Document:

EX-10.1

2009 Fiscal Year Executive Officer Bonus Plan

The purpose of the Bancinsurance Corporation (the “Company”) 2009 Fiscal Year Executive
Officer Bonus Plan (the “Plan”) is to attract, retain and motivate high quality executives and
reward executives for Company profitability. Under the Plan, each executive officer is eligible to
receive a cash bonus equal to a specified percentage of his base salary based upon the achievement
of pre-established Company and individual performance goals (with each component being weighted
differently based on the executive officer’s position with the Company). For fiscal year 2009, the
target bonus and the weighting of the Company goal and individual goal components for each
executive officer are as follows:

John S. Sokol, Chairman, Chief Executive Officer and President

Target Bonus as a % of Base Salary: 60%

Company Goal/Individual Goal Weighted Component: 100%/0%

Matthew C. Nolan, Vice President, Chief Financial Officer, Treasurer and Secretary

Target Bonus as a % of Base Salary: 25%

Company Goal/Individual Goal Weighted Component: 100%/0%

Daniel J. Stephan, President of OIC Lender Services, a division of Ohio

Indemnity Company

Target Bonus as a % of Base Salary: 50%

Company Goal/Individual Goal Weighted Component: 50%/50%

Stephen J. Toth, Vice President of Specialty Products of Ohio Indemnity Company

Target Bonus as a % of Base Salary: 25%

Company Goal/Individual Goal Weighted Component: 50%/50%

Margaret A. Noreen, Vice President of Technology

Target Bonus as a % of Base Salary: 25%

Company Goal/Individual Goal Weighted Component: 50%/50%

Company Performance Goal Component

For fiscal year 2009, the Compensation Committee has established a 10% return on beginning equity
(“ROE”) as the target Company performance goal. Under the Plan, ROE is calculated by dividing
(1) the Company’s net income for fiscal year 2009 (excluding (1) the after-tax effect of expenses
incurred for fiscal year 2009 relating to the Company’s ongoing SEC investigation and (2) the
after-tax effect of any net realized gains (losses) on investments during fiscal year 2009) by (2)
total shareholders’ equity at the beginning of fiscal year 2009.

The minimum and maximum Company performance goals for fiscal year 2009 were set by the Compensation
Committee at a 5% ROE and a 15% ROE, respectively. Under the Plan:

	 	•	 	if ROE for fiscal year 2009 is less than 5%, no bonus will be awarded for the Company
goal component;

	 	•	 	if the Company achieves a ROE of 5% for fiscal year 2009, each executive officer will
be entitled to receive a bonus equal to the product of (1) 50% of the amount of the
executive officer’s target bonus and (2) the percentage of his bonus allocated to the
Company goal component;

	 	•	 	if the Company achieves a ROE of 10% for fiscal year 2009, each executive officer will
be entitled to receive a bonus equal to the product of (1) 100% of the amount of the
executive officer’s target bonus and (2) the percentage of his bonus allocated to the
Company goal component; and

	 	•	 	if the Company achieves a ROE of at least 15% for fiscal year 2009, each executive
officer will be entitled to receive a bonus equal to the product of (1) 125% of the amount
of his target bonus and (2) the percentage of his bonus allocated to the Company goal
component.

If ROE for fiscal year 2009 falls between 5% and 10%, a straight-line schedule will be used to
determine the percentage of the amount of target bonus (ranging between 50% and 100%) each
executive officer will be entitled to receive in respect of the Company goal component.

Individual Performance Goal Component

Under the Plan, the Compensation Committee has established individual performance goals for each
applicable executive officer. For fiscal year 2009, the individual performance goals for Mr.
Stephan and Mr. Toth consist of financial targets with respect to the product line for which the
applicable executive officer has responsibility. For Margaret A. Noreen, the individual performance
goals consist primarily of information technology development goals. Following the completion of
the 2009 fiscal year, the Compensation Committee will evaluate each applicable executive officer’s
performance with respect to his individual performance goals and determine his bonus relating to
the individual goal component (equal up to the product of (1) the amount of the executive officer’s
target bonus and (2) the percentage of his bonus allocated to the individual goal component).

Total Cash Bonus 

Following the completion of the 2009 fiscal year, each executive officer will be entitled to
receive a cash bonus equal to the sum of the Company performance goal component achieved and the
individual performance goal component achieved. Under the Plan, bonuses for fiscal year 2009
performance will be paid to participants in early 2010.

Miscellaneous

Notwithstanding anything to the contrary set forth in the Plan, the Compensation Committee shall
have the right, in its sole discretion and for any reason, to reduce or eliminate the amount of any
cash bonus otherwise payable to any executive officer under the Plan.

In the event that, at any time prior to the payment date of a cash bonus under the Plan, (1) a
participant incurs a “separation from service” (as such term is defined in the Treasury Regulations
promulgated under Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”),
whether voluntary or involuntary, from the Company and all entities with whom the Company would be
treated as a single employer for purposes of Sections 414(b) and (c) of the Code, or (2) a “change
in control event” (as such term is defined in the Treasury Regulations promulgated under Section
409A of the Code) occurs with respect to the Company, the Compensation Committee shall have the
right, in its sole discretion and for any reason, to determine whether, and the extent to which,
cash bonuses shall be paid to any executive officer under the Plan.ex_10.htm

     

     

    Exhibit 10.1

     

     

     

     

    

       

      This
Market Alliance Agreement ("Agreement") is hereby entered into as of February
27, 2009,

      (hereinafter
the “Effective Date”) by and between

      E. I. du
Pont de Nemours and Company,

      through
its Packaging & Industrial Polymers business,

      Barley
Mill Plaza Building 26

      4417
Lancaster Pike

      Wilmington,
Delaware 1988)

      (hereinafter
known as “DuPont” or “Seller”)

      and PGT
Industries, Inc. (hereinafter known as “PGT” or “Buyer")

      of 1070
Technology Drive, Nokomis, FL 34275

      

      DuPont
and Buyer are hereinafter collectively referred to as the “Parties” and
individually as a “Party.”  Intending to be legally bound, Buyer
agrees to purchase from DuPont and DuPont agrees to sell to Buyer pursuant to
the following conditions:

      

      1.           DEFINITIONS. The Parties agree
that following terms shall have the meanings ascribed below:

      

      “Product” – means SentryGlas®
Plus, ionoplast structural interlayer produced by DuPont and sold pursuant to
this Agreement.

      

      “Total Interlayer” – means
rolls or sheets of polyvinyl butyral produced by any entity (including DuPont)
and ionoplast structural interlayer produced by DuPont.

      

      “Material Obligations” mean
Buyer’s obligations specifically described on Attachment F.

      

      2.      SCOPE.                           The
Parties agree and acknowledge that the sale of Product to Buyer pursuant to this
Agreement is strictly for usage and production at its glass laminating
facilities within the United States.  The Parties also agree to review
the Material Obligations on a quarterly basis.

      

      
        
          
            DuPont
CONFIDENTIAL

          

           

        

        
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      3.
PRODUCTS/QUANTITY.  DuPont shall sell and Buyer shall purchase
the following minimum amounts of Product in accordance with the terms and
conditions of this Agreement.  Buyer intends to buy its Product from
DuPont in accordance with the volumes stated in the tables below:

      

      

      
        	
                Quarter

              	
                Product
      Purchases as % of Buyer’s Total Interlayer Purchase

                (90
      mil square foot equivalent)

              
	
                1Q09

              	
                13%

              
	
                2Q09

              	
                13%

              
	
                3Q09

              	
                18%

              
	
                4Q09

              	
                22%

              
	
                Year
      1

              	
                17%

              
	
                Year

              	
                Product
      Purchases as % Buyer’s of Total Interlayer Purchase

                (90
      mil square foot equivalent)

              
	
                2009

              	
                17%

              
	
                2010

              	
                25%

              
	
                2011

              	
                35%

              

      

      

      

      At
DuPont’s sole discretion, Buyer’s purchase requirement obligations may be
audited by DuPont or a mutually agreeable third party.  If Buyer fails
to purchase the minimum annual amounts set forth above for any year during the
Term of this Agreement, Buyer shall pay DuPont a shortfall payment calculated as
follows (hereinafter, “Shortfall Payment”):

      

      {[(Minimum % of Total Interlayer
Purchase for the corresponding year) minus (actual% of Total Interlayer
Purchase) divided by 100] multiplied by Total Interlayer in square feet purchased by Buyer for the
corresponding year)} = Shortfall

      

      Jan
1-June 30, 2009:

      Shortfall
multiplied by $0.15 = Shortfall Payment

      ($3.00/ft2 x 5% discount =
$0.15/ft2)

      

      June
30-December 31, 2009, 2010 & 2011 Shortfall multiplied by $.45 = Shortfall
Payment

      ($3.00/ft2 x 15% discount =
$0.45/ft2)

      

      [e.g., If
Buyer purchased 23% of total interlayer purchases instead of 25% in 2010 and the
total interlayer purchase was 1,000,000 square feet, the Shortfall would be
20,000 square feet and the Shortfall Payment to DuPont would be
$9000]

      

      The
Shortfall Payment shall be due and payable each year for the preceding year no
later than January 30.

      

      
        
          
            DuPont
CONFIDENTIAL

          

           

        

        
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      4.  TERM OF
CONTRACT.

      (a) This Agreement shall be
effective three years from the date first above written (hereinafter “the
Term”).  At the end of the Term, this Agreement may continue month to
month until either party provides the other thirty (30) days written
notice.

      

      (b) In
the event either party defaults because of failure to meet a material obligation
hereunder, the non-defaulting party will provide the other party thirty (30)
days written notice and an opportunity to cure such default; if the default is
not cured within sixty (60) days, the Parties shall refer the dispute to an
upper management representative from both Parties for good faith
resolution.  Should ninety (90) days elapse after the initial default
notice date and the default still has not been cured, the non-defaulting party
may terminate this Agreement,

      

      5.  PRICE.  Buyer
shall pay DuPont the prices listed in Attachment B for the Products it purchases
from DuPont.

      

      6.      EXTENDED
WARRANTY.  DuPont agrees for the product purchased during the
term to provide Buyer the extended warranty package described in Attachment C
provided however, Buyer meets the following criteria and requirements: (i) Buyer
will fulfill DuPont Warranty Qualification requirements detailed in Attachment
E, (ii) Buyer shall provide full pass through warranty benefits to Buyer’s
customers and (iii) Buyer shall comply with DuPont Branding and Trademark
License detailed in Attachment D.

      

      7.      BRANDING AND TRADEMARK
LICENSE.  In further consideration for entering into this
Agreement, the Parties agree to enter into a Branding and Trademark License
Agreement substantially in the form attached hereto as Attachment
D.  Buyer shall permanently mark each glazing unit with SentryGlas®
Plus and attach a removable label supplied by DuPont as described in the
Trademark License Agreement.

      

      8. TERMS OF
PAYMENT.  Buyer shall pay DuPont for Products within thirty
(30) days of the date of DuPont’s invoice.

      

      9. DELIVERY TERMS.

      (a.)  Delivery
will be made within the 48 contiguous United States
FOB.  Transportation will be by method, route and carrier selected by
DuPont; Buyer to bear the excess cost of any alternate method, route, or carrier
selected by Buyer.

      

      10.           MARKETING
PROGRAM.  DuPont will provide financial contribution toward
product testing up to a maximum of 5% of SentryGlas® Plus net sales to Buyer and
Buyer will match or exceed this contribution for year 1 and year 2 of the
contract.

      

      
        	
                11.  

              	
                SUPPLY
      CHAIN /OPERATIONAL
EXCELLENCE/TECHNOLOGY.

              

      

      (a) DuPont and Buyer agree to cooperate
and work together in order to establish an efficient and cost-effective supply
chain.  Each Party agrees to identify resources to optimize supply
chain and inventory efficiency and cost effectiveness within one (1) month after
the Effective Date of this Agreement.

      

      (b) DuPont agrees to provide training
to BUYER for the Warranty Qualification. Such training will include one
professional at no charge per plant site within the first ninety days of this
Agreement. Both Parties agree to mutually develop a priority list of operational
cost reduction and quality improvement projects (e.g. cutting yield
improvements, lamination yields, lamination safety).  DuPont and Buyer
agree to review progress on a semi-annual basis.  The overall
objective of this process will be to reduce overall cost of manufacturing for
laminated glass with DuPont SentryGlas® Plus.  Each party agrees to
indentify resources and assign personnel to develop guidance for lower
manufacturing cost at Buyer’s facility within one (1) month after the Effective
Date of this Agreement.

      
        
          
            DuPont
CONFIDENTIAL

          

           

        

        
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      (c) Both parties agree to engage in
discussions about new applications and processes needed in support of growth and
to facilitate annual business strategy.

      

      12.           USER
PROTECTION.  Buyer acknowledges that it has received and is
familiar with DuPont’s labeling and literature concerning the Products and will
communicate such information to its employees who handle, use, or process such
Products.

      

      13.           ENTIRE
AGREEMENT.  This Agreement along with DuPont’s terms and
conditions for sale of products constitute the entire contract between the
Parties regarding the subject matter described herein.  The terms and
conditions for sale are attached hereto and marked as Attachment
A.  There are no other agreements, warranties, terms or conditions,
expressed or implied, between the Parties.

      

      14.           ASSIGNMENT/AMENDMENT/WAIVER/
TRANSFER OF ASSETS.

      (a)The
rights and obligations covered herein are personal to each Party hereto, and for
this reason neither party may assign this Agreement in whole or in part; nor
shall either party subcontract any of its obligations hereunder without the
prior written consent the other.   This Agreement may not be
amended except by in writing signed by both Parties.  No waiver of any
provision of this Agreement by either Party shall be enforceable against that
Party unless it is in writing and signed by both Parties.

      

      (b) PGT shall notify DuPont in writing,
as soon as is legally permissible, if, during the term of this Agreement, either
party reasonably expects to consolidate with or merge with another corporation
or to sell, assign, or otherwise dispose of substantially all of its assets used
to perform under this Agreement;   over twenty percent (20%) of
its ownership or controlling interest (whether in the form of stock or
otherwise); If such occurrence or proposed occurrence is unacceptable to DuPont
because the third party merging or purchasing PGT is an adverse party to
DuPont’s Glass Interlayer Business  , DuPont  may terminate
this Agreement upon written notice to the other party.]

      

      15.           BANKRUPTCY/
REORGANIZATION. In the event either
Party is found to be insolvent, has a petition in bankruptcy filed against it,
files a petition in bankruptcy or petitions for reorganization, this Agreement
will automatically terminate as to future obligations.  The party who
is insolvent or who is under bankruptcy will still be obligated to perform all
material obligations under this Agreement.

      

      16.           NOTICES.  All
notices required hereunder shall be sent by United States Postal or a recognized
carrier to the Party to be notified at the addresses specified
above.

      

      17.           HARDSHIP.  The
Parties agree that it is not their intention that the effect or consequences of
entering into this Agreement should be to cause hardship but, despite the
Parties’ best intent and as a result of changes in economic or market
conditions, such hardship may be caused to either Party in complying with the
terms of this Agreement at the negotiated prices.  Among other items
that may qualify, the Parties agree that hardship for DuPont will include
Ethylene prices, measured by CMAI Contract Net Prices, increases more than thirty percent (30
%)  above January 22, 2009 level for sustained period of greater
than  six (6 ) weeks.  If such hardship arises, either Party
may give notice in writing that it wishes to review the provisions of this
Agreement in light of such changed economic or market conditions.  The
Parties agree that within thirty (30) days of the giving of such notice by
either Party, the Parties shall negotiate in good faith modifications to this
Agreement to relieve such hardship in a manner equitable to both
Parties.  If, within forty-five (45) days after giving of such notice,
the Parties are unable to agree upon modification to this Agreement, either
Party may refer the dispute to an upper management representative from both
Parties.  If thirty (30) days after the referral date, the Parties are
still unable to resolve the dispute, the dispute shall be referred to
arbitration and settled by binding arbitration in accordance with the rules of
the American Arbitration Association.

      
        
          
            DuPont
CONFIDENTIAL

          

           

        

        
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      18. GOVERNING
LAW.  This Agreement shall be governed by the laws of the State
of Delaware.

      

      19.
CONFIDENTIALITY.  Any knowledge or information disclosed
between Buyer and DuPont which

      relates
in any way to the Products and services of this Agreement, the prices contained
within the Agreement, or the fact of this Agreement, unless otherwise agreed to
in writing, shall be deemed proprietary and confidential and shall not be
disclosed by either Party to any third party and such shall remain the property
of DuPont.  Both Parties shall keep confidential any technical,
process, or economic information derived from the other in connection with this
Agreement and shall not divulge such information, directly or indirectly, for
the benefit of any Party unless previously agreed to in writing by the other
Party.

      
 

      

      PGT’S
ACCEPTANCE:                                                                                     E.
I. DU PONT DE NEMOURS AND COMPANY

      

      PGT
INDUSTRIES                                                                                     PACKAGING
& INDUSTRIAL POLYMERS

      

      

      By: /s/ Brad Voss                                                                                       By:
/s/
William F. Weber

      

      Title:  Director of Strategic
Purchasing                                                  Title:  VP/GM –
P&IP

      

      

      Printed
Name: Brad
Voss                                                                          Printed
Name: William F.
Weber

      

      Date:
February 27,
2009                                                                            Date:
February 27,
2009

      
 

      
        
          
            DuPont
CONFIDENTIAL

          

           

        

        
          - 5
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