Document:

Exhibit 10.14

 

OPUS 5949 LLC

 

5949 Sherry Lane, Suite 1900

Dallas, Texas 75225

 

April 6, 2005

 

	
  TieTek,
  LLC

  	
   

  	
  TELECOPIED and

  
	
  c/o
  Mr. Ken Scott

  	
   

  	
  E-MAILED 

  
	
  North
  American Technologies Group, Inc.

  	
   

  	
   

  
	
  14315
  West Hardy Road

  	
   

  	
   

  
	
  Houston,
  Texas 77060

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  John
  R. Boyer, Jr., Esq.

  	
   

  	
  TELECOPIED and

  
	
  Boyer
  & Ketchand, PC

  	
   

  	
  E-MAILED 

  
	
  Nine
  Greenway Plaza, Suite 3100

  	
   

  	
   

  
	
  Houston,
  TX 77046-0904

  	
   

  	
   

  

 

Re:                               Loan in the principal amount of $14 million to TieTek, LLC (the “Borrower”)
from Opus 5949 LLC, f/k/a Tie Investors, LLC (the “Lender”)

 

Dear
Ken and John:

 

It
is our understanding that the directors of the Borrower and its ultimate parent
company, North American Technologies Group, Inc. (“NATK”), wish to engage in
discussions with us with respect to a restructuring of the above-referenced
loan. The Lender has discussed this internally and is inclined to help.

 

Without
waiving or limiting the exercise of all or any of the Lender’s rights and
remedies under our loan documentation or applicable law, the Lender is willing
to consider restructuring or refinancing alternatives, consistent with item no.
2 below, subject to the Lender and Borrower entering into an appropriate
interim forbearance agreement, which terms would include the following:

 

1.                                            The Borrower agrees and acknowledges the
status and amount of the indebtedness;

 

2.                                            The Borrower agrees to develop a
restructuring or refinancing plan, subject to the written consent of the
Lender, to seek a refinancing or restructuring of the Loan, additional
financing, or whatever else is prudent to enable all of the Borrower’s debts to
be paid;

 

3.                                            The Borrower agrees to select competent
special counsel and an investment banker, the latter being subject to the
written consent of the Lender, to seek the additional financing, refinancing or
restructuring you need;

 

4.                                       The Borrower agrees to provide the Lender
with specific performance reports or measurements reasonably requested by
Lender, complete financial plans and budgets on a periodic basis and agrees
that the Lender may have reasonable access to the Borrower’s books, records and
facilities to confirm the same;

 

 

5.                                  The Borrower (together with NATK and TieTek
Technologies, Inc.), on behalf of the foregoing parties and their respective
affiliates, subsidiaries, officers, directors,
members, partners, employees,
representatives and agents to the extent the Borrower, NATK, or TieTek
Technologies, Inc., or their respective subsidiaries, are the owners of any
such claims against the Lender Group, as defined below (collectively,
the “Borrower Group”) agrees and covenants to provide to the Lender
complete releases and covenants not to sue in favor of the Lender and their
respective affiliates, officers, directors, members, partners, employees,
representatives and agents (collectively, the “Lender Group”); and

 

6.                                       The Borrower agrees to such other terms and
conditions as are normally required by an asset-based lender under a
forbearance agreement, including the payment of fees.

 

It is our suggestion that our respective counsel
should collaboratively prepare a mutually acceptable forbearance agreement
while you’re preparing and we’re reviewing your financial plan, budgets and
plans for such restructuring, refinancing, or additional financing.

 

Given
the tight time frames noted above, if you approve these major terms as
evidenced by your signature below and return this signed letter agreement to us
by April 8, 2005, at 9:30 a.m. (CST), the Lender agrees to extend for 30
days the due date for the principal and interest payments due under the Loan on
April 1, 2005, and waive any and all defaults under the Loan Agreement by
reason of nonpayment of such amount on April 1, 2005, to enable you to
develop your plan and allow time for our respective counsel to prepare a
mutually acceptable forbearance agreement; provided, however, that such
extension, waiver, and forbearance shall not be effective and shall not
continue if the Borrower’s financial situation should be materially different
than represented to the Lender to this date or if the Borrower should fail to
continue to cooperate with the Lender in the process described above.

 

	
   

  	
  Very
  truly yours,

  
	
   

  	
  /s/Joe
  A. Ethridge

  	
   

  

 

cc:                                 General Goh Henry

 Sullivan Robert M.Hoyt

 

Agreed
and accepted this 8th  day of April 2005.
TIETEK, LLC

 

	
  /s/ Henry W. Sullivan

  	
   

  
	
   

  
	
  By:
  Henry W. Sullivan

  
	
  Its:
  PresidentExhibit 10.1

 

RETIREMENT AND
CONSULTING AGREEMENT

 

RETIREMENT AND CONSULTING AGREEMENT (this “Agreement”),
dated as of April 12, 2005, and is effective as of April 1, 2005, by
and between Corporate Office Properties, L.P., a Delaware limited partnership (“COPLP”)
and Clay W. Hamlin, III (“Hamlin”).

 

WHEREAS, Hamlin has expressed his intention
to retire from employment with COPLP and its affiliates and, in connection with
his retirement, COPLP and Hamlin have determined to settle all of their
respective rights and obligations in respect of his Employment Agreement (as
defined below) and other matters pertaining to Hamlin’s service with COPLP and
its affiliates;

 

WHEREAS, Corporate Office Management, Inc.,
a Maryland corporation (“COMI”), Corporate Office Properties Trust, a Maryland
business trust (“COPT”), and the Chairman of COPT’s Board of  Trustees shall execute this Agreement for the
purpose of acknowledging certain commitments as provided herein;

 

NOW, THEREFORE, in consideration of their
mutual promises, the parties agree as follows:

 

1.                                       Retirement
and Resignation. Effective as of April 1, 2005 (the “Retirement Date”),
Hamlin shall retire from active employment with COPLP and its affiliates and
hereby resigns, effective as of the Retirement Date, as Chief Executive Officer
of COPLP.

 

2.                                       Cancellation
of the Employment Agreement. Hamlin and 
COMI are parties to an Employment Agreement (the “Employment Agreement”),
dated December 16, 1999 and effective as of July 1, 1999.  The term of the Employment Agreement would
have expired on December 31, 2005. 
As of the Retirement Date, the Employment Agreement shall be canceled
and the parties thereto shall have no further obligations to each other
thereunder except as specifically provided in this Agreement.

 

3.                                       Unpaid
Accrued Benefits. COPLP shall continue to pay Hamlin any portion of Hamlin’s
base salary as specified in the Employment Agreement from the date hereof and
continuing through the Retirement Date. From the date hereof and continuing
through the Retirement Date, COPLP shall also pay or provide to Hamlin all
compensation and benefits due and payable to Hamlin, or as to which Hamlin has
vested rights in accordance with the terms and conditions of the compensation
and benefit plans, programs or arrangements of COPLP and its affiliates as in
effect immediately prior to the Retirement Date (except as otherwise expressly
provided in this Agreement).

 

 

4.                                       Retirement
Benefits.

 

(a)                                  Retirement Bonus.  In recognition of Hamlin’s dedication and
service to the Company, the Company shall pay Hamlin a one-time retirement
bonus in the amount of $250,000.00 on or before March 31, 2005.

 

(b)                                 Post-Retirement
Compensation.  During the Consulting
Period (as defined below), and subject to the provisions of paragraph 4(c) below,
COPLP agrees to pay to Hamlin an annualized consulting fee of $250,000 during
the term of the Consulting Period.  Such
amount shall be paid in bi-weekly installments of $9,615.39 each during the
term of the Consulting Period.  This
consulting fee shall be reported on an IRS Form 1099, which shall be
provided to Hamlin in accordance with COPLP’s normal reporting practices.

 

(c)                                  Death or
Disability of Hamlin.  In the event
of Hamlin’s death or disability during the Consulting Period, Hamlin, or in the
case of death, Hamlin’s beneficiary or estate, shall be entitled to receive the
Post-Retirement Compensation for the remainder of the calendar year in which
Hamlin’s death or disability occurs or until the end of the term of the
Consulting Period, if earlier. For purposes of this Agreement, Hamlin shall be
disabled if Hamlin is unable due to a physical or mental impairment to perform
the material duties required of him as Consulting Services (as specified in Section 5
below) as determined by a physician engaged by COPT and reasonably approved by
Hamlin.  In the event a dispute regarding
Hamlin’s “disability,” such dispute shall be resolved through Arbitration as
provided in Section 9 hereof. 
Hamlin shall be entitled to the compensation and benefits provided for under
this Agreement, during any period of alleged incapacitation occurring during
the term of this Agreement, and occurring prior to the establishment of Hamlin’s
“disability,” during which Hamlin is unable to work due to a physical or mental
infirmity.  Notwithstanding anything
contained in this Agreement to the contrary, until a establishment of Hamlin’s “disability”
pursuant to the terms of this Paragraph and Section 9, below, Hamlin shall
be entitled to continue to provide Consulting Services as set forth in this
Agreement, in which event no disability of Hamlin will be deemed to have
occurred.

 

(d)                                 Retirement
Perquisites.  During the Consulting
Period (as defined below), COPLP agrees to provide Hamlin with facilities and
support services substantially comparable to those provided to him during his
service as Chief Executive Officer of COPLP, including office and clerical
support (which shall include reasonable access to and support from his current
administrative assistant), and reimbursements for properly documented expenses,
if any, incurred on behalf of COPLP or COPT and at the request of COPLP or COPT
in performance of the Consulting Services specified in Section 5 below,
which reimbursements shall be made in accordance with established
procedures.  In addition, during the
Consulting Period, COPLP shall pay to Hamlin: (1) a one thousand dollar
($1,000.00) per month automobile allowance; 
(2) with respect to any tax year covered by the consulting period,
an eight thousand five hundred dollars ($8,500.00) per year allowance for
personal financial planning and personal income tax preparation, which
allowance shall be due and payable to Hamlin no later than sixty (60) days
following the submission of appropriate documentation by Hamlin, without regard
to the

 

2

 

expiration of this Agreement; and (3) an additional monthly
payment equal to one thousand nine hundred sixty dollars ($1,960.00) per month
health insurance allowance.

 

(e)                                  Treatment of
Equity Awards.  All of Hamlin’s
outstanding equity awards shall be treated in accordance with the terms of the
plan and agreements evidencing such awards, with Hamlin’s equity awards being
summarized on Exhibit “A” attached hereto.

 

(f)                                    Other Benefit
Programs.  Benefits and amounts
payable to Hamlin under any provisions of this Agreement are in addition to any
payments, benefits or accruals to which Hamlin may be entitled under any
pension, welfare or other benefit plan or arrangement of COPLP or any of its
affiliates in accordance with their respective terms.

 

(g)                                 No Employment.  Hamlin will not be considered an employee of
COPLP, COPT or any of its affiliates after the Retirement Date.  Nothing in this Agreement will constitute or
cause continuation of Hamlin’s employment by COPLP or any of its affiliates or
extend Hamlin’s participation in, or vesting under, any employee benefit or
welfare plans or arrangements of COPLP or any of its affiliates after the
Retirement Date.  Benefits under such
plans or arrangements will not accrue or be payable to Hamlin after the
Retirement Date except as may be expressly provided in the provisions of such
plans or arrangements.  Notwithstanding
the fact that Hamlin shall not be an employee, he shall continue to covered
under any applicable policy of insurance relating generally to the Consulting
Services (as specified in Section 5, below), except that workers’
compensation coverage shall not be provided to Hamlin.  In the event that Hamlin cannot be covered as
provided in the preceding sentence, COPLP, COPT, COMI and/or their affiliates
represent and warrant that Hamlin shall be provided equivalent insurance
coverage at no cost to him.

 

(h)                                 No Mitigation.
In no event shall Hamlin be obligated to seek other employment or take any
other action by way of mitigation of the amounts payable to Hamlin under any of
the provisions of this Agreement and such amounts shall not be reduced,
regardless of whether Hamlin obtains other employment.

 

5.                                       Provision
of Consulting Services.  During the
period beginning on the Retirement Date and continuing until the third
anniversary of the Retirement Date, or until the death or disability (as
defined at paragraph 4(b) above) of Hamlin, if earlier (the “Consulting
Period”), Hamlin shall provide consulting services commensurate with his status
and experience with respect to matters as shall be reasonably requested from
time to time by the Chairman of the Board of Trustees of COPT, including
matters related to (i) developing, structuring and reviewing property acquisitions,
renovations, new developments and dispositions; (ii) strategic
acquisitions, capital raising activities and major financings; (iii) compensation
matters; (iv) planning company business strategy; and (v) assisting
in the preparation for meetings of the Board of Trustees of COPT. While the
parties hereto anticipate that the consulting services contemplated herein
shall not constitute a full-time commitment for Hamlin, Hamlin shall provide
consulting services hereunder as needed and when reasonably requested. Hamlin
shall determine the time and location at which he shall perform such services,
subject to the right of COPT or COPLP to reasonably request that such services
be performed at a specific time and at a specific location. Hamlin shall honor any
such request unless he has a conflicting business

 

3

 

commitment
that would preclude him from performing such services at the time and/or place
requested by COPT or COPLP, and in such circumstances shall make reasonable
efforts to arrange a mutually satisfactory alternative. COPT and COPLP shall
use reasonable efforts not to require the performance of consulting services in
any manner that unreasonably interferes with any business activity of Hamlin.

 

6.                                       Competition;
Solicitation.

 

(a)                                  During the Consulting
Period, Hamlin will not, without the written consent of the Board of Trustees
of COPT, directly or indirectly, (i) knowingly engage or be interested in
(as owner, partner, stockholder, employee, director, officer, agent, consultant
or otherwise), with or without compensation, any business which is in
competition with any line of business actively being conducted on the
Retirement Date by COPT or any of its subsidiaries or affiliates in a
geographic market or submarket in which COPT or any of its subsidiaries or
affiliates owns more than 1,000,000 square feet of properties, and (ii) hire
any person who was employed by COPT or any of its subsidiaries or affiliates
(other than persons employed in a clerical or other nonprofessional position)
within the six-month period preceding the date of such hiring, or solicit,
entice, persuade or induce any person or entity doing business with COPT and
its subsidiaries and affiliates, to terminate such relationship or to refrain
from extending or renewing the same. Nothing herein, however, will prohibit
Hamlin from acquiring or holding not more than five percent (5%) of any class
of publicly traded securities of any such business; provided that such
securities entitle Hamlin to no more than five percent (5%) of the total
outstanding votes entitled to be cast by security holders of such business in
matters on which such security holders are entitled to vote.

 

(b)                                 Hamlin
and COPLP agree that COPLP shall have the right to forfeit all benefits
otherwise payable under this Agreement to or on behalf of Hamlin if Hamlin
shall violate the provisions of paragraph 6(a), above during the Consulting
Period.

 

7.                                       Cooperation
and Nondisclosure. Each of Hamlin, COPLP and COPT agree to cooperate fully
with the other party hereto in any matters that have given or may give rise to
a legal claim against such other party and of which Hamlin, COPLP or COPT, as
the case may be, is knowledgeable. This requires Hamlin, COPLP or COPT, as the
case may be, without limitation, to (1) make himself or itself available
upon reasonable request to provide information and assistance to the other
party on such matters without additional compensation, except for out of pocket
costs, provided however that reasonable compensation shall be provided as
mutually agreed, if such assistance requires a significant amount of time, (2) maintain
the confidentiality of all privileged or confidential information of the other
party, including without limitation attorney-client privileged communications
and attorney work product, unless disclosure is expressly authorized by the
other party, and (3) notify the other party promptly of any requests to
Hamlin, COPLP or COPT, as the case may be, for information related to any
pending or potential legal claim or litigation involving the other party,
reviewing any such request with Hamlin or a designated representative of COPLP
or COPT, as the case may be, prior to disclosing any such information, and
permitting Hamlin or a representative of COPLP or COPT, as the case may be, to
be present during any communication of such information. To the extent

 

4

 

that Hamlin is required to provide assistance to COPLP or COPT on such
matters, COPLP, at COPLP’s expense, shall provide appropriate legal counsel for
Hamlin.

 

8.                                       Release.
In consideration of the execution and performance under this Agreement by
Hamlin, COPLP, COPT and any of their subsidiaries or affiliates hereby waive
and release Hamlin from and agrees to defend and indemnify to the fullest
extent permitted under applicable law Hamlin against, all claims, actions,
liabilities, damages, costs, and expenses (including reasonable attorneys’
fees) arising from his performance of duties, in good faith, in the normal
course of business and within the proper scope of his employment duties and
responsibilities during his period of employment with COPLP and any of its
subsidiaries or affiliates. Notwithstanding the forgoing, (i) COPLP will
not provide the indemnity to Hamlin with respect to any settlement he may enter
into with any claimant unless all of the terms of such settlement have
previously been approved in writing by COPLP, which approval shall not
unreasonably be withheld, and (ii) COPLP will not reimburse Hamlin for the
costs and expense (including reasonable attorneys’ fees) of any claim,
counterclaim, or cross-claim brought by Hamlin or on his behalf unless approved
in writing by COPLP, which approval shall not unreasonably be withheld . It is
expressly understood that, as a condition of the agreement by COPLP to
indemnify Hamlin, Hamlin agrees to cooperate fully with the investigation,
defense and settlement of any pending or future claims or actions brought
against COPLP, COPT and any of their subsidiaries or affiliates.

 

9.                                       Dispute
Resolution; Attorneys’ Fees. All disputes arising under or related to the
employment or retirement of Hamlin or the provisions of this Agreement shall be
settled by arbitration under the rules of the American Arbitration
Association then in effect, such arbitration to be held in Columbia, Maryland,
as the sole and exclusive remedy of either party and judgment on any
arbitration award may be entered in any court of competent jurisdiction. COPLP
agrees to pay, as incurred, to the fullest extent permitted by law, all legal
fees and expenses that Hamlin may reasonably incur as a result of any contest
(regardless of the outcome) by COPLP, Hamlin or others of the validity or
enforceability of or liability under, or otherwise involving, any provision of
this Agreement; provided, however, that if the arbitrator(s) determine that the
claim(s) or defense(s) of Hamlin were without a reasonable basis, each party
shall bear his or its own costs.

 

10.                                 Successors.

 

(a)                                  This
Agreement is personal to Hamlin and, without the prior written consent of
COPLP, shall not be assignable by Hamlin (except that Hamlin’s rights to all or
any portion the Retirement Benefits payable hereunder may transfer upon his
death in the manner provided herein or by will or pursuant to the laws of
descent and distribution). This Agreement shall inure to the benefit of and be
enforceable by Hamlin’s legal representatives.

 

(b)                                 This Agreement shall
inure to the benefit of and be binding upon COPLP, COPT, COMI and their
respective successors and assigns.

 

(c)                                  COPLP and COPT shall
require any successor (whether direct or indirect, by purchase, merger,
consolidation or otherwise) to all or substantially all of the business and/or

 

5

 

assets of COPLP or COPT expressly to assume and agree to perform this
Agreement in the same manner and to the same extent that COPLP or COPT would
have been required to perform it if no such succession had taken place. As used
in this Agreement, “COPLP” and “COPT” shall mean both COPLP and COPT as defined
above and any such successor that assumes and agrees to perform this Agreement,
by operation of law or otherwise.

 

11.                                 Miscellaneous.

 

(a)                                  This Agreement shall
be governed by, and construed in accordance with, the laws of the State of
Maryland, without reference to principles of conflict of laws. The captions of
this Agreement are not part of the provisions hereof and shall have no force or
effect. This Agreement may not be amended or modified except by a written
agreement executed by the parties hereto or their respective successors and
legal representatives.

 

(b)                                 All notices and other
communications under this Agreement shall be in writing and shall be given by
hand delivery to the other party or by registered or certified mail, return
receipt requested, postage prepaid, addressed as follows:

 

If to Hamlin:

 

Clay W. Hamlin, III

424 Mulberry Lane

Haverford, PA 
19041

 

If to the COPLP:

 

Corporate Office Properties, L.P.

8815 Centre Park Drive, Suite 400

Columbia, Maryland 21045

Attn: 
General Counsel

 

or to such other address as either party furnishes to the other in
writing in accordance with this paragraph (b) of Section 11. Notices
and communications shall be effective when actually received by the addressee.

 

(c)                                  The invalidity or
unenforceability of any provision of this Agreement shall not affect the
validity or enforceability of any other provision of this Agreement. If any
provision of this Agreement shall be held invalid or unenforceable in part, the
remaining portion of such provision, together with all other provisions of this
Agreement, shall remain valid and enforceable and continue in full force and
effect to the fullest extent consistent with law.

 

(d)                                 Notwithstanding any
other provision of this Agreement, COPLP may withhold from amounts payable
under this Agreement all federal, state, local and foreign taxes that are
required to be withheld by applicable laws or regulations.

 

6

 

(e)                                  The failure of any
party to insist upon strict compliance with any provisions of, or to assert,
any right under, this Agreement shall not be deemed to be a waiver of such
provision or right or of any other provision of or right under this Agreement.

 

(f)                                    The rights and
benefits of Hamlin under this Agreement may not be anticipated, assigned,
alienated or subject to attachment, garnishment, levy, execution or other legal
or equitable process except as required by law. 
Any attempt by Hamlin to anticipate, alienate, assign, sell, transfer,
pledge, encumber or charge the same shall be void. Payments hereunder shall not
be considered assets of Hamlin in the event of insolvency or bankruptcy.

 

(g)                                 This Agreement may be
executed in several counterparts and each by facsimile,
each of which shall be deemed an original, and said counterparts shall
constitute but one and the same instrument.

 

 

[REMAINDER OF
PAGE INTENTIONALLY LEFT BLANK]

 

 

7

 

IN WITNESS
WHEREOF, and pursuant to proper authority, the parties have executed

the Agreement as of the day and year first above written.

 

 

	
  ATTEST:

  	
   

  	
  CORPORATE OFFICE PROPERTIES, L.P.

  
	
   

  	
   

  	
  By: Corporate Office Properties Trust,
  General Partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/ Karen M. Singer

  	
   

  	
  By: 

  	
  /s/ Randall
  M. Griffin

  	
  [SEAL]

  
	
  V.P. &
  Secretary

  	
   

  	
  Randall M.
  Griffin

  
	
   

  	
   

  	
  President &
  CEO

  
	
   

  	
   

  	
   

  
	
  WITNESS:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/ Elaine Tucker

  	
   

  	
  /s/ Jay H. Shidler

  	
  [SEAL]

  
	
   

  	
   

  	
  Jay H. Shidler,

  
	
   

  	
   

  	
  Chairman, Board Of Trustees Of

  Corporate Office Properties Trust.

  
	
   

  	
   

  	
   

  
	
  WITNESS:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/ Denise J. Liszewski

  	
   

  	
  /s/ Clay W. Hamlin, III

  	
   

  
	
   

  	
   

  	
  Clay W. Hamlin, III

  
	
   

  	
   

  	
   

  
	
  Acknowledged, Agreed and Accepted this 12
  day of April, 2005.

  
	
   

  	
   

  	
   

  
	
  ATTEST:

  	
   

  	
  CORPORATE OFFICE MANAGEMENT, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/ Karen M. Singer

  	
   

  	
  By:

  	
  /s/ Randall M. Griffin

  	
  [SEAL]

  
	
  V.P. & Secretary

  	
   

  	
  Randall M.
  Griffin

  
	
   

  	
   

  	
  President

  
	
   

  	
   

  	
   

  
	
  ATTEST:

  	
   

  	
  CORPORATE OFFICE
  PROPERTIES TRUST

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/ Karen M. Singer

  	
   

  	
  By: 

  	
  /s/ Randall M. Griffin

  	
  [SEAL]

  
	
  V.P. & Secretary

  	
   

  	
  Randall M.
  Griffin

  
	
   

  	
   

  	
  President
  and CEO

  
						

 

8

 

EXHIBIT “A”

SUMMARY OF EQUITY AWARDS

 

CLAY
W. HAMLIN

 

1998 Long Term
Investment Plan

 

	
  Date of Grant

  	
   

  	
   

  	
   

  	
  Exercise Price

  	
   

  	
  Amount of Shares

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  03/11/1999

  	
   

  	
  Non-Qualified

  	
   

  	
  $

  	
  9.250000

  	
   

  	
  200,000

  	
   

  
	
  01/03/2000

  	
   

  	
  Non-Qualified

  	
   

  	
  $

  	
  7.625000

  	
   

  	
  225,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Royale
  Investment Plan

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  10/14/1997

  	
   

  	
  Non-Qualified

  	
   

  	
  $

  	
  7.590000

  	
   

  	
  2,500

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Optionee
  Total

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  427,500

  	
   

  

 

9

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