Document:

Exhibit
10.15

 

	
  

  	
   

  
	
   

  	
  Indalex Inc.

  75 Tri-State International

  Suite 450

  
	
   

  	
   

  	
  Lincolnshire, Illinois 60069

  
	
   

  	
   

  	
  Telephone: 847.810.3392

  
	
   

  	
   

  	
  Web site: indalex.com

  

 

September 11, 2006

Chuck Ulik

1890 Blue Sage Lane

Castle Rock, Colorado 80104

ulik@aol.com

 

Dear Chuck:

We are pleased to offer
you the position of Chief Operations Officer (COO) for Indalex. Your starting
bi-weekly salary will be $9,423 (equivalent to $245,000 annually). You will
also be eligible for a maximum bonus of up to 60% of your base salary (less
applicable withholding and pro-rated for 2006), which is payable subject to
plan rules the first quarter of 2007. In addition, you will be provided a car
allowance of $850 per month less applicable withholdings, a laptop and a
cellular phone (details will follow).

As discussed once
employed you will be eligible for stock options for 10,000 shares. These
options would vest at the rate of 20% per year. As discussed since there is currently
no market for these options it is therefore inappropriate to speculate on any
future value. Once you are employed you will receive the formal and completed
stock option documents. I have enclosed a set of the standard forms for your
review.

In consideration
of your continued service to the Company as COO and in further consideration of
your particular responsibilities, in the event your employment is terminated by
the Company, for reasons other than ‘Cause’, the Company is prepared to provide
you with the following severance terms, provided you execute our standard
release;

·                    For this
purpose “Cause” will be defined as a violation of an ethical or legal code
including but no limited to the Company’s Code of Conduct.

·                    During your
first six months of employment you would receive on termination a lump sum
representing six (6) months of annual base pay or at the Company’s election
your base pay will be payable as salary continuation through the regular
payroll, for the six month period subsequent to your Termination Date.

·                    After your
first six months of employment you would receive on termination a lump sum
representing twelve (12) months of annual base pay or at the Company’s election
your base pay will be payable as salary continuation through the regular
payroll, for the twelve month period subsequent to your Termination Date. By
way of example if you were terminated, for other than cause, after completing
six months of service you would receive twelve (12) months of severance pay.

You agree that during the employment relationship you
will not do or prepare to do, and for six months after termination of your
employment with the Company you will not do

 

any of the following: (a) compete with the Company in
any way, (b) furnish services or advise (as an employee, independent contractor
or in any other capacity) to any competitor of the Company, (c) solicit or
suggest to any employee, customer, or other person or entity having or contemplating
a business relationship with the Company to end or curtail that relationship to
refrain from entering into such relationship.

You represent and warrant that: you are not party to
or bound by any non-competition, non-solicitation, confidentiality or other
agreement or restriction that purports to prevent or restrict you in any way or
to any extent from (A) engaging in the employment that you have been offered by
the Company; (B) soliciting or inducing any person to become a customer of the
Company; (C) soliciting or inducing any person to become an employee of the
Company; (D) soliciting or inducing any person to enter into any other business
relationship with the Company; (E) using any information and expertise that
Employee possesses (other than information constituting a trade secret of
another person under applicable law) for the benefit of the Company; or (F) performing
any obligation under this Agreement.

You agree that you will not use in the course of your
employment with the Company disclose to the Company or its personnel, any
information belonging to any other person that is subject to any
confidentiality agreement with or constitutes a trade secret of another person.

You will be eligible for relocation assistance as
outlined in the Company’s Relocation Policy a copy of which is attached here.

You will be eligible for group medical,
hospitalization and disability plans on the 1st day of the month following hire. Your life
insurance, under our company group plan, will amount to 2.5 times annual base
salary. We also have a 401(k) plan in which you will be eligible to participate
on the 1st day of the month following 60 days of service.
Correspondence from Scudder will be mailed to your home. If you do not contact
Scudder by your effective eligibility date, you will automatically be enrolled
in the Scudder Stable Value Fund with a 3% contribution.

As you may know, federal law requires that you provide
evidence of your eligibility for employment under the Immigration Reform and
Control Act of 1986. Accordingly, on the first day you report for work, please
bring with you documents that establish both identity and employment
eligibility (using the list of acceptable documents included in your new hire
package).

You will be eligible for three weeks vacation
beginning in 2007.

As a condition of employment, you will be required to
take and successfully pass a pre-employment drug screen. This offer is also subject
to confirmation of your references, a pre-employment background investigation
and consumer report, your agreement to the company’s code of conduct and use of
direct deposit for your paychecks.

As you know, this letter does not alter our at-will
employment relationship. This letter confirms all understandings Indalex has
reached with you concerning your employment

 

offer. If it is in any way inconsistent with anything
previously discussed, please contact me immediately.

Should you have any questions concerning this letter
or any other issue, please feel free to contact me at 847.687.6306 or Bill
Corley at 708.738.3924.

We feel confident that you will find this opportunity
both challenging and rewarding.

Sincerely,

	
  /s/ Tim Stubbs

  	
   

  
	
  Tim Stubbs

  
	
  CEO

  
	
  Indalex Holding Corp.

  

 

UPON
ACCEPTANCE OF THE ABOVE OFFER, PLEASE SIGN AND RETURN

BY FAX TO Bill Corley (866) 233.1254

 

	
  

  	
   

  	
  OFFER ACCEPTED:

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Chuck Ulik

  	
   

  	
   

  
	
   

  	
   

  	
  SIGNATURE

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Chuck Ulik

  	
   

  	
   

  
	
   

  	
   

  	
  NAME (PLEASE PRINT NAME AS IT APPEARS ABOVE)

  	
   

  	
   

  
	
   

  	
   

  	
  Sept. 13, 2006

  	
   

  	
   

  
	
   

  	
   

  	
  DATEExhibit 10.16

 

Sun Indalex, LLC

5200 Town Center Circle, Suite 470

Boca Raton, FL  33486

May
8, 2006

Indalex Co-Investment,
LLC

c/o Goldman Sachs Investments Ltd

32 Old Slip

New York, NY  10005

Re:           Indemnification in
the event of an Approved Sale

Ladies and Gentlemen:

Reference is made to the
Stockholders’ Agreement, dated as of February 2, 2006 (the “Agreement”),
by and among Indalex Holdings Finance, Inc., a Delaware corporation (the “Company”),
Sun Indalex, LLC, a Delaware limited liability company (“Sun”), and the
Minority Shareholders party thereto.  Any
capitalized term used herein and not otherwise defined shall have the meaning
ascribed to such term in the Agreement. 
In the event of a conflict between this letter and the Agreement, this
letter shall control.

Sun and certain Minority
Shareholders currently intend to enter into a Securities Purchase Agreement
with Indalex Co-Investment, LLC, a Delaware limited liability company (“Indalex
Co-Invest”) on or about May 8, 2006 (the “SPA”), pursuant to which
Indalex Co-Invest will purchase 89,887 shares of Non-Voting Common Stock of the
Company.  In connection with its purchase
of Non-Voting Common Stock pursuant to the SPA, Indalex Co-Invest will become a
party to the Agreement.

This letter is to confirm
that, notwithstanding anything to the contrary in the Agreement, Indalex
Co-Invest will only be obligated to provide any indemnification representation
or warranty or otherwise incur any other liability whatsoever, in each case, in
connection with an Approved Sale of the Company (a “Sale Liability”):

(a)                                  subject
to (b) below, to the extent that Sun is to incur a Sale Liability, and in such
case, Indalex Co-Invest shall only be required to incur such Sale Liability on
the same terms as Sun and provided further that Indalex Co-Invest shall only be
liable for its pro rata proportion of any Sale Liability (determined by
reference to its shareholding in the Company) of such Sale Liability; and

(b)                                 the
maximum Sale Liability that Indalex Co-Invest shall incur is the amount of the
proceeds it is to receive in the Approved Sale.

[Remainder of page intentionally
left blank]

 

 

Please
confirm your acceptance of the foregoing by signing in the space provided
below.

	
  

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  

  	
  Sincerely yours,

  
	
   

  	
   

  	
   

  
	
   

  	
  Sun Indalex, LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Michael McConvery

  
	
   

  	
  Name:

  	
  Michael McConvery

  
	
   

  	
  Title:

  	
  Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Agreed and acknowledged on this

  	
   

  	
   

  
	
  8th day of May, 2006:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Indalex Co-Investment, LLC

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Jennifer Barbetta

  	
   

  
	
  Name:

  	
  Jennifer Barbetta

  	
   

  
	
  Title:

  	
  Authorized Signatory

  	
   

  
								

 

	
  Indalex Holdings Finance,
  Inc.

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Michael McConvery

  	
   

  
	
  Name:

  	
  Michael McConvery

  	
   

  
	
  Title:

  	
  Vice President

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