Document:

SEVERANCE AGREEMENT AND GENERAL RELEASE

EXHIBIT 10.25

  
  	January 17, 2008
	 
	

Richard M. Urbach

106 Saddle Ridge Drive

Oakdale, PA  15071

      
	 
	

RE:    TERMINATION AGREEMENT AND GENERAL RELEASE

      
	 
	

Dear Rich:

      
	 
	
      This Termination Agreement and General Release sets forth
the terms of our mutual agreement concerning your resignation from Rock of Ages
Corporation, its subsidiaries and affiliates (collectively, "Rock of Ages" or
the "Company") in connection with your purchase of the retail operations of the
Company on January 17, 2008.  Specifically, we agree as follows:

	 
	1. 	
      You have resigned from employment on January
      17, 2008 (the "Separation Date").   You will execute short form
      resignations resigning as President and Chief Operating Officer of the
      retail operations of the Company as necessary for inclusion in the
      Company's corporate records.

	 
	 2.	
      In consideration of the execution of this
      Termination Agreement and General Release and in recognition of your
      efforts during 2007 to bring the retail division of the Company to
      profitability, the Company agrees to pay you a performance bonus equal to
      $25,000.  No payment shall be made until you have executed this
      Agreement and the seven day revocation period set forth in paragraph 14
      below has expired.

	 
	3.	
      Your group term life insurance, optional life
      insurance, disability insurance, retirement plan and all other fringe
      benefits not specifically provided for herein shall cease and terminate on
      the Separation Date. All Company contributions to your 401(k) account
      shall cease on the Separation Date; provided, however, you may remain in
      the plan according to its terms for as long as you wish and as long as
      your account balance remains over Five Thousand Dollars ($5,000.00), or
      you may withdraw or rollover your account balance at any time after the
      Separation Date in accordance with the provisions of the 401(k) Plan and
      in accordance with applicable law and regulations. A notice explaining
      your distribution options will be sent to your home.  Under current
      COBRA law you may have the right to remain on the Company's group health
      plan in accordance with COBRA.  A COBRA notice and election form will
      be sent to your home on a timely basis.  

	 
	
      4.
	
      You have submitted all outstanding, unreimbursed, business expenses incurred on
behalf of the Company prior to December 31, 2007.  You acknowledge and agree
that no further reimbursement for expenses incurred in connection with your
employment or under your employment agreement are due, including, but not
limited to, any expenses incurred after December 31, 2007.  

  

                                    

 

 

  
  	
      5.
	
      You have returned, or will immediately
      return, all Company property, whether confidential or not, without keeping
      copies or excerpts thereof, including, but not limited to, computers
      (including any passwords associated therewith), cell phones, printers,
      customer lists, samples, product information, financial information, price
      lists, marketing materials, keys, credit cards, telephone calling cards,
      technical data, research, blueprints, trade secrets information, and all
      confidential or proprietary information.  You may retain any property
      in your possession which is the property of Rock of Ages Memorials, Inc.
      or otherwise pertains to Rock of Ages Memorials, Inc.

	
       

	
      6.
	
      You understand and agree that you would not
      receive the money and benefits specified in this agreement except for your
      execution of this Termination Agreement and General Release and your
      agreement to fulfill the promises as described herein.

	
       

	
      7.
	
      You and Rock of Ages agree that the payment
      and benefits specified in paragraph 2 above includes any and all monies,
      including but not limited to wages, salary, severance and/or pay in lieu
      of notice that may be due to you as a result of your employment with Rock
      of Ages and/or the termination thereof.  You hereby specifically
      waive and relinquish any and all rights that you may have for severance
      and/or change in control payments set forth in the Employment Agreement
      between you and the Company dated September 15, 2004, as amended on May
      24, 2006.

	
       

	
      8.
	
      In consideration of the covenants and
      payments set forth above, you voluntarily release and discharge Rock of
      Ages, its parent, affiliates, subsidiaries, divisions, officers,
      employees, agents, successors, and assigns, both individually and in their
      official capacities (hereinafter referred to collectively as "Rock of
      Ages") of and from any and all claims, charges, lawsuits, grievances or
      causes of action whatsoever, in law of equity, which you, your heirs,
      executors, administrators, successors, and assigns may have against Rock
      of Ages.  This shall include any claim related to or arising out of
      your employment by Rock of Ages, the terms and conditions of said
      employment and the cessation of said employment, including but not limited
      to any alleged violation of the following:

	 
	 	The National Labor Relations Act;
		
	 	 Title VII of the Civil Rights Act of
      1964;
	 	 
	 	Sections 1981 through 1988 of Title 42 of
      United States Code;
	 	 
	 	The Employee Retirement Income Security Act of
      1974;
	 	 
	 	The Immigration Reform Control Act;
	 	 
	 	The Americans with Disabilities Act of 1990;

  

                                                                 

2

 

            

  
  	 	The Age Discrimination in Employment Act of 1967;
	 	 
	 	The False Claims Act;
	 	 
	 	The Fair Labor Standards Act;
	 	 
	 	The Occupational Safety and Health Act;
	 	 
	 	The Family and Medical Leave Act;
	 	 
	 	Any applicable state Employment Discrimination Law;
	 	 
	 	Any applicable state Wage Payment and Wage and Hour Laws;
	 	 
	 	Any applicable state whistleblower protection laws;
	 	 
	 	Any other federal, state or local civil or human rights
      law or any other alleged violation of any local, state or federal law, regulation or ordinance;
	 	 
	 	Any public policy, contract, tort, or common law; or
	 	 
	 	Any allegation for costs, fees, or other expenses
      including attorneys' fees incurred in these matters.
	 	 
	9.	You represent that you have not filed, or permitted to be
      filed on your behalf, any claim, lawsuit, grievance or cause of action
      against Rock of Ages, and that no claim, lawsuit, grievance or cause of
      action exists relating to your employment by Rock of Ages or the cessation
      of that employment.  With the exception of any action the law
      precludes you from waiving by agreement, you expressly covenant not to sue
      Rock of Ages for any damages you may claim to have suffered as a result of
      actions related to your employment with Rock of Ages and/or the
      termination thereof.  Notwithstanding the foregoing, nothing
      contained in this Agreement shall prevent you from filing a charge or
      lawsuit challenging the validity of the waiver and release contained
      herein under the Age Discrimination in Employment Act.
	 	 
	10.	This Agreement and General Release shall be governed by
      and construed in accordance with the laws of the State of Vermont. 
      Should any provision of this Agreement be declared illegal or
      unenforceable by any court of competent jurisdiction and cannot be
      modified to be enforceable, such provision shall immediately become null
      and void, leaving the remainder of this Agreement in full force and
      effect.  
	 	 

  

          

3

  

  
  	11.	You agree that you shall remain
      subject to the confidentiality  obligations set forth in section 8 of
      your employment agreement dated September 15, 2004.  You further
      agree not to disclose, either directly or indirectly, any information
      whatsoever regarding the existence or substance of this Termination
      Agreement and General Release. This includes, but is not limited to,
      members of the media, present or former employees of Rock of Ages and
      other members of the public, but does not include any person whom you
      choose to seek advice from or consult with regarding your consideration of
      and decision to execute this Termination Agreement and General Release. 
      You acknowledge that any breach of this section 11 shall cause irreparable
      harm to the Company.  Accordingly, in the event of any breach of this
      section 11, the Company shall have the right to terminate any payments due
      hereunder and shall further have the right to seek all additional relief,
      including damages, specific performance and injunctive relief.
	 	 
	12.	You agree and understand that
      nothing contained in the Termination Agreement and General Release is an
      admission by Rock of Ages of any liability or unlawful conduct whatsoever.
	 	 
	13.	This Termination Agreement and
      General Release may not be modified, altered or changed except upon
      express written consent by both parties.
	 	 
	14.	You understand that you have
      twenty one (21) days from the date of receipt of the Agreement to consider
      whether or not to sign, and that this Agreement and General Release shall
      not become effective or enforceable until the expiration of seven (7) days
      following the date on which you first execute this Agreement. You
      understand that you have the right to revoke this Agreement and General
      Release at any time during such seven day period; provided that such
      revocation shall not be effective unless each of the following conditions
      has been met:
	 	 
	 	(a)	The revocation is made in writing addressed to
      Rock of Ages and includes the statement: "I hereby revoke my acceptance of
      the Agreement and General Release."
		
	 	(b)	The written revocation is delivered by hand or
      sent by certified mail with a postmark dated before the end of the
      seven-day revocation period to Mr. Kurt M. Swenson, Chairman, President
      and CEO, Rock of Ages Corporation, 369 North State Street, Concord, New
      Hampshire 03301.
	 
	15.	
      This Termination Agreement and
      General Release sets forth the entire agreement between the parties hereto
      and fully supersedes any and all prior agreements or understandings,
      written or oral, between the parties hereto pertaining to the subject
      matter hereof.

	 	 

  

         

 

4

  

  
  	16.	
      The parties have read and fully
      considered the foregoing Termination Agreement and General Release. 
      By signing below, you hereby represent that the terms and implications of
      this Termination Agreement and General Release have been fully explained
      to you, that you have been afforded a reasonable opportunity to consider
      this Termination Agreement and General Release, and that you have
      carefully considered other alternatives to executing this Termination
      Agreement and General Release. Having elected to execute this Termination
      Agreement and General Release, to fulfill the promises set forth herein,
      and to receive the benefit of these promises, you now knowingly and
      voluntarily sign this Termination Agreement and General Release.

	 
	 	 
	 	 
	 	 	Sincerely yours,
	 	 
	 	 	 ROCK
OF AGES CORPORATION
	 	 
	 	 	By:/s/  Kurt M. Swenson                        
      
	 	 	Kurt M. Swenson, Chairman/CEO
	 	 	 
	 	AGREED AND ACCEPTED:	 
	 	 	 
	 	1/17/2008   	 /s/  Richard M. Urbach                           
      
	 	Dated	Richard M. Urbach
	 
	 
	 
	
      You
should discuss this document with your lawyer. You should thoroughly review and
understand the effect of the Release before acting on it. Please take this
Release home and consider it. This is an important legal document, By signing
it, you give up your right to sue your employer. You have twenty-one (21) days
to decide whether to sign it.  If you do not sign it within the twenty-one (21)
days from the date you receive it, this agreement shall be considered withdrawn
and its terms null and void.  If you sign it, you have seven (7) more days to
revoke your acceptance of this Agreement and General Release. After expiration
of this seven (7) day period, this Termination Agreement and General Release becomes
effective and enforceable.

	 
	 

  

                                                                              

5EXHIBIT 10.26

  
	
   

  
	
  AUTHORIZED
  RETAILER, SUPPLY, AND LICENSE AGREEMENT

  
	
   

  
	
  This Authorized Retailer,
  Supply, and License Agreement ("Agreement") is made this ____ day
  of January, 2008, by and among ROCK OF AGES CORPORATION, a Delaware
  corporation with its principal office located at 560 Graniteville Road,
  Graniteville, Vermont  05654 ("ROA" or "Supplier"); and PKDM HOLDINGS, INC.,
  a Kentucky corporation with its principal office located at 1407 N. Dixie
  Highway, Elizabethtown, KY  42702,  (the "Parent"), North American
  Heritage Services, Inc., a Delaware corporation with its principal office
  located at 1407 N. Dixie Highway, Elizabethtown, KY  42702,
  ("NAHS"), KEITH MONUMENT COMPANY, LLC, a Delaware limited liability
  company with its principal office located at 1407 N. Dixie Highway,
  Elizabethtown, KY  42702, ("Keith"), and SIOUX FALLS MONUMENT CO., INC.
  , a South Dakota corporation with its principal office located at 4901 West
  12th Street, Sioux Falls, SD  57106 ("Sioux Falls") (Parent,
  NAHS, Keith, and Sioux Falls, are collectively referred to herein as
  "Retailer").

  
	
   

  
	
  RECITAL:

  
	
   

  
	
  WHEREAS, Supplier and Parent
  have entered into a Stock Purchase Agreement dated January 17, 2008 (the
  "Purchase Agreement") pursuant to which ROA has agreed to sell, and Parent
  has agreed to purchase, all of the issued and outstanding capital stock of
  ROA's wholly owned direct subsidiary, Rock of Ages Memorials, Inc., now known
  as North American Heritage Services, Inc.;

  
	
   

  
	
  WHEREAS, the Parent owns one
  hundred percent (100%) of the issued and outstanding capital stock of NAHS
  and NAHS owns one hundred percent (100%) of the issued and outstanding
  membership interests of Keith Monument Company, LLC ("Keith") and one hundred
  percent (100%) of the issued and outstanding capital stock of Sioux Falls
  Monument Co., Inc. ("Sioux Falls" and, together with NAHS and Keith, the
  "Retail Division");

  
	
   

  
	
  WHEREAS, ROA designs,
  manufactures and sells granite memorials and monuments (collectively,
  "Memorials") and granite mausoleums, columbaria, civic memorials, niches,
  cemetery features and estate memorials (defined generally as memorials with a
  retail price to the end consumer of ***) (collectively, "Mausoleums");
  

  
	
   

  
	
  WHEREAS, pursuant to the
  Purchase Agreement and as a condition to closing thereunder, Retailer has
  agreed to enter into a supply agreement with ROA for its requirements for
  Memorials; and

  
	

  
	
   
	
  WHEREAS, Rock of Ages and Retailer believe it is in their
  mutual interests for Retailer to be appointed as an Authorized Retailer of
  ROA (a "Rock of Ages Authorized Retailer"), for ROA to supply all of
  Retailer's requirements for Rock of Ages® and other branded Memorials
  ("Branded Memorials" or "Branded Memorials Products"), for ROA to supply all
  of Retailer's requirements for Mausoleums (as limited in Section 3 below),
  and for ROA to grant Retailer a nonexclusive, limited license to use ROA's
  tradenames, trademarks, copyrights and other intellectual property during the
  term hereof, all upon the terms and conditions hereinafter set forth.

  
	

  
	
   
	

 

   

	
  NOW THEREFORE, for good and
  valuable consideration, the receipt and sufficiency of which are herein
  acknowledged, the parties hereto agree as follows:

  
	

  
	

   	
   	
   
	

  	
  1.

  	
  Appointment.  ROA
  hereby appoints Retailer as a Rock of Ages Authorized Retailer for the retail
  locations listed on Schedule 1 attached hereto, subject to the terms
  and conditions provided herein. 

  
	

  	

  	

  
	

   	
   	
   
	

  	
  2.

  	
  Term.  The
  initial term of this Agreement shall be for five (5) years ("Initial Term"),
  commencing on the Closing Date (as that term is defined in the Purchase Agreement). 
  This Agreement shall automatically renew for an additional five (5) year term
  ("Renewal Term") unless either party provides written notice of its intention
  not to renew the Agreement at least six (6) months prior to the expiration of
  the Initial Term.

  
	

  	

  	

  
	

   	
   	
   
	

  	
  3.

  	
  Supply of Memorials -
  Retailer's Requirements.  During the Term (defined below) and any
  renewal term hereof, Retailer shall purchase, and ROA shall supply, all of
  Retailer's requirements for (i) Branded Memorials and (ii) Mausoleums.  Retailer
  shall not purchase any branded Memorials from any supplier other than ROA,
  unless ROA has given its prior written consent to such proposed purchase of
  Memorials by Retailer from another supplier; provided that Retailer may
  continue to sell Memorials under the brand name Golden Rule if
  Retailer, or ROA, does all the sandblasting of said Golden Rule brand. 
  Notwithstanding the foregoing, Retailer may purchase so-called
  "doghouse" style side by side or over/under mausoleums fabricated
  of granite not quarried by Rock of Ages from other suppliers.  No consent
  given under this Section shall constitute a waiver of the requirements of
  this Section or a consent to any different or future transaction.

  
	

  	

  	

  
	

   	
   	
   
	

  	
  4.

  	
  Pricing.

  
	

  	

  	
  a.

  	
  Prices shall be ROA's wholesale
  prices as in effect from time to time, ***.   All prices and terms are
  subject to change by ROA from time to time with thirty (30) days prior
  written notice.  The *** wholesale pricing provided in this section
  shall not be subject to change during the Initial Term hereof.

  
	

  	

  	

  	

  
	

  	

  	
  b.

  	
  Notwithstanding Section 4.a of
  this Agreement, pricing for any Mausoleums supplied by ROA shall be
  negotiated on a case-by-case basis.

  
	

  	

  	

  	

  
	

  	
  5.

  	
  Shipping. 
  Products purchased by Retailer pursuant to this Agreement will be shipped, ***
  to the locations agreed upon by Retailer and ROA.

  
	

 

 

-ii -

   

   

   

   

	

  	
  6.

  	
  Territories and Exclusivity.

  
	

  	

  	
  a.

  	
  Exclusive Territories.  Retailer acknowledges that its appointment as Rock of Ages Authorized
  Retailer hereunder is made on a nonexclusive basis.  Retailer further
  acknowledges that ROA has appointed other independent Authorized Retailers
  throughout North America whose territories may currently overlap with the Exclusive Territories described below.  ***  Nothing in this Agreement prevents
  Retailer from making a sale to a customer outside the Exclusive Territories, but ROA encourages its authorized retailers to refer customers outside its Exclusive Territories to the Rock of Ages Authorized Retailer responsible for that
  territory. ***.

  
	

  	

  	

  
	

   	

   	
   	
   
	

  	

  	
  b.

  	
  Exceptions for Mausoleums,
  Cemetery Features, Columbaria and Niches.  Notwithstanding Section 6.a of
  this Agreement and subject to Section 6.c of this Agreement, ROA may sell private
  mausoleums, columbaria, niches and cemetery features in the Exclusive Territories directly to funeral directors, cemeteries, memorial retailers or
  consumers.  ROA and the Retailer will (in accordance with Section 6.c)
  communicate and cooperate with regard to such sales in the Exclusive
  Territories so as to maximize the sales of ROA products in the Exclusive
  Territories depending on market conditions in the Exclusive Territories.

  
	

  	

  	

  
	

  	

  	
  c.

  	
  Cooperation in Sale of Mausoleums, Cemetery Features, Columbaria and Niches.  ROA and Retailer agree
  that ROA has and will continue to promote the sale of private mausoleums,
  columbaria, niches and cemetery features (collectively the products) in
  cemetery, funeral director and memorial retailer trade magazines and at
  national and major regional cemetery and funeral home conventions. As a
  result, ROA receives many direct calls  for these products from cemeteries,
  funeral homes, memorial retailers and from consumers or their contractors,
  architects or other representatives with respect to sales of private
  mausoleums. With respect to sales leads for sales of these products to be set
  in the Exclusive Territories originally initiated by Retailer to ROA, ROA
  agrees to work solely in cooperation with Retailer to mutually close such
  sales. With respect to sales leads for sales of private mausoleums to be set
  in the Exclusive Territories initiated by persons or entities other than ROA ***
  ROA agrees that prior to giving any price to the buyer it will contact
  Retailer to provide knowledge of the project and background information. ROA
  and Retailer agree that this notification is to avoid loss of the sale to ROA
  and/or unintended embarrassment to either ROA or Retailer as a result of poor
  communication between them.  ***

   

  
	

 

 

-iii -

 

   

   

   

   

	

  	
  7.

  	
  Minimum Purchase.  .  Retailer
  and ROA  expect Retailer to purchase a minimum total of $3,500,000 (as adjusted
  in accordance with Section 9.b) of Branded Memorial Products and unbranded
  Memorials per calendar year from ROA, excluding any Mausoleums, ("Minimum
  Annual Purchase").  In the event that the Retailer fails to meet the Minimum
  Annual Purchase requirement in any year, the Retailer will, at its option,
  either add the shortfall to the Minimum Annual Purchase requirement for the
  following year (hereinafter a "Shortfall Roll Over") or pay to ROA an amount
  equal to the average gross profit ROA would have earned on the shortfall
  based on the actual average gross margin percentage of profit ROA has earned
  on sales to the Retailer (excluding Mausoleums) from the date of this
  Agreement through the year in which the shortfall occurs , but in no case
  shall the payment be computed at any gross margin percentage greater than ***).
  If Retailer fails to make the Minimum Annual Purchase in a particular year
  and elects to increase the Minimum Annual Purchase by a Shortfall Roll Over
  and then fails in the following year to purchase the Minimum Annual Purchase
  plus the added Shortfall Roll Over from the prior year, Retail may not elect
  to take an additional Shortfall Rollover for that year without the prior
  written consent of ROA. 

  
	

  	

  	
   

  
	

  	
  8.

  	
  Promotional and
  Presentation Materials.  ROA agrees to make available to Retailer
  though approved third party suppliers, or, alternatively, directly at ROA's
  cost therefor plus shipping and a nominal handling charge, sales presentation
  books, direct mail materials, display materials, and various other
  advertising and sales materials for Rock of Ages® branded memorials (the
  "Promotional Materials").

  
	

  	

  	
   

  
	

  	
  9.

  	
  Additional Locations and Sale
  of Retail Hubs

  
	

   	

   	
   	
   
	

  	

  	
  a.

  	
  Additional Locations. 
  If Retailer opens or acquires a new outlet (any new store opened or retailer
  acquired by Retailer after the date hereof is referred to herein as an
  additional retail location),  Retailer agrees that any additional retail
  location shall not in any way be held out as a Rock of Ages Authorized
  Retailer and shall not be included under the terms and provisions hereof,
  unless Retailer has obtained the prior written consent of ROA in the form of
  an amendment to this Agreement specifically including such additional retail
  location in Schedule 1 and the applicable Exclusive Territories in Schedule 6
  of this Agreement.  ROA shall have the right in its sole discretion not to
  consent to an additional retail location or to having additional retail
  locations covered by this Agreement. If Retailer does not obtain such prior
  written consent and nevertheless operates the additional retail location as a
  Rock of Ages Authorized Retailer selling memorials provided by ROA, or
  bearing ROA seals or trademarks, or being  otherwise held out as a Rock of
  Ages Authorized Retailer, such action shall be a breach of this Agreement by
  Retailers.

  
	

 

 

- iv -

 

 

 

  
	

  	

  	
  b.

  	
  Sale of Retail Hubs. 
  If the Retailer sells or permanently closes any retail store that was
  operated by Retailer on the date of this Agreement without opening a new
  store consented to by ROA, or maintaining an existing store, within a ***
  radius of such closed or sold store, such sold or closed  store will no
  longer be a Rock of Ages Authorized Retailer under this Agreement and the
  Exclusive Territory set aside for such store will be eliminated.  The Minimum
  Annual Purchase requirement described in Section 7 above will be adjusted
  downward by an amount equal to the three year average annual purchases
  (excluding Mausoleums) of such closed or sold store.  Such adjustment will be
  effective immediately upon the sale of such store and will be applied pro
  rata for the current year. Upon the request of either party, ROA and Retailer
  each agree to sign an appropriate written amendment to this Agreement
  reflecting the agreed modifications hereto resulting from the closure or sale
  of such store.

  
	

   

  
	

  	
  10.

  	
  Signage. 
  Retailer acknowledges that signs bearing the Rock of Ages trademark and name
  are in place at all retail locations comprising the Retail Division.  ROA
  acknowledges that each of the existing signs at retail locations of the
  Retail Division are the property of the Retailer.  At any of Retailer's
  locations where Rock of Ages® branded products are sold and signs are not in
  place, ROA may, in its sole discretion, provide and install signage bearing
  the Rock of Ages trademark and other information consistent with its plan to
  strengthen the brand image of Rock of Ages. These signs remain the property
  of ROA and will be removed by ROA on the termination of this Agreement.
  Alternatively, Retailer will install signage acceptable to ROA, purchased
  from a third party, at Retailer's expense, approved in writing by ROA prior
  to purchase.  Retailer may have the option to pay for all or a part of such
  materials through various ROA sponsored marketing programs, as in effect from
  time to time, unless Retailer's discount for pricing purposes includes
  allowances for such materials.   Notwithstanding the above, Retailer agrees
  that if this Agreement is terminated, expires, or Retailer otherwise ceases
  to be an Rock of Ages Authorized Retailer, all signage owned by Retailer and
  bearing the Rock of Ages name and/or seal shall be removed or covered over to
  remove all visible references to Rock of Ages and any Rock of Ages trademark,
  in accordance with Sections 25 and 26 hereof. 

  
	

  	

  	
   

  
	

  	
  11.

  	
  ROA Website. 
  ROA agrees to list the Retailer on its website, including a profile of
  Retailer's locations, at no charge to Retailer. ROA further agrees to use its
  commercially reasonable efforts to accommodate Retailer's reasonable requests
  regarding search engines and links to assure customers in Retailer's
  Exclusive Territory may access its web page profile.

  
	

 

 

 

- v -

   

   

   

  
	

  	
  12.

  	
  Suggested List Prices. 
  It is the corporate policy of ROA to make available to consumers a full range
  of memorial value options ranging from lower quality and lower priced
  memorials with a limited warranty, to its highest quality, perpetually
  warranted Signature and Sealmark Rock of Ages brand lines. As a part of this
  program, ROA currently provides a range of branded product lines representing
  good value, better value, and the best value, and a Signature line of signed
  and numbered memorials as its top of the line brand. Through independent
  market research and ongoing experience, ROA establishes pricing for its
  Branded Memorial Products to attempt to match the price of each brand line,
  including the differentials between brand lines, to the value the consumer
  perceives he or she is receiving by buying good, better or best memorials.
  ROA will provide such suggested list pricing to retailer in the form of the
  retail price lists. ROA understands and agrees the Retailer has no obligation
  to utilize such price lists and may re-sell the Memorial Products at any
  price selected by Retailer.

  
	

  	

  	
   

  
	

  	
  13.

  	
  Business Facilities
  and Display Areas.  ROA expects the displays and business
  facilities of its authorized retailers to be neat, clean and well maintained
  to standards comparable to or better than other retailers of memorials in
  Retailer's market area. ROA acknowledges that the current condition of
  Retailer's current facilities meet such standards.  If requested by Retailer,
  ROA will provide at no charge to Retailer suggested design and layout
  proposals for the display area, exterior appearance and interior appearance
  to enhance the facilities prepared by ROA personnel.

  
	

  	

  	
   

  
	

  	
  14.

  	
  Memorial Designs. 
  ROA has a very large library of memorials designs as well as designers in its
  manufacturing operations. ROA will provide access to these designs to
  Retailer. Retailer acknowledges and agrees that ROA owns the copyright in
  such designs and that materials in the retail stores comprising the Retail
  Division (or any other additional retail locations authorized hereunder) and
  containing such designs, including design books, remain the property of ROA. 
  Retailer agrees that it will not reproduce any such materials and will not
  remove any copyright designation on such materials.  In the event this
  Agreement is terminated, expires, or Retailer otherwise ceases to be a Rock
  of Ages Authorized Retailer, they shall remove from design books in their
  possession any materials showing ROA branded designs or ROA copyrighted
  material.  ROA will also provide reasonable design services for Retailer for
  personalized memorials for Retailer's customers at ROA's costs for design services,
  renderings and the like.

  
	

  	

  	
   

  
	

  	
  15.

  	
  Sandblast, Lettering
  and Carving Quality Standards.  All Signature line memorials will
  be carved and lettered only by ROA. 

  
	

 

 

 

- vi -

   

   

   

  
	

  	
  16.

  	
  Warranty. 
  ROA warrants that any unbranded Memorials supplied to Retailer by ROA that do
  not have an express written warranty to the ultimate consumer from ROA will
  be manufactured in a workman like manner in accordance with the written
  product specifications.  OTHER THAN THE WARRANTIES EXPRESSLY PROVIDED IN THIS
  SECTION, AND THE FURTHER WARRANTY THAT THE PRODUCTS SHALL, AT THE TIME OF
  DELIVERY, BE FREE FROM LIENS OR OTHER DEFECTS IN TITLE, ROA MAKES NO
  WARRANTIES AND THE PRODUCTS ARE SOLD "AS IS" WITHOUT ANY
  WARRANTIES, EXPRESS OR IMPLIED, INCLUDING ANY IMPLIED WARRANTIES OF MERCHANTABILITY
  AND FITNESS FOR A PARTICULAR PURPOSE.  IN NO EVENT SHALL ROA BE LIABLE FOR
  (1) PROPERTY DAMAGE OR PERSONAL INJURY UNLESS CAUSED BY THE GROSS NEGLIGENCE
  OR INTENTIONAL MISCONDUCT OF ROA OR (2) INCIDENTAL, SPECIAL OR CONSEQUENTIAL
  DAMAGES, OR FOR LOSS OF PROFITS, ARISING OUT OF THE USE OF OR INABILITY TO
  USE BRANDED MEMORIAL PRODUCTS OR UNBRANDED MEMORIALS WHETHER ON ACCOUNT OF
  TORT, CONTRACT OR OTHERWISE.

  
	

  	

  	
   

  
	

  	
  17.

  	
  Industry Relations.  Retailer and ROA
  will cooperate to develop close relationships with local cemeteries and
  funeral directors. Retailer will advise ROA of any act or practice by any
  cemetery in its territory that restricts the consumer's freedom of choice or
  adversely impacts the Rock of Ages brand image.

  
	

  	

  	
   

  
	

  	
  18.

  	
  Best Efforts to Promote and Sell Brands. 
  During the term of this Agreement, Retailer agrees to use its best efforts to
  promote vigorously the sale of ROA's Branded Memorial Products; to carry at
  all times a sufficient inventory of Branded Memorial Products to promote
  sales; to prominently display the Branded Memorial Products in the manner
  requested by ROA; and to place orders with ROA far enough in advance to
  prevent an inventory shortage.

  
	

  	

  	
   

  
	

  	
  19.

  	
  Timely Payments. 
  Retailer agrees to pay for all Memorial Products and Promotional Materials
  promptly in accordance with ROA's terms of sale, as established from time to
  time by ROA.  Failure to pay ROA on a timely basis will result in termination
  of this Agreement by ROA.

  
	

 

 

 

 

- vii -

 

 

  
	

  

  
	
  20.

  	
  Tradenames and Trademarks.

  
	

  

  
	

  

  
	
  a.

  	
  
  Limited Nonexclusive License.  

  
	

  	

  	

  	
  ROA hereby grants to Retailer a
  limited, nontransferable, nonexclusive license to use the tradenames and
  trademarks listed on Schedule 20 in connection with its sale of
  Branded Memorial Products.  Retailer understands and agrees that the trade
  name ROCK OF AGES and all of ROA's trademarks and tradenames are the
  exclusive property of ROA and that all usage shall inure to the benefit of
  ROA, and Retailer will not use the words "ROCK," "AGES," or "ROCK OF AGES" or
  any of ROA's trademarks or tradenames, or any words or mark which is likely
  to be similar to or confusing with ROA's trademarks and tradenames, either
  separately or in combination with other words or in connection with
  Retailer's firm name, corporation, or registered name, either during the term
  of this Agreement or thereafter, except by virtue of and in accordance with
  the express written consent of ROA; provided, however, the parties agree that
  the trademark or tradename "Golden Rule" is the exclusive property of NAHS
  and that ROA has no rights therein or claim thereon.  Retailer agrees to
  respect ROA's trademarks, tradenames, copyrights, and patents on designs of
  monuments and markers, processes, and machinery, and not to infringe in any
  way or become a party to infringement by others, and will not perform any act
  contesting or impairing any part of ROA's right, title and interest in ROA's
  trademarks and tradenames, including any registrations thereof, during the
  term of this Agreement or any time thereafter, and not to represent any other
  memorial product as a Branded Memorial Product or an ROA product either
  during the life of this Agreement or thereafter.  Retailer will likewise not
  use any of ROA's tradenames or trademarks in any newspaper, magazine, or
  other printed materials, or in any radio, television, electronic, world-wide
  web or other advertising or promotional media of any kind in connection with
  prices below those published in the then current Rock of Ages Retail Price
  Guide, rebates, cash discounts, merchandise or service giveaways, or other
  promotion program or advertising which in any way diminishes the reputation,
  quality, warranties, or markets for the Branded Memorial Products. Nothing in
  the foregoing sentence is intended to prohibit retailer from promoting such programs
  without using ROA's tradenames or trademarks or from selling Branded Memorial
  Products at discounted prices.  Retailer acknowledges that its rights
  hereunder to use ROA's tradenames, trademarks, copyrights and other
  proprietary rights are limited and non-exclusive and may only be exercised in
  accordance with this Agreement and terminate on the expiration or termination
  of this Agreement.  Retailer agrees that ROA has the exclusive right to use
  and license the use of ROA's tradenames and trademarks, including but not
  limited to the Signature Rock of Ages seal, the Sealmark Rock of Ages seal,
  the words "ROCK OF AGES", any ROA sub-brand, on or in connection with
  memorials of every type, and in connection with the advertising, sale or
  offering for sale of such Branded Memorial Products.  Retailer agrees that
  after the termination or expiration of this Agreement, or if Retailer
  otherwise ceases to be a Rock of Ages Authorized Retailer, the license
  granted hereunder and its rights to use ROA tradenames, trademarks,
  copyrights, patents or other proprietary rights shall immediately cease and
  thereafter Retailer shall not use any  ROA tradenames, trademarks,
  copyrights, patents or other proprietary rights in any manner whatsoever,
  including, but not limited to, the use of ROA tradenames or trademarks on
  signs or other locations at its business premises, or in connection with any
  memorial products, or in connection with the advertising, sale, or offering
  for sale of any memorial products, and more particularly, any seals similar
  to those of ROA or the words ROCK OF AGES in any manner whatsoever.

  
	

  	

  	

  	

  
	

- viii -

 

  
	

  	

  	
  b.

  	
  Outreach Activities

  
	

  	

  	

  	
  ROA hereby acknowledges and
  agrees that Retailer may continue to enter into so-called
  "Outreach" referral or sales agent agreements with funeral homes,
  cemeteries or other entities or persons (the "Outreach Partner" or
  "Outreach Partners") within the Exclusive Territories only. 
  Retailer shall use Outreach agreements in form and substance reasonably
  satisfactory to ROA, which agreements shall provide that the Outreach Partner
  shall have a limited, nonexclusive sublicense to use the tradenames and
  trademarks listed on Schedule 20 in connection with its sale of
  Branded Memorial Products, or in connection with the referral of customers to
  Retailer.  The agreements shall further provide that the Outreach Partner
  understands and agrees that the trade name ROCK OF AGES and all of ROA's
  trademarks and tradenames are the exclusive property of ROA, and that the
  Outreach Partner will not use the words "ROCK," "AGES," or "ROCK OF AGES" or
  any of ROA's trademarks or tradenames either separately or in combination
  with other words or in connection with the Outreach Partner's firm name,
  corporation, or registered name, either during the term of the applicable
  agreement or thereafter.  Retailer shall make reasonable efforts to ensure
  that each Outreach Partner adhere to the terms of the license grant to
  Retailer made herein, and Retailer shall provide a list of all Outreach
  Partners and copies of all Outreach agreements to ROA not less than quarterly
  during the Initial Term or Renewal Term, as the case may be.  Retailer shall
  take such reasonable action as may be required by ROA to ensure that the
  Outreach Partners are in compliance with the terms of their respective
  sublicenses and the integrity and ownership of ROA's trademarks or tradenames
  are not compromised in any way.

  
	

  	

  	

  	

  
	

   	
   	
   
	

  	
  21.

  	
  Business Ethics. 
  Retailer agrees to make no statements in its advertising or sales activity
  that are unfair, untrue in any material respect, or likely to prove damaging
  to ROA.

  
	

  
	

   	
   	
   
	

  	
  22.

  	
  Termination

  
	

  	

  	
  a.

  	
  Expiration.  This
  Agreement shall terminate upon the expiration of the Initial Term or Renewal
  Term, as the case may be.

  
	
   

  
	

  	

  	
  b.

  	
  Termination for Cause.

  
	

  	

  	

  	
  i.

  	
  Either party may terminate this
  Agreement for Cause.  For the purposes of this Agreement, "Cause" shall
  include, without limitation, in the case of ROA or Retailer, Retailer's or
  ROA's (as applicable) default in the performance of any of its material
  obligations hereunder or under the Purchase Agreement, any Commercial Lease
  Agreement between the parties; or, in the case of either party, if either
  party shall, under any federal or state law relating to insolvency or relief
  from debtors (a "Bankruptcy Law") commence a voluntary case or proceeding, or
  consent to the entry of an order for relief against it in an involuntary
  case, consent to the appointment of a trustee, receiver, assignee, liquidator
  or similar official, make an assignment for the benefit of creditors (each a
  "Bankruptcy Default"); or if either party is unable to pay its debts as they
  become due.  

  
	

-
ix -

 

   

  
	

  	

  	

  	
  ii.

  	
  The party purporting to
  terminate this Agreement shall give the other party written notice of
  termination for Cause ("Termination Notice").  Termination shall be effective
  (i) immediately upon delivery of Termination Notice to the such party if the
  stated Cause is a payment default, (ii) immediately upon delivery of a
  Termination Notice to the such party if the stated Cause is a Bankruptcy
  Default, (iii) immediately upon delivery of a Notice of Termination if the
  stated Cause is not curable, or (iv) if the stated Cause is curable, upon the
  expiration of ten (10) days from the delivery of a Termination Notice if such
  party has failed to cure the Cause for termination within such 10-day period
  or, if cure requires more than ten (10) days, has failed to provide the
  terminating party with an acceptable plan to cure the stated Cause within a
  period which shall not exceed thirty (30) days.

  
	

  	

  	

  	

  	

  
	

  	

  	

  	
  	
  
	

  	

  	

  	
  iii.

  	
  Rights under this Section are
  in addition to, not exclusive of, such remedies as are provided for under
  applicable law and in this Agreement.

  
	

  	

  	

  	

  	

  
	

   	

   	
   	
   
	

  	

  	
  c.

  	
  No Termination Without
  Cause.  Other than expiration of the Term pursuant to Section 22.a
  and termination for Cause in accordance with Section 22.b, neither party
  shall have the right to terminate this Agreement.

  
	

  	

  	

  	
   

  
	

  	
  23.

  	
  Buy-Back of Branded
  Inventory.   In the event this Agreement is terminated for any
  reason, ROA shall have the continuing option to purchase from Retailer all or
  any portion of the Branded Memorial Products then in Retailer's possession. 
  Retailer shall permit a representative of ROA to inspect and inventory all
  Branded Memorial Products in Retailer's possession at any time after notice
  of termination and for a period of one hundred eighty (180) days after the
  effective date of termination. Within thirty (30) days after said inspection,
  ROA will notify the Retailer in writing of whether or not it intends to
  exercise its option. Prior to ROA's exercise of its option to purchase the
  Branded Memorial Products from Retailer, Retailer may sell the Branded
  Memorial Products in the ordinary course to consumers, but shall not in any
  way hold itself out as a Rock of Ages Authorized Retailer.

  
	

   

  
	

  	
  24.

  	
  Purchase Price and
  Payment for Inventory.  In the event ROA exercises its option to
  repurchase the Branded Memorial Products as provided above, it will pay
  Retailer within thirty (30) days after exercising its option the same net
  price paid by Retailer for the Branded Memorial Products (less the cost for
  ROA to repair any damaged Branded Memorial Products) plus freight charges
  incurred by Retailer in transporting the Branded Memorial Products from ROA's
  manufacturing facility to Retailer's place of business, all as verified or
  re-verified by ROA's representative. Retailer agrees to sell to ROA on said
  terms if ROA exercises its option hereunder.  ROA will pay all freight
  charges of removing the Branded Memorial Products from Retailer's place of
  business. Retailer hereby agrees not to damage, deface or otherwise destroy
  the Branded Memorial Products and further agrees that ROA and its agents
  shall have the right of access to the Branded Memorial Products on Retailer's
  property for inspecting and removing the Branded Memorial Products and
  Retailer will provide full cooperation and assistance to facilitate their
  removal. In the event Retailer fails to permit access or cooperate, Retailer
  shall be responsible for all costs and expenses, including legal, fees,
  incurred by ROA to enforce this provision. Upon the election by ROA to
  purchase any or all of Retailer's Branded Memorial Products hereunder,
  Retailer shall not thereafter deliver, offer for sale, sell or attempt to
  sell any Branded Memorial Products then in Retailer's inventory, except in
  completion of any transaction consummated before ROA's election to purchase
  the Branded Memorial Products or except as ROA shall agree to in writing.

  
	

- x -

 

   

  
	

  	
  25.

  	
  Removal or Painting of
  Signs.  Upon termination of this Agreement, ROA will remove at
  its expense all signs owned and installed by it and Retailer will at
  Retailer's expense remove, repaint or re-cover any and all signs or evidence
  of its relationship with ROA owned or leased by Retailer, including any
  reference to the name Rock of Ages or any of ROA's trademark and tradenames.

  
	

  	

  	
   

  
	

  	
  26.

  	
  Termination of Use of
  Names.  Upon termination or expiration of this Agreement for any
  reason, or if Retailer otherwise ceases to be a Rock of Ages Authorized
  Retailer, Retailer and its Outreach Partners will not thereafter display,
  circulate, use or permit others to display, circulate or use on Retailer's
  behalf, any advertising material of any kind or nature which refers to or
  displays any ROCK OF AGES® product, the name of ROCK OF AGES®, or in any
  manner or fashion makes references to ROA, its Branded Memorial Products, or
  any seal, trademark or tradename of ROA.

  
	

  	

  	
   

  
	

  	
  27.

  	
  Acts of God. 
  ROA shall not be liable in damages for failure of performance of any of the
  terms of this Agreement if that failure is due to lockouts, floods, strikes,
  fire, act of God, inability to obtain labor, machinery, or material to
  fulfill its obligation, or for any other cause over which it has no control.

  
	

  	

  	
   

  
	

  	
  28.

  	
  No Agency. 
  It is expressly understood that Retailer is not in any way constituted the
  agent or legal representative of ROA for any purpose whatsoever. Retailer is
  not granted any right or authority to create or assume any obligation,
  expressed or implied, in the name of or on behalf of ROA, or to bind ROA in
  any manner or thing whatsoever.

  
	

  	

  	
   

  
	

  	
  29.

  	
  No Wholesale Resale. 
  Except as provided in Section 20b hereof, Retailer acknowledges and agrees
  that Branded Memorial Products purchased by Retailer are intended for resale
  to retail customers only. Accordingly, Retailer shall not sell Branded
  Memorial Products to any person or entity who intends to resell such
  monuments, unless Retailer have obtained the prior written consent of ROA
  authorizing the sale to that specific reseller.  Consent to a transaction
  shall not constitute a waiver of the requirements of this Section and shall
  not constitute consent to any future transaction.

  
	

  	

  	
   

  
	

  	
  30.

  	
  Non-Transferability. 
  This Agreement constitutes a personal contract, and Retailer shall not
  transfer or assign any part or all of this Agreement without the prior
  express written consent of ROA.  A change of majority ownership or other
  change of majority economic or voting control of a Retailer which is a
  corporation, partnership, limited liability company or other business entity
  shall be considered an assignment. 

  
	

  	

  	
   

  
	

  	
  31.

  	
  Notices. 
  Any notice or other communication required or permitted under this Agreement
  shall be in writing and shall be deemed to have been duly given (i) upon hand
  delivery, or (ii) on the third day following delivery to the U.S. Postal
  Service as certified or registered mail, return receipt requested and postage
  prepaid, (iii) on the first day following delivery to a nationally recognized
  United States overnight courier services for next business day delivery with
  fee prepaid, or (iv) when telecopied or sent by facsimile transmission if an
  additional notice is also given under (i), (ii) or (iii) above within three
  (3) days thereafter. Any such notice or communication shall be directed to a
  party at its address set forth below or at such other address as may be
  designated by a party in a notice given to all other parties hereto in
  accordance with the provisions of this Section.

  
						

  

-
xi -

  

	
  FOR ROA:

  
	

  
	
   
	
              Mr. Kurt M. Swenson

              President and Chief Executive Officer

              Rock of Ages Corporation

              369 North State Street

              Concord, NH 03301

              Telephone: (603) 225-8397

              Telecopy:   (603) 225-4801

  
	

  
	
   
	
  with a copy to (which shall not constitute notice):

  
	

  
	
   
	
  McLane, Graf, Raulerson &
  Middleton, Professional Association

    P.O. Box 326, 900 Elm Street

    Manchester, NH  03105-0326

  Attention:          Michael B. Tule, Esq.

  Telephone:        (603) 625-6464

  Facsimile:         (603) 625-5650

  E-mail:              mtule@mclane.com

  
	

  
	
   
	
  FOR THE RETAILER:

  
	

  
	
   
	
  PKDM Holdings, Inc.

  1407 North Dixie Highway

  Elizabethtown, KY  42701

  Attention:

  Telephone:

  Facsimile:

  
	

  
	
   
	
  with a copy to (which shall not constitute notice):

  
	

  
	
   
	
  J. David Smith, Jr., Esq.

  Stoll Keenon Ogden PLLC

  2000 PNC Plaza

  500 West Jefferson Street

  Louisville, KY 40202

  

  

            

 

 

 

 

- xii -

  

	

  	
  32.

  	
  Binding Nature.  This Agreement
  cancels and supersedes all existing Agreements whether oral or in writing
  between ROA and Retailer and will be in force and binding upon each of the
  parties from the date of this acceptance until canceled by either party
  hereto upon written notice as provided for herein. This Agreement may not be
  altered, amended, or modified nor any of its provisions waived except by an
  Agreement in writing signed by Parent and ROA.

  
	

  	

  	

  
	

   	
   	
   
	

  	
  33.

  	
  No Solicitation of Employees.  During
  the Term, and for a period of three (3) years after termination of this
  Agreement for any reason, neither party shall, directly or indirectly,
  solicit or induce any employee of the other party to leave employment for any
  reason whatsoever or hire any of such party's employees, without the express
  written consent of such party.

  
	

  	

  	

  
	

   	
   	
   
	

  	
  34.

  	
  Arbitration & Governing Law.  Any
  dispute hereunder shall be settled by arbitration before a single arbitrator
  under the Commercial Arbitration Rules of the American Arbitration
  Association and judgment upon the award rendered by the arbitrator may be
  entered in any court having jurisdiction thereof.  Arbitration under this
  Section will take place (i) if initiated by ROA, in Louisville, Kentucky or (ii) if initiated by the Retailer, in Manchester, New Hampshire.  The cost of
  the arbitration shall be borne equally by the parties hereto, but the
  arbitrator shall have no authority to award attorneys fees.  This Agreement
  shall be governed by the laws of the State of Delaware, without regard to
  conflict of laws principles.  

  
	

  	

  	

  
	

   	
   	
   
	

  	
  35.

  	
  Enforceability.  Each term, condition,
  and provision of this Agreement shall be valid and enforced to the fullest
  extent permitted by law. If there is any conflict between any term, condition
  or provision of this Agreement in any statute, law, ordinance, rule or
  regulation, the latter shall prevail; provided, that any such conflicting
  term, condition or provision shall be curtailed and limited only to the
  extent necessary to bring it within the legal requirements and the remainder
  of this Agreement shall not be affected thereby.

  
	

  	

  	

  
	

   	
   	
   
	

  	
  36.

  	
  Survival.  This Section and Sections
  20, 22, 23, 24, 25, 26, 29, 32, 31, 33, 34 and 35 of this Agreement shall
  survive the termination of this Agreement.

  
	

  	

  	

  

  

            

 

Signature page follows.

 

 

 

 

-  xiii -

 

  

	
  IN WITNESS WHEREOF, the parties hereto have executed this
  agreement as of the date first above written.

  
	

  
	

  	

  	

  
	
  WITNESS

  	

  	
  ROCK OF AGES CORPORATION

  
	
  ____________________________

  	

  	
  By:_____________________________

  
	

  	

  	
  Kurt M. Swenson, Chairman/CEO

  
	

  	

  	

  
	

  	

  	

  
	

  	

  	
  RETAILER:

  
	

  	

  	
  PKDM HOLDINGS, INC.

  
	
  _____________________________

  	

  	
  By:______________________________

  
	

  	

  	
  Name/Title:

  
	

  	

  	

  
	

  	

  	

  
	

  	

  	
  NORTH AMERICAN HERITAGE SERVICES, INC., 

  
	

  	

  	
  f/k/a Rock of Ages Memorials, Inc.

  
	
  _____________________________

  	

  	
  By:______________________________

  
	

  	

  	
  Name/Title:

  
	

  	

  	

  
	

  	

  	

  
	

  	

  	
  Keith Monument Company, LLC

  
	
  _____________________________

  	

  	
  By:______________________________

  
	

  	

  	
  Name/Title:

  
	

  	

  	

  
	

  	

  	

  
	

  	

  	
  Sioux Falls Monument Co., LLC

  
	
  _____________________________

  	

  	
  By:______________________________

  

  

            

                                                                                                                                                                        

Signature page to
Authorized Retailer, Supply, and License Agreement.

 

 

 

- xiv -

 

List of Schedules

	
  Schedule 1

  	
  List of Retail Locations

  
	
  Schedule 3

  	
  Permitted House Brands

  
	
  Schedule 6

  	
  Maps

  
	
  Schedule 8

  	
  Retail Hubs

  
	
  Schedule 20

  	
  List of Licensed Tradenames and Trademarks 

  

 

 

 

- xv -

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