Document:

Exhibit 10.25

 

NON-STATUTORY
STOCK OPTION AGREEMENT

 

AGREEMENT
dated September 16, 2005 (hereinafter sometimes called the Grant Date)
between Walter Industries, Inc., a Delaware corporation having its
principal executive offices at 4211 W. Boy Scout Blvd., Tampa, Florida 33607
(hereinafter called the Company), and Gregory E. Hyland (hereinafter called the
Employee).

 

WHEREAS,
the Employee is a key employee of the Company and the Company, in consideration
of the Employee’s employment by the Company or a subsidiary corporation,
desires to grant the Employee the right and option to purchase shares of common
stock, par value $.01 per share, of the Company (hereinafter called Common
Stock) on the terms and conditions set forth in this Agreement;

 

NOW,
THEREFORE, it is agreed hereby as follows:

 

1.             (a)           The Company hereby
grants to the Employee the right and option (hereinafter called the Option) to
purchase from the Company at a price of $47.12 per share an aggregate number of
35,000 shares of Common Stock (hereinafter called the Option Shares).  The Option shall be exercisable only in
accordance with the terms and conditions set forth in this Agreement.

 

(b)           The Option may not be
exercised at any time for a fractional share nor for fewer than 100 shares,
unless fewer than 100 shares remain subject to the Option at such time, in
which case the Option may be exercised for the full balance of the shares which
remain subject to the Option at such time.

 

2.             (a)           In no event shall the
Option be exercisable after the tenth anniversary of the Grant Date (the ten
year period extending from the Grant Date to (and including) the tenth
anniversary of the Grant Date being hereinafter called the Option Term).

 

(b)           Subject to subparagraph
2(a) and the other provisions of this Agreement, the Option may be
exercised at any time or from time to time during the Option Term, provided
that (i) the Employee shall have been in the continuous employ of the
Company or a subsidiary during the entire period extending from the Grant Date
to (and including) the date of exercise, and (ii) the Option may not be
exercised with respect to (A) any of the Option Shares until the first
anniversary of the Grant Date, nor (B) more than one-third of the Option
Shares prior to the second anniversary of the Grant Date, nor (C) more
than two-thirds of the Option Shares prior to the third anniversary of the
Grant Date.

 

3.             (a)           If the Employee’s
employment with the Company and its subsidiaries shall terminate within the
Option Term for cause, the Option shall terminate in all respects coincident
with such termination of employment.

 

1

 

(b) 
(i)  If the Employee’s employment with the Company and its subsidiaries
shall terminate during the Option Term as a result of the Employee’s “Retirement”
(as defined in subparagraph 3(d) hereof), death or disability, then (A) the
Employee or the person or persons to whom the Option shall have been
transferred by will or the laws of descent and distribution, or the Employee’s
legal representative, shall have the right, subject to the provisions of
subparagraph 3(e) below, within three years from the date on which the
Employee’s employment with the Company and its subsidiaries terminated as a
result of Retirement, death or disability, to exercise the unexercised portion
of the Option, but only to the extent, if any, that the Employee was entitled
to exercise it pursuant to subparagraph 2(b) above immediately prior to
such termination of employment, and (B) the Option shall terminate in all
respects at the expiration of such three year period or, if sooner, at the
expiration of the Option Term.

 

(ii)  If the
Employee shall die during the three year period following the termination of
the Employee’s employment as a result of Retirement or disability, or during
the three-months’ period following the termination of the Employee’s employment
for any reason other than cause, Retirement, death or disability, then (A) the
person or persons to whom the Option shall have been transferred by will or the
laws of descent and distribution, or the legal representative of the Employee’s
estate, shall have the right, subject to the provisions of subparagraph 3(e) below,
within three years from the date of the Employee’s death, to exercise the
unexercised portion of the Option, but only to the extent, if any, that the
Employee was entitled to exercise it pursuant to subparagraph 3(b)(i) above
or subparagraph 3(c) below immediately prior to the Employee’s death, and (B) the
Option shall terminate in all respects at the expiration of such three year
period or, if sooner, at the expiration of the Option Term.

 

(c)  If the Employee’s
employment with the Company and its subsidiaries shall terminate during the
Option Term for any reason not covered by the preceding provisions of this
paragraph 3 (i.e., for any reason other than cause, Retirement, death or
disability), (i) the Employee, subject to the provisions of subparagraphs
2(a) and 3(b)(ii), shall have the right, at any time during the three
months’ period ending at the close of the 90th day after the Employee’s last
day of employment with the Company and its subsidiaries, to exercise the
unexercised portion of the Option to the extent, if any, that the Employee was
entitled to do so pursuant to subparagraph 2(b) above immediately prior to
such termination of employment, and (ii) the Option shall terminate in all
respects at the expiration of such three months’ period or, if sooner, at the
expiration of the Option Term.

 

(d) 
Whether the Employee’s absence from employment by reason of illness, military
or government service or other causes shall constitute termination of
employment, and whether the termination of Employee’s employment shall be for
cause or disability, shall be determined by, and in the sole discretion of, the
Compensation Committee (as defined in subparagraph 13(b) hereof), whose
determination shall be final, binding and conclusive on the Employee, on any
person or entity claiming under or through the Employee, and on all other
interested parties, including the Company. 
For all purposes of this paragraph 3, “Retirement” shall mean
termination of the Employee’s employment with the Company and its subsidiaries (i) other
than for cause,

 

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and (ii) either (A) on
or after the date on which the Employee attains the age of sixty (60), or (B) on
a date on which the sum of the Employee’s age and completed years of employment
with the Company and its subsidiaries is at least eighty (80).

 

(e)  No provision of
this Agreement, including but not limited to this paragraph 3, shall be deemed
to extend the Option Term.  Any provision
of this Agreement to the contrary notwithstanding, (i) in no event shall
the Option be exercisable after the expiration of the Option Term, and (ii) in
no event shall the Option be exercisable more than three months after
termination of the Employee’s employment with the Company and its subsidiaries,
except in the event of the Retirement, death or disability of the Employee, as
provided in subparagraph 3(b) above.

 

4.             Any
provision of this Agreement to the contrary notwithstanding, in no event
(whether before or after termination of employment) shall the Employee be
entitled to exercise the Option unless the Employee shall have refrained, at
all times prior to such exercise, from conduct which the Compensation Committee
determines in its sole discretion is contrary to the best interests of the
Company, including but not limited to competition with the Company.

 

5.             The
Option may be exercised by written notice signed by the Employee or, in the
event of the Employee’s death, by the person or persons entitled to exercise
the same under this Agreement, and delivered to the Secretary of the Company at
the Company’s principal executive offices at the address set forth above,
specifying the number of Option Shares in respect of which the Option is being
exercised.  Upon such exercise, payment
of the full purchase price for the shares so specified shall be made by
tendering to the Company cash, certified check, bank draft, postal or express
money order, personal check (subject to collection), whole shares of Common
Stock already owned by the Employee, or a combination of the foregoing forms of
payment, or by delivering to the Company a properly executed exercise notice
together with irrevocable instructions to a stockbroker that the Company
determines satisfies the provisions of section 220.3(e)(4) (or a
successor provision) of Regulation T promulgated by the Board of Governors of
the Federal Reserve System (hereinafter referred to as Regulation T) and such
other criteria as the Company may in it sole discretion establish, provided
that (a) in no event shall the sum of the cash, certified check, bank
draft, postal or express money order, personal check (subject to collection)
and the fair market value on the date of such exercise of any shares with which
such purchase price is paid be less than the full purchase price, and (b) the
Committee may, but need not, at any time or from time to time, without advance
notice to the Employee, direct (or rescind any direction) that shares of Common
Stock tendered in payment of all or part of the purchase price of the Option
shall have been owned by the Employee for a specified period of time prior to
such tender.  Neither the Employee nor
the Employee’s legal representative, legatee(s) or distributee(s), as the case
may be, will be, or will be deemed to be a holder of any shares pursuant to the
exercise of an Option until the date of the issuance of a stock certificate for
such shares.  Notice of exercise shall be
deemed to have been delivered and the Option duly exercised in respect of the
shares specified in the notice if and when such notice is received by the
Secretary of the Company and payment in cash or in the form of a certified
check, bank draft or postal

 

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or express money order, or in the form of a personal check subject to
collection, or in the form of a certificate or certificates, properly endorsed,
for whole shares of Common Stock that have been held for such period of time,
if any, prior to the delivery as the Committee may direct, or in a combination
of the foregoing forms of payment, shall have been mailed by registered or
certified mail to the executive offices of the Company, attention of the
Secretary of the Company, or shall have been received by the Secretary of the
Company, or when the properly executed exercise notice and irrevocable
instructions to a stockbroker that the Company determines satisfies the
provisions of Regulation T and such other criteria as the Company may establish
have been received by the Secretary of the Company.  It shall be a condition of the delivery by
the Company of the certificate for the shares in respect of which the Option
shall have been exercised that provision shall have been made for payment of
any taxes that the Company determines are required to be withheld.

 

6.             The
Employee agrees that if, in the opinion of counsel for the Company, such
representation(s), or evidence may be required by law, there shall be delivered
to the Company (a) a representation in writing signed by the person or
persons who shall exercise the Option, and such other evidence as may
reasonably be required by counsel for the Company, that such shares of stock
are being acquired for investment and not for resale or distribution, and (b) such
other representation(s) or evidence as in the opinion of counsel is necessary
to satisfy the requirements of any federal or state law at the time in effect
relating to the acquisition of shares to which the Option relates.

 

7.             The
Option is not transferable by the Employee otherwise than by will or the laws
of descent and distribution and is exercisable, during the Employee’s lifetime,
only by the Employee.  Once transferred
by will or by the laws of descent and distribution, the Option shall not be
further transferable.  Any transferee of
the Option must take the Option subject to the terms and conditions of this
Agreement.  No such transfer of the
Option shall be effective to bind the Company unless the Company shall have
been furnished with written notice thereof, if by will, with a copy of the
Employee’s will, and with such evidence as counsel for the Company may deem
necessary to establish the validity of the transfer and the acceptance by the
transferee(s) of the terms and conditions of this Agreement.  No sale, assignment, transfer or other
disposition of the Option, whether voluntary or involuntary, by operation of law
or otherwise, except a transfer by the Employee by will or by the laws of
descent and distribution, shall vest in the purported assignee or transferee
any interest or right hereunder whatsoever.

 

8.             The
Employee shall have no rights as a stockholder with respect to any share
subject to the Option until the Employee shall have become the holder of record
of such share and, subject to the provisions of paragraph 10 hereof, no
adjustment shall be made for dividends (ordinary or extraordinary, whether in
cash or securities or other property) or other distributions or other rights in
respect of such share as to which the record date therefor is prior to the date
upon which the Employee shall become the holder of record of such share.

 

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9.             The
existence of the Option shall not affect in any way the right or power of the
Company or its stockholders to make or authorize any or all adjustments,
recapitalizations, reorganizations or other changes in the Company’s capital
structure or its business, or any merger or consolidation of the Company, or
any issue of bonds, debentures, preferred or prior preference stock ahead of or
affecting the Common Stock or the rights thereof, or the dissolution or
liquidation of the Company, or any sale or transfer of all or any part of its
assets or business, or any other corporate act or proceeding, whether of a
similar character or otherwise.

 

10.           If
all or any portion of the Option shall be exercised subsequent to any stock
dividend, split-up, spin-off, recapitalization, merger, consolidation,
combination or exchange of shares, reorganization or liquidation occurring
after the date hereof, as a result of which shares of any class or other
property shall be issued in respect of outstanding shares of Common Stock, or
shares of Common Stock shall be changed into the same or a different number of
shares of the same or another class or classes, the person(s) so exercising the
Option shall receive, for the aggregate price paid upon such exercise, the
aggregate number and class of shares and amount of property which, if shares of
Common Stock (as authorized at the date hereof) had been purchased at the date
hereof for the same aggregate price (on the basis of the price per share set
forth in paragraph 1(a) hereof) and had not been disposed of, such
person(s) would be holding, at the time of such exercise, as a result of such
purchase and all such stock dividends, split-ups, spin-offs, recapitalizations,
mergers, consolidations, combinations or exchanges of shares, reorganizations or
liquidations; provided, however, that no fractional shares shall be issued upon
any such exercise, and the aggregate price paid shall be appropriately reduced
on account of any fractional share not issued. 
No adjustment shall be made in the minimum number of shares which may be
purchased at any one time, as fixed by paragraph 1(b) hereof.

 

11.           Neither
this Agreement nor any provision hereof shall be deemed to create any
limitation or restriction upon the right of the Company to terminate the
employment of the Employee at any time with or without cause.

 

12.           The
exercise of the Option shall be subject to all requirements as to (a) the
listing, registration or qualification of the Option Shares for trading on any
securities exchange or securities trading system on which shares of the Common
Stock are listed or traded or under any applicable federal or state law, and (b) the
consent or approval of any governmental regulatory body determined by the
Compensation Committee, in its sole discretion, to be necessary or desirable,
and anything in this Agreement to the contrary notwithstanding, the Option may
not be exercised in whole or in part unless and until the Company has been able
to comply with all such requirements free of any conditions not acceptable to
the Committee.  The Company shall make
reasonable efforts at its own cost to comply with all such requirements.

 

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13.           As
used in this Agreement:

 

(a)           With
reference to employment with the Company, the term “Company” shall be deemed to
include any successor to the Company, whether by merger, consolidation or
otherwise, including any entity which acquires all or substantially all of the
assets of the Company, and any corporation now or hereafter a subsidiary corporation
of the Company, as that term is used in Section 424 of the Internal
Revenue Code of 1986, as amended, as well as any entity in which the Company or
its subsidiaries owns 50% or more of the equity; and

 

(b)           The
term “Compensation Committee” shall mean the Compensation Committee of the
Board of Directors of the Company or such other committee as such Board may
appoint to administer the plan under which the Option was granted.

 

14.           Any dispute or
disagreement which shall arise under or as a result of this Agreement shall be
determined by the Compensation Committee in its sole discretion.  The Compensation Committee shall have the
power to administer, interpret and construe all the provisions of this
Agreement.  Any such determination by the
Compensation Committee, and any administration, interpretation or construction
of the provisions of this Agreement by the Compensation Committee shall be
final, binding and conclusive on all interested parties.

 

15.           This Agreement shall be
binding upon and inure to the benefit of any successor(s) of the Company and
the person(s) to whom the Option may have been transferred by will or the laws
of descent and distribution.  All
agreements by the Employee hereunder shall, in the event of the Employee’s
death, be deemed to refer to, and be binding upon, such last-mentioned
person(s).

 

16.           The Option has been
granted pursuant to and subject to the provisions of the Amended 1995 Long-Term
Incentive Stock Plan of the Company (the Plan), which is enclosed with this
Agreement and hereby incorporated herein by this reference.  Any provision of this Agreement to the
contrary notwithstanding, each and every provision of this Agreement shall be
subject to the terms and conditions of the Plan.

 

17.           The Option is not
intended to be an incentive stock option within the meaning of Section 422
of the Internal Revenue Code of 1986, as amended.  Each and every provision of this Agreement
shall be administered, construed and interpreted so that the Option shall not
be treated for Federal income tax purposes as such an incentive stock option,
and any provision of this Agreement that cannot be so administered, construed
and interpreted shall be disregarded.

 

18.           This
Agreement may only be amended in writing signed by the Employee and an officer
of the Company duly authorized to do so.

 

6

 

IN
WITNESS WHEREOF, the Company has caused this Agreement to
be executed in its corporate name by one of its officers thereunto duly
authorized and its seal to be hereunto affixed and to be duly attested, and the
Employee has executed this Agreement as of the day and year first above
written.

 

 

	
   

  	
  WALTER INDUSTRIES, INC.

  
	
   

  	
   

  
	
   

  	
  /s/ Donald N. Boyce

  	
   

  
	
   

  	
  Chairman, Compensation and Human Resources 

  
	
   

  	
  Committee

  
	
   

  	
   

  
	
   

  	
  /s/ GE Hyland

  	
   

  
	
   

  	
  Employee

  
	
   

  	
   

  
	
   

  	
   

  
	
  Plan
  enclosed

  	
   

  
					

 

7Exhibit 10.26
 
September 21, 2005
 
Dear Don,
 
We refer to the letter agreement dated March 2, 2005 between you and Walter Industries, Inc. (“the Company”) regarding your retirement from the positions of Chairman, Chief Executive Officer and President of the Company (the “Letter Agreement”).  Notwithstanding any contrary provision of that agreement, your final date of employment with the Company will be November 15, 2005, inclusive of all accrued vacation days, whether used or unused.  While it is not expected that you will be required to be present at the company beyond a few days following the start date of your successor, you have agreed that you will be available until November 15 to assist in the transition of your responsibilities to Mr. Hyland and his introduction to the Company’s constituencies.
 
You also agree, for a period of 12 months following November 15, to remain available at reasonable times and on reasonable notice to consult with Mr. Hyland regarding the history and strategy of the Company, and on other company matters.
 
We have agreed to amend the Letter Agreement by deleting paragraph 5(a) thereof.  As a result, per the terms of the 1995 Long-Term Incentive Stock Plan and the applicable option agreement, you will have 90 days from November 15, 2005 to exercise any vested options you hold as of your retirement date.
 
We have further agreed as follows:
 
Non-competition.  For a period of twelve (12) months from the date hereof, you shall not: (i) directly or indirectly act in concert or conspire with any person employed by the Company in order to engage in or prepare to engage in or to have a financial or other interest in any business or any activity which you know (or reasonably should have known) to be directly competitive with the business of the Company as then being carried on; or (ii) serve as an employee, agent, partner, shareholder, director or consultant for, or in any other capacity participate, engage, or have a financial or other interest in any business or any activity which you know (or reasonably should have known) to be directly competitive with the business of the Company as then being carried on (provided, however, that notwithstanding anything to the contrary contained in this Agreement, you may own up to two percent (2%) of the outstanding shares of the capital stock of a company whose securities are registered under Section 12 of the Securities Exchange Act of 1934).
 

 

Non-Solicitation; Non-Interference.  For a period of twelve (12)
months from the date hereof, you shall not, whether on your own behalf or on
behalf of any other person, directly or indirectly

 

(i) solicit or encourage any employee of
the Company to leave the employment of the Company; or hire any employee
currently employed by the Company; or

 

(ii) attempt to interfere with business
relationships (whether formed before, on or after the date hereof) between the
Company, on the one hand, and any customers or suppliers of the Company, on the
other hand.

 

Non-Disparagement.  You shall not utter or issue any disparaging or derogatory remarks, or make
any untruthful statements, including pursuant to any press
release or public statement, about the Company, together with its successors, subsidiaries, officers and
directors (the “Beneficiaries”) regarding any of the Beneficiaries’
financial status, business, compliance with laws, ethics, personnel, directors,
officers, employees, consultants, agents, services, business methods or
otherwise, or utter or issue any other statements that are reasonably likely to
disparage any of the Beneficiaries or are otherwise degrading to any of the
Beneficiaries’ reputation in the business, industry or community in which any
such member operates; provided that statements made by you to directors
of the Company shall not be subject to this paragraph and you shall be
permitted to make any statement that is required by applicable laws or necessary to respond in a legal or
regulatory proceeding.  The Beneficiaries agree
not to utter or issue any disparaging
or derogatory remarks, or make any untruthful statements, including pursuant to
any press
release or public statement, about you regarding any of your financial status,
business, compliance with laws, ethics, services, business methods or
otherwise, or utter or issue any other statements that are reasonably likely to
disparage you or are otherwise degrading to your reputation in the business,
industry or community in which you participate; provided that statements
made by directors of the Corporation to you shall not be subject to this paragraph
and the Beneficiaries shall be permitted to make any statement that is required
by applicable laws or necessary
to respond in a legal or regulatory proceeding.

 

Cooperation.  On and after the date hereof, you shall
provide your reasonable cooperation to the Company or any of its
affiliates, or any of their respective shareholders, officers,
employees, representatives or agents, upon reasonable advance notice to
you that such cooperation is required, in connection with
any action, proceeding or investigation (or any appeal from any
action, proceeding or investigation) that relates to events occurring during
your employment with the Company. 
The Company shall reimburse you for all travel, lodging and other
related costs incurred by you in connection with the provision of such
cooperation, in accordance with the Company’s business expense reimbursement
policy maintained for its executives from time to time.

 

 

Release.  You have agreed to provide the Release
attached as Exhibit A to this letter.

 

No Litigation.  You agree that you will not hereafter pursue
any charges, complaints, claims, promises, agreements, causes of action,
damages, and debts that relate in any manner to your employment with or
services for the Company, known or unknown (other than any Excluded Claims, as
such term is hereinafter defined), against any of the Company or its related or
affiliated entities, predecessors, successors, assigns, subsidiaries, parents,
or current or former owners, officers, directors, shareholders, employees, partners,
attorneys, insurers, or agents (collectively, the “Employer Group”), by filing
a lawsuit in any local, state or federal court, or filing a demand for
arbitration, for or on account of anything which has occurred up to the present
time, and you shall not seek reinstatement with, or damages of any nature,
severance, incentive or retention pay, attorneys’ fees, or costs from the
Company or any member of the Employer Group.  For purposes of this
paragraph, the term “Excluded Claims” shall mean, collectively (i) any
rights to insurance coverage or indemnification you may have by reason of your
employment with or service on the Board of Directors of the Company or its
affiliates, (ii) your vested rights under any defined benefit, defined
contribution or other Company retirement plan or (iii) the Letter
Agreement.

 

To acknowledge this understanding of our agreement, please sign where indicated below and return a copy of this letter to me.
 

	On behalf of the Board,

	 

	 

	/s/ Donald N. Boyce
	 

	Donald N. Boyce

	 

	Accepted and Agreed:

	 

	/s/ Don DeFosset
	 

	Don DeFosset

			

 

 

EXHIBIT A

 

RELEASE

 

(a)                                  For
and in consideration of the continuation of his employment with Walter
Industries, Inc. (the “Company”) through November 15, 2005, Don
DeFosset (the “Executive”) hereby agrees on behalf of the Executive, the
Executive’s agents, assignees, attorneys, successors, assigns, heirs and
executors, to, and the Executive does hereby, fully and completely forever
release the Company and its affiliates, predecessors and successors and all of
their respective past and/or present officers, directors, partners, members,
managing members, managers, employees, agents, representatives, administrators,
attorneys, insurers and fiduciaries in their individual and/or representative
capacities (hereinafter collectively referred to as the “Releasees”), from any
and all causes of action, suits, agreements, promises, damages, disputes,
controversies, contentions, differences, judgments, claims, debts, dues, sums
of money, accounts, reckonings, bonds, bills, specialities, covenants,
contracts, variances, trespasses, extents, executions and demands of any kind
whatsoever, which the Executive or the Executive’s heirs, executors,
administrators, successors and assigns ever had, now has or may have against
the Releasees or any of them, in law, admiralty or equity, whether known or
unknown to the Executive, for, upon, or by reason of, any matter, action,
omission, course or thing whatsoever occurring up to the date this Release is
signed by the Executive, including, without limitation, in connection with or
in relationship to the Executive’s employment or other service relationship
with the Company or its affiliates, the termination of any such employment or
service relationship and any applicable employment, compensatory or equity
arrangement with the Company or its respective affiliates; provided that
such released claims shall not include any claims to enforce the Executive’s
rights under, or with respect to, insurance coverage or indemnification the Executive
may have by reason of the Executive’s employment with or service on the Board
of Directors of the Company or its affiliates, the letter agreements between
the Company and the Executive dated March 2, 2005 and September 21,
2005 or any vested benefits of the Executive under any retirement plan
maintained by the Company or its affiliates (such released claims are
collectively referred to herein as the “Released Claims”).

 

(b)                                 Notwithstanding
the generality of clause (a) above, the Released Claims include, without
limitation, (i) any and all claims under Title VII of the Civil
Rights Act of 1964, the Age Discrimination in Employment Act of 1967, the Civil
Rights Act of 1971, the Civil Rights Act of 1991, the Fair Labor Standards Act,
the Employee Retirement Income Security Act of 1974, the Americans with
Disabilities Act, the Family and Medical Leave Act of 1993, and any and all
other federal, state or local laws, statutes, rules and regulations
pertaining to employment or otherwise, and (ii) any claims for wrongful
discharge, breach of contract, fraud, misrepresentation or any compensation
claims, or any other claims under any statute, rule or regulation or under
the common law, including compensatory damages, punitive damages, attorney’s
fees, costs, expenses and all claims for any other type of damage or relief.

 

 

(c)                                  The
Executive represents that the Executive has read carefully and fully
understands the terms of this Release, and that the Executive has been advised
to consult with an attorney and has had the opportunity to consult with an
attorney prior to signing this Release. 
The Executive acknowledges that the Executive is executing this Release
voluntarily and knowingly and that the Executive has not relied on any
representations, promises or agreements of any kind made to the Executive in
connection with the Executive’s decision to accept the terms of this
Release.  The Executive acknowledges that the Executive has been given at least
twenty-one (21) days to consider whether the Executive wants to sign this
Release and that the Age Discrimination in Employment Act gives the Executive
the right to revoke this Release within seven (7) days after it is signed,
and the Executive understands that the Executive will not receive any payments
due the Executive under this Release until such seven (7) day revocation
period has passed and then, only if the Executive has not revoked this
Release.  To the extent the Executive has
executed this Release within less than twenty-one (21) days after its delivery
to the Executive, the Executive hereby acknowledges that the Executive’s
decision to execute this Release prior to the expiration of such twenty-one
(21) day period was entirely voluntary.

 

 

	
   

  	
  Signed this 21st day of September, 2005,

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  by

  	
  /s/ Don DeFosset

  	
   

  
	
   

  	
  Don DeFosset

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