Document:

Exhibit 10.15

 

July 12,
2004

 

Mr. Raymond P. Torok

2098
Grandeur Drive

Gibsonia, PA 15044

 

Dear Ray:

 

The purpose of this
letter is to confirm the terms of our offer to employ you as President and
Chief Operating Officer of the U. S. Pipe and Foundry Company, a wholly owned
subsidiary of Walter Industries, Inc. (the “Company”). This offer will
remain valid until and through July 23, 2004 and is subject to
satisfactory completion of a drug test.

 

1.                                       As
President and Chief Operating Officer of U. S. Pipe, you shall report to and
serve at the direction of the President and Chief Executive Officer of Walter
Industries, Inc., or to such other person as may be designated from time
to time.  Your initial responsibilities
shall be to manage the P & L for U. S. Pipe and to expand its
sales/marketing potential while making its operations efficient.  Such responsibilities may be changed from
time to time.

 

2.                                       Your
employment will commence on August 4, 2004.

 

3.                                       Your
compensation package will be as follows:

 

(a)                                  Base
Salary

 

$25,000
per month ($300,000 annually), which will be paid in accordance with the
payroll practices of the Company, as they may change from time to time.

 

(b)                                 Bonus

 

Your
annual target bonus will be 60.0% of your base salary.  The amount of your bonus will fluctuate based
upon actual performance under the Company’s bonus plan as in effect from time
to time. Participation in the bonus pool is

 

 

dependent
upon the achievement of the Company’s annual financial and other goals, as well
as the accomplishment of individual objectives mutually agreed upon in writing
each year.  The first year’s bonus will
be pro-rated.  To receive a bonus, you
must be employed at the time the bonus is paid. Please note that participation
in the Employee Stock Purchase Plan is a requirement for participation in the
bonus pool.

 

As
discussed, the Company desires to have you, as a senior executive of the
Company, make a meaningful investment in the Company.  In this regard, you have committed to invest
currently $100,000 in the Company’s common stock.  This investment should be made at the time
you accept employment, prior to your obtaining any inside information
concerning the Company and its business.

 

(c)                                  Stock
Options

 

You will be eligible to participate in the Company’s stock option plan
going forward.  Options are normally
considered for granting by the Board during the February meeting.

 

(d)                                 Auto
Allowance

 

You will receive $1,500 per month auto allowance.

 

(e)                                  Benefits

 

•                  Reimbursement
for all reasonable and customary business-related travel and entertainment
expenses, in accordance with the terms of the Company’s policy, as it may
change from time to time.

 

•                  Participation
in the Company’s life and health insurance benefit programs in accordance with
their terms, as they may change from time to time.  A benefits booklet will be available for your
review upon request.

 

•                  Participation in the Walter Industries, Inc.
Profit-Sharing Plan according to its terms.

 

•                  Participation in the Relocation Policy for transferred
employees.  Reasonable temporary living
expenses will be covered for a period of six (6) months, including the use
of a furnished apartment.

 

•                  Participation in the Walter
Industries 401(k) Plan, as it may change from time to time and in accordance
with its terms.  A 401(k) booklet will be
available for

 

 

your review upon request.  Your eligibility to participate will be
consistent with the requirements of ERISA.

 

•                  Eligibility
for four (4) weeks of annual vacation to be used each year in accordance
with the Company’s policy, as it may change from time to time.

 

4.                                       It
is agreed and understood that your employment with the Company is to be at
will, and either you or the Company may terminate the employment relationship
at any time for any reason, with or without cause, and with or without notice
to the other.  Nothing herein or
elsewhere constitutes or shall be construed as a commitment to employ you or
pay you severance, other than is stipulated in this letter, for any period of
time.  You confirm that you have read and
have fully understood the contents of this employment offer letter.

 

5.                                       You
agree that all inventions, improvements, trade secrets, reports, manuals,
computer programs, systems, tapes and other ideas and materials developed or
invented by you during the period of your employment with the Company, either
solely or in collaboration with others, which relate to the actual or
anticipated business or research of the Company, which result from or are
suggested by any work you may do for the Company, or which result from use of
the Company’s premises or the Company’s or its customers’ property
(collectively, the “Developments”) shall be the sole and exclusive property of
the Company.  You hereby assign to the
Company your entire right and interest in any such Developments, and will
hereafter execute any documents in connection therewith that the Company may
reasonably request.  This section does
not apply to any inventions that you made prior to your employment by the
Company, or to any inventions that you develop entirely on your own time
without using any of the Company’s equipment, supplies or facilities, or the
Company’s or its customers’ confidential information which do not relate to the
Company’s business, anticipated research and development, or the work you have
performed for the Company.

 

6.                                       As
an inducement to the Company to make this offer to you, you represent and
warrant that you are not a party to any agreement or obligation for personal
services, and there exists no impediment or restraint, contractual or otherwise
on your power, right or ability to accept this offer and to perform the duties
and obligations specified herein.

 

7.                                       You
acknowledge and agree that so long as you are an employee of the Company, you
will respect and safeguard Company’s trade secrets and confidential
information. In the event of your involuntary termination, other than for “cause”,
you will be eligible for the following severance benefits:

 

•                  Twelve months of salary continuance,
including base and target bonus, at the applicable rate in effect at the time
of termination.

•                  Twelve months of continuing fringe
benefits to the extent plans permit continued participation. In any event,
health and life insurance will continue

 

 

for
the period of your contractual severance and the COBRA election period will not
commence until the expiration of that period.

 

8.               Definitions:

 

(a)                                  “Cause”
shall mean your (i) conviction or guilty plea of a felony involving fraud
or dishonesty, (ii) theft or embezzlement of property from the company, (iii) willful
and continued refusal to perform the duties of your position (other than any
such failure resulting from your incapacity due to physical or mental illness)
or (iv) fraudulent preparation of financial information of the Company.

 

(b)                                 For
purposes of this agreement, a significant diminution in pay or responsibility
shall not have occurred if (i) the amount of your bonus fluctuates
due to performance considerations under the Company’s incentive plan from time
to time or (ii) you are transferred to a position of comparable
responsibility and compensation with the Company carrying the title of
President or higher, even though that position may report to an officer who in
turn reports to the Chief Executive Officer.

 

9.                                       You
acknowledge and agree that you have read this letter agreement carefully, have
been advised by the Company to consult with an attorney regarding its contents,
and that you fully understand the same.

 

10.                                 It
is agreed and understood that this offer letter, if and when accepted, shall
constitute our entire agreement with respect to the subject matter hereof and
shall supersede all prior agreements, discussions, understandings and proposals
(written or oral) relating to your employment with the Company.  This letter agreement will be interpreted
under and in accordance with the laws of the State of Florida without regard to
conflicts of laws.

 

We are delighted that you
have agreed to join Walter Industries, Inc. and look forward to working
with you.  If the terms contained within
this letter are acceptable, please sign one of the enclosed copies and return
it to me.

 

	
   

  	
  Sincerely,

  
	
   

  	
   

  
	
   

  	
  /s/ Don DeFosset

  	
   

  
	
   

  	
   

  
	
   

  	
  Don DeFosset

  
	
   

  	
  Chairman,
  President & CEO

  
	
   

  	
  Walter
  Industries, Inc.

  

 

 

ACCEPTANCE

 

I have read the
foregoing, have been advised to consult with counsel of my choice concerning
the same, and I fully understand the same. 
I approve and accept the terms set forth above as governing my
employment relationship with the Company.

 

	
  Signature

  	
   

  	
  /s/ R. P. Torok

  	
   

  	
  Date

  	
   

  	
  7/14/04Filed by Automated Filing Services Inc. (604) 609-0244 - Aqua Society, Inc. - Exhibit 10.7

[Stamp: COPY]

 SUPPLEMENTARY AGREEMENT

  To the Management Consulting Agreement dated 13/12/2004

 Between Aqua Society GmbH

  Represented by the Managing Director(s), Langenbochumer Strasse 393,
  45701 Herten

 -Hereafter the Client-

and the Law Office Kanzlei Stamm & Lang, Wilhelmstr.
  2, 61231 Bad Nauheim 

-Hereafter the Law Office-

 Preamble:

  In the interim, the Client has set up a legal department and an HR department
  as well as an executive secretariat. The Law Office shall also take on these
  additional tasks.

Against this background, the parties enter into the following agreement:

Item 4 of the Management Consulting Agreement dated 13/12/2004 shall be amended to the effect that the monthly fee shall be increased to EUR 20,000.00 plus VAT effective as of 01/10/2005. The other provisions in the agreement remain unchanged.

Bad Nauheim, 30/09/2005

	 [Stamp: aqua.society GmbH 	 [Stamp: STAMM & LANG 
	 Innovative Systems Innovations 	 Attorneys-at-law 
	 Signature, illegible street name, 9-13 	 Wilhelmstrasse 2 
	 D, illegible postal code, Herten 	 Signature 
	 (Client) 	 Illegible postal code Bad Nauheim 
	 Illegible telephone number 	 Tel. 0 60 32 – 21 23 Fax 72127 
	 Fax +49 (0) 2366-illegible number] 	 (Law Office)]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00097-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00097-of-00352.parquet"}]]