Document:

Exhibit
10.16

 

REPAYMENT AND
STOCK PLEDGE AGREEMENT

[Subscription]

 

This REPAYMENT AND STOCK
PLEDGE AGREEMENT dated as of June 16, 2000 is made and entered into by and
between Dayton Superior Corporation, an Ohio corporation (the “Company”), and
the party listed as “Pledgor” on the signature page hereto (the “Pledgor”).

 

RECITALS

 

A.                                   The
Company and the Pledgor have entered into a Subscription Agreement, dated the
date hereof (the “Subscription Agreement”), whereby the Company has agreed to
issue and sell to the Pledgor certain Class A Common Shares, without par value,
of the Company (the “Common Stock”).

 

B.                                     As
part of the Subscription Agreement and in connection with the merger (the “Merger”)
of the Company and Stone Acquisition Corp., an Ohio corporation (“Stone”), the
Pledgor has agreed to exchange the Shares (as such term is defined in the
Subscription Agreement) into Series A Preferred Shares, without par value, of
the Company (the “Preferred Shares”) as provided in the Option Exercise,
Cancellation and Equity Rollover Agreement, dated January 19, 2000, by and
among the Pledgor, the Company and Stone.

 

C.                                     Upon
consummation of the Merger, the Preferred Shares held by the Pledgor will be
automatically converted into common shares of the surviving corporation of the
Merger (the “Surviving Corporation Common Stock”).

 

D.                                    In
payment of the purchase price for the Shares, the Pledgor is delivering to the
Company a promissory note of the Pledgor dated the date hereof (the “Note”).

 

E.                                      The
Pledgor wishes to grant further security and assurance to the Company in order
to secure the payment of the Note and, to that effect, to pledge to the Company
the Pledged Securities (as defined below).

 

F.                                      The
Company, the Pledgor, Odyssey Investment Partners Fund, L.P. (“Odyssey”) and
certain management employee shareholders of the Company will enter into a
certain Management Stockholders Agreement on the date hereof (as amended form
time to time, the “Management Stockholders Agreement”) which contains certain
restrictions and other provisions applicable to the Surviving Corporation
Common Stock.

 

AGREEMENT

 

NOW, THEREFORE, in
consideration of the foregoing and for other good and valuable consideration,
the receipt and adequacy of which is hereby acknowledged, the parties hereto agree
as follows:

 

 

1.             Pledge.

 

(a)           As security for the payment and
performance of all obligations of the Pledgor on the Note, including the
payment of the principal of and interest on the Note, and in order to secure
the Pledgor’s obligations under this Agreement, the Pledgor hereby delivers,
pledges and assigns the Pledged Securities to the Company and creates in the
Company a security interest in the Pledged Securities.

 

(b)           The “Pledged Securities” under this
Agreement shall consist of the Shares, Preferred Shares and Surviving
Corporation Common Stock held by the Pledgor and all securities, certificates
and instruments representing or evidencing ownership of the Pledged Securities
hereunder, and all proceeds and products of any Pledged Securities hereunder,
including, without limitation, stock, cash, property or other dividends,
securities, rights and other property now or hereafter at any time or from time
to time received, receivable or otherwise distributed or distributable in
respect of or in exchange for any or all of such Pledged Securities including
proceeds delivered to the Company pursuant to Section 2 and any substituted or
additional Pledged Securities required to be supplied under the terms of this
Agreement.

 

2.             Repayment.
The Pledgor hereby agrees that at any time if the Pledgor shall have received
any cash payment or other distribution in respect of, or upon transfer, sale or
other disposition of, the Pledged Securities, then and in each case until the
Note (including interest) is paid in full, the Pledgor shall immediately
deliver to the Company such amount in partial or full payment of the principal
of and interest of the Note.

 

3.             Administration
of Pledged Securities. The following provisions shall govern the
administration of the Pledged Securities:

 

(a)           So long as no Event of Default (as
defined below) has occurred and is continuing the Pledgor shall be entitled to
act with respect to the Pledged Securities in any manner not inconsistent with
this Agreement, the Subscription Agreement, the Management Stockholders
Agreement, the Note, or any document or instrument delivered or to be delivered
pursuant to or in connection with any of them.

 

(b)           The Pledgor shall immediately upon
request by the Company and in confirmation of the security interests hereby
created, execute and deliver to the Company such further instruments, deeds,
transfers, assurances and agreements, in form and substance as the Company
shall request, including any financing statement and amendments thereto, or any
other documents, as required under Ohio law and other applicable law to protect
the security interests created hereunder.

 

4.             Defaults.
The occurrence of any one or more of the following events or conditions shall
constitute an “Event of Default” under this Agreement:

 

2

 

(a)           The Pledgor fails to make any
principal or interest payment required pursuant to the Note within 30 days of
the due date therefor.

 

(b)           The Pledgor makes or has made or
furnishes or has furnished, any material written warranty, representation or
statement to Company in connection with this Agreement or the Subscription
Agreement which is or was false or misleading when made or furnished.

 

(c)           Any lien or encumbrance other than
that created by this Agreement is placed on, or any levy is made on, the
Pledged Securities, or any portion thereof, or the Pledged Securities, or any
portion thereof, is seized or attached pursuant to legal process, and such
lien, encumbrance, levy, seizure, or attachment is not removed or released
within thirty (30) days from the time such lien or encumbrance was placed
thereon or such levy, seizure or attachment was effected.

 

(d)           The Pledgor commences any bankruptcy,
reorganization or insolvency proceeding, or other proceeding under any federal,
state or other law for the relief of debtors.

 

(e)           The Pledgor fails to obtain
dismissal, within sixty (60) days after commencement thereof, of any
bankruptcy, insolvency, or reorganization proceeding or other proceeding for
relief under any bankruptcy law, including, without limitation, the Federal
Bankruptcy Code, or any law for the relief of debtors, instituted against the
Pledgor by one or more third parties, fails to oppose actively such proceeding,
or, in any such proceeding defaults or files an answer admitting the material
allegations upon which the proceeding was based, or alleges its willingness to
have an order for relief entered or its desire to seek liquidation,
reorganization or adjustment of its debts.

 

(f)            Any receiver, trustee or custodian
is appointed by a court of competent jurisdiction to take possession of all or
any substantial portion of the assets of the Pledgor and such order is not
vacated within sixty days of the entry thereof.

 

(g)           The Pledgor shall fail generally to
pay his or her debts as such debts become due.

 

(h)           The Pledgor shall effect or there
shall otherwise occur a Transfer (as such term is defined in the Management
Stockholders Agreement) not permitted under the Management Stockholders
Agreement.

 

5.             Remedies
in Case of an Event of Default.

 

(a)           In case an Event of Default shall
have occurred and be continuing, the Company shall have all of the remedies of
a secured party under the Ohio Uniform Commercial Code, and, without limiting
the foregoing, shall have the right, subject to any necessary regulatory
approvals, to sell, assign and deliver the whole or, from time to time, any
part of the Pledged Securities, or any interest in any part thereof, at any
private sale or

 

3

 

at
public auction, with or without demand of performance or other demand,
advertisement or notice of the time or place of sale or adjournment thereof or
otherwise (except the Company shall give ten (10) days’ notice to the Pledgor
of the time and place of any sale pursuant to this Section 5), for cash, and
credit or for other property, for immediate or future delivery, and for such
price or prices and on such terms as the Company shall, in its sole discretion,
determine, the Pledgor hereby waiving and releasing any and all right or equity
of redemption whether before or after sale hereunder. At any such sale the
Company may bid for and purchase the whole or any part of the Pledged
Securities so sold free from any such right or equity of redemption. The
Company shall apply the proceeds of any such sale first to the payment of all
costs and expenses, including reasonable attorneys’ fees, incurred by the
Company in enforcing its rights under this Agreement and then to the payment of
interest on and principal of the Note, with such payments to be applied in such
order as the Company determines in its sole discretion.

 

(b)           The Pledgor recognizes that the
Company may be unable to effect a public sale of all or a part of the Pledged
Securities by reason of certain prohibitions contained in the Securities Act of
1933, as amended (the “Act”), or in the rules and regulations promulgated
thereunder, but may be compelled to resort to one or more private sales to a
restricted group of purchasers who will be obliged to agree, among other
things, to acquire the Pledged Securities for their own account, for investment
and not with a view to the distribution or resale thereof. The Pledgor agrees
that private sales so made may be at prices and on other terms less favorable
to the seller than if the Pledged Securities were sold at public sale, and that
the Company has no obligation to delay the sale of the Pledged Securities for
the period of time necessary to permit the registration of the Pledged
Securities for public sale under the Act; provided, however, that no private sale shall be made of the Pledged
Securities to any Affiliate (as defined in the Management Stockholders
Agreement) of the Company or Odyssey at a price per share of Surviving
Corporation Common Stock less than the lesser of (i) the then Fair Market Value
per share or (ii) the Initial Price per share of such Surviving Corporation
Common Stock (as each term is defined in the Management Stockholders
Agreement), subject to adjustment to reflect any stock split, stock dividend,
combination of shares, merger or other adjustment to the Surviving Corporation
Common Stock. The Pledgor agrees that a private sale or sales made under the
foregoing circumstances shall be deemed to have been made in a commercially
reasonable manner.

 

(c)           If any consent, approval or
authorization of any state, municipal or other governmental department, agency
or authority should be necessary to effectuate any sale or disposition by the
Company of the Pledged Securities pursuant to this Section 5, or any partial
disposition of the Pledged Securities, the Pledgor will execute all such
applications and other instruments as may be required in connection with
securing any such consent, approval or authorization, and will otherwise use
his or her best efforts to secure the same.

 

(d)           Neither failure nor delay on the part
of the Company to exercise any right, remedy, power or privilege provided for
herein or by statute or at law or in equity shall

 

4

 

operate
as a waiver thereof, nor shall any single or partial exercise of any such
right, remedy, power or privilege preclude any other or further exercise
thereof or the exercise of any other right, remedy, power or privilege.

 

6.             Pledgor’s
Obligations Not Affected. The obligations of the Pledgor under this
Agreement shall remain in full force and effect without regard to, and shall
not be impaired or affected by: 
(a) any subordination, amendment or modification of or addition or
supplement to the Management Stockholders Agreement or the Note, or any
assignment or transfer of either thereof; (b) any exercise or non-exercise by
the Company of any right, remedy, power or privilege under or in respect of
this Agreement, the Subscription Agreement, the Management Stockholders
Agreement or the Note, or any waiver of any such right, remedy, power or
privilege; (c) any waiver, consent, extension, indulgence or other action or
inaction in respect of this Agreement, the Subscription Agreement, the Management
Stockholders Agreement or the Note, or any assignment or transfer of any
thereof; or (d) any bankruptcy, insolvency, reorganization, arrangement,
readjustment, composition, liquidation or the like, of the Company or its
successors, whether or not the Pledgor shall have notice or knowledge of any of
the foregoing.

 

7.             Transfers
by Pledgor. The Pledgor will not sell, assign, transfer or otherwise
dispose of, grant any option with respect to, or mortgage, pledge or otherwise
encumber the Pledged Securities or any interest therein, except pursuant to the
Management Stockholders Agreement.

 

8.             Attorney-in-Fact.
The Company or its successor is hereby appointed the attorney-in-fact of the
Pledgor for the purpose of carrying out the provisions of this Agreement and
taking any action and executing any instrument which the Company reasonably may
deem necessary or advisable to accomplish the purposes hereof, including
without limitation, the execution of the applications and other instruments
described in Section 5(c), which appointment as attorney-in-fact is irrevocable
as one coupled with an interest.

 

9.             Termination.
Upon payment in full of principal of and interest on the Note and upon the due
performance of and compliance with all of the provisions of the Note, this
Agreement shall terminate, and the Pledgor shall be entitled to the return of
such of the Pledged Securities as has not theretofore been sold, released
pursuant to Section 5 or otherwise applied pursuant to the provisions of this
Agreement.

 

10.           Notices.
All notices or other communications required or permitted to be given hereunder
shall be delivered as provided in the Management Stockholders Agreement.

 

11.           Miscellaneous.
The Company and its assigns shall have no obligation in respect of the Pledged
Securities, except to hold and dispose of the same in accordance with the terms
of this Agreement. This Agreement and any provisions hereof may be amended,
modified, waived, discharged or terminated only by an instrument in writing
signed by the party against which enforcement of the amendment, modification,
waiver, discharge or termination is sought. The provisions of this Agreement
shall be binding upon the successors and assigns of the Pledgor. The captions
in this Agreement are for convenience of reference only and shall not define or
limit

 

5

 

the provisions hereof. This Agreement
shall be governed by and construed and enforced in accordance with the laws of
the State of Ohio, without regard to the conflicts of laws rules thereof. This
Agreement may be executed simultaneously in several counterparts, each of which
is an original, but all of which together shall constitute one instrument.

 

[signature page
follows]

 

6

 

IN WITNESS WHEREOF, the
parties hereto have caused this Repayment and Stock Pledge Agreement to be
executed and delivered on the date first above written.

 

 

	
   

  	
  DAYTON SUPERIOR
  CORPORATION,

  
	
   

  	
  an Ohio corporation

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ John Irwin

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Its:

  	
   

  	
  President and CEO

  	
   

  
	
   

  	
   

  
	
   

  	
  PLEDGOR:

  
	
   

  	
   

  
	
   

  	
  Raymond
  E. Bartholomae

  	
   

  
	
   

  	
  (Type or print name)

  
	
   

  	
   

  
	
   

  	
  /s/ Raymond E.
  Bartholomae

  	
   

  
	
   

  	
  (Signature)

  

 

7Exhibit 10.17

 

REPAYMENT AND STOCK PLEDGE AGREEMENT

[Subscription]

 

This REPAYMENT AND STOCK
PLEDGE AGREEMENT, dated as of March 30, 2001, is made and entered into by and
between Dayton Superior Corporation, an Ohio corporation (the “Company”), and
the party listed as “Pledgor” on the signature page hereto (the “Pledgor”).

 

RECITALS

 

A.                                   The
Company and the Pledgor have entered into a Subscription Agreement, dated the
date hereof (the “Subscription Agreement”), whereby the Company has agreed to
issue and sell to the Pledgor certain Class A Common Shares, without par value,
of the Company (the “Common Stock”).

 

B.                                     In
payment of the purchase price for the Shares, the Pledgor is delivering to the
Company a promissory note of the Pledgor, dated the date hereof (the “Note”).

 

C.                                     The
Pledgor wishes to grant further security and assurance to the Company in order
to secure the payment of the Note and, to that effect, to pledge to the Company
the Pledged Securities (as defined below).

 

D.                                    The
Company, the Pledgor, Odyssey Investment Partners Fund, L.P. (“Odyssey”) and
certain management employee shareholders of the Company have entered into a
certain Management Stockholders Agreement, dated as of June 16, 2000 (as
amended from time to time, the “Management Stockholders Agreement”), which
contains certain restrictions and other provisions applicable to the Common
Stock.

 

AGREEMENT

 

NOW, THEREFORE, in
consideration of the foregoing and for other good and valuable consideration,
the receipt and adequacy of which is hereby acknowledged, the parties hereto
agree as follows:

 

1.             Pledge.

 

(a)           As security for the payment and
performance of all obligations of the Pledgor on the Note, including the
payment of the principal of and interest on the Note, and in order to secure
the Pledgor’s obligations under this Agreement, the Pledgor hereby delivers,
pledges and assigns the Pledged Securities to the Company and creates in the
Company a security interest in the Pledged Securities.

 

 

(b)           The “Pledged Securities” under this
Agreement shall consist of the Common Stock held by the Pledgor and all
securities, certificates and instruments representing or evidencing ownership
of the Pledged Securities hereunder, and all proceeds and products of any
Pledged Securities hereunder, including, without limitation, stock, cash,
property or other dividends, securities, rights and other property now or
hereafter at any time or from time to time received, receivable or otherwise
distributed or distributable in respect of or in exchange for any or all of
such Pledged Securities including proceeds delivered to the Company pursuant to
Section 2 and any substituted or additional Pledged Securities required to be
supplied under the terms of this Agreement.

 

2.             Repayment.
The Pledgor hereby agrees that at any time if the Pledgor shall have received
any cash payment or other distribution in respect of, or upon transfer, sale or
other disposition of, the Pledged Securities, then and in each case until the
Note (including interest) is paid in full, the Pledgor shall immediately
deliver to the Company such amount in partial or full payment of the principal
of and interest of the Note.

 

3.             Administration
of Pledged Securities. The following provisions shall govern the
administration of the Pledged Securities:

 

(a)           So long as no Event of Default (as
defined below) has occurred and is continuing the Pledgor shall be entitled to
act with respect to the Pledged Securities in any manner not inconsistent with
this Agreement, the Subscription Agreement, the Management Stockholders
Agreement, the Note, or any document or instrument delivered or to be delivered
pursuant to or in connection with any of them.

 

(b)           The Pledgor shall immediately upon
request by the Company and in confirmation of the security interests hereby
created, execute and deliver to the Company such further instruments, deeds,
transfers, assurances and agreements, in form and substance as the Company
shall request, including any financing statement and amendments thereto, or any
other documents, as required under Ohio law and other applicable law to protect
the security interests created hereunder.

 

4.             Defaults.
The occurrence of any one or more of the following events or conditions shall
constitute an “Event of Default” under this Agreement:

 

(a)           The Pledgor fails to make any
principal or interest payment required pursuant to the Note within 30 days of
the due date therefor.

 

(b)           The Pledgor makes or has made or
furnishes or has furnished, any material written warranty, representation or
statement to Company in connection with this Agreement or the Subscription
Agreement which is or was false or misleading when made or furnished.

 

(c)           Any lien or encumbrance other than
that created by this Agreement is placed on, or any levy is made on, the
Pledged Securities, or any portion thereof, or the

 

2

 

Pledged
Securities, or any portion thereof, is seized or attached pursuant to legal
process, and such lien, encumbrance, levy, seizure, or attachment is not
removed or released within thirty (30) days from the time such lien or
encumbrance was placed thereon or such levy, seizure or attachment was
effected.

 

(d)           The Pledgor commences any bankruptcy,
reorganization or insolvency proceeding, or other proceeding under any federal,
state or other law for the relief of debtors.

 

(e)           The Pledgor fails to obtain
dismissal, within sixty (60) days after commencement thereof, of any
bankruptcy, insolvency, or reorganization proceeding or other proceeding for
relief under any bankruptcy law, including, without limitation, the Federal
Bankruptcy Code, or any law for the relief of debtors, instituted against the
Pledgor by one or more third parties, fails to oppose actively such proceeding,
or, in any such proceeding defaults or files an answer admitting the material
allegations upon which the proceeding was based, or alleges its willingness to
have an order for relief entered or its desire to seek liquidation,
reorganization or adjustment of its debts.

 

(f)            Any receiver, trustee or custodian
is appointed by a court of competent jurisdiction to take possession of all or
any substantial portion of the assets of the Pledgor and such order is not
vacated within sixty days of the entry thereof.

 

(g)           The Pledgor shall fail generally to
pay his or her debts as such debts become due.

 

(h)           The Pledgor shall effect or there
shall otherwise occur a Transfer (as such term is defined in the Management
Stockholders Agreement) not permitted under the Management Stockholders
Agreement.

 

5.             Remedies
in Case of an Event of Default.

 

(a)           In case an Event of Default shall
have occurred and be continuing, the Company shall have all of the remedies of
a secured party under the Ohio Uniform Commercial Code, and, without limiting
the foregoing, shall have the right, subject to any necessary regulatory
approvals, to sell, assign and deliver the whole or, from time to time, any
part of the Pledged Securities, or any interest in any part thereof, at any
private sale or at public auction, with or without demand of performance or
other demand, advertisement or notice of the time or place of sale or
adjournment thereof or otherwise (except the Company shall give ten (10) days’
notice to the Pledgor of the time and place of any sale pursuant to this
Section 5), for cash, and credit or for other property, for immediate or future
delivery, and for such price or prices and on such terms as the Company shall,
in its sole discretion, determine, the Pledgor hereby waiving and releasing any
and all right or equity of redemption whether before or after sale hereunder. At
any such sale the Company may bid for and purchase the whole or any part of the
Pledged Securities so sold free from any such right or equity of redemption. The
Company shall apply the

 

3

 

proceeds
of any such sale first to the payment of all costs and expenses, including
reasonable attorneys’ fees, incurred by the Company in enforcing its rights
under this Agreement and then to the payment of interest on and principal of
the Note, with such payments to be applied in such order as the Company
determines in its sole discretion.

 

(b)           The Pledgor recognizes that the
Company may be unable to effect a public sale of all or a part of the Pledged
Securities by reason of certain prohibitions contained in the Securities Act of
1933, as amended (the “Act”), or in the rules and regulations promulgated
thereunder, but may be compelled to resort to one or more private sales to a
restricted group of purchasers who will be obliged to agree, among other
things, to acquire the Pledged Securities for their own account, for investment
and not with a view to the distribution or resale thereof. The Pledgor agrees
that private sales so made may be at prices and on other terms less favorable to
the seller than if the Pledged Securities were sold at public sale, and that
the Company has no obligation to delay the sale of the Pledged Securities for
the period of time necessary to permit the registration of the Pledged
Securities for public sale under the Act; provided, however, that no private sale shall be made of the Pledged
Securities to any Affiliate (as defined in the Management Stockholders
Agreement) of the Company or Odyssey at a price per share of Common Stock less
than the lesser of (i) the then Fair Market Value per share or (ii) the Initial
Price per share of such Common Stock (as each term is defined in the Management
Stockholders Agreement), subject to adjustment to reflect any stock split,
stock dividend, combination of shares, merger or other adjustment to the Common
Stock. The Pledgor agrees that a private sale or sales made under the foregoing
circumstances shall be deemed to have been made in a commercially reasonable
manner.

 

(c)           If any consent, approval or
authorization of any state, municipal or other governmental department, agency
or authority should be necessary to effectuate any sale or disposition by the
Company of the Pledged Securities pursuant to this Section 5, or any partial
disposition of the Pledged Securities, the Pledgor will execute all such
applications and other instruments as may be required in connection with
securing any such consent, approval or authorization, and will otherwise use
his or her best efforts to secure the same.

 

(d)           Neither failure nor delay on the part
of the Company to exercise any right, remedy, power or privilege provided for
herein or by statute or at law or in equity shall operate as a waiver thereof,
nor shall any single or partial exercise of any such right, remedy, power or
privilege preclude any other or further exercise thereof or the exercise of any
other right, remedy, power or privilege.

 

6.             Pledgor’s
Obligations Not Affected. The obligations of the Pledgor under this
Agreement shall remain in full force and effect without regard to, and shall
not be impaired or affected by: 
(a) any subordination, amendment or modification of or addition or
supplement to the Management Stockholders Agreement or the Note, or any
assignment or transfer of either thereof; (b) any exercise or non-exercise by
the Company of any right, remedy, power or privilege under or in respect of
this Agreement, the Subscription Agreement, the Management

 

4

 

Stockholders Agreement or the Note,
or any waiver of any such right, remedy, power or privilege; (c) any waiver,
consent, extension, indulgence or other action or inaction in respect of this
Agreement, the Subscription Agreement, the Management Stockholders Agreement or
the Note, or any assignment or transfer of any thereof; or (d) any bankruptcy,
insolvency, reorganization, arrangement, readjustment, composition, liquidation
or the like, of the Company or its successors, whether or not the Pledgor shall
have notice or knowledge of any of the foregoing.

 

7.             Transfers
by Pledgor. The Pledgor will not sell, assign, transfer or otherwise
dispose of, grant any option with respect to, or mortgage, pledge or otherwise
encumber the Pledged Securities or any interest therein, except pursuant to the
Management Stockholders Agreement.

 

8.             Attorney-in-Fact.
The Company or its successor is hereby appointed the attorney-in-fact of the
Pledgor for the purpose of carrying out the provisions of this Agreement and
taking any action and executing any instrument which the Company reasonably may
deem necessary or advisable to accomplish the purposes hereof, including
without limitation, the execution of the applications and other instruments
described in Section 5(c), which appointment as attorney-in-fact is irrevocable
as one coupled with an interest.

 

9.             Termination.
Upon payment in full of principal of and interest on the Note and upon the due
performance of and compliance with all of the provisions of the Note, this
Agreement shall terminate, and the Pledgor shall be entitled to the return of
such of the Pledged Securities as has not theretofore been sold, released
pursuant to Section 5 or otherwise applied pursuant to the provisions of this
Agreement.

 

10.           Notices.
All notices or other communications required or permitted to be given hereunder
shall be delivered as provided in the Management Stockholders Agreement.

 

11.           Miscellaneous.
The Company and its assigns shall have no obligation in respect of the Pledged
Securities, except to hold and dispose of the same in accordance with the terms
of this Agreement. This Agreement and any provisions hereof may be amended,
modified, waived, discharged or terminated only by an instrument in writing
signed by the party against which enforcement of the amendment, modification,
waiver, discharge or termination is sought. The provisions of this Agreement
shall be binding upon the successors and assigns of the Pledgor. The captions
in this Agreement are for convenience of reference only and shall not define or
limit the provisions hereof. This Agreement shall be governed by and construed
and enforced in accordance with the laws of the State of Ohio, without regard
to the conflicts of laws rules thereof. This Agreement may be executed
simultaneously in several counterparts, each of which is an original, but all
of which together shall constitute one instrument.

 

[Signature
Page Follows]

 

5

 

IN WITNESS WHEREOF, the
parties hereto have caused this Repayment and Stock Pledge Agreement to be
executed and delivered on the date first above written.

 

 

	
   

  	
  DAYTON SUPERIOR
  CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/

  	
  John A.Ciccarelli

  	
   

  	 

	
   

  	
   

  	
  Name: John A.Ciccarelli

  
	
   

  	
   

  	
  Title: Chairman of the Board, President and 

  
	
   

  	
   

  	
            Chief
  Executive Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  PLEDGOR:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Raymond E. Bartholomae

  	
   

  
	
   

  	
  Raymond E. Bartholomae

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