Document:

Exhibit 10.6

WARRANT PURCHASE AGREEMENT

WARRANT PURCHASE AGREEMENT (this “Agreement”)
made as of this                        day
of                        ,
2007 among Arcade Acquisition Corp., a Delaware corporation (the “Company”)
and Arcade Acquisition Investors, LLC (the “Purchaser”).

WHEREAS, the Company has filed with the Securities and
Exchange Commission (the “SEC”) a registration statement on Form S-1, as
amended (File No. 333-140814) (the “Registration Statement”), in connection
with the Company’s initial public offering (the “IPO”) of up to 7,500,000
units (the “Units”), each unit consisting of one share of the Company’s
common stock, $.0001 par value (the “Common Stock”), and (ii) one
warrant, each warrant to purchase one share of Common Stock; and

WHEREAS, concurrently with the IPO the Company desires
to sell in a private placement to the Purchaser (the “Placement”) an
aggregate of 2,000,000 warrants (the “Placement Warrants”) substantially
identical to the warrants being issued in the IPO pursuant to the terms and
conditions hereof and as set forth in the Registration Statement, except that
the Placement Warrants to be issued in the Placement shall not be registered
under the Securities Act of 1933, as amended (the “Securities Act”); and

WHEREAS, the Purchaser is entitled to registration
rights with respect to the Placement Warrants and the Common Stock underlying
the Placement Warrants (the “Underlying Shares”) on the terms set forth
in this Agreement; and

WHEREAS, except as provided herein, the Placement
Warrants shall be governed by the Warrant Agreement filed as an exhibit to the
Registration Statement.

NOW, THEREFORE, for and in consideration of the
premises and the mutual covenants hereinafter set forth, the parties hereto do
hereby agree as follows:

1.             Purchase of Placement Warrants. The Purchaser hereby agrees, directly or
through its nominees, to purchase an aggregate of 2,000,000 Placement Warrants
at a purchase price of $1.00 per Placement Warrant, or an aggregate of
$2,000,000 (the “Purchase Price”).

2.             Closing. The closing of the purchase and sale of
the Placement Warrants (the “Closing”) will take place at such time and
place as the parties may agree (the “Closing Date”), but in no event
later than the date on which the SEC declares the Registration Statement
effective (the “Effective Date”), provided the underwriting agreement is
signed and executed with the representative of the underwriters. On the
Effective Date, the Purchaser shall pay the Purchase Price by wire transfer of
funds to the trust account at JPMorgan Chase NY Bank, maintained by Continental
Stock Transfer & Trust Company, acting as trustee (the “Trust Account”).
The certificates for the Placement Warrants shall be delivered to Purchaser
promptly after the payment of the Purchase Price.

3.             Lock-Up Agreement. Except for transfers to
members of the Purchaser in proportion to their membership interests (such members
being referred to herein as

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“Member Transferees”).
prior to the consummation of a Business Combination (as defined in the
Registration Statement), the Purchaser shall not (i) sell, offer to sell,
contract or agree to sell, hypothecate, pledge, grant any option to purchase or
otherwise dispose of or agree to dispose of, directly or indirectly, or file
(or participate in the filing of) a registration statement with the SEC in
respect of, or establish or increase a put equivalent position or liquidate or
decrease a call equivalent position within the meaning of Section 16 of the
Securities Exchange Act of 1934, as amended, and the rules and regulations of
the SEC promulgated thereunder (the “Exchange Act”) with respect to, any
Placement Warrants and the Underlying Shares, or any securities convertible
into or exercisable or exchangeable for shares, or warrants or other rights to
purchase shares or any such securities, (ii) enter into any swap or other
arrangement that transfers to another, in whole or in part, any of the economic
consequences of ownership of Placement Warrants or Underlying Shares or any
securities convertible into or exercisable or exchangeable for shares, or
warrants or other rights to purchase shares or any such securities, whether any
such transaction is to be settled by delivery of shares or such other
securities, whether any such transaction is to be settled by delivery of shares
or such other securities, in cash or otherwise (collectively “Transfer”),
provided, however, that the Member Transferees shall be allowed,
on condition that prior to such Transfer, each permitted transferee or the
trustee or legal guardian for each permitted transferee agrees in writing to be
bound by the terms of this Agreement: (a) transfers resulting from the death of
the Purchaser, (b) transfers by operation of law, (c) any transfer for estate planning
purposes to persons immediately related to the transferor by blood, marriage or
adoption, or (d) transfers to any trust solely for the benefit of such
transferor and/or the persons described in the preceding clause.

4.             Placement Warrants Non-Redeemable.  The Placement Warrants shall be
non-redeemable so long as the Purchaser or a Member Transferee hold such
Placement Warrants following their issuance by the Company to the Purchaser.

5.             Representations and Warranties of the Purchaser.
Purchaser hereby represents and warrants to the Company that:

5.1           The
execution and delivery by the Purchaser of this Agreement and the fulfillment
of and compliance with the respective terms hereof by the Purchaser do not and
shall not as of the Closing conflict with or result in a breach of the terms,
conditions or provisions of any other agreement, instrument, order, judgment or
decree to which Purchaser is subject.

5.2           The
Purchaser is an “accredited investor” as that term is defined in Rule 501 of
Regulation D promulgated under the Securities Act.

5.3           The
Placement Warrants are being acquired for the Purchaser’s own account, only for
investment purposes and not with a view to, or for resale in connection with,
any distribution or public offering thereof within the meaning of the
Securities Act.

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5.4           The
Purchaser has the full right, power and authority to enter into this Agreement
and this Agreement is a valid and legally binding obligation of the Purchaser
enforceable against the Purchaser in accordance with its terms.

5.5           The
Purchaser understands that no United States federal or state agency or any
other government or governmental agency has passed on or made any
recommendation or endorsement of the securities or the fairness or suitability
of the investment in the securities nor have such authorities passed upon or
endorsed the merits of the offering of the securities.

6.             Registration Rights. The Purchaser shall have
registration rights pursuant to the Registration Rights Agreement, dated as of                         ,
2007, by and among the Company and the Investors listed on the signature page
thereto.

7.             Rescission Right Waiver.  The Purchaser understands and acknowledges
that an exemption from the registration requirements of the Securities Act
requires that there be no general solicitation of purchasers of the Placement
Warrants. In this regard, if the offering of the Units were deemed to be a
general solicitation with respect to the Placement Warrants, the offer and sale
of such Placement Warrants may not be exempt from registration and, if not, the
Purchaser may have a right to rescind its purchase of the Placement Warrants.
In order to facilitate the completion of the offering and in order to protect
the Company, its stockholders and the Trust Account from claims that may
adversely affect the Company or the interests of its stockholders, the
Purchaser hereby agrees to waive, to the maximum extent permitted by applicable
law, any claims, right to sue or rights in law or arbitration, as the case may
be, to seek rescission of his purchase of the Placement Warrants.  The Purchaser acknowledges and agrees that
this waiver is being made in order to induce the Company to sell the Placement
Warrants to the Purchaser.  The Purchaser
agrees that the foregoing waiver of rescission rights shall apply to any and
all known or unknown actions, causes of action, suits, claims, or proceedings
(collectively, “Claims”) and related losses, costs, penalties, fees,
liabilities and damages, whether compensatory, consequential or exemplary, and
expenses in connection therewith (collectively, “Losses and Expenses”)
including reasonable attorneys’ and expert witness fees and disbursements and
all other expenses reasonably incurred in investigating, preparing or defending
against any Claims, whether pending or threatened, in connection with any
present or future actual or asserted right to rescind the purchase of the
Placement Warrants hereunder or relating to the purchase of the Placement
Warrants and the transactions contemplated hereby.

8.             Waiver of Claims Against Trust Account. The
Purchaser hereby waives any and all right, title, interest or claim of any kind
in or to any distributions from the Trust Account with respect to any shares of
common stock acquired by the Purchaser in connection with the exercise of the
Placement Warrants purchased hereby pursuant to this Agreement (“Claim”) and
hereby waives any Claim the undersigned may have in the future as a result of,
or arising out of, any contracts or agreements with the Company and will not
seek recourse against the Trust Account for any reason whatsoever.

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9.             Waiver and Indemnification. Purchaser hereby
waive any and all rights to assert any present or future claims, including any
right of rescission, against the Company or the underwriters in the IPO with
respect to its purchase of the Placement Warrants, and Purchaser agrees to
indemnify and hold the Company and the underwriters in the IPO harmless from
all losses, damages or expenses that relate to claims or proceedings brought
against the Company or such underwriters by Purchaser of the Placement
Warrants.

10.           Counterparts; Facsimile. This
Agreement may be executed in any number of counterparts, each of which when so
executed shall be deemed to be an original and all of which taken together
shall constitute one and the same instrument. This Agreement or any counterpart
may be executed via facsimile transmission, and any such executed facsimile
copy shall be treated as an original.

11.           Governing Law. This Agreement
shall for all purposes be deemed to be made under and shall be construed in
accordance with the laws of the State of New York. Each of the parties hereby
agrees that any action, proceeding or claim against it arising out of or
relating in any way to this Agreement shall be brought and enforced in the
courts of the State of New York or the United States District Court for the
Southern District of New York, and irrevocably submits to such jurisdiction,
which jurisdiction shall be exclusive. Each of the parties hereby waives any objection
to such exclusive jurisdiction and that such courts represent an inconvenient
forum.

IN WITNESS WHEREOF, the undersigned have executed this
Agreement as of the           day
of                          ,
2007.

 

	
  

  	
   

  	
  ARCADE ACQUISITION CORP.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
  Name: Jonathan Furer

  
	
   

  	
   

  	
   

  	
  Title: Chief Executive Officer

  

 

 

	
  

  	
   

  	
  ARCADE ACQUISITION INVESTORS, LLC

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
  Title:

  

 

 4Exhibit
10.1

GEORGIA GULF CORPORATION

EXECUTIVE AND KEY EMPLOYEE

CHANGE OF CONTROL SEVERANCE PLAN

Effective as of May 15, 2007

TABLE OF CONTENTS

	
  

  	
   

  	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 1

  	
   

  	
  DEFINITIONS

  	
   

  	
  1

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 2

  	
   

  	
  PARTICIPATION

  	
   

  	
  6

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 3

  	
   

  	
  ELIGIBILITY FOR BENEFITS

  	
   

  	
  7

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 4

  	
   

  	
  SEVERANCE BENEFITS AFTER A CHANGE OF CONTROL

  	
   

  	
  8

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 5

  	
   

  	
  TAX ADJUSTMENTS

  	
   

  	
  10

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 6

  	
   

  	
  OTHER SEVERANCE BENEFITS UNDER OTHER PROGRAMS OR
  UNDER LAW

  	
   

  	
  14

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 7

  	
   

  	
  ADMINISTRATION

  	
   

  	
  15

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 8

  	
   

  	
  MISCELLANEOUS

  	
   

  	
  18

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 9

  	
   

  	
  AMENDMENT OR TERMINATION OF THE PLAN

  	
   

  	
  22

  

 

GEORGIA
GULF CORPORATION

EXECUTIVE AND KEY EMPLOYEE

CHANGE OF CONTROL SEVERANCE PLAN

Effective
as of May 15, 2007

Section 1

Definitions

Capitalized terms used in the Plan and not elsewhere
defined herein shall have the meanings set forth in this Section:

1.1            “Agreement”
shall mean a separation agreement and general release in such form as the
Employer, in its sole discretion, determines.

1.2           “Base Salary”
shall mean the Participant’s rate of base pay on his Termination Date, as
reflected on the Employer’s payroll records, and not including bonuses,
overtime pay, compensatory time-off, commissions, incentive or deferred
compensation, employer contributions towards employee benefits, or any other
additional compensation.  For purposes of
this Plan, a Participant’s base pay or salary shall include any salary
reduction contributions made on his or her behalf to any plan of the Company or
the Employer under Section 125, 132(f) or 401(k) of the Code.  Notwithstanding the foregoing, following a
Change of Control, Base Salary under this Plan shall not be less than the
highest rate of Base Salary during the 90-day period preceding the Change of
Control.

1.3           “Board” shall
mean the Board of Directors of Georgia Gulf Corporation, or such person or
group of persons (including without limitation a Committee of such Board of
Directors) to whom such Board of Directors delegates responsibilities under
this Plan.

1.4           “Business
Combination” means a reorganization, merger or consolidation or sale or
other disposition of all or substantially all of the assets of the Company.

1.5           “Cause” shall
mean any of the following:

(a)           Any activity as an
employee, principal, agent, or consultant for another entity that competes,
directly or indirectly, with the Company in any actual, researched, or
prospective product, service, system, or business activity for which the
Participant has had any direct or indirect responsibility during the last five
years of his or her employment with the Company or any Subsidiary in any
territory in which the Company or any Subsidiary manufactures, sells, markets,
services, or installs such product, service, system, or business activity.

(b)           The solicitation of any
employee of the Company or any Subsidiary to terminate his or her employment
with the Company or such Subsidiary.

(c)           The disclosure to any
person not employed by or serving as a director of the Company or a Subsidiary,
or the use in other than the Company’s or a Subsidiary’s business, in each case
without prior written authorization from the Company, of any confidential,
proprietary or trade secret information or material relating to the business of
the Company and/or its Subsidiaries, acquired by the Participant either during
employment with the Company or any Subsidiary or while acting as a consultant
for the Company or any Subsidiary.

(d)           The failure or refusal
to disclose promptly and to assign to the Company upon request all right, title
and interest in any invention or idea, patentable or not, made or conceived by
the Participant during employment by the Company or any Subsidiary, relating in
any manner to the actual or anticipated business, research or development work
of the Company or any Subsidiary or the failure or refusal to do anything
reasonably necessary to enable the Company or any Subsidiary to secure a patent
where appropriate, whether in the United States or in other countries.

(e)           Any other conduct or
act determined to be injurious, detrimental or prejudicial to any significant
interest of the Company or any Subsidiary unless the Participant acted in good
faith and in a manner he or she reasonably believed to be in or not opposed to
the best interests of the Company.

1.6           “Change of Control”
shall mean the occurrence of any of the following events:

(a)           The acquisition by any
Person of beneficial ownership (within the meaning of Rule 13d-3 promulgated
under the Exchange Act) of 33% or more of the Voting Power of the Company;
provided, however, that for purposes of this subsection, the following
acquisitions shall not constitute a Change of Control:  (A) any acquisition directly from the
Company, (B) any acquisition by the Company or any Subsidiary, (C) any
acquisition by any employee benefit plan (or related trust) sponsored or
maintained by the Company or any Subsidiary, or (D) any acquisition by any
Person pursuant to a transaction which complies with clauses (i) and (ii) of
subsection (c) of this Section 1.6.

(b)           A change in a majority
of the members of the Board occurs: 
(i) within one year following the public announcement of an actual
or threatened election contest (as described in Rule 14a-12(c) promulgated
under the Exchange Act) or the filing of a Schedule 13D or other public
announcement indicating that a Person intends to effect a change in control of
the Company, (ii) as a result of the exercise of contractual rights, or (iii)
as a result of a majority of the members of the Board having been proposed,
designated or nominated by a Person (other than the Company through the Board
or a committee of the Board).

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(c)           Consummation of a Business
Combination unless, following such Business Combination, (i) no Person
(excluding any entity resulting from such 
Business Combination or any employee benefit plan (or related trust)
sponsored or maintained by the Company or such entity resulting from such
Business Combination or any Subsidiary of either of them) beneficially owns,
directly or indirectly, 33% or more of the Voting Power of the entity resulting
from such Business Combination, and (ii) at least half of the members of the
board of directors of the corporation resulting from such Business Combination
were members of the Board at the time of the execution of the initial
agreement, or of the action of the Board, providing for such Business
Combination.

(d)           Approval by the
stockholders of the Company of a complete liquidation or dissolution of the
Company.

(e)           Such other event as the
Board may determine by express resolution to constitute a Change of Control for
purposes of this Plan.

1.7           “Code” shall
mean the Internal Revenue Code of 1986, as amended.

1.8           “Company” shall
mean Georgia Gulf Corporation, a Delaware corporation.

1.9           “Eligible Employees”
shall mean all Executive Officers and Key Employees of Georgia Gulf
Corporation.  Notwithstanding the
foregoing, an Eligible Employee shall not include any individual: (i)
designated by the Company as an independent contractor and not as an employee
at the time of any determination; (ii) being paid by or through an employee
leasing company or other third party agency; (iii) designated by the Company as
a freelance worker and not as an employee at the time of any determination;
(iv) classified by the Company as a seasonal, occasional, limited duration, or
temporary employee, during the period the individual is so paid or designated;
(v) designated by the Company as a leased employee, during the period the
individual is so paid or designated; or (vi) who is covered by a collective
bargaining agreement.  Any such
individual shall not be an Eligible Employee even if he or she is later
retroactively reclassified as a common-law employee of the Company during all
or any part of such period pursuant to applicable law or otherwise.

1.10         “Employer” shall
mean the Company and its Subsidiaries and affiliates that participate in the
Plan with the approval of the Board.

1.11         “ERISA” shall mean
the Employee Retirement Income Security Act of 1974, as amended.

1.12         “Exchange Act”
shall mean the Securities Exchange Act of 1934, as amended, and the rules and
regulations thereunder, as such law, rules and regulations may be amended from
time to time.

1.13         “Executive Officer”
shall mean each active, full-time executive officer of the Company, as
designated from time to time by the Board.

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1.14         “Good Reason”
shall mean: (i) the Employer reduces the Participant’s compensation (base
salary, bonus, or short-term and long-term incentives) or (ii) any attempted
relocation of the Participant’s place of employment to a location more than 150
miles from the location of such employment on the date of such attempted
relocation, and such reduction or relocation is not cured by the Employer
within 15 days after the date the Participant delivers a notice of
termination for Good Reason.

1.15         “Involuntary
Termination” shall mean the termination of a Participant’s employment by
the Employer for any reason; provided, however, that an Involuntary Termination
of a Participant’s employment shall not occur if:

(a)           the termination of the
Participant’s employment is due to (i) the transfer of the Participant to an
affiliate or subsidiary of the Company, (ii) the transfer of any operations of
the Company or a subsidiary, operation, section or division of the Company to
an affiliate of the Company or an entity unrelated to the Company (irrespective
of whether assets of the Company or any such subsidiary, operation, section or
division are sold or transferred to such unrelated entity), or (iii) the
purchase of the Company or a subsidiary, operation, section or division of the
Company by a third party purchaser, and, in each case, the Participant is offered
comparable employment by the purchaser, as determined by the Company in its
sole discretion;

(b)           the Participant’s
employment terminates on account of the Participant’s (i) death, (ii)
disability, as defined under the Company’s long-term disability plan or (iii)
retirement under a retirement plan of the Company that is qualified under
section 401(a) of the Code covering such Participant;

(c)           the Participant’s
employment is terminated for Cause; or

(d)           the Participant resigns
his employment with the Employer or fails to continue reporting to work and
performing satisfactorily his job duties through the Termination Date, unless
the Employer agrees in writing to release him earlier;

1.16         “Key Employee”
shall mean each active, full-time employee designated in writing by the
Board.  For purposes of the Plan, a
full-time employee is an employee of the Company or an Employer who is
regularly scheduled to work at least 32 hours per week.

1.17         “Participant”
shall mean an Eligible Employee who is designated for participation as set
forth in Section 2.

1.18         “Person” shall
mean any individual, entity or group (within the meaning of Section 13(d)(3) or
14(d)(2) of the Exchange Act).

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1.19         “Plan”
shall mean this Georgia Gulf Corporation Executive And Key Employee Change of
Control Severance Plan.

1.20         “Plan
Administrator” shall mean the designee of the Board.

1.21         “Plan Year” shall
mean the calendar year; provided that the initial Plan Year of the Plan shall
begin on May 15, 2007 and end on December 31, 2007.

1.22         “Subsidiary” shall
mean a corporation, company or other entity (i) more than 50 percent of whose
outstanding shares or securities (representing the right to vote for the
election of directors or other managing authority) are, or (ii) which does not
have outstanding shares or securities (as may be the case in a partnership,
joint venture, limited liability company, or unincorporated association), but
more than 50 percent of whose ownership interest representing the right
generally to make decisions for such other entity is, now or hereafter, owned
or controlled, directly or indirectly, by the Company.

1.23         “Termination”
shall mean either an Involuntary Termination or a Voluntary Termination.

1.24         “Termination Date”
shall mean the effective date of the termination of the Participant’s
employment with the Employer as designated by the Employer in writing in the
case of an Involuntary Termination and the date specified in the notice
provided for in Section 3.3 in the case of Voluntary Termination.

1.25         “Voluntary Termination”
shall mean the Participant’s resignation from employment with the Employer for
Good Reason within 24 months following a Change of Control.

1.26         “Voting Power”
shall mean at any time, the combined voting power of the then-outstanding
securities entitled to vote generally in the election of Directors in the case
of the Company, or members of the board of directors or similar body in the
case of another entity.

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Section 2

Participation

2.1           An Eligible Employee
shall become a Participant in this Plan only if he (i) is the Chief Executive
Officer of the Company, or (ii) is an Executive Officer or a Key Employee
designated by the Board as a Participant in this Plan.

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Section 3

Eligibility
for Benefits

3.1           Conditions for
Eligibility.  Subject to the conditions and limitations of this
Section 3 and the other provisions in the Plan, a Participant shall be entitled
to the severance benefits described herein only upon satisfaction of all
the following conditions (and all other applicable conditions contained herein):

(a)           he suffers a
Termination,

(b)           he executes an
Agreement without modification and in its entirety, and he does not timely
revoke the Agreement,

(c)           he returns to the
Employer any property of the Company or the Employer which has come into his
possession, and

(d)           he remains actively at
work through his Termination Date unless the Employer agrees in writing to
release the Participant from employment earlier than the Termination Date.

3.2           Exclusions.  Each
Participant shall cease to be entitled to severance benefits, upon the earliest
to occur of the following:

(a)           his breach of the
Agreement or the invalidity or unenforceability of such Agreement;

(b)           his engaging in any
conduct which is described in the definition of “Cause” in Section 1.5 of this
Plan; or

(c)           his reemployment by the
Company or an Employer.

3.3           Notice.  In the event that a Participant terminates
his employment for Good Reason, he shall provide to the Plan Administrator a
written notice 30 days before his resignation date specifying the reason that
the Employer’s act or failure to act has, in the view of the Participant, given
rise to his termination for Good Reason.

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Section 4

Severance
Benefits After a Change of Control

4.1           Benefits.  If
a Participant experiences a Termination within 24 months following a Change of
Control, and complies with all of the other terms and conditions of the Plan,
he shall be eligible to receive:

(a)           severance pay equal to
the Participant’s annual Base Salary plus the current target bonus in effect
immediately prior to the Change of Control 
multiplied by the factor set forth in the following table:

	
  Position of Participant

  	
   

  	
  Factor

  	
   

  
	
  Chief Executive
  Officer

  	
   

  	
  2.0

  	
   

  
	
  Executive
  Officer, other than Chief Executive Officer

  	
   

  	
  1.5

  	
   

  
	
  Key Employee

  	
   

  	
  1.0

  	
   

  

 

(b)           a pro rata portion (as
of  the Termination Date) of the current
target bonus that the Participant would be eligible to earn for the fiscal year
in which the Termination Date occurs calculated by assuming payment at 100% of
the target amount and basing such pro rata portion upon a fraction the
numerator of which is the number of days in the bonus period that have elapsed
from the beginning of the bonus period through the Termination Date and the
denominator of which is the total number of days in the bonus period;

(c)           the amount of the
Participant’s accrued but unused vacation pay under the Company’s vacation
policy as of the Termination Date;

(d)           until the earlier of
(i) the day upon which the Participant begins new employment and is eligible
for such welfare benefits, or (ii) (A) the second anniversary of the
Termination Date if the Participant is the Chief Executive Officer; (B) the
date which is 18 months after the Termination Date if the Participant is an
Executive Officer other than the Chief Executive Officer; or (C) the first
anniversary of the Termination Date if the Participant is a Key Employee:

(i)            the Company shall
continue to provide life insurance benefits that are substantially equivalent
to those which were provided to the Participant and the Participant’s family
immediately prior to the Termination Date (or if greater, immediately prior to
the Change of Control) in accordance with the applicable plans, programs and
policies of the Company;

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(ii)           the Company shall
continue to maintain medical, dental and vision benefit plans and programs
substantially equivalent to those in effect on the Termination Date and the
Company shall pay to the Participant monthly amounts that are calculated in
such a way as to provide the Participant sufficient funds (after payment of all
applicable federal, state and local taxes) to pay the required premium or
contribution for continued coverage for the Participant and the Participant’s
family under the Company’s medical, dental, and vision benefit plans and programs,
pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985; and

(iii)          the Company shall pay to
the Participant an amount equal to the premium required to obtain an individual
policy of disability insurance (if such individual insurance policy can be
obtained in the private insurance market) providing a benefit substantially
equivalent to the benefit that applied to the Participant immediately prior to
the Termination Date.

4.2           Timing of Severance
Benefits.  The severance benefits described in Sections 4.1(a)
through 4.1(c) shall be paid in a lump sum as soon as administratively
practicable but no more than 14 days following the effective date of the
Participant’s Agreement; provided, however, that if the
Participant is a “specified employee,” within the meaning of Section
409A(a)(2)(B)(i) of the Code, then such lump sum payment shall be made 6 months
and 1 day after termination.  Severance
benefits described in Section 4.1(d) shall commence to be paid as soon as
practicable following the effective date of the Participant’s Agreement; provided,
however, that in the case of reimbursements to a Participant under
Section 4.1(d)(ii) and (iii) such reimbursements shall be made on or before the
last day of the Participant’s taxable year following the taxable year in which
the Participant incurred the expense that is being reimbursed.

4.3           Remployment of
Participant.  If a Participant who is
receiving severance benefits is reemployed by the Company or breaches the
Agreement, payment of severance benefits shall immediately cease.  In the event that severance benefits are paid
in a lump sum, upon rehire by the Company, the Participant shall be required to
repay to the Company the portion of the total severance benefits that would not
have been paid to him if he had been receiving his severance benefits in
semi-monthly installments.

4.4           Death of Participant.  If a Participant dies prior to payment of all
severance benefits to which he is entitled, any unpaid severance benefits shall
be paid to the Participant’s surviving spouse or, if no spouse survives, to the
Participant’s estate.

 9
 

Section 5

Tax
Adjustments

5.1           In General.

In the event that it shall be determined that any
payment or benefit to be provided by the Company to the Participant pursuant to
the terms of the Plan or any other payments or benefits received or to be
received by the Participant (a “Payment”) in connection with or as a result of
a Change of Control or the Participant’s termination of employment or any event
which is deemed by the Internal Revenue Service or any other taxing authority
to constitute a change in the ownership or effective control of the Company, or
in the ownership of a substantial portion of the assets of the Company (“Change
of Control Payments”) shall be subject to the tax (the “Excise Tax”) imposed by
Section 4999 (or any successor section) of the Code, the payments or benefits
payable pursuant to the terms of the Plan shall be reduced so that the Payment,
in the aggregate, is reduced to the greatest amount that could be paid to the
Participant without giving rise to any Excise Tax (the “Safe Harbor Amount”).  The reduction of the amounts payable
hereunder shall be made first by reducing the payments under Section 4.1(a),
unless an alternative method is elected by the Participant.

5.2           Executive Officers.

(a)           Notwithstanding the
foregoing, and in lieu of the reduction described above, if the Participant is
an Executive Officer and the Payment is at least 120% of the Safe Harbor
Amount, the Company shall pay to such Participant an additional amount (the “Gross-Up
Payment”) such that the net amount retained by the Participant, after (i)
payment of any Excise Tax on the Change of Control Payments and (ii) payment of
any federal and state and local income tax and Excise Tax upon the Gross-Up
Payment, shall be equal to the Change of Control Payments.

(b)           Subject to the
provisions of subparagraph (f) below, all determinations required to be made
under this Section 5, including whether an Excise Tax is payable by the
Participant and the amount of that Excise Tax and whether a Gross-Up Payment is
required to be paid by the Company to the Participant and the amount of that
Gross-Up Payment, if any, will be made by a nationally recognized accounting
firm (the “Accounting Firm”) selected by the Company and reasonably acceptable
to the Participant.  For purposes of
determining the amount of the Gross-Up Payment (if any), the Participant shall
be deemed to pay federal income taxes at the highest marginal rate of federal
income taxation in the calendar year in which the Gross-Up Payment is to be
made and state and local income taxes at the highest marginal rate of taxation
in the calendar year in which the Gross-Up Payment is to be made in the state
or locality of the Participant’s residence on the Participant’s Termination
Date.  The Accounting Firm shall submit
its determination and detailed supporting calculations to both the Company and
the Participant within 30 calendar days

 10
 

after the Participant’s
receipt of the first Payment upon or following the Change in Control, and any
other time or times as may be requested by the Company or the Participant.  If the Accounting Firm determines that any
Excise Tax is payable by the Participant, the Company will pay the required
Gross-Up Payment to the Participant within 5 business days after receipt of the
determination and calculations with respect to any Payment to the Participant;
provided, however, that this and all other payments under this Section 5 are
subject to any requirement for a delay in said payment(s) pursuant to
Section 409A of the Code.  If the
Accounting Firm determines that no Excise Tax is payable by the Participant, it
will, at the same time as it makes that determination, furnish the Company and
the Participant an opinion that the Participant has substantial authority not
to report any Excise Tax on his federal, state or local income or other tax
return.  As a result of the uncertainty
in the application of Section 4999 of the Code (or any successor provision) and
the possibility of similar uncertainty regarding applicable state or local tax
law at the time of any determination by the Accounting Firm, it is possible
that Gross-Up Payments which will not have been made by the Company should have
been made (an “Underpayment”), consistent with the calculations required to be
made under this provision.  If the
Company exhausts or fails to pursue its remedies pursuant to subparagraph (f)
and the Participant subsequently is required to made a payment of any Excise
Tax, the Participant will direct the Accounting Firm to determine the amount of
the Underpayment that has occurred and to submit its determination and detailed
supporting calculations to both the Company and the Employee as promptly as
possible.  Any such Underpayment will be
promptly paid by the Company to, or for the benefit of, the Participant within
5 business days after receipt of the determination and calculations.

(c)           The Company and the
Participant will each provide the Accounting Firm access to and copies of any
books, records and documents in the possession of the Company or the
Participant, as the case may be, reasonably requested by the Accounting Firm,
and otherwise cooperate with the Accounting Firm in connection with the
preparation and issuance of the determinations and calculations contemplated by
subparagraph (b).  Any determination by
the Accounting Firm as to the amount of the Gross-Up Payment will be binding
upon the Company and the Participant.

(d)           The federal, state and
local income or other tax returns filed by the Participant will be prepared and
filed on a consistent basis with the determination of the Accounting Firm with
respect to the Excise Tax payable by the Participant.  The Participant will make proper payment of
the amount of any Excise Payment, and at the request of the Company, provide to
the Company true and correct copies (with any amendments) of his federal income
tax return as filed with the Internal Revenue Service and corresponding state
and local tax returns, if relevant, as filed with the applicable taxing
authority, and those other documents reasonably requested by the Company,
evidencing that payment.  If prior to the
filing of the Participant’s federal income tax return, or corresponding state
or local tax return, if relevant, the Accounting firm determines that the
amount of the

 11
 

Gross-Up Payment should
be reduced, the Participant shall within 5 business days pay to the Company the
amount of that reduction.

(e)           The reasonable fees and
expenses of the Accounting Firm for its services in connection with the
determinations and calculations contemplated by subparagraph (b) will be borne
by the Company to the extent they are reasonable by industry standards.  If those fees and expenses are initially paid
by the Participant, the Company will reimburse the Participant the full amount
of those fees and expenses within 5 business days after receipt from the
Participant of a statement for them and reasonable evidence of his payment of
them.

(f)            The Participant will
notify the Company in writing of any claim by the Internal Revenue Service or
any other taxing authority that, if successful, would require the payment by
the Company of a Gross-Up Payment.  That
notification will be given as promptly as practicable but no later than 10
business days after the Participant actually receives notice of that claim and
the Participant will further apprise the Company of the nature of that claim
and the date on which that claim is requested to be paid (in each case, to the
extent known by the Participant).  The
Participant will not pay that claim prior to the earlier of (i) the expiration
of the 30-calendar-day period following the date on which he gives that notice
to the Company and (ii) the date that any payment of an amount with respect to
that claim is due.  If the Company
notifies the Participant in writing prior to the expiration of that period that
it desires to contest the claim, the Participant will:

(i)            provide the Company
with any written records or documents in his possession relating to that claim
reasonably requested by the Company;

(ii)           take that action in
connection with contesting the claim as the Company reasonably requests in
writing from time to time, including without limitation accepting legal
representation with respect to that claim by an attorney or other tax
professional competent in respect of the subject matter and reasonably selected
by the Company;

(iii)          cooperate with the
Company in good faith in order effectively to contest that claim; and

(iv)          permit the Company to
participate in any proceedings related to that claim;

provided, however, that
the Company will bear and pay directly all costs and expenses (including
interest and penalties) incurred in connection with that contest and will
indemnify and hold harmless the Participant, on an after-tax basis, for and
against any Excise Tax or income tax, including interest and penalties with
respect to the Excise Tax, imposed as a result of that representation and

 12
 

payment of costs and
expenses.  Without limiting the foregoing
provisions of this subparagraph (f), the Company will control all proceedings
taken in connection with the contest of any claim contemplated by this
subparagraph (f) and, at its sole option, may pursue or forego any and all
administrative appeals, proceedings, hearings and conferences with the taxing
authority in respect of that claim (provided, however, that the Participant may
participate in them at his own cost and expense) and may, at its option, either
direct the Participant to pay the tax claimed and sue for a refund or contest
the claim in any permissible manner, and the Participant will prosecute that
contest to a determination before any administrative tribunal, in a court of
initial jurisdiction and in one or more appellate courts, as the Company will
determine; provided, however, that if the Company directs the Participant to
pay the tax claimed and sue for a refund, the Company will advance the amount
of that payment to the Participant on an interest-free basis and will indemnify
and hold harmless the Participant, on an after-tax basis, from any Excise Tax
or directly related income or other tax, including interest or penalties,
imposed with respect to that advance; and provided further, however, that any
extension of the statute of limitations relating to payment of taxes for the
taxable year of the Participant with respect to which the contested amount is
claimed to be due is limited solely to that contested amount.  Furthermore, the Company’s control of any
contested claim will be limited to issues with respect to which a Gross-Up
Payment would be payable hereunder and the Participant will be entitled to
settle or contest, as the case may be, any other issue raised by the Internal
Revenue Service or any other taxing authority.

(g)           If the Participant
receives any refund with respect to such contested claim filed at the Company’s
request under Section 5.2(f), or otherwise receives any refund with respect to
a  Gross-Up Payment paid by the Company,
the Participant shall (subject to the Company’s complying with the requirements
of Section 5.2(f)) promptly pay to the Company the amount of such refund
(together with any interest paid or credited thereon after any taxes applicable
thereto).  If a determination is made
that the Participant shall not be entitled to any refund with respect to such
claim and the Company does not notify the Participant in writing of its intent
to contest such denial prior to the expiration of 30 calendar days after such
determination, then the amount paid to the Participant by the Company as
provided in Section 5.2(f) shall not be required to be repaid, and the amount
of such payment shall be an offset to the amount of Gross-Up Payment required
to be paid pursuant to this Section 5.2.

 13

Section 6

Other
Severance Benefits Under Other Programs or Under Law

6.1           Participants in the Plan who actually
become entitled to benefits under this Plan shall not be entitled to receive
any other severance, or termination payments under any general severance or
separation pay program, policy or practice of the Employer, or any notice
payments (or notice in lieu of severance) from the Employer.  In addition, the Participant’s benefits under
the Plan will be reduced by the amount of any severance or termination
payments, or pay in lieu of notice, (i) which are payable by the Company or the
Employer to the Participant on account of his or her employment, or termination
of employment, with the Company or the Employer, and (ii) which are required to
be paid by the Company or the Employer to the Participant under any Federal,
State, provincial, local or other law (including any payment pursuant to the
Worker Adjustment and Retraining Notification Act or any comparable State,
local, or provincial law).

6.2           Notwithstanding the foregoing, a
Participant’s benefits under this Plan shall not be reduced or otherwise
affected or adjusted in any manner as a result of awards to the Participant
under the Company’s Incentive Equity Plan as it may be amended in the future or
under any successor plan.

 14
 

Section 7

Administration

7.1           Plan Interpretation and Benefit
Determinations.  The Plan shall be administered by the Plan
Administrator.  The Plan Administrator
shall have the exclusive right, power, and authority, in its sole and absolute
discretion, to administer, apply and interpret the Plan and any other documents
(including without limitation, by supplying omissions from, correcting
deficiencies in, or resolving inconsistencies or ambiguities in, the language
of the Plan) and to decide all factual and legal matters arising in connection
with the operation or administration of the Plan.

Without limiting the generality of the foregoing
paragraph, the Plan Administrator shall have the discretionary authority and
power to:

(a)           take all actions and resolve all
questions (including factual questions) with respect to the eligibility for,
and the amount of, benefits payable under the Plan to Employees or Participants
or their beneficiaries;

(b)           formulate, interpret and apply rules,
regulations and policies necessary to administer the Plan;

(c)           decide questions, including legal or
factual questions, relating to the calculation and payment of benefits, and all
other determinations made, under the Plan;

(d)           resolve and/or clarify any factual or
other ambiguities, inconsistencies and omissions arising under the Plan;

(e)           process, and approve or deny, benefit
claims and rule on any benefit exclusions.

All decisions of the Plan Administrator as to the
facts of any case, and the application thereof to any case, as to the
interpretation of any provision of the Plan or its application to any case, and
as to any other interpretative matter or other determination or question under
the Plan shall be final and binding on all parties affected thereby, subject to
the provisions of Sections 7.2 and 7.3.

7.2           Benefit Claims.  The
Company will normally advise a Participant of his right to benefits under the
Plan at the time that a Termination of the Participant’s employment takes
place.  A Participant may also make a
claim concerning his or her right to receive a benefit under the Plan (a “Claim”)
by filing that Claim with the Company’s Director of Benefits at the following
address:

 15
 

 

	
  

  	
  Georgia Gulf Corporation

  
	
   

  	
  P.O. Box 105197

  
	
   

  	
  Atlanta, GA
  30348

  
	
   

  	
  Attention:
  Director of Benefits

  

 

A Claim must be made by a Participant within 60 days
following his Termination Date.

7.3           Appealing Benefit Claims.  The
Participant will be informed of the decision of the Plan Administrator with
respect to a Claim within 90 days after it is filed.  Under special circumstances, the Plan
Administrator may require an additional period of not more than 90 days to
review a Claim.  If this occurs, the
Participant will be notified in writing as to the length of the extension, the
reason for the extension, and any other information needed in order to process
the Claim.

A denial of a claim by the Plan Administrator, wholly
or partially, shall be written in a manner calculated to be understood by the
claimant and shall include:

(a)           the specific reason or reasons for
the denial;

(b)           specific reference to pertinent Plan
provisions on which the denial is based;

(c)           a description of any additional
material or information necessary for the claimant to perfect the Claim and an
explanation of why such material or information is necessary; and

(d)           an explanation of the claim review
procedure.

A claimant whose Claim is denied (or his duly
authorized representative) may, within 60 days after receipt of denial of his
Claim, request a review of such denial by the Plan Administrator by filing with
the Plan Administrator a written request for review of his Claim.  If the claimant does not file a request for
review with the Plan Administrator  within
such 60-day period, the claimant shall be deemed to have acquiesced in the
original decision of the Plan Administrator on his Claim.  If a written request for review is so filed
within such 60-day period, the Plan Administrator shall conduct a full and fair
review of such Claim.  During such full
review, the claimant shall be given the opportunity to review documents that
are pertinent to his Claim and to submit issues and comments in writing.  The Plan Administrator shall notify the
claimant of its decision on review within 60 days after receipt of a request
for review; provided, however, that if special circumstances require an
extension of time for processing the Claim, then the Plan Administrator shall
provide written notice of the extension to the Participant prior to the
expiration of the initial 60-day period. 
In no event shall such extension exceed a period of 60 days from the end
of the initial period.  The extension
notice shall set forth the special circumstances requiring an extension of time
and the date by which the Plan Administrator expects to reach a decision on
review.  Notice of the decision on review
shall be in writing and will contain such information as is required by
applicable United States Department of Labor Regulations.  If the decision on review is not furnished to
the

 16
 

claimant within such 60-day period, the Claim shall be
deemed to have been denied on review. 
The decision on review by the Plan Administrator  shall be final and binding on all parties
and persons affected thereby.

7.4           Non-Binding Mediation.  In
the event the Participant is not satisfied with the decision on an appeal made
pursuant to Section 7.3, and the amount of the Claim equals or exceeds $5,000,
notwithstanding anything in Section 7.3 to the contrary, the Participant may
request that the Claim be resolved pursuant to non-binding mediation
administered by the American Arbitration Association under the Mediation Rules
specified in its National Rules for the Resolution of Employment Disputes.  All fees and expenses of the mediator and all
other expenses of the mediation procedures, except for attorneys’ fees and
witness expenses, shall be shared equally by the Participant and the
Company.  Each party shall bear its own
witness expenses and attorneys’ fees.

 17
 

Section 8

Miscellaneous

8.1           Tax Withholding.  The
Company shall have the authority to withhold or to cause to be withheld
applicable taxes from any payments made under or in accordance with the Plan to
the extent required by law.  In addition,
the Company and the Employer shall have the right to delay or permanently
withhold any benefit under this Plan to the extent that the payment of such
benefit would constitute a violation of Section 409A of the Code.

8.2           Unfunded Plan.  The
Plan is unfunded.  Each Employer shall
pay the full cost of the benefits payable under the Plan to employees of such
Employer out of its general assets.

8.3           Not a Contract of Employment.  The
Plan shall not be deemed to constitute a contract of employment, or to impose
on the Company or any Employer any obligation to retain any Participant as an
employee, to continue any Participant’s current employment status or to change
any employment policies of the Company or the Employer; nor shall any provision
hereof restrict the right of the Company or the Employer to discharge any of
its employees or restrict the right of any such employee to terminate his
employment with the Company or the Employer.

8.4           Choice of Law.  The
Plan shall be construed and governed under the laws of the State of Georgia,
except to the extent Federal law is applicable.

8.5           Effect of Invalidity of Provision.  If
any provision of the Plan is held invalid or unenforceable, such invalidity or
unenforceability shall not affect any other provision hereof, and such
provision shall, to the extent possible, be modified in such manner as to be
valid and enforceable but so as to most nearly retain the intent of the
Company.  If such modification is not
possible, the Plan shall be construed and enforced as if such provision had not
been included in the Plan.

8.6           Effect of Individual Agreements.  The Plan does not affect the severance
provisions of any written individual employment contracts or individual
separation agreements governing the terms of a Participant’s separation from
employment with the Company, provided, however, if such an
agreement provides for payments in respect of Base Salary, bonuses, vacation
pay and benefits, no such payments shall be made under this Plan.

8.7           Records.  The
records of the Company with respect to years of service, employment history,
Base Salary, absences, and all other relevant matters shall be conclusive for
all purposes of this Plan.

8.8           Successors and Binding Effect.

(a)           The Company shall require any
successor, (including without limitation any persons acquiring directly or
indirectly all or substantially all of the

 18
 

business and/or assets of
the Company whether by purchase, merger, consolidation, reorganization or
otherwise, and such successor shall thereafter be deemed the Company for the
purposes of the Plan), to assume and agree to perform the obligations under the
Plan in the same manner and to the same extent the Company would be required to
perform if no such succession had taken place. 
The Plan shall be binding upon and inure to the benefit of the Company
and any successor to the Company, but shall not otherwise be assignable,
transferable or delegable by the Company.

(b)           The rights under the Plan shall inure
to the benefit of and be enforceable by each Participant’s personal or legal
representatives, executors, administrators, successors, heirs, distributees
and/or legatees.

(c)           The rights under the Plan are
personal in nature and neither the Company nor any Participant shall, without
the consent of the other, assign, transfer or delegate the Plan or any rights
or obligations hereunder except as expressly provided in this Section 8.8.  Without limiting the generality of the
foregoing, a Participant’s right to receive payments hereunder shall not be
assignable, transferable or delegable, whether by pledge, creation of a
security interest or otherwise, other than by a transfer by his or her will or
by the laws of descent and distribution and, in the event of any attempted
assignment or transfer contrary to this Section, the Company shall have no
liability to pay any amount so attempted to be assigned, transferred or
delegated.

(d)           The obligation of the Company to make
payments and/or provide benefits hereunder shall represent an unsecured
obligation of the Company.

(e)           The Company recognizes that each
Participant will have no adequate remedy at law for breach by the Company of
any of the agreements contained herein and, in the event of any such breach,
the Company hereby agrees and consents that each Participant shall be entitled
to a decree of specific performance, mandamus or other appropriate remedy to
enforce performance of obligations of the Company under the Plan.

8.9           Payments to Certain Participants.  In making any distribution to or for the
benefit of any incompetent Participant, or any other Participant who, in the
opinion of the Plan Administrator, is incapable of properly using, expending,
investing, or otherwise disposing of such distribution, the Plan Administrator,
in its sole and complete discretion may, but need not, make such distribution
to a court appointed guardian or committee of any incompetent Participant, or
to any adult with whom such person temporarily or permanently resides; and any
such guardian, committee, or other person shall have full authority and
discretion to expend such distribution for the use and benefit of such person;
and the receipt of such guardian or committee, or other person shall be a
complete discharge to the Plan Administrator and this Plan, without any
responsibility on the part of the Plan Administrator to see to the application
of amounts so distributed.

 19
 

8.10         Correction of Participants’ Benefits.  If an error or omission is discovered in the
amount distributed to a Participant, the Plan Administrator will make such
equitable adjustments in the records of the Plan as may be necessary or
appropriate to correct such error or omission as of the Plan Year in which such
error or omission is discovered; provided, however, that if the error is
discovered within the last 60 days of a Plan Year, then the corrective action
may be completed in the following Plan Year.

8.11         Liability Limited.  To the extent permitted by applicable law,
neither the Board, nor any member thereof, nor the Employer shall be liable for
any acts of omission or commission in administering the Plan, except for his or
its own individual, willful misconduct. 
The Employer, Plan Administrator and each member of the Board shall be
entitled to rely conclusively on all valuations, certificates, opinions and
reports which shall be furnished by an accountant, insurance company, counsel
or other expert who shall be employed or engaged by the Board or the Employer.

8.12         Legal References.  Any reference in this Plan to a provision of
law which is, subsequent to the effective date of this Plan, revised, modified,
finalized or redesignated, shall automatically be deemed a reference to such
revised, modified, finalized or redesignated provision of law.

8.13         Electronic Means of Communication.  Whenever, under this Plan, a Participant is
required or permitted to provide a notice, request a distribution, or otherwise
communicate with the Employer, the Plan Administrator, or a delegate of either
of them, to the extent permitted by applicable law, the notice, distribution
request or other communication may be transmitted by means of telephonic or
other electronic communication, if the administrative procedures under the Plan
provide for such means of communication.

8.14         Gender and Number.  As used herein, the masculine pronoun shall
include the feminine, and the singular shall include the plural, unless a
contrary meaning is clearly intended.

8.15         Captions.  The captions in the Plan are for convenience
of reference only and do not define, limit or describe the scope or intent of
the Plan or any part hereof and shall not be considered in any construction
hereof.

8.16         Section 409A.  To the extent applicable, this Plan is
intended to comply with the provisions of Section 409A of the Code.  This Plan shall be administered in a manner
consistent with this intent and any provision that would cause this Plan to
fail to satisfy Section 409A of the Code shall have no force and effect until
amended to comply with Section 409A of the Code (which amendment may be
retroactive to the extent permitted by Section 409A of the Code and may be made
by the Company without the consent of Participants).  Notwithstanding anything to the contrary in
this Plan, if any portion of the amounts payable under Section 4 constitute a “deferral
of compensation,” that portion of the amounts payable under Section 4 will be
paid on the latest of (i) the date specified in this Plan, (ii) the date of the
Participant’s “separation from service,” or (iii) if the Participant is a “specified
employee,” 6 months and 1 day after the

 20
 

Participant’s separation from service (the “Payment
Period”).  “Deferral of compensation,” “separation
from service” and “specified employee” have the meanings ascribed to such
phrases in Section 409A of the Code.

 21
 

Section 9

Amendment
or Termination of the Plan

The Plan may be amended or terminated, in whole or in
part, at any time, with or without prior notice, by action of the Board.  Notwithstanding the foregoing, any amendment
to the Plan, in whole or in part (including an amendment to terminate the
Plan), that is adverse to the interests of any Participant (except for an
amendment adopted to comply with applicable law, including Section 409A of the
Code) will not be effective until the date which is one year following the date
of such amendment, and any such amendment which is adopted within six months
prior to a Change of Control will be void upon such Change of Control.

 22

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