Document:

Claim Handling and Funding Agreement

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 CLAIM HANDLING AND FUNDING AGREEMENT 
 FOR SB DECKING, INC. 
 This Claim Handling and Funding Agreement for SB Decking, Inc. is entered into by SB Decking, Inc., and Employers Insurance Company of Wausau, and
is effective as of July 1, 2007. 
 I. RECITALS 
 (1) WHEREAS, numerous lawsuits and/or claims have been filed in various states against SB Decking, Inc. (“Selby”), alleging bodily injuries arising out of exposure to asbestos in products sold and/or
installed by Selby; 
 (2) WHEREAS, Employers Insurance Company of Wausau (“Wausau”) participated in defending and indemnifying
Selby for such asbestos-related bodily injury claims from 1984 to 2006 when Wausau notified Selby of its position that the aggregate policy limits of all of its policies were fully exhausted, a position disputed by Selby. (All of Wausau’s
liability policies issued to Selby are identified in Schedule A, attached); 
 (3) WHEREAS, a dispute has arisen between Selby on the one
hand, and Wausau on the other; 
 (4) WHEREAS, Selby believes that all or virtually all of the asbestos bodily injury claims that have been
brought against it were or are properly classified as claims falling outside the products/completed operations hazard of the policies, and are not subject to aggregate limits of the Wausau policies; 
 (5) WHEREAS, Wausau disagrees with Selby’s position on the proper classification of Selby’s asbestos bodily injury claims, and Wausau believes
that all of the asbestos bodily injury claims against Selby were properly classified by Wausau as products claims subject to the aggregate limits of the Wausau policies; 

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 (6) WHEREAS, Selby and Wausau (“the Parties”) seek to resolve their dispute by and between
them and to avoid the cost and inconvenience of litigation; 
 NOW, THEREFORE, in consideration of the foregoing and further mutual covenants
contained herein, Selby and Wausau agree as follows: 
 II. DEFINITIONS 
 The definitions set forth below are provided for purposes of this Claim Handling and Funding Agreement for SB Decking, Inc. (“Agreement”),
only. 
 “Asbestos Bodily Injury Claims” (“ABIC”) shall mean those pending or future claims, lawsuits or portions of
same, wherever located, seeking damages from Selby for bodily injury, sickness, disease or death allegedly caused in whole or in part from exposure to asbestos or asbestos-containing products allegedly sold, distributed, handled, or installed by
Selby. ABIC do not include: 
  

	 	a.	claims or lawsuits brought by present or former employees of Selby seeking damages for bodily injuries allegedly resulting from exposure to asbestos or asbestos-containing products
sold, distributed, handled or installed by Selby during the course of their employment by Selby; 

  

	 	b.	claims or lawsuits in which the claimant’s first alleged exposure to Selby asbestos-containing product or Selby installation activities is after April 1, 1973;

  

	 	c.	claims or lawsuits seeking recovery based solely on the alleged intentional torts of Selby; 

  

	 	d.	claims or lawsuits seeking recovery based solely on an alleged conspiracy to suppress information regarding the dangers of asbestos, with no claim for recovery for bodily injury;

  

	 	e.	claims or lawsuits seeking solely injunctive, declaratory or other prospective or remedial relief, and in no count seeking damages; 

  

	 	f.	claims or lawsuits seeking solely punitive or exemplary damages; 

  

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	 	g.	claims or lawsuits alleging solely prospective or the fear of prospective bodily injury in a jurisdiction where such claims are not deemed to state claims for bodily injury;

  

	 	h.	claims or lawsuits seeking damages solely on account of property damage and in no count seeking damages for asbestos bodily injury; and, 

  

	 	i.	claims or lawsuits seeking damages solely from spoliation of evidence, with no claim for recovery for bodily injury. 

 “Defense Costs” shall mean all reasonable and necessary fees, costs and expenses incurred in the investigation and defense of ABIC including,
but not limited to investigative expenses, attorneys’ fees and expenses, court costs, expert and other witness fees, and fees for consultants or other persons utilized in the investigation or defense of ABIC. Defense Costs shall not include
general overhead or administrative expenses, expenses for employees or “in-house” counsel of Selby, expenses for third party claim administrators, or legal fees or costs associated with insurance coverage issues. Defense Costs shall only
include fees, costs and expenses, as stated in this paragraph, incurred after the Effective Date. 
 “Effective Date” shall mean
July 1, 2007. 
 “Indemnity Costs” shall mean, in relation to ABIC, those payments made in: 
  

	 	a.	satisfaction of judgments for compensatory damages for ABIC for which Selby is legally liable, including amounts paid as premiums for appeal bonds as well as pre- or post-judgment
interest and, 

  

	 	b.	 authorized settlements of ABIC which (1) present reasonable evidence of exposure to Selby asbestos-containing product (such as evidence that would be
sufficient to defeat a motion for summary judgment based on product identification in the jurisdiction where the claim is pending or recommendation by defense counsel that such a motion would be fruitless) and (2) present proof of injury, such
as: (i) a diagnosis by a licensed physician of a malignancy, (ii) an ILO reading by a certified B reader of 1/1 or above, (iii) a lower ILO reading by a certified B reader, but only in those jurisdictions where such medical evidence
is sufficient to support liability, or (iv) a medical diagnosis by a licensed physician of a condition consistent with asbestos exposure, but only in those jurisdictions where such medical evidence is sufficient to support liability; or, in the
alternative, (3) are approved based on a judgment, pursuant to a recommendation by defense counsel, 

  

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that the settlement is justified by such considerations as cost efficiency, avoidance of defense costs, avoidance of litigation risks, and/or forum concerns.

 Indemnity Costs shall only include payments for judgments and settlements, as stated above, entered into after the Effective Date.

 “Selby” shall mean SB Decking, Inc., formerly known as Selby, Battersby & Co. 
 “Termination Date” shall mean the effective date on which this Agreement is terminated, as provided for in Section III(2), below. 

“Wausau” shall mean Employers Insurance Company of Wausau and its predecessor Employers Mutual Liability Insurance Company of Wisconsin.

 “Wausau Policies” shall mean the policies of Employers Insurance Company of Wausau stated in Schedule A. 
 III. SCOPE OF AGREEMENT 
 (1) The only
claims and lawsuits covered by this Agreement are ABIC filed against Selby as set forth above. 
 (2) This Agreement shall continue until
terminated by one of the Parties as hereinafter set forth. Any Party may terminate this Agreement by providing, on or after the third annual anniversary of the Effective Date, at least two (2) years written notice of the Party’s intent to
terminate this Agreement. No such notice shall be effective prior to the third anniversary of the Effective Date. No termination under this paragraph shall be effective prior to the expiration of the two (2) year notice period. 
 (3) All confidentiality provisions of this Agreement are ongoing and are not subject to termination. 
 (4) This Agreement is without prejudice to the following future claims, following the termination of this Agreement: (i) by Selby against Wausau for
claims for coverage under the Wausau Policies for those ABIC that are first filed after the Termination Date 

  

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(and Wausau reserves all rights to raise defenses to such claims); and (ii) by Wausau against Selby or other insurers for contribution and/or set-off
regarding any claims presented by Selby for coverage under the Wausau Policies for those ABIC that are first filed after the Termination Date. 
 (5) This Agreement is also without prejudice to Selby, at any time, pursuing coverage against Wausau under the Wausau Policies, and Wausau asserting any coverage defenses, with respect to claims other than asbestos-related bodily injury
claims. 
 IV. COST SHARING 
 During the term of this Agreement, Wausau shall pay twenty-seven (27) percent of all Indemnity Costs and twenty-seven (27) percent of all Defense Costs of ABIC. During the term of this Agreement, Selby shall pay seventy-three
(73) percent of all Indemnity Costs and seventy-three (73) percent of all Defense Costs of all ABIC. Under no circumstances will Wausau be responsible for greater than the twenty-seven (27) percent share of Defense Costs and Indemnity
Costs of ABIC stated here. 
 V. CLAIMS HANDLING 
 (1) Selby shall perform the claim handling for all ABIC, with cooperation from Wausau, and Wausau shall use Nationwide Indemnity Company as its agent for handling all claim matters regarding the Wausau Policies.

 (2) Selby shall provide Wausau with reasonable notice of all ABIC and shall direct defense counsel to provide periodic reports and
information to Selby and Wausau in order for them to evaluate the claims. 
 (3) Wausau consents to the use of defense counsel that are
retained for the ABIC as of the Effective Date. In the event that it becomes necessary to retain new defense counsel for ABIC, Selby shall have the right to select counsel subject to Wausau’s consent, which shall not be unreasonably withheld.
Selby shall obtain Wausau’s consent to settlements of ABIC that exceed $1,000; such consent shall not be unreasonably withheld or delayed. 
  

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 (4) Selby shall direct defense counsel to protect against fraudulent, unverified, excessive or
improper ABIC, which shall include a direction to defense counsel to use their reasonable best efforts to review reliable evidence, as reasonably available and as feasible to obtain, establishing in the applicable jurisdiction the criteria for
authorized settlements provided in the definition of Indemnity Costs in Section II, above. Selby shall also direct defense counsel to follow reasonable defense counsel guidelines provided by Wausau or its agent. Selby shall require defense counsel
to submit billings no less frequently than quarterly. All billings by defense counsel shall contain a description of each service performed, the claimant(s) involved, the date performed, the identity of the attorney or paralegal, the time spent for
the service, the rate charged for the service, and an itemization of all disbursements with supporting documentation. Selby shall direct defense counsel to send copies of all defense billings to Wausau for ABIC for payment of Wausau’s 27% share
directly to defense counsel. 
 (5) Selby shall be responsible for the administration, direction, management and supervision of the defense
of ABIC and of defense counsel representing Selby, with the cooperation of Wausau. Selby and Wausau shall consult with regard to significant developments in the defense of ABIC. Wausau and Selby shall make good faith efforts to resolve any
disagreement between them regarding the defense and settlement of ABIC. Selby shall request that defense counsel make quarterly reports and trial reports available to Selby and Wausau, and respond promptly to reasonable inquiries from Wausau.
Quarterly litigation reports shall include information, as reasonably available, about the numbers of open, dismissed, and settled claims, the amounts spent for defense costs 

  

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and settlements or judgments from January 2007 forward, and any significant developments, such as trial dates, pending dispositive or substantive motions,
status of discovery, and any settlement demands or offers. Selby shall direct defense counsel to provide Wausau and Selby with reasonable advance notice of any trials and reasonable notice of any settlement demand/offers. 
 (6) In the context of a recommendation by defense counsel to settle an ABIC for an amount in excess of $1,000, Selby shall direct defense counsel to
provide information to Wausau and Selby that is reasonably necessary to make an informed judgment about the appropriate resolution of the claim and to respond to reasonable requests for information about the claim. 
 (7) In the event that a complaint in an ABIC alleges a first alleged date of exposure after April 1, 1973, but evidence in the case subsequently
shows that the claimant’s first alleged date of exposure is prior to April 1, 1973, Wausau is obligated to begin paying its 27% share for that claim commencing as of the date that the subsequent evidence is presented. In the event that a
complaint in an ABIC alleges a first alleged date of exposure before April 1, 1973, but evidence in the case subsequently shows that the claimant’s first alleged date of exposure is after April 1, 1973, Wausau may cease paying its 27%
share for that claim commencing as of the date that the subsequent evidence is presented; there shall be no reimbursement to Wausau for prior defense costs paid on that claim. 
 VI. STANDSTILL AND TOLLING 
 During the term of this Agreement, neither Selby
nor its successors or assigns, nor Wausau or its successors or assigns, shall initiate any actions or arbitrations seeking a determination of coverage under the Wausau Policies applicable to ABIC or other asbestos-related bodily injury claims
against Selby. During the term of this Agreement, any statute of limitations or other applicable limitation period for defenses, claims, causes of action, and/or counterclaims regarding coverage for asbestos-related bodily injury 

  

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claims shall be tolled as to the parties for the term of the Agreement (“Tolling Period”), and neither Party shall put forward or rely upon the
Tolling Period as a time bar under the doctrines of laches, waiver, estoppel or any other legal theory, for the purposes of attempting to preclude or defeat any such defenses, claims, causes of action or counterclaims. 
 VII. RELEASE 
 Selby and its past,
present and future employees, officers, directors, principals, parents, subsidiaries, affiliates, associated corporations, agents, representatives, predecessors, successors and assigns, effective as of the Effective Date, expressly waive, release,
acquit and forever discharge any claim, demand, right and cause of action for breach of contract against Wausau or its past, present, or future affiliates with respect to the Wausau Policies for contractual or non-contractual damages, bad faith,
insurance code violations, exemplary or punitive damages, economic loss, general damages, attorneys’ fees and costs, and any other tort or statutory liability, whether known or unknown, based upon, arising out of, or in any way connected with
any act or omission by Wausau or its agents or representatives, with respect to the Wausau Policies for any actions taken regarding asbestos-related bodily injury claims against Selby prior to the Effective Date. 
 Notwithstanding anything to the contrary in this Agreement, Selby does not release, and reserves all rights to pursue: (i) claims brought after the
Termination Date of this Agreement relating to actions or omissions by Wausau or its agents or representations subsequent to the Termination Date of this Agreement, (ii) claims brought after the Termination Date of this Agreement, with respect
to coverage for ABIC brought against Selby after the Termination Date, and (iii) the extent of impairment or exhaustion of limits of the Wausau Policies, as set forth in Section IX below. Selby and Wausau further reserve all rights to enforce
the terms of this Agreement pursuant to the dispute resolution provisions in Section VIII below. 
  

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 Wausau and its past, present and future employees, officers, directors, principals, parents,
subsidiaries, affiliates, associated corporations, agents, representatives, predecessors, successors and assigns, effective as of the Effective Date, expressly waive, release, acquit and forever discharge any claim, demand, right and cause of action
for breach of contract against Selby or its past, present, or future affiliates with respect to the Wausau Policies for contractual or non-contractual damages, claims for deductibles, self-insured retentions, or premiums payments, bad faith,
insurance code violations, exemplary or punitive damages, economic loss, general damages, attorneys’ fees and costs, and any other tort or statutory liability, whether known or unknown, based upon, arising out of, or in any way connected with
any act or omission by Selby or its affiliates, agents, or representatives, with respect to the Wausau Policies for any actions taken regarding asbestos-related bodily injury claims against Selby prior to the Effective Date. 
 VIII. DISPUTE RESOLUTION 
 (1) In the
event of a dispute arising under this Agreement with respect to the application, interpretation or performance of this Agreement, the Parties agree to meet and confer to attempt to amicably resolve the dispute. 
 (2) Should the Parties be unable to resolve such dispute, they agree to submit the dispute to mediation in Washington, D.C., with a mediator from the
Center for Public Resources (“CPR”) mutually agreed on by the Parties and paid equally by each side. Each Party shall bear its own attorneys’ fees and costs incurred as a result of the mediation. All proceedings under this section,
the outcome of the mediation proceeding, and all files and records relating thereto shall be confidential as discussed in Section X(1) below. 
  

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 (3) If the dispute is not resolved by mediation within sixty (60) days after its submission to
mediation, it shall be submitted to binding and final arbitration by an arbitrator from the CPR in accordance with the rules of the CPR. Each party shall bear its own attorneys’ fees and costs incurred as a result of arbitration. All
proceedings under this section, including the outcome of same and all files and records relating thereto, shall be confidential as discussed in Section X(1) below. 
 IX. PAST CLAIMS AND COSTS 
 The Parties agree that all claim payments made by Wausau and Selby under
this Agreement and prior to the Effective Date of this Agreement shall be final, and there will be no recoupment or reimbursement of any such claim payments. Selby further agrees that it will make no claim against Wausau for any defense or indemnity
costs for asbestos-related bodily injury claims against Selby paid or incurred prior to the Effective Date, and Wausau agrees that it will make no claim against Selby in connection with defense or indemnity costs for asbestos-related bodily injury
claims against Selby paid or incurred prior to the Effective Date. Notwithstanding the fact that Selby does dispute Wausau’s allocation or classification of claim payments prior to the Effective Date to aggregate products/completed operations
limits, Selby agrees, for purposes of compromise under this Agreement, that it will not in any future coverage proceeding or other proceeding challenge such allocation or classification of past claim payments or seek a different allocation or
classification of those past payments; provided, however, that (i) such agreement is non-precedential and without waiver to any arguments that Selby may make in any future coverage proceeding regarding the proper classification of asbestos
bodily injury claims filed after the Effective Date; (ii) Selby’s agreement not to challenge Wausau’s allocation or classification of claim payments made prior to the Effective Date is not, under any circumstance, relevant,
admissible, or precedential in any future coverage 

  

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proceeding, and Wausau agrees to waive all rights to take the position that such an agreement is relevant, admissible, or precedential in any future coverage
proceeding, other than to enforce this Agreement, and will not reference such agreement in any such proceeding; (iii) Selby reserves all rights to contend that the aggregate limits of the Wausau Policies are not yet exhausted solely on the
ground that the dollar amount total of Wausau’s payments for Selby losses are insufficient to exhaust the aggregate products/completed operations limits; and (iv) Wausau reserves all rights to contend that the aggregate limits of the
Wausau Policies are exhausted. Selby waives any and all rights to contend that the aggregate limits of the Wausau Policies are not exhausted on all other grounds, other than as stated in (iii) above, including, without limitation, that Wausau
improperly allocated claims filed before the Effective Date to aggregate limits of the Wausau Policies. Each of the Parties reserve all of their respective rights as to the appropriate classification of defense and indemnity payments made by Wausau
under this Agreement as within or without the products or completed operation hazards of the Wausau Policies. 
 Wausau shall waive and
release all indemnity and contribution claims that it may have under the Wausau Policies against any third parties (other than Wausau reinsurers) arising out of or relating to asbestos-related bodily injury claims against Selby brought before the
Termination Date of this Agreement; provided, however, that, in the event that any third party asserts a claim against Wausau arising out of or relating to such claims, Wausau shall be free to assert any claim or counterclaim against such party.
Wausau reserves all indemnity and contribution rights that it may have under the Wausau Policies against any third parties arising out of or relating to asbestos-related bodily injury claims against Selby brought after the Termination Date of this
Agreement. 
  

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 X. OTHER TERMS 
 (1) This Agreement, its negotiation and the implementation of its terms are confidential, constitute settlement discussions within the meaning and intent of the Federal Rules of Evidence 408, and may not be disclosed
to any third party absent agreement by the Parties or a court order, except to liquidators of insurers, insurance guaranty funds, reinsurers, retrocessionaires, auditors, counsel, accountants, consultants, officers, directors, employees,
subsidiaries, affiliates, successor corporations, lenders and underwriters of the Parties, or if disclosure is required by securities or other laws. In the event a Party receives a formal discovery request in a lawsuit or arbitration seeking
disclosure or production of this Agreement or its terms, the Party shall give prompt notice of this request to all other Parties. Absent agreement by the Parties, the Agreement or its terms may not be produced in such circumstances except by
judicial order. 
 (2) Except as expressly provided herein, neither this Agreement nor performance by any Party hereunder is intended to be,
or shall be, construed to operate as a waiver or a modification of any of the terms, conditions, exclusions, provisions or obligations of any of the Wausau Policies and the Parties specifically reserve all rights, defenses and positions regarding
the proper interpretation of and application of the terms, conditions, exclusions, provisions and obligations of the Wausau Policies, except as expressly provided herein. 
 (3) This Agreement is a compromise and is neither intended to be, nor shall be construed to be, an admission of policy interpretation or an admission by the Parties of any rights, duties, or obligations arising under
the Wausau Policies. With the exception of any proceedings under Section VIII above, this Agreement shall not be used or introduced into evidence in any court or dispute resolution proceeding to create, prove or interpret any rights or obligations
of the Parties pursuant to the Wausau Policies or any other insurance policies. 
  

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 (4) All actions taken and statements made by persons or representatives relating to their
participation in this Agreement, including its development and implementation, shall be without prejudice or value as precedent, and shall not be taken as a standard by which other matters may be judged. 
 (5) Neither the negotiation, execution nor performance of this Agreement in accordance with its terms shall be deemed to be or cited as an act of bad
faith or as a violation of any statute or duty owed by Selby or Wausau. 
 (6) This Agreement is not a contract of insurance and those rules
applicable to the interpretation or construction of insurance contracts shall not apply hereto. In the event of a breach of this Agreement, no extra-contractual or statutory bad faith or unfair claims practices remedy applicable to a contract of
insurance shall be applicable to such breach. 
 (7) This Agreement is the product of arm’s length settlement negotiations between and
among the Parties to compromise disputed insurance coverage issues in connection with ABIC and no Party shall be deemed to be the drafter of any provisions or of the entire Agreement, nor shall any part of this Agreement be construed against a Party
on the basis of that Party’s identity as an insurance company or as the drafter of any part of this Agreement. 
 (8) Each of the
Parties hereto has participated in the drafting of this Agreement, after consulting with counsel. 
 (9) Paragraph headings contained herein
are for the purpose of organization only and shall not constitute a part of this Agreement. 
  

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 (10) Except as specifically set forth herein, this Agreement constitutes the entire agreement between
the Parties. Further, except as explicitly set forth in this Agreement, there are no representations, warranties, or inducements, whether oral, written, expressed or implied, that in any way effect or condition the validity of this Agreement or
alter its terms. Accordingly, this Agreement may not be modified, changed, contradicted, augmented or altered in any way by any previous oral or written agreements or any subsequent oral agreements. 
 (11) This Agreement, and any portion of same, may only be amended or modified by an agreement in writing executed by all of the Parties hereto.

 (12) No waiver of any breach of any provision of this Agreement shall be deemed a waiver of any other breach of the same or other
provisions. No action designed to minimize or prevent liability to Parties shall be deemed a waiver of any breach of this Agreement. 
 (13)
Should any provision of this Agreement subsequently be found by a court to be invalid or unenforceable, such ruling shall not affect the validity or enforceability of the remainder of the Agreement, which will continue to operate in accordance with
its terms. 
 (14) Each of the Parties represents and warrants that, as of the date of execution of this Agreement, it has not assigned,
conveyed or otherwise transferred or encumbered any claims, demands, causes of action, rights or obligations that are the subject matter of this Agreement. None of the Parties shall assign this Agreement without first obtaining written consent of
the other Parties; provided, however, that (1) this provision shall not prohibit any assignment by a Party made by merger, consolidation or operation of law or to a person or entity who succeeds to all or substantially all such party’s
rights and obligations and (2) to the extent such successor does not fulfill the obligations of its predecessor under this Agreement, the predecessor will remain liable. 
  

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 (15) This Agreement shall be binding upon and inure to the benefit of the Parties and their
respective successors and assigns. 
 (16) This Agreement does not and shall not be interpreted to create any rights in any person or entity
not a party to this Agreement. 
 (17) The failure of any Party to perform its obligations under this Agreement shall not relieve any other
party of its obligations hereunder. 
 (18) Neither Wausau on the one hand, nor Selby on the other hand, shall be entitled to reimbursement
from one another for the payments of Defense Costs or Indemnity Costs made under this Agreement. 
 XI. NOTICE 
 Any notices, billings, payments or other communications provided by this Agreement shall be sent to the following addresses, unless otherwise directed in
writing: 
  

	 	a.	Diane Korbisch 

 Nationwide Indemnity
Company 
 400 Westwood Drive 
 P.O. Box 8102 
 Wausau, WI 54402-8102 
 korbisd@nationwide.com 
  

	 	b.	Florence Larcamp 

 Robert T. Traub, Esq.

 SB Decking, Inc. 
 c/o Quaker Chemical Corp. 
 One Quaker Park 
 901 Hector Street 
 Conshohocken, PA 19428 
 rob_traub@quakerchem.com 
  

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 XII. EXECUTION AND COUNTERPARTS 
 This Agreement may be executed in counterparts; each of which when so executed shall be deemed to be an original, and all of which together shall
constitute the entire Agreement. 
 IN WITNESS WHEREOF the Parties hereto have caused their duly authorized representatives to execute this
Agreement as of the dates indicated. 
  

			
	SB DECKING, INC.
		
	By	 	 /s/ Florence J. Larcamp

	Date:	 	September 25, 2007
	
	EMPLOYERS INSURANCE COMPANY OF WAUSAU
		
	By	 	 /s/ Diane Korbisch

	Date:	 	September 25, 2007

  

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 SCHEDULE A 
 POLICIES OF PRIMARY AND EXCESS LIABILITY INSURANCE ISSUED BY 
 EMPLOYERS INSURANCE COMPANY OF WAUSAU TO
SELBY-BATTERSBY & CO. 
 PRIMARY POLICIES

  

					
	 Policy No.
	  	 Effective Dates
	  	 Named Insured

			
	2229-00-033075	  	4/1/68 – 4/1/69	  	Selby-Battersby & Co.
			
	2220-00-033075	  	4/1/69 – 4/1/70	  	Selby-Battersby & Co.
			
	2221-00-033075	  	4/1/70 – 4/1/71	  	Selby-Battersby & Co.
			
	2222-00-033075	  	4/1/71 – 4/1/72	  	Selby-Battersby & Co.
			
	2223-00-033075	  	4/1/72 – 4/1/73	  	Selby-Battersby & Co.

 EXCESS POLICIES 
  

					
	 Policy No.
	  	 Effective Dates
	  	 Named Insured

			
	2229-03-033075	  	4/1/68 – 4/1/69	  	Selby, Battersby & Co.
			
	2220-03-033075	  	4/1/69 – 4/1/70	  	Selby, Battersby & Co.
			
	2221-03-033075	  	4/1/70 – 4/1/71	  	Selby, Battersby & Co.
			
	2222-03-033075	  	4/1/71 – 4/1/72	  	Selby, Battersby & Co.
			
	2223-03-033075	  	4/1/72 – 4/1/73	  	Selby, Battersby & Co.

  

 17Mark Hepsworth particulars of employment

 Exhibit 10.1 
 PARTICULARS OF EMPLOYMENT 
 (To be read in conjunction with other Company rules and your letter of
appointment) 
 Your employment begins on 23 May 1995 and employment with your previous employer has not been counted as continuous
service. Please note all appointments are subject to receipt of a satisfactory references and medical reports. 
  

							
	 Name
	  	Mark Hepsworth	  	 Department
	  	Comstock, Europe
				
	Job Title	  	You are employed as General Manager	  	 Company
	  	Standard & Poor’s
		
	 Payment
 of
Salary
	  	Your commencing gross pay is £70,000-, p.a., paid monthly by credit transfer on the 11th of each month; each monthly payment covers the period from 26th of the previous month up to an including the 25th of the current month.
		
	 Authorised
 Overtime
	  	This post does not qualify for paid overtime. For those posts which do qualify for paid overtime, once approved by the Manager and the Division Head, overtime rates are: (a) Monday
to Friday and Saturday up to 1 pm., 1  1/2 times normal hourly rate after completion or full time working hours,
(b) Saturdays after 1 pm., Sundays and Bank Holidays, double normal hourly rate.
		
	 Normal
 Working Hours
	  	Your normal working hours unless stated otherwise by your Manager, or Division Head, arc: 0900 to 1700 hours, daily, Monday to Friday, a total of 35 hours per week with I hour
00’ for lunch per day as agreed with your Manager and Division Head.
		
	 Probationary
 Period
	  	Not applicable
		
		  	The holiday year is from 1st .January to 31st December. Staff will accrue 2.08 days for each completed month’s service, thereafter as below, subject to length of service:
		
	 Holiday
 Arrangements
	  	 •        Staff with under 10 years’ continuous
service as at 1st January of each year receives 25 working days,
  
 •        Staff with 10 years’ but under 25 years’ continuous service as at
1st January each year receive 27 working days,
  
 •        Staff with 25 years’ continuous service or over as at 1st January of each year receive 30 working days.
  
 The above holidays are in addition to Public Holidays and the anniversary day.
  
 Please note
  
 Holiday not taken by 31st December is forfeited. On termination of employment, holiday accrued, but not taken, will be paid. Similarly holiday taken, but not accrued, will be deducted from your final pay
cheque.
  
 You must inform your Manager and Division Head of your intention to take
holiday entitlement, as it can be taken only with his/her agreement.

		
	 Normal
 Retirement Age
	  	The normal retirement age, without prior formal notice, is age 65 for both men and women.
		
	 Company
 Pension
 Plan
	  	The Company operates an optional contributory pension plan which has a contracted our certificate under the Social Security Pensions Act, 1975, as amended from time to time. You are
eligible to join the plan provided you are aged over 18, but under normal retirement age; work 16 hours or more per week and have at least 6 months continuous service by 26th June next. There is also an earnings minimum and maximum, and you will be advised whether or not you are to be included in the plan by the Human Resources Department.
Once included, your contribution will be a percentage (currently 5 per cent) of “pensionable salary”. A booklet explaining the conditions of the plan in more detail is enclosed.
		
	 Death
 And
Accident
 Insurance Plans
	  	From your first day of with McGraw-Hill, subject to eligibility and the conditions of the plans, you are included in the Company’s various insurance plans covering death,
accidental death or accident in which you arc permanently disabled. To be eligible, you must be below normal retirement age but over age 18. Your inclusion in these plans is also subject to other conditions, details of’ which will be given to
you by the Human Resources Department, as appropriate.
		
		  	 The Company has a discretionary sick pay scheme for all staff over 6 months continuous service. The benefit rates stated below will apply
subject to the conditions of the scheme. The scheme’s conditions include the following:-
 you must have -

		
	 Company
 Sick Pay
	  	 (a)    notified your Manager or Human Resources Department during the
first day of absence;
  
 (b)    sent medical or other certificates, as requested and defined by the company, to the Human Resources Department.
  
 (c)    The company, on a discretionary basis, pays you full (basic) salary which will be inclusive of the
Statutory Sick Pay, as follows:-

					
			
		  	     Length of Service
	  	Maximum Benefit
		  	     6 months - 1 year
	  	I week full pay, then 2 weeks’ half pay;
		  	     1 year - 2 years
	  	2 weeks’ full pay, then 4 weeks’ half pay;
		  	     2 years - 5 years
	  	3 weeks’ full pay, then 6 weeks’ half pay;
		  	     5 years or more
	  	week per year of service, full pay, to a maximum of 13 weeks, then half a weeks’ pay per year of service to a maximum of 26 weeks.

							
		
		  	N.B. The company reserves the right to withhold or impose conditions on the provisions of sick pay, where an individual is considered to be abusing the scheme; where injury has
been incurred as a result of personal negligence; or where compensation is being claimed elsewhere.
		
	Private Health Insurance Plan	  	The Company’s private medical insurance plan provides you with the opportunity to secure private medical treatment for you and for your family at a lower cost. It is
voluntary and your contribution depends on the level of cover required. Details of the plan are enclosed.
		
	Notice Rights	  	Notice rights during your probationary employment are 2 weeks’ written notice either side, thereafter 4 weeks’ written notice either side. For staff with four years or
more continuous service, the Company gives you 1 weeks’ notice per completed year of service to a maximum of 12 weeks for 12 years or more continuous service. The Company reserves the right to terminate your employment, without prior notice, or
payment in lieu of notice, in cases of Gross Misconduct (P.T.O.). In cases other than Gross Misconduct, payment in lieu of notice will be given by the company, where this is considered by the company to be in the interest of the business,
departmental morale or general efficiency etc.

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