Document:

Exhibit 10.9

 

This document
constitutes part of the prospectus covering

securities that have been registered under the Securities Act of 1933.

 

Walter
Industries, Inc.

Long-Term Incentive Award Plan

Restricted Stock Unit Award Agreement

 

THIS
AGREEMENT, effective as of the Date of Grant set forth below,
represents a grant of restricted stock units (“RSUs”) by Walter Industries, Inc.,
a Delaware corporation (the “Company”), to the Participant named below,
pursuant to the provisions of the 2002 Long-Term Incentive Award Plan of Walter
Industries, Inc. (the “Plan”). You have been selected to receive a grant
of RSUs pursuant to the Plan, as specified below.

 

The
Plan provides a complete description of the terms and conditions governing the
grant of RSUs. If there is any inconsistency between the terms of this
Agreement and the terms of the Plan, the Plan’s terms shall completely
supersede and replace the conflicting terms of this Agreement. All capitalized
terms shall have the meanings ascribed to them in the Plan, unless specifically
set forth otherwise herein.

 

Participant:  <NAME>

 

Date of Grant: <GRANT
DATE>

 

Number of RSUs Granted: <NUMBER
OF SHARES>

 

Purchase Price: None

 

The
parties hereto agree as follows:

 

1.           Employment With the Company.
Except as may otherwise be provided in Section 6, the RSUs granted
hereunder are granted on the condition that the Participant remains an Employee
of the Company or its Subsidiaries from the Date of Grant through (and
including) the vesting date, as set forth in Section 2 (referred to herein
as the “Period of Restriction”).

 

This
grant of RSUs shall not confer any right to the Participant (or any other
Participant) to be granted RSUs or other Awards in the future under the Plan.

 

2.           Vesting. RSUs shall
vest in three installments, and each installment shall consist of one-third
(1/3) of the RSUs granted becoming vested on the first, second and third
anniversary of the Date of Grant (                        ,
20      , 20      
and 20      ).

 

 

3.           Timing of Payout.
Payout of a RSU shall occur within
thirty (30) days following the vesting date of such RSU.

 

4.           Form of Payout.
Vested RSUs will be paid out solely in the form of shares of stock of the
Company.

 

5.           Voting Rights and Dividends.
Until such time as the RSUs are paid out in shares of Company stock, the
Participant shall not have voting rights. Further, no dividends shall be paid
on any RSUs.

 

6.           Termination of Employment.
In the event of the Participant’s termination of employment with the Company or
its Subsidiaries for any reason during the Period of Restriction, all RSUs held
by the Participant at the time of employment termination and still subject to
the Period of Restriction shall be forfeited by the Participant to the
Company. However, the Committee may, in its sole discretion, vest all or any
portion of the RSUs held by the Participant.

 

7.           Change in Control.
Notwithstanding anything to the contrary in this Agreement, in the event of a
Change in Control of the Company during the Period of Restriction and prior to
the Participant’s termination of employment, the Period of Restriction imposed
on the RSUs shall immediately lapse, with all such RSUs vesting subject to
applicable federal and state securities laws. 
Notwithstanding the foregoing, a transaction or series of transactions
in which Walter Industries separates one or more of its existing businesses,
whether by sale, spin-off or otherwise, and whether or not any such transaction
or series of transactions requires a vote of the stockholders, shall not be
considered a “Change in Control.”

 

8.           Restrictions on Transfer.
Unless and until actual shares of stock of the Company are received upon
payout, RSUs granted pursuant to this Agreement may not be sold, transferred,
pledged, assigned, or otherwise alienated or hypothecated (a “Transfer”), other
than by will or by the laws of descent and distribution, except as provided in
the Plan. If any Transfer, whether voluntary or involuntary, of RSUs is made,
or if any attachment, execution, garnishment, or lien shall be issued against
or placed upon the RSUs, the Participant’s right to such RSUs shall be
immediately forfeited by the Participant to the Company, and this Agreement
shall lapse.

 

9.           Recapitalization.
In the event of any change in the capitalization of the Company such as a stock
split or a corporate transaction such as any merger, consolidation, separation,
or otherwise, the number and class of RSUs subject to this Agreement shall be
equitably adjusted by the Committee, in its sole discretion, to prevent dilution
or enlargement of rights.

 

10.        Beneficiary Designation.
The Participant may, from time to time, name any beneficiary or beneficiaries
(who may be named contingently or successively) to whom any benefit under this
Agreement is to be paid in case of his or her death before he or she receives
any or all of such benefit. Each such designation shall revoke all prior
designations by the Participant, shall be in a form prescribed by the Company,
and will be effective only when filed by the Participant in writing with the
Secretary of the Company during the Participant’s lifetime. In the absence of
any such designation, benefits remaining unpaid at the Participant’s death
shall be paid to the Participant’s estate.

 

2

 

11.        Continuation of Employment.
This Agreement shall not confer upon the Participant any right to continue
employment with the Company or its Subsidiaries, nor shall this Agreement
interfere in any way with the Company’s or its Subsidiaries’ right to terminate
the Participant’s employment at any time.

 

3

 

	
  12.

  	
  Miscellaneous.

  
	
   

  	
   

  	
   

  
	
   

  	
  (a)

  	
  This Agreement and the rights of the Participant
  hereunder are subject to all the terms and conditions of the Plan, as the same
  may be amended from time to time, as well as to such rules and
  regulations as the Committee may adopt for administration of the Plan. The
  Committee shall have the right to impose such restrictions on any shares
  acquired pursuant to this Agreement, as it may deem advisable, including,
  without limitation, restrictions under applicable federal securities laws,
  under the requirements of any stock exchange or market upon which such shares
  are then listed and/or traded, and under any blue sky or state securities
  laws applicable to such shares. It is expressly understood that the Committee
  is authorized to administer, construe, and make all determinations necessary
  or appropriate to the administration of the Plan and this Agreement, all of
  which shall be binding upon the Participant.

  
	
   

  	
   

  	
   

  
	
   

  	
  (b)

  	
  The Committee may terminate, amend, or modify the
  Plan; provided, however, that no such termination, amendment, or modification
  of the Plan may in any material way adversely affect the Participant’s rights
  under this Agreement, without the written consent of the Participant.
  Notwithstanding the foregoing, the Committee may, without obtaining the
  written consent of the Participant, amend this Agreement in any manner that
  it deems necessary or desirable to comply with the requirements of
  Section 409A of the Code or an exemption thereto.

  
	
   

  	
   

  	
   

  
	
   

  	
  (c)

  	
  The Participant may elect, subject to any procedural
  rules adopted by the Committee, to satisfy the withholding requirement,
  in whole or in part, by having the Company withhold and sell shares having an
  aggregate Fair Market Value on the date the tax is to be determined, equal to
  the amount required to be withheld.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  The Company shall have the power and the right to
  deduct or withhold from the Participant’s compensation, or require the
  Participant to remit to the Company, an amount sufficient to satisfy federal,
  state, and local taxes (including the Participant’s FICA obligation),
  domestic or foreign, required by law to be withheld with respect to any
  payout to the Participant under this Agreement.

  
	
   

  	
   

  	
   

  
	
   

  	
  (d)

  	
  The Participant agrees to take all steps necessary
  to comply with all applicable provisions of federal and state securities laws
  in exercising his or her rights under this Agreement.

  
	
   

  	
   

  	
   

  
	
   

  	
  (e)

  	
  This Agreement shall be subject to all applicable
  laws, rules, and regulations, and to such approvals by any governmental
  agencies or national securities exchanges as may be required.

  
	
   

  	
   

  	
   

  
	
   

  	
  (f)

  	
  This Agreement and the Plan constitute the entire
  understanding between the Participant and the Company regarding the RSUs
  granted hereunder. This Agreement and the Plan supersedes any prior
  agreements, commitments or negotiations concerning the RSUs granted
  hereunder.

  

 

4

 

	
   

  	
  (g)

  	
  All obligations of the Company under the Plan and
  this Agreement, with respect to the RSUs, shall be binding on any successor
  to the Company, whether the existence of such successor is the result of a
  direct or indirect purchase, merger, consolidation, or otherwise, of all or
  substantially all of the business and/or assets of the Company.

  
	
   

  	
   

  	
   

  
	
   

  	
  (h)

  	
  To the extent not preempted by federal law, this
  Agreement shall be governed by, and construed in accordance with, the laws of
  the state of Delaware.

  

 

IN
WITNESS WHEREOF, the parties have caused this Agreement to be executed
effective as of the Date of Grant.

 

 

	
   

  	
   

  	
  Walter Industries, Inc.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  
	
   

  	
   

  	
   

  
	
  ATTEST:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Participant

  

 

5Exhibit 10.10

 

NON-QUALIFIED
STOCK OPTION AGREEMENT

 

THIS AGREEMENT (the “Agreement”), dated <GRANT
DATE> (the “Grant Date”), is made by and between Walter Industries, Inc.,
a Delaware corporation (the “Company”) and <NAME>, <POSITION>,
of the Company (or one of its Subsidiaries, as defined herein), hereinafter
referred to as the “Optionee”:

 

WHEREAS, pursuant to the 2002 Long-Term Incentive
Award Plan of Walter Industries, Inc. (the “Plan”) the Company has
granted to the Optionee, effective as of the Grant Date, an option to purchase
a number of shares of its common stock, par value $0.01 per share (the “Common
Stock”) on the terms and subject to the conditions set forth in this
Agreement and the Plan;

 

NOW, THEREFORE, in consideration of the mutual covenants
herein contained and other good and valuable consideration, receipt of which is
hereby acknowledged, the parties hereto do hereby agree as follows:

 

ARTICLE I.

DEFINITIONS

 

Whenever the following terms are used in this
Agreement, they shall have the meaning specified below unless the context
clearly indicates to the contrary. Capitalized terms used in this Agreement and
not defined below shall have the meaning given such terms in the Plan. The
masculine pronoun shall include the feminine, and the singular the plural,
where the context so indicates.

 

Section 1.1             “Administrator”
shall mean the Committee unless the Board has assumed the authority for
administration of the Plan generally as provided in Section 10.2 of the
Plan.

 

Section 1.2             “Board”
shall mean the Board of Directors of the Company

 

Section 1.3             “Cause”
shall mean  (a) any form of
dishonesty or criminal conduct connected with the employment of Optionee, (b) the
refusal of Optionee to comply with the Company’s lawful written instructions,
policies or rules as approved or mandated by the Board, (c) gross or
willful misconduct by Optionee during employment with the Company, or (d) Optionee’s
conviction of, or plea of guilty or nolo contendere to, a felony. All disputes
concerning whether a particular termination is for “Cause” shall be determined
in good faith by the Administrator.

 

Section 1.4             “Change in Control.”
shall mean a change in ownership or control of the Company effected through any
of the following transactions:

 

(a)           (i)            Any person or related group of
persons (other than the Company or a person that, prior to such transaction,
directly or indirectly controls, is controlled by, or is under common control
with, the Company or any person which as of the date of adoption of this Plan
by the Board, has “beneficial ownership” (within the meaning of Rule 13d-3

 

 

under the Exchange Act) of securities possessing more than 30% of the
total combined voting power of the Company’s outstanding securities) directly
or indirectly acquires beneficial ownership of securities possessing more than
40% of the total combined voting power of the Company’s outstanding securities,
or

 

(ii)           Any
person or related group of persons (other than the Company or a person that,
prior to such transaction, directly or indirectly controls, is controlled by,
or is under common control with, the Company) who is not, as of the date of
adoption of this Plan by the Board, a beneficial owner of 1% or more of the
total combined voting power of the Company’s outstanding securities, directly
or indirectly acquires beneficial ownership of securities possessing more than
25% of the total combined voting power of the Company’s outstanding securities
and is, upon the consummation of such acquisition, the beneficial owner of the
largest percentage of the total combined voting power of the Company’s
outstanding securities; or

 

(b)           There
is a change in the composition of the Board over a period of 36 consecutive
months (or less) such that a majority of the Board members (rounded up to the
nearest whole number) ceases to be comprised of individuals who either (i) have
been Board members continuously since the beginning of such period, or (ii) have
been elected or nominated for election as Board members during such period by
at least a majority of the Board members described in clause (i) who were
still in office at the time such election or nomination was approved by the
Board; or

 

(c)           The
consummation of a merger or consolidation of the Company with any other
corporation (or other entity) where such merger or consolidation has been
approved by the stockholders of the Company, other than a merger or
consolidation which would result in the voting securities of the Company
outstanding immediately prior thereto continuing to represent (either by remaining
outstanding or by being converted into voting securities of the surviving
entity) more than 66-2/3% of the combined voting power of the voting securities
of the Company or such surviving entity outstanding immediately after such
merger or consolidation; provided, however, that a merger or consolidation
effected to implement a recapitalization of the Company (or similar
transaction) in which no person acquires more than 25% of the combined voting
power of the Company’s then outstanding securities shall not constitute a
Change in Control; or

 

(d)           Notwithstanding the foregoing, a
transaction or series of transactions in which Walter Industries separates one
or more of its existing businesses, whether by sale, spin-off or otherwise, and
whether or not any such transaction or series of transactions requires a vote
of the stockholders, shall not be considered a “Change in Control.”

 

(e)           The stockholders of the Company
approve a plan of complete liquidation of the Company or an agreement for the
sale, lease or other disposition by the Company of all or substantially all of
the Company’s assets.

 

Section 1.5             “Code”
shall mean the Internal Revenue Code of 1986, as amended.

 

Section 1.6             “Committee”
shall mean the Compensation Committee of the Board, or another committee or
subcommittee of the Board, appointed as provided in Section 10.2 of the
Plan.

 

2

 

Section 1.7             “Common
Stock” shall mean the common stock of the Company, par value $0.01 per
share.

 

Section 1.8             “Company”
shall mean Walter Industries, Inc., a Delaware corporation.

 

Section 1.9             “Disability”
shall mean any medical condition whatsoever which leads to the absence of the
Optionee from his or her job function for a continuous period of six months
without the Optionee being able to resume such functions on a full time basis
at the expiration of such period, it being understood that unsuccessful
attempts to return to work for periods under thirty days shall not be deemed to
have interrupted said continuity.

 

Section 1.10           “Eligible
Representative” shall mean, upon the Optionee’s death, the Optionee’s
personal representative or such other person as is empowered under the deceased
Optionee’s will or the then applicable laws of descent and distribution to
represent the Optionee hereunder.

 

Section 1.11           “Employee”
shall mean any officer or other employee (as defined in accordance with Section 3401(c) of
the Code) of the Company, or of any corporation which is a Subsidiary.

 

Section 1.12           “Exchange
Act” shall mean the Securities Exchange Act of 1934, as amended.

 

Section 1.13           “Option”
shall mean the non-qualified option to purchase Common Stock of the Company
granted under this Agreement, which option is not intended to qualify as an “incentive
stock option” under Section 422 of the Code.

 

Section 1.14           “Plan”
shall mean the 2002 Long-Term Incentive Award Plan of Walter Industries, Inc

 

Section 1.15           “Retirement”
shall mean the time when the employee-employer relationship between the
Optionee and the Company or any Subsidiary is terminated (a) other than
for Cause, and (b) such termination occurs either (i) on or after the
date on which the Optionee attains the age of sixty (60), or (ii) on or
after the date on which the sum of the Optionee’s age and completed years of
employment (as determined by the Administrator in its discretion) with the
Company and any Subsidiary is at least eighty (80).

 

Section 1.16           “Rule 16b-3”
shall mean Rule 16b-3 promulgated under the Exchange Act, as such Rule may
be amended from time to time.

 

Section 1.17           “Secretary”
shall mean the Secretary of the Company.

 

Section 1.18           “Securities
Act” shall mean the Securities Act of 1933, as amended.

 

Section 1.19           “Subsidiary”
shall mean any corporation in an unbroken chain of corporations beginning with
the Company if each of the corporations other than the last corporation in the
unbroken chain then owns stock possessing 50% or more of the total combined
voting power of all classes of stock in one of the other corporations in such
chain.

 

3

 

Section 1.20           “Termination
of Employment” shall mean the time when the employee-employer relationship
between the Optionee and the Company or any Subsidiary is terminated for any
reason, with or without Cause, including, but not by way of limitation, a
termination by resignation, discharge, death, Disability or Retirement; but
excluding (a) terminations where there is a simultaneous reemployment or
continuing employment of the Optionee by the Company or any Subsidiary, (b) at
the discretion of the Administrator, terminations which result in a temporary
severance of the employee-employer relationship, and (c) at the discretion
of the Administrator, terminations which are followed by the simultaneous
establishment of a consulting relationship by the Company or a Subsidiary with
the former employee. The Administrator, in its discretion, shall determine the
effect of all matters and questions relating to Termination of Employment,
including, but not by way of limitation, the question of whether a Termination
of Employment resulted from a discharge for Cause, and all questions of whether
a particular leave of absence constitutes a Termination of Employment.

 

ARTICLE II.

GRANT OF OPTION

 

Section 2.1             Grant
of Option. In consideration of the Optionee’s agreement to remain in the
employ of the Company or its Subsidiaries and for other good and valuable
consideration, on the effective date hereof the Company irrevocably grants to
the Optionee the option to purchase any part or all of an aggregate of <NUMBER
OF SHARES> shares of Common Stock (the “Option”) upon the terms and
conditions set forth in this Agreement.

 

Section 2.2             Options
Subject to the Plan. The Option granted hereunder is subject to the terms
and provisions of the Plan, including without limitation, Article VI and
Sections 11.1, 11.2 and 11.3 thereof.

 

Section 2.3             Option Price. The purchase
price of the shares of Common Stock covered by the Option shall be $<EXERCISE
PRICE> per share (without commission or other charge).

 

Section 2.4             Not
a Contract of Employment. Nothing in this Agreement or in the Plan shall
confer upon the Optionee any right to continue in the employ of the Company or
any of its Subsidiaries or shall interfere with or restrict in any way the
rights of the Company or its Subsidiaries, which are hereby expressly reserved,
to discharge the Optionee at any time for any reason whatsoever, with or
without Cause.

 

ARTICLE III.

PERIOD OF EXERCISABILITY

 

Section 3.1             Commencement
of Exercisability

 

(a)           Subject to subsections (b) and (c) and
Section 3.3, the Option shall become exercisable in three cumulative
installments as follows:

 

(i)            The first installment shall consist
of one-third (1/3) of the shares covered by the Option and shall become
exercisable on the first anniversary of the Grant Date;

 

4

 

(ii)           The second installment shall consist
of one-third (1/3) of the shares covered by the Option and shall become
exercisable on the second anniversary of the Grant Date; and

 

(iii)          The third installment shall consist of
one-third (1/3) of the shares covered by the Option and shall become
exercisable on the third anniversary of the Grant Date.

 

(b)           Notwithstanding subsection (a), but
subject to subsection (c) and Section 3.3, the Option shall become
fully exercisable upon the date of consummation of the first Change in Control.

 

(c)           No portion of the Option which is
unexercisable at Termination of Employment shall thereafter become exercisable.

 

Section 3.2             Duration
of Exercisability. The installments provided for in Section 3.1 are
cumulative. Each such installment which becomes exercisable pursuant to Section 3.1
shall remain exercisable until it becomes unexercisable under Section 3.3.

 

Section 3.3             Expiration
of Option. The Option may not be exercised to any extent by anyone after
the first to occur of the following events:

 

(a)           The expiration of ten years from the
Grant Date; or

 

(b)           Except as the Administrator may
otherwise approve (subject to compliance with the requirements of Section 409A
related to modifications and extensions of stock rights), the date of the
Optionee’s Termination of Employment by reason of termination for Cause; or

 

(c)           The expiration of 90 days from the
date of the Optionee’s Termination of Employment for any reason other than his
or her death, Disability or Retirement; or

 

(d)           The expiration of three (3) years
from the date of the Optionee’s Termination of Employment by reason of his or
her death, Disability or Retirement.

 

ARTICLE IV.

EXERCISE OF OPTION

 

Section 4.1             Person
Eligible to Exercise. During the lifetime of the Optionee, only he or she
may exercise the Option or any portion thereof. After the death of the
Optionee, any exercisable portion of the Option may, prior to the time when the
Option becomes unexercisable under Section 3.3, be exercised by his or her
Eligible Representative.

 

Section 4.2             Partial
Exercise. Any exercisable portion of the Option or the entire Option, if
then wholly exercisable, may be exercised in whole or in part at any time prior
to the time when the Option or portion thereof becomes unexercisable under Section 3.3;
provided, however, that each partial exercise shall be for not less than 100
shares (or the total amount then

 

5

 

exercisable pursuant to Section 3.1, if a smaller number of
shares) and shall be for whole shares only.

 

Section 4.3             Manner
of Exercise. The exercise of the Option shall be governed by the terms of
this Agreement and the terms of the Plan, including, without limitation, the
provisions of Article VI of the Plan.

 

Section 4.4             Conditions
to Issuance of Stock Certificates. The Company shall not be required to
issue or deliver any certificate or certificates for shares of stock purchased
upon the exercise of the Option or portion thereof prior to fulfillment of all
of the conditions set forth in Section 6.3 of the Plan.

 

Section 4.5             Rights
as Shareholder. The holder of the Option shall not be, nor have any of the
rights or privileges of, a shareholder of the Company in respect of any shares
purchasable upon the exercise of any part of the Option unless and until
certificates representing such shares shall have been issued by the Company to
such holder.

 

ARTICLE V.

OTHER PROVISIONS

 

Section 5.1             Administration.
The Administrator shall have the power to interpret this Agreement and to adopt
such rules for the administration, interpretation and application of this
Option as are consistent therewith and to interpret, amend or revoke any such
rules. All actions taken and all interpretations and determinations made by the
Administrator in good faith shall be final and binding upon the Optionee, the
Company and all other interested persons. No member of the Committee or the
Board shall be personally liable for any action, determination or
interpretation made in good faith with respect to the Option.

 

Section 5.2             Transferability
of Option. Neither the Option nor any interest or right therein or part
thereof shall be sold, pledged, assigned, or transferred in any manner other
than by will or the laws of descent and distribution, unless and until such
Option has been exercised, or the shares underlying such Option have been
issued, and all restrictions applicable to such shares have lapsed. Neither the
Option nor any interest or right therein or part thereof shall be liable for
the debts, contracts or engagements of the Optionee or his successors in
interest or shall be subject to disposition by transfer, alienation,
anticipation, pledge, encumbrance, assignment or any other means whether such
disposition be voluntary or involuntary or by operation of law by judgment,
levy, attachment, garnishment or any other legal or equitable proceedings
(including bankruptcy), and any attempted disposition thereof shall be null and
void and of no effect, except to the extent that such disposition is permitted
by the preceding sentence.

 

Section 5.3             Notices. Any notice to be
given under the terms of this Agreement to the Company shall be addressed to
the Company in care of its Secretary, and any notice to be given to the
Optionee shall be addressed to him at the address given beneath his signature
hereto. By a notice given pursuant to this Section 5.3, either party may
hereafter designate a different address for notices to be given to him. Any
notice which is required to be given to the Optionee shall, if the Optionee is
then deceased, be given to the Optionee’s personal representative if such
representative has previously informed the Company of his status and address by
written notice under this Section 5.3. Any notice shall be deemed duly
given five (5) days after such notice is enclosed in a properly sealed
envelope or wrapper addressed as aforesaid, and deposited as

 

6

 

Certified Mail or Registered Mail, Return Receipt Requested (with
postage prepaid) in a post office or branch post office regularly maintained by
the United States Postal Service; provided, however, that any notice to be
given by the Optionee relating to the exercise of the Option or any portion
thereof shall be deemed duly given upon receipt by the Secretary or his office.

 

Section 5.4             Entire
Agreement. This Agreement and the Plan constitute the entire understanding
between Employee and the Company regarding the Options. This Agreement and the
Plan supersedes any prior agreements, commitments or negotiations concerning
the Option.

 

Section 5.5             Titles. Titles are provided
herein for convenience only and are not to serve as a basis for interpretation
or construction of this Agreement.

 

Section 5.6             Construction. This Agreement
shall be administered, interpreted and enforced under the internal laws of the
State of Delaware without regard to conflicts of laws thereof.

 

Section 5.7             Conformity
to Securities Laws. The Optionee acknowledges that this Option is intended
to conform to the extent necessary with all provisions of the Securities Act
and the Exchange Act and any and all regulations and rules promulgated by
the Securities and Exchange Commission thereunder, including, without limitation,
Rule 16b-3. Notwithstanding anything herein to the contrary, the Plan
shall be administered, and the Option is granted and may be exercised only in
such a manner as to conform to such laws, rules and regulations. To the
extent permitted by applicable law, the Plan and this Agreement shall be deemed
amended to the extent necessary to conform to such laws, rules and
regulations.

 

Section 5.8             Amendments
or Terminations. This Agreement and the Plan may be amended or terminated
without the consent of the Optionee provided that such amendment or termination
would not impair any rights of the Optionee under this Agreement. No amendment
or termination of this Agreement shall, without the consent of the Optionee,
impair any rights of the Optionee under this Agreement; provided, however, that notwithstanding the foregoing, the
Administrator may, without obtaining the written consent of the Optionee, amend
this Agreement in any manner that it deems necessary or desirable to comply
with the requirements of Section 409A of the Code or an exemption thereto.

 

[signature page follows]

 

7

 

IN WITNESS WHEREOF, this Agreement has been executed
and delivered by the parties hereto.

 

 

	
   

  	
  WALTER
  INDUSTRIES, INC.

  
	
   

  	
   

  
	
   

  	
  By

  	
   

  
	
   

  	
   

  
	
   

  	
  Its

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Name
  of Optionee

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Residence
  Address

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Optionee’s
  Social

  	
   

  
	
  Security
  Number:

  	
   

  	
   

  	
   

  
					

 

8

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