Document:

Transfer Agent and Registrar Agreement

    Exhibit
      10 (i) -
      Transfer Agent and Registrar Agreement

    

    EMPIRE

    STOCK
      TRANSFER

     

    

    TRANSFER
      AGENT AND REGISTRAR AGREEMENT

    

    THIS
      AGREEMENT
      is made
      and entered into on February 15, 2006.

    

    BETWEEN: Empire
      Stock Transfer Inc., a
      body
      corporate duly incorporated under the laws of the State of Nevada and having
      an
      office situated at 7251 West Lake Mead Boulevard, Suite 300, Las Vegas, NV
      89128
      (the “Transfer Agent”)

    

    AND:   GROSVENOR
      EXPLORATIONS INC.    

    Name
      of
      the Company

    

    Nevada        

    State
      of
      Incorporation

    

    1533
      Eagle Mountain Dr., Coquitlam, B.C., Canada, V3E 2Z3  

    Address
      of Company

    

    In
      consideration of the mutual premises, covenants and agreements contained herein,
      the parties agree as follows:

    

    
      	
              1.

            	
              The
                Company hereby appoints Transfer Agent as the sole Transfer Agent
                and
                Registrar for the Company’s capital
                stock.

            

    

    

    
      	
              2.

            	
              The
                Company warrants and represents to the Transfer Agent that the Company
                has
                full power and absolute capacity to enter into this Agreement and
                that the
                terms of this Agreement have been authorized by all necessary corporate
                acts and deeds in order to give effect to the terms hereof, including
                the
                execution of this Agreement by the authorized signatory indicated
                below.

            

    

    

    
      	
              3.

            	
              The
                Company agrees to provide the Transfer Agent with a current, accurate
                and
                complete shareholder list, inclusive of shareholder names, addresses,
                applicable social security numbers, number of shares, date of issue
                and
                the certificate numbers by which these shares are represented. The
                Company
                also covenants to notify the Transfer Agent of material changes in
                its
                affairs that my affect the Transfer Agent’s provision of services
                hereunder including, without limitation, a change in directors, officers,
                management and/or affiliates of the Company; alternation of the Company’s
                capitalization by way of forward or reverse split, a change of Company
                name, or a change of Company address. The Company agrees to indemnify
                and
                hold harmless the Transfer Agent for any errors or omissions made
                on the
                part of the Company or its previous transfer agent with respect to
                information provided, or a failure to provide information, to the
                Transfer
                Agent.

            

    

    

    
      	
              4.

            	
              The
                Transfer Agent agrees to maintain the Company’s shareholder record in
                accordance with accepted standards and agrees to process and register
                the
                Company’s transfers. The 

            

    

    

    
      
        
        

      

      
        -1-

        
          

        

      

      
        
        

      

    

    Transfer
      Agent agrees to make available these records in the form of a shareholders
      list
      upon written request by an authorized officer or agent of the Company. Where
      there is a dispute between the Company and a third party regarding the issuance
      or cancellation of any securities in the Company’s capital stock, the Transfer
      Agent shall have the right to require the Company to provide the Transfer Agent
      with a legal opinion or Court order with respect to the securities in issue
      prior to acting upon any instructions

    

    
      	
              5.

            	
              The
                Company agrees to pay the transfer agent an initial fee of $1,000,
                which
                includes a $500 file setup fee and first year’s annual maintenance fee, as
                well as a $500 credit for future use toward Company transfers. Thereafter,
                the Company agrees to pay the transfer agent an annual fee of $500
                in
                compensation for the time and expense necessary to maintain the books
                and
                records of the Company as well as answering any inquiries from
                shareholders, brokers and clearing agents that may arise from performing
                this duty. This annual fee will be due on the first day of the month
                as
                inserted in this agreement and is subject to annual review. Other
                fees may
                include, without limitation, transfers borne by the Company, shareholder
                lists, mailing labels, distributions and proxy tabulation. In addition,
                the Company agrees to pay all expenses incurred by the result of
                a lawsuit
                or government investigation including all legal and professional
                fees,
                travel expenses, copying of documents, and postage or courier fees.
                The
                Company agrees that it shall compensate the Transfer Agent at a rate
                of
                $50 per hour in circumstances where the Transfer Agent is required
                to
                expend its employees’ time in order to comply with regulatory body or
                court orders regarding the Company’s securities or where an employee is
                required to attend court as a witness in respect of any matters relating
                to the Company’s securities.

            

    

    

    
      	
              6.

            	
              The
                Transfer Agent shall not be under any obligation to prosecute or
                defend
                any action or suit in respect of the Company unless the Company shall,
                so
                often as required, furnish the Transfer Agent with satisfactory indemnity
                and funding against such expenses or
                liabilities.

            

    

    

    
      	
              7.

            	
              This
                agreement may be terminated upon the delivery of written notice by
                one
                party to the other at least fourteen (14) days prior to the effective
                date
                of termination. Upon termination, the Company agrees to pay all
                outstanding fees owed to the Transfer Agent. The Transfer Agent shall
                have
                the authority to hold the books and records of the Company until
                it has
                received such payment.

            

    

    

    IN
      WITNESS WHEREOF the parties hereto have hereunto affixed their respective hands
      and seals or corporate seals, as the case may be, both as of the day and year
      first written above.

    

    Grosvenor
      Exploration Inc.   EMPIRE
      STOCK TRANSFER INC.

    

    

    P.N.GRANT      LEAH
      FINKE   

        Signature          Signature

    

    

    Secretary
      Treasurer     President   

        Title       Title

    

    

    

    

     

    EMPIRE
      STOCK TRANSFER INC.   TRANSFER
      AGENT AND REGISTRAR AGREEMENT 

    

    

    

    

    
      
        
        

      

      
        -2-SYNALLOY CORPORATION

SYNALLOY CORPORATION

DIVISIONAL MANAGEMENT INCENTIVE PLAN

FOR THE CHEMICALS SEGMENT

INCENTIVE POOL

A separate incentive pool will be established for 2006 and subsequent fiscal years for the Chemicals Segment. The incentive pool will equal ten percent (10%) of the fiscal year's Operating Income (as defined below) in excess of ten percent (10%) of average shareholders' equity. Return on equity will be an amount equal to ten percent (10%) of average equity at the beginning of each quarter of the fiscal year. As used in the Divisional Management Incentive Plan (the "Plan"), the term "Operating Income" shall mean the operating income as generally reflected in the Chemicals Segment's internal statement of earnings. It is intended that Operating Income shall be before the bonus compensation payable under this Plan and before income and expenses not resulting from normal operations, including but not limited to interest income and expense, gains and losses from the sale or other disposition of capital assets and environmental expenses related to preexisting conditions not resulting from recent operations. The Synalloy Corporation Board of Directors' Compensation & Long-Term Incentive Committee shall have sole discretion to determine which other items of income and expenses are included in and/or excluded from Operating Income and their determination shall be final, binding and conclusive upon the parties hereto.

DESIGNATED PARTICIPANTS

Designated Participants in this Plan will be limited to Officers and other key managers of the Specialty Chemicals Segment, comprised of Manufacturers Chemicals, L.P., Blackman Uhler Specialty Chemicals and Organic-Pigments Corp., who are designated by the Chief Executive Officer of Synalloy as employees who are responsible for and significantly influence profits.

ALLOCATION OF INCENTIVE POOL

A maximum of thirty percent (30%) of the incentive pool may be distributed to employees who are not Designated Participants in this Plan as recommended by the Chief Executive Officer of Synalloy and approved by the Compensation Committee of the Board of Directors. A minimum of sixty percent (60%) of the incentive pool will be paid to Designated Participants pro rata to their salaries. A minimum of ten percent (10%) and a maximum of forty percent (40%) of the incentive pool may be paid to Designated Participants in any proportion as recommended by the Chief Executive Officer of Synalloy and approved by the Compensation Committee of the Board of Directors.

TIME OF PAYMENT

Payments will be made within two and one-half months of the fiscal year-end subject to completion of the annual audit of financial statements for the fiscal year in which the incentive is earned.

ADDITIONAL REQUIREMENTS FOR RECEIPT OF ANY PAYMENT UNDER THIS PLAN
a.Employed by the Specialty Chemicals Group at the year-end for which the incentive is earned unless termination of employment results from death, disability or retirement in which case payment will be prorated to cover time worked during the year. 

b.Also employed at the time of payment unless termination of employment results from involuntary termination, retirement, disability or death between year-end and payment date.

c.Designated participants must have entered into an agreement acceptable to the Chief Executive Officer of Synalloy under which they agree not to compete with the Specialty Chemicals Group for a minimum period of one year after the termination of their employment.

DURATION OF PLAN

The Plan will remain in effect until modified or terminated by the Board of Directors of Synalloy Corporation. The Plan will not be changed for a fiscal year after the beginning of such year. Prior to the beginning of a fiscal year, the Board of Directors of Synalloy may modify or cancel this Plan at their sole discretion.

 

 

SYNALLOY CORPORATION

DIVISIONAL MANAGEMENT INCENTIVE PLAN

FOR THE METALS SEGMENT

INCENTIVE POOL

A separate incentive pool will be established for 2006 and subsequent fiscal years for the Metals Segment. The incentive pool will equal ten percent (10%) of the fiscal year's Operating Income (as defined below) in excess of ten percent (10%) of average shareholders' equity. Return on equity will be an amount equal to ten percent (10%) of average equity at the beginning of each quarter of the fiscal year. As used in the Divisional Management Incentive Plan (the "Plan"), the term "Operating Income" shall mean the operating income as generally reflected in the Metals Segment's internal statement of earnings. It is intended that Operating Income shall be before the bonus compensation payable under this Plan and before income and expenses not resulting from normal operations, including but not limited to interest income and expense, gains and losses from the sale or other disposition of capital assets and environmental expenses related to preexisting conditions not resulting from recent operations. The Synalloy Corporation Board of Directors' Compensation & Long-Term Incentive Committee shall have sole discretion to determine which other items of income and expenses are included in and/or excluded from Operating Income and their determination shall be final, binding and conclusive upon the parties hereto.

DESIGNATED PARTICIPANTS

Designated Participants in this Plan will be limited to Officers and other key managers of the Metals Segment, comprised of Bristol Metals, L. P. who are designated by the Chief Executive Officer of Synalloy as employees who are responsible for and significantly influence profits.

ALLOCATION OF INCENTIVE POOL

A maximum of thirty percent (30%) of the incentive pool may be distributed to employees who are not Designated Participants in this Plan as recommended by the Chief Executive Officer of Synalloy and approved by the Compensation Committee of the Board of Directors. A minimum of sixty percent (60%) of the incentive pool will be paid to Designated Participants pro rata to their salaries. A minimum of ten percent (10%) and a maximum of forty percent (40%) of the incentive pool may be paid to Designated Participants in any proportion as recommended by the Chief Executive Officer of Synalloy and approved by the Compensation Committee of the Board of Directors.

TIME OF PAYMENT

Payments will be made within two and one-half months of the fiscal year-end subject to completion of the annual audit of financial statements for the fiscal year in which the incentive is earned.

ADDITIONAL REQUIREMENTS FOR RECEIPT OF ANY PAYMENT UNDER THIS PLAN
a.Employed by the Metals Segment at the year-end for which the incentive is earned unless termination of employment results from death, disability or retirement in which case payment will be prorated to cover time worked during the year. 

b.Also employed at the time of payment unless termination of employment results from involuntary termination, retirement, disability or death between year-end and payment date.

c.Designated participants must have entered into an agreement acceptable to the Chief Executive Officer of Synalloy under which they agree not to compete with the Metals Segment for a minimum period of one year after the termination of their employment.

DURATION OF PLAN

The Plan will remain in effect until modified or terminated by the Board of Directors of Synalloy Corporation. The Plan will not be changed for a fiscal year after the beginning of such year. Prior to the beginning of a fiscal year, the Board of Directors of Synalloy may modify or cancel this Plan at their sole discretion.

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