Document:

New Patriot Transportation Holding, Inc. 10-12BA

Exhibit 4.1

 

 

    	 

    	 

    

 

The Corporation will furnish to
any shareholder, upon request and without charge, a full statement of the designation, relative rights, preferences and limitations
of the shares of each class and series authorized to be issued, and of the authority of the board of directors to divide the shares
into classes or series and to determine and change the relative rights, preferences and limitations of any class or series.

The following
abbreviations, when used in the inscription on the face of this certificate, shall be construed as though they were written out
in full according to applicable laws or regulations:

	TEN COM  	– as tenants in common	UNIF GIFT MIN ACT– 	                      Custodian
                           
	TEN ENT	– as tenants by the entireties	 	       (Cust)                                            (Minor)
	JT TEN	– as joint tenants with right of

  survivorship and not as tenants

  in common	 	under Uniform Gifts to Minors

Act                                          

                    (State)

 

Additional
abbreviations may
also be
used though
not in
the above
list.

 

FOR
VALUE RECEIVED,                             hereby
sell, assign
and transfer
unto

	PLEASE INSERT SOCIAL SECURITY OR OTHER

IDENTIFYING NUMBER OF ASSIGNEE
	
         

         

         

 

 

	(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)
	 

                                                                                 

	 

                                                                                 

	 
	 

                                                                                 
	Shares
	of the capital stock represented by the within Certificate, and do hereby irrevocably constitute and appoint	 
	 	 
	 	Attorney
	to transfer the said stock on the books of the within named Corporation with full power of substitution in the premises.	 

 

	Dated  	 

 

	 	X  	 
	 	 	 
	 	X  	 
	 	NOTICE:  	THE SIGNATURE(S) TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME(S) AS WRITTEN UPON THE FACE OF THE CERTIFICATE IN EVERY PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATEVER.

 

Signature(s) Guaranteed

 

	By	 
	SIGNATURE(S) MUST BE GUARANTEED BY A FIRM WHICH IS A MEMBER OF A REGISTERED NATIONAL STOCK EXCHANGE, OR BY A BANK (OTHER THAN A SAVINGS BANK) OR A TRUST COMPANY. THE GUARANTEEING FIRM MUST BE A MEMBER OF THE MEDALLION GUARANTEE PROGRAM, PURSUANT
TO S.E.C. RULE 17Ad-15.New Patriot Transportation Holding, Inc. 10-12BA

Exhibit 10.6

  

 

 

December 5, 2007

 

 

 

 

Robert E. Sandlin

Patriot Transportation Holding, Inc.

1801 Art Museum Drive

Jacksonville, FL 32207

 

Dear Rob:

 

This letter agreement (this "Agreement")
sets forth our agreement regarding the benefits to which you will be entitled in the event that (i) Patriot sells all of the stock
or assets of Florida Rock & Tank Lines, Inc. ("FRTL") to an unaffiliated third party, or (ii) a Change of Control
(as defined in Section 11.2(b)(i) of Patriot's 2006 Stock Incentive Plan) occurs.

 

1.      
Stock Options. On the date Patriot completes the sale of FRTL or such Change of Control occurs (the "Closing Date"),
all unvested stock options previously granted to you will immediately become fully vested and shall remain exercisable for a period
of three months, or if less, the remaining term of the options.

 

2.      
Restricted Stock. On the Closing Date, all forfeiture restrictions on the shares of restricted stock previously granted
to you will immediately lapse.

 

3.      
Severance Payment.

 

a.      
If the buyer does not offer you an executive position comparable to your existing position with a compensation structure
no less favorable to you than to your existing compensation package, Patriot will pay to you (or require the buyer to pay to you)
a payment equal to your current annual base salary plus maximum potential bonus multiplied by two in a single sum within 10 days
of the date on which your termination of employment occurs.

 

b.      
In the event that either (i) buyer terminates your employment before the second anniversary of the Closing Date other than
for good cause (as defined below), or (ii) you terminate your employment with the buyer before the second anniversary of the Closing
Date for good reason (as defined below) (each a "Triggering Event"), then you will be entitled receive, and the buyer
will be obligated to pay to you, in a single sum within 10 days of the date on which your termination of employment occurs, a severance
payment equal to your annual base salary plus maximum potential bonus multiplied by two provided, however, that in such event,
the severance payment will be reduced by 4.1667% for each month that you are employed by the buyer after the Closing Date. Should
the buyer fail to honor and pay you the Severance Payment, then Patriot shall make such payment and seek recovery from the buyer
at its own expense and with your cooperation.

 

4.      
COBRA. If the buyer does not hire you then Patriot will pay to you on a monthly basis for a period of one year after the
Closing Date, an amount, within 10 days of the date on which your termination of employment occurs, a single sum equal to (i) the
monthly cost of COBRA coverage, less (ii) the amount that you currently pay for health insurance coverage under Patriot's health
insurance plan. Patriot will require the buyer to agree that, in the event that a Triggering Event occurs, the buyer will pay to
you such monthly amount until the earlier of (i) one year from the date of the Triggering Event, or (ii) the second anniversary
of the Closing Date.

 

5.      
Requirement to Remain in Employment; General Release. As an additional condition to your entitlement to the benefits described
in this Agreement;

 

    	 

    	 

    

 

a.      
You must not have voluntarily terminated your employment from Patriot prior to the Closing Date and your employment with
Patriot must not have been terminated by Patriot prior to the Closing Date for good cause (as defined below).

 

b.      
If you become employed by the buyer, you must not have terminated your employment with the buyer for any reason except good
reason and your employment with buyer must not have been terminated by buyer for good cause (as defined below).

 

c.       
You must timely execute a general release in form reasonably acceptable to Patriot releasing all claims that you may have
against Patriot in connection with your employment, except for the benefits payable under this Agreement.

 

6.      
Definitions. For purposes of this letter agreement:

 

(a)    
"Good Cause" means any of the following: (i) the commission of a felony; (ii) willful misconduct or gross negligence
resulting in material and demonstrable harm to the buyer; (iii) a material violation of any of the buyer's policies or procedures
resulting in material and demonstrable harm to the buyer; (iv) the repeated and continued failure to carry out, in all material
respects, the buyer's reasonable and lawful directions, except where a failure is attributable to illness, injury, or disability;
or (v) fraud, embezzlement, theft, or material dishonesty against the buyer.

 

(b)    
"Good Reason" means any of the following: (i) any reduction in base salary or incentive bonus opportunity; (ii)
a requirement that your principal place of business be related to a location that is more than 50 miles from Jacksonville, Florida;
or (iii) any material diminution in duties, responsibilities, reporting obligations, titles, or authority that the buyer does not
cure within 20 days after written notice.

 

7.      
General Provisions. This Agreement is made in Florida and will be interpreted under its laws. This Agreement supersedes
all prior agreements and understandings, whether oral or written, between Patriot and you with respect to the subject matter of
this Agreement. If any provision of this Agreement is declared illegal and unenforceable, then such provision shall be deemed void,
leaving the remainder of this Agreement in effect. Any amendment to this Agreement must be in writing and signed by you and Patriot.
Any waiver of any term of this Agreement must be signed by the waiving party. Patriot intends to ensure that you fully understand
this Agreement and that you are entering into it on a completely voluntary basis. Accordingly, we encourage you to consult with
an attorney before signing this Agreement.

 

Please confirm your agreement by signing as
indicated below and returning one fully executed original copy to me.

 

 

Very truly yours,

 

/s/ Edward L. Baker

_____________________________

Edward L. Baker

Chairman of the Board

 

 

Accepted and agreed this 7th day of December, 2007.

 

/s/ Robert E. Sandlin

_________________________________

Robert E. SandlinNew Patriot Transportation Holding, Inc. 10-12BA

Exhibit 10.7

 

 

December 5, 2007

 

 

 

 

John D. Klopfenstein

Patriot Transportation Holding, Inc.

1801 Art Museum Drive

Jacksonville, FL 32207

 

Dear John:

 

This letter agreement (this "Agreement")
sets forth our agreement regarding the benefits to which you will be entitled in the event that (i) Patriot sells all of the stock
or assets of Florida Rock & Tank Lines, Inc. ("FRTL") to an unaffiliated third party, or (ii) a Change of Control
(as defined in Section 11.2(b)(i) of Patriot's 2006 Stock Incentive Plan) occurs.

 

1.      
Stock Options. On the date Patriot completes the sale of FRTL or such Change of Control occurs (the "Closing Date"),
all unvested stock options previously granted to you will immediately become fully vested and shall remain exercisable for a period
of three months, or if less, the remaining term of the options.

 

2.      
Restricted Stock. On the Closing Date, all forfeiture restrictions on the shares of restricted stock previously granted
to you will immediately lapse.

 

3.      
Severance Payment.

 

a.      
If the buyer does not offer you an executive position comparable to your existing position with a compensation structure
no less favorable to you than to your existing compensation package, Patriot will pay to you (or require the buyer to pay to you)
a payment equal to your current annual base salary plus maximum potential bonus multiplied by two in a single sum within 10 days
of the date on which your termination of employment occurs.

 

b.      
In the event that either (i) buyer terminates your employment before the second anniversary of the Closing Date other than
for good cause (as defined below), or (ii) you terminate your employment with the buyer before the second anniversary of the Closing
Date for good reason (as defined below) (each a "Triggering Event"), then you will be entitled receive, and the buyer
will be obligated to pay to you, in a single sum within 10 days of the date on which your termination of employment occurs, a severance
payment equal to your annual base salary plus maximum potential bonus multiplied by two provided, however, that in such event,
the severance payment will be reduced by 4.1667% for each month that you are employed by the buyer after the Closing Date. Should
the buyer fail to honor and pay you the Severance Payment, then Patriot shall make such payment and seek recovery from the buyer
at its own expense and with your cooperation.

 

4.      
COBRA. If the buyer does not hire you then Patriot will pay to you on a monthly basis for a period of one year after the
Closing Date, an amount, within 10 days of the date on which your termination of employment occurs, a single sum equal to (i) the
monthly cost of COBRA coverage, less (ii) the amount that you currently pay for health insurance coverage under Patriot's health
insurance plan. Patriot will require the buyer to agree that, in the event that a Triggering Event occurs, the buyer will pay to
you such monthly amount until the earlier of (i) one year from the date of the Triggering Event, or (ii) the second anniversary
of the Closing Date.

 

5.      
Requirement to Remain in Employment; General Release. As an additional condition to your entitlement to the benefits described
in this Agreement;

 

    	 

    	 

    

 

a.      
You must not have voluntarily terminated your employment from Patriot prior to the Closing Date and your employment with
Patriot must not have been terminated by Patriot prior to the Closing Date for good cause (as defined below).

 

b.      
If you become employed by the buyer, you must not have terminated your employment with the buyer for any reason except good
reason and your employment with buyer must not have been terminated by buyer for good cause (as defined below).

 

c.       
You must execute a general release in form reasonably acceptable to Patriot releasing all claims that you may have against
Patriot in connection with your employment, except for the benefits payable under this Agreement.

 

6.      
Definitions. For purposes of this letter agreement:

 

(a)    
"Good Cause" means any of the following: (i) the commission of a felony; (ii) willful misconduct or gross negligence
resulting in material and demonstrable harm to the buyer; (iii) a material violation of any of the buyer's policies or procedures
resulting in material and demonstrable harm to the buyer; (iv) the repeated and continued failure to carry out, in all material
respects, the buyer's reasonable and lawful directions, except where a failure is attributable to illness, injury, or disability;
or (v) fraud, embezzlement, theft, or material dishonesty against the buyer.

 

(b)    
"Good Reason" means any of the following: (i) any reduction in base salary or incentive bonus opportunity; (ii)
a requirement that your principal place of business be related to a location that is more than 50 miles from Jacksonville, Florida;
or (iii) any material diminution in duties, responsibilities, reporting obligations, titles, or authority that the buyer does not
cure within 20 days after written notice.

 

7.      
General Provisions. This Agreement is made in Florida and will be interpreted under its laws. This Agreement supersedes
all prior agreements and understandings, whether oral or written, between Patriot and you with respect to the subject matter of
this Agreement. If any provision of this Agreement is declared illegal and unenforceable, then such provision shall be deemed void,
leaving the remainder of this Agreement in effect. Any amendment to this Agreement must be in writing and signed by you and Patriot.
Any waiver of any term of this Agreement must be signed by the waiving party. Patriot intends to ensure that you fully understand
this Agreement and that you are entering into it on a completely voluntary basis. Accordingly, we encourage you to consult with
an attorney before signing this Agreement.

 

Please confirm your agreement by signing as
indicated below and returning one fully executed original copy to me.

 

 

Very truly yours,

 

/s/ Edward L. Baker

_____________________________

Edward L. Baker

Chairman of the Board

 

 

Accepted and agreed this 7th day of December, 2007.

 

/s/ John D. Klopfenstein

_________________________________

John D. Klopfenstein

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