes an officer, director, employee
or agent of Corporation, or is or was serving or at any time serves at the
request of Corporation as an officer, director, employee or agent of another
corporation, partnership, joint venture, trust or other enterprise; and

          (b) Otherwise to the fullest extent as may be provided to Officer by
Corporation under the non-exclusivity provisions of Section 7-1 of the Bylaws
of Corporation and the Law.

     4. Limitations on Additional Indemnity. No indemnity pursuant to Section
3 hereof shall be paid by Corporation:

          (a) Except to the extent the aggregate of losses to be indemnified
thereunder exceeds the sum of $1,000 plus the amount of such losses for which
Officer is indemnified either pursuant to Sections 1 or 2 hereof or pursuant to
any D&O Insurance purchased and maintained by the Corporation;

          (b) In respect to remuneration paid to Officer if it shall be determined
by a final judgment or other final adjudication that such remuneration was in
violation of Law;

	 	 	 	 	 	 	 
	

	 	 	4 of 8	 	 	Rev 08-2004

 

 

          (c) On account of any suit in which judgment is rendered against Officer
for an accounting of profits made from the purchase or sale by Officer of
securities of Corporation pursuant to the provisions of Section 16(b) of the
Securities Exchange Act of 1934 and amendments thereto or similar provisions of
any federal, state or local statutory law;

          (d) On account of Officer’s conduct which is finally adjudged by a court
of competent jurisdiction to have been knowingly fraudulent or deliberately
dishonest or to have constituted willful misconduct or recklessness; and

          (e) If a final decision by a court of competent jurisdiction shall
determine that such indemnification is not lawful.

     5. Continuation of Indemnity. All agreements and obligations of
Corporation contained herein shall continue during the period Officer is an
officer, director, employee or agent of Corporation (or is or was serving at
the request of Corporation as an officer, director, employee or agent of
another corporation, partnership, joint venture, trust or other enterprise) and
shall continue thereafter so long as Officer shall be subject to any possible
claim or threatened, pending or completed action, suit or proceeding, whether
civil, criminal or investigative, by reason of the fact that Officer was an
officer of Corporation or serving in any other capacity referred to herein.

     6. Notification and Defense of Claim. Promptly after receipt by Officer
of notice of the commencement of any action, suit or proceeding, Officer will,
if a claim in respect thereof is to be made against Corporation under this
Agreement, notify Corporation of the commencement thereof; but the omission so
to notify Corporation will not relieve it from any liability which it

	 	 	 	 	 	 	 
	

	 	 	5 of 8	 	 	Rev 08-2004

 

 

may have
to Officer otherwise than under this Agreement. With respect to any such
action, suit or proceeding as to which Officer notifies Corporation of the
commencement thereof:

          (a) Corporation will be entitled to participate therein at its own
expense; and

          (b) Except as otherwise provided below, to the extent that it may wish,
Corporation jointly with any other indemnifying party similarly notified will
be entitled to assume the defense thereof, with counsel satisfactory to
Officer. After notice from Corporation to Officer of its election so to assume
the defense thereof, Corporation will not be liable to Officer under this
Agreement for any legal or other expenses subsequently incurred by Officer in
connection with the defense thereof other than reasonable costs of
investigation or as otherwise provided below. Officer shall have the right to
employ its counsel in such action, suit or proceeding but the fees and expenses
of such counsel incurred after notice from Corporation of its assumption of the
defense thereof shall be at the expense of Officer unless (i) the employment of
counsel by Officer has been authorized by Corporation, (ii) Officer shall have
reasonably concluded that there may be a conflict of interest between
Corporation and Officer in the conduct of the defense of such action or, (iii)
Corporation shall not in fact have employed counsel to assume the defense of
such action, in each of which cases the fees and expenses of counsel shall be
at the expense of Corporation. Corporation shall not be entitled to assume the
defense of any action, suit or proceeding brought by or on behalf of
Corporation or as to which Officer shall have made the conclusion provided for
in (ii) above.

          (c) Corporation shall not be liable to indemnify Officer under this
Agreement for any amounts paid in settlement of any action or claim effected
without its written consent. Corporation shall not settle any action or claim
in any manner which would impose any penalty or

	 	 	 	 	 	 	 
	

	 	 	6 of 8	 	 	Rev 08-2004

 

 

limitation on Officer without
Officer’s written consent. Neither Corporation nor Officer will unreasonably
withhold its or his consent to any proposed settlement.

     7. Repayment of Expenses. Officer will reimburse Corporation for all
reasonable expenses paid by Corporation in defending any civil or criminal
action, suit or proceeding against Officer in the event and only to the extent
that it shall be ultimately determined that Officer is not entitled to be
indemnified by Corporation for such expenses under the provisions of the Law,
the Bylaws, this Agreement or otherwise.

     8. Enforcement.

          (a) Corporation expressly confirms and agrees that it has entered into
this agreement and assumed the obligations imposed on Corporation hereby in
order to induce Officer to continue as an officer of Corporation, and
acknowledges that Officer is relying upon this Agreement in continuing in such
capacity.

          (b) In the event Officer is required to bring any action to enforce rights
or to collect moneys due under this Agreement and is successful in such action,
Corporation shall reimburse Officer for all of Officer’s reasonable fees and
expenses in bringing and pursuing such action.

     9. Separability. Each of the provisions of this Agreement is a separate
and distinct agreement and independent of the others, so that if any provision
hereof shall be held to be invalid or unenforceable for any reason, such
invalidity or unenforceability shall not affect the validity or enforceability
of the other provisions hereof.

	 	 	 	 	 	 	 
	

	 	 	7 of 8	 	 	Rev 08-2004

 

 

     10. Governing Law; Binding Effect; Amendment and Termination.

          (a) This Agreement shall be interpreted and enforced in accordance with
the laws of the Commonwealth of Pennsylvania.

          (b) This Agreement shall be binding upon Officer and upon Corporation, its
successors and assigns, and shall inure to the benefit of Officer, his heirs,
personal representatives and assigns and to the benefit of Corporation, its
successors and assigns.

          (c) No amendment, modification, termination or cancellation of this
Agreement shall be effective unless in writing signed by both parties hereto.

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement on and
as of the day and year first above written.

	 	 	 	 	 
	 	 	C-COR Incorporated
	 
	 	 	 	 
	 	 	By:
	 	 	 	

	

	 	Name:
	 	David A. Woodle
	

	 	Title:
	 	Chairman & CEO
	 
	 	 	 	 
	 	 	

	

	 	Employee

	 	 	 	 	 	 	 
	

	 	 	8 of 8	 	 	Rev 08-2004

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