Document:

Exhibit
10.36

 

RBC
Bearings Incorporated

One Tribology Center

Oxford, CT  06478

 

June 17, 2005

 

Whitney & Co.

177 Broad Street

Stamford, CT  06901

Dr. Michael J. Hartnett

c/o RBC Bearings Incorporated

One Tribology Center

Oxford, CT  06478

	
  Re:

  	
   

  	
  IPO Equity/Shareholder Matters

  

 

Gentlemen:

                This letter memorializes the resolution of a number
of issues concerning the recapitalization (the “Recapitalization”) of RBC Bearings Incorporated (the “Company”) to be effectuated in
connection with and immediately prior to the closing of the proposed initial
public offering of the Company’s common stock (the “IPO”). 
Based on the resolution of these issues as described herein, the
Company, Dr. Hartnett and Whitney & Co. (together with its affiliates,
“Whitney”) are prepared to
move forward on the IPO.  Capitalized
terms used but not defined herein shall have the meanings set forth in the
Existing Charter (as described below).

1.             Transaction.  The Company shall endeavor to consummate an
IPO resulting in aggregate gross proceeds to the Company and the Selling
Stockholders (as defined below) of at least $125 million.  The IPO shall be contingent upon the
contemporaneous closing of a refinancing transaction resulting in additional
net proceeds to the Company (after the repayment of existing indebtedness) of
not less than $30 million (the “Refinancing”).  The proceeds of the Refinancing shall be
combined with proceeds from the IPO (and, if required, proceeds from a
borrowing under the revolver) and used for the purposes described in the
proposed sources and uses of funds attached hereto as Exhibit A.

2.             Selling Stockholders.  Notwithstanding anything to the contrary set
forth in the Stockholders’ Agreement, the parties agree that the stockholders
of the Company identified in Exhibit B (the “Selling Stockholders”) shall be
permitted to sell shares of New Common Stock in the IPO (the “Secondary Sale”), including shares
received by Dr. Hartnett and members of management upon the cashless exercise
of outstanding options and/or warrants. 
Subject to paragraph 3 below and the approval of the managing
underwriter, the Selling Stockholders shall sell in the relative proportions
described in Exhibit B (the “Secondary Sale Allocation”).  Whitney and Dr. Hartnett hereby waive
compliance with the applicable provisions of the Stockholders’ Agreement to the
extent required to give effect to the arrangement described in this paragraph.

 

 

3.             Adjustments to Size of Offering.  As a general rule, Whitney and Hartnett agree
that (i) if the underwriters exercise their “over-allotment” option with
respect to the IPO (the “Shoe”),
the net proceeds thereof shall be paid solely to the Company and not to the
Selling Stockholders and (ii) if market conditions require the size of the
offering to be reduced, any reduction in aggregate IPO proceeds payable to the
Selling Stockholders shall be allocated among the Selling Stockholders on a pro rata basis according to the relative
proportions set forth in the Secondary Sale Allocation.  Notwithstanding the foregoing, Whitney and
Hartnett have agreed with the underwriter to establish a price range for the
Offering of $14-$16 per share, and based on such range and revisions to the IPO
structure mutually agreed upon with the underwriter, Whitney and Hartnett have
further agreed to reduce the size of the Secondary Sale by 417,000 shares in
the aggregate, to be allocated among the Selling Stockholders in accordance
with clause (ii) above; provided, however, that if the
underwriters exercise the Shoe, then the Selling Stockholders shall be entitled
to sell an aggregate of 417,000 shares pursuant to the Shoe (to be allocated
among the Selling Stockholders in accordance with clause (ii) above).  The foregoing revisions to the IPO structure
is summarized in Exhibit C hereto. 
The parties acknowledge and agree that the details of Exhibit C
are subject to further negotiation based on the marketability of the IPO and
the advise of the managing underwriter, and the parties agree to work in good
faith with each other and the managing underwriter with respect to such
negotiations.

4.             Class B Preferred.  Immediately prior to the consummation of the
Recapitalization, all outstanding shares of Class B Preferred Stock shall be
converted in accordance with their terms. 
Upon such conversion, the holders thereof shall receive shares of Class
C Preferred Stock, Class D Preferred Stock and Class A Common Stock, in each
case in amounts determined in accordance with the Company’s amended and
restated certificate of incorporation in effect immediately prior to the
Recapitalization (the “Existing Charter”).

5.             Class C Preferred.  Pursuant to the Recapitalization, the Company
shall redeem all of the outstanding shares of Class C Preferred Stock for an
aggregate cash redemption price equal to the Class C Liquidation Amount
determined in accordance with the Existing Charter through the date of
repurchase.  An example of the
calculation of the Class C Liquidation Amount as of June 30, 2005 is attached
hereto as Exhibit D.

6.             Class D Preferred.  The parties hereto acknowledge that market
expectations will not permit the Class D Preferred Stock to remain outstanding
after the IPO.  Therefore, the Company
shall treat the IPO as a Sale of the Company in which the aggregate Class D
Liquidation Amount is equal to $8 million. 
Pursuant to the Recapitalization, the Company shall repurchase all of
the outstanding Class D Preferred Stock for an aggregate repurchase price equal
to $8 million, $4 million of which shall be paid in cash and $4 million of
which shall be paid in shares of Class A Common Stock to be determined based on
the IPO offering price to the public (without any reduction for underwriters’
discounts, commissions or fees) (the “IPO Price”).  Solely for purposes of the IPO and the
Recapitalization, Whitney and Dr. Hartnett hereby irrevocably agree to the
foregoing calculation of the Class D Liquidation Amount and, subject to the
payment in full of the repurchase price described above, hereby waive all
rights they may have under the Existing Charter with respect thereto.  It is expressly agreed that if the IPO is not
consummated, the calculation of the Class D liquidation Amount described in
this paragraph shall be of no legal effect or consequence and shall not be binding
on any party.

 

2

 

7.             Single Class of Common Stock.  In connection with the IPO, the Company shall
establish a single class of common stock (the “New Common Stock”) entitling the holders thereof to one
vote per share with respect to all matters to be voted on by the Company’s
stockholders.  As a result, all
outstanding shares of Class A Common Stock and Class B Common Stock shall be
converted into New Common Stock, and all outstanding options and warrants that
are exercisable for Class A Common Stock or Class B Common Stock shall become
exercisable for shares of New Common Stock. 
Dr. Hartnett expressly acknowledges and agrees that, as a result of the
foregoing, the super-voting rights of the Class B Common Stock shall be
eliminated.

8.             Recapitalization.  Immediately prior to the closing of the IPO,
the Company will give effect to the Recapitalization, which will proceed
substantially as follows:

a.                                       Pursuant to a Repurchase and Exchange
Agreement to be entered into by the Company and the holders of Series C
Preferred Stock and Series D Preferred Stock, (i) the Company shall redeem all
of the outstanding shares of Class C Preferred Stock for an aggregate cash
repurchase price equal to the Class C Liquidation Amount determined in
accordance with the Existing Charter through the date of repurchase, and (ii)
the Company shall repurchase all of the outstanding shares of Class D Preferred
Stock for an aggregate repurchase price equal to $8 million,  payable as follows: (A) $4 million shall be
paid in cash, and (B) $4 million shall be paid by issuance to the holders of
the Class D Preferred Stock of an aggregate number of shares of Class A Common
Stock determined by dividing $4 million by the IPO Price.

b.                                      The Company shall amend and restate the
Existing Charter in order to, among other things, (i) eliminate all existing
classes and series of capital stock, (ii) authorize the New Common Stock and a
new class of “blank check” preferred stock, and (iii) reclassify all
outstanding shares of Class A Common Stock and Class B Common Stock (including
shares issued to the holders of Class C Preferred Stock and Class D Preferred
Stock as described in paragraphs 4 and 6 above) to the effect that all of such
shares shall be converted into shares of New Common Stock on a 1:1 basis
(subject to adjustment to reflect any stock split or reverse stock split
required in connection with the IPO).

9.             Termination of Management Services
Agreement.  Upon the
closing of the IPO, the Amended and Restated Management Services Agreement
dated as of July 29, 2002 between Roller Bearing Company of America, Inc. (“RBCA”) and Whitney & Co. (as
amended) shall be terminated; provided that such termination shall be
contingent upon the Company’s or RBCA’s prior payment of all amounts due and
owing thereunder through the date of termination.

10.           Option Plans.  Upon the closing of the IPO, all existing
option plans of the Company shall be frozen, such that no further awards or
grants shall be made thereunder.  In
addition, a new long-term incentive plan shall be established pursuant to which
options or other equity awards may be granted with respect to 6% of the
Company’s post-IPO fully-diluted common stock (the “New Option Pool”).  Sixty percent (60%) of the New Option Pool
shall be awarded to Dr. Hartnett and the remaining 40% shall be awarded to
other employees of the Company at the discretion of the board of directors.

 

3

 

11.           Tax Settlement/Bonus.  Dr. Hartnett represents to the Company and Whitney
that he has initiated settlement (the “Settlement”)
of a dispute between himself and the Internal Revenue Service with respect to a
transaction he entered into with a family partnership.  The Company has been advised by its
accountants that the Settlement will create compensation deductions for the
Company and, therefore, will result in a significant tax benefit to the Company
(the ”Company Tax Benefit”).  In light of the foregoing, the parties agree
as follows:

a.                                       Contingent upon approval of the Board of
Directors and RBCA’s senior and SCIL lenders, (i) RBCA shall pay to
Hartnett a one-time special cash bonus in the amount of $5,200,000 (the ”Settlement Bonus”), (ii) RBCA
shall reduce Hartnett’s base salary for Fiscal Year 2006 by the amount of
$180,000 (such reduction to be applied evenly across all remaining payments for
such period), and (iii) in addition to any other bonus to which Hartnett
may be eligible or entitled to receive pursuant to his employment agreement,
RBCA shall pay Hartnett a special cash bonus in the amount of $45,000 for each
of the Fiscal Years 2007 - 2010 (each, a “Special
Bonus”).  The Settlement
Bonus and each Special Bonus shall be paid in accordance with RBCA’s general
payroll practices and shall be subject to all applicable withholdings.

b.                                      The Settlement Bonus shall be paid on or
prior to June 30, 2005, and a portion of such bonus shall be paid by RBCA
directly to the Internal Revenue Service, on Hartnett’s behalf, for credit
against taxes owed under the Settlement. 
Such portion shall equal the lesser
of (x) $3,564,600 and (y) the aggregate net amount of the Settlement Bonus
available to be paid to Hartnett after giving effect to all required
withholdings.

c.                                       Hartnett shall not rescind, revoke, amend
or modify the Settlement or take any other action which, in each case, could
result in the Company losing all or any portion of the Company Tax Benefit
without obtaining the prior written consent of Whitney and the disinterested
members of the Board of Directors.

d.                                      The parties shall support any amendment
to Hartnett’s employment agreement to the extent required to give effect to the
Special Bonuses.

e.                                       Except as expressly set forth in this
paragraph 11, Hartnett shall not be entitled to any compensation whatsoever
(whether paid in cash or through the issuance of options or equity or
equity-linked securities) as a result of, in connection with or relating to the
Settlement.

12.           Miscellaneous.

a.                                       THIS LETTER AGREEMENT SHALL BE GOVERNED
BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK,
REGARDLESS OF THE LAWS THAT MIGHT OTHERWISE GOVERN UNDER APPLICABLE PRINCIPLES
OF CONFLICTS OF LAW OR CHOICE OF LAW.

b.                                      This letter agreement contains the
complete agreement among the parties hereto and supersede any prior understandings,
agreements or representations by or among the parties hereto, written or oral,
that may have related to the subject matter hereof in any way.

 

4

 

c.                                       If (i) any provision of this letter
agreement shall be held or deemed to be, or shall in fact be, invalid,
inoperative or unenforceable because of the conflict of such provision with any
constitution or statute or rule of public policy or for any other reason, or
(ii) the managing underwriters require any provision of this letter agreement
to be disregarded or revised in order to ensure the successful marketing of the
IPO, then in each case such circumstance shall not have the effect of rendering
any other provision or provisions herein contained invalid, inoperative or
unenforceable, but this letter agreement shall be reformed and construed as if
such invalid, inoperative, unenforceable, disregarded or revised provision had
never been contained herein and such provision reformed so that it would be
valid, operative and enforceable to the maximum extent permitted.

d.                                      The parties hereto have participated
jointly in the negotiation and drafting of this letter agreement.  In the event an ambiguity or question of
intent or interpretation arises, this letter agreement will be construed as if
drafted jointly by the parties hereto, and no presumption or burden of proof
will arise favoring or disfavoring any party by virtue of the authorship of any
of the provisions of this letter agreement.

e.                                       This letter agreement may be executed in
two or more counterparts, each of which shall be deemed an original, but all of
which together shall constitute one and the same instrument.

f.                                         Nothing herein is intended or shall be
construed to confer upon any person or entity other than the parties hereto and
their successors or assigns, any rights or remedies under or by reason of this
letter agreement.

* * *

[Signature page follows]

 

5

 

If you are in agreement
with the foregoing, please execute a copy of this letter in the space provided
below and return it to the Company.

 

	
  Very truly yours,

  
	
   

  
	
  RBC BEARINGS INCORPORATED

  
	
   

  
	
  By:

  	
   

  	
   

  
	
  Name:

  
	
  Title:

  
	
   

  
	
  Accepted and agreed to as of June __, 2005, by:

  
	
   

  
	
  ROLLER BEARING COMPANY OF AMERICA, INC.

  
	
   

  
	
  By:

  	
   

  	
   

  
	
  Name:

  
	
  Title:

  
	
   

  
	
  WHITNEY & CO.

  
	
  (on behalf of itself and its affiliates)

  
	
   

  
	
  By:

  	
   

  	
   

  
	
  Name:

  
	
  Title:

  
	
   

  
	
   

  	
   

  
	
  Dr. Michael J. Hartnett

  
	
  (on behalf of himself and Hartnett Family Investments, L.P.)

  

 

 

6

 

Exhibit
A

Sources and Uses of Funds

 

(see attached)

 

 

Exhibit
B

Selling Stockholders

 

	
  STOCKHOLDER

  	
   

  	
  PROCEEDS OF NEW COMMON STOCK TO BE SOLD IN IPO
  (A)

  
	
  Whitney
  (together with its affiliates)

  	
   

  	
  $20.0 million

  
	
  Hartnett
  (together with his affiliates)

  	
   

  	
  $15.6 million

  
	
  Other Management

  	
   

  	
  $4.4 million

  
	
  TOTAL

  	
   

  	
  $40.0 million

  

 

(A)  Assumes
$125 million total offering size based on a $275 million post-IPO equity
value.  Includes shares to be sold by
Hartnett and other members of management following cashless exercise of options/warrants.  Does not include proceeds to be received in
connection with redemption or repurchase of Class C Preferred Stock or Class D
Preferred Stock.

 

Exhibit
C

IPO Restructure as of
June 17, 2005

 

(see attached)

Exhibit
D

Example of Calculation of
Series C Liquidation Amount

 

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Exhibit 10.14    
    

[LOGO]

 
 

AGREEMENT OF INDEMNITY    
    

        This AGREEMENT is made and entered into this 12th day of April 2004 by: 

	Name (Social Security or Tax ID Number)	 	 
	
	 	 
	Meadow Valley Corporation (88-0328443)	 	Meadow Valley Contractors, Inc. (88-0171959)
	

	Ready Mix, Inc. (86-0830443)	 	 
	

	 	 	 
	

	 	 	 
	

	 	 	 
	

	 	 	 
	

	 	 	 
	

	 	 	 
	

in
favor of XL Specialty Insurance Company, XL Reinsurance America Inc., Greenwich Insurance Company, and their affiliated, associated and subsidiary companies, their successors and assigns
(hereinafter referred to as SURETY). 

RECITALS  

        Whereas, PRINCIPAL, in the performance of contracts and the fulfillment of obligations generally, whether solely
in its own name or as co-venturer with others, may desire or be required to give or procure certain BOND(S); and 

        Whereas,  UNDERSIGNED, whether or not named as a PRINCIPAL in  BOND(S) represent and warrant that UNDERSIGNED have a substantial, material and/or beneficial interest
in the performance and fulfillment of obligations secured or to be secured by BOND(S) in behalf of  PRINCIPAL; and 

        Whereas,
UNDERSIGNED understand that SURETY has executed, provided or procured  BOND(S) in behalf
of PRINCIPAL or will consider requests for
SURETY to execute, provide or procure BOND(S) in behalf of  PRINCIPAL upon the express
understanding that this AGREEMENT be entered into by  UNDERSIGNED; and 

        NOW
THEREFORE, in consideration of SURETY: (1) heretofore having executed, provided or procured  BOND(S) in behalf of PRINCIPAL; (2) receiving requests for  BOND(S) from UNDERSIGNED and determining whether or not
 SURETY will execute, provide or procure the BOND(S) requested; or (3) hereafter executing,
providing or procuring BOND(S) in behalf of PRINCIPAL;  UNDERSIGNED covenant and agree
as follows: 

 
 

I
  DEFINITIONS    
    

        The following terms, as used in this AGREEMENT, are defined as set forth below: 

        BOND:    (1) Contract of suretyship, guaranty or indemnity executed in behalf of  PRINCIPAL by SURETY; (2) the continuation, extension, alteration, renewal or substitution of such
contract; (3) a letter, consent or AGREEMENT from SURETY to a  PERSON wherein
SURETY represents to such PERSON(S) that  SURETY may or will execute in behalf of
PRINCIPAL the  BOND(S) required by such PERSON'S invitation for bids or proposals
(hereinafter referred to as  BID LETTER). 

1

 

        PERSON:    Individual(s), partnership(s), association(s), limited liability company(s), corporation(s),
joint-venture(s), public entity(s), political subdivision(s) or any other legal or commercial entity; 

        UNDERSIGNED:    PERSON(S) who execute this  AGREEMENT; 

        PRINCIPAL:    One or more UNDERSIGNED or any existing or
future partnership, joint venture (whether silent or disclosed), association, limited liability company, corporation or other legal or commercial entity in which  UNDERSIGNED have or will have a
substantial, material and/or beneficial interest, including subsidiary, associated and affiliated companies who alone or
with other PERSON(S) have secured or may secure the performance and fulfillment of obligations by  BOND(S), executed, provided or procured by
SURETY. 

        GOOD FAITH:    Honest motives regardless of whether such motives are the product of bad judgment or
negligence. 

        EVENT OF DEFAULT:    (1) Any breach of or failure to perform or comply with any of the provisions of
this AGREEMENT; (2) any alleged or actual breach, or default of any obligation secured by BOND(S)
whether admitted or contested, declared or undeclared; (3) any failure, delay, refusal or inability of UNDERSIGNED to pay claims, bills or other
indebtedness secured by BOND(S) executed by SURETY; (4) any change or threat of change in the
character, identity, control, beneficial ownership or existence of PRINCIPAL; (5) any assignment by  PRINCIPAL for the benefit of
creditors; (6) the appointment of a receiver or trustee or an application for appointment of a receiver or trustee
for PRINCIPAL whether insolvent or not; (7) any proceeding or the exercise of any rights by any  PERSON which deprives or impairs
PRINCIPAL(S), use of its plant, machinery, equipment, plans, drawings,
tools, supplies or materials; (8) upon the happening of any event other than those specified in (1) through (7) whether or not different from those events which, in  SURETY'S sole
opinion, may expose SURETY to loss, cost or expense. 

 
 

II
  GENERAL    
    

        (A)  The
aforementioned RECITALS are true and correct. 

        (B)  This  AGREEMENT binds UNDERSIGNED and the heirs, personal
representatives,
successors and assigns thereof, jointly and severally, to SURETY in connection with all BOND(S)
heretofore or hereafter executed, provided or procured by SURETY in behalf of PRINCIPAL in any penal sum
and in favor of any obligee(s). 

        (C)  This
AGREEMENT shall not be construed as an offer by UNDERSIGNED to
indemnify SURETY which SURETY must accept prior to its executing, providing or procuring  BOND(S)
 in behalf of PRINCIPAL; but, shall be construed as part of the consideration on which  SURETY has relied or will
rely in executing, providing or procuring BOND(S) in behalf of  PRINCIPAL. 

        (D)  This
AGREEMENT inures to the benefit of any co-surety or reinsurer of  SURETY on BOND(S), and
in the event the SURETY procures
the execution of BOND(S) by other sureties, this AGREEMENT shall inure to the benefit of such other
sureties. 

        (E)  This
AGREEMENT shall be liberally construed so as to protect, exonerate, hold harmless and indemnify  SURETY. 

 
 

III
  DECLINE EXECUTION    
    

        (A)  UNDERSIGNED are not obligated to request SURETY to execute, provide or
procure any BOND(S) required of UNDERSIGNED in the performance and fulfillment of obligations. 

2

 

        (B)  SURETY has the right to decline to execute, provide or procure BOND(S)
requested by PRINCIPAL. 

        (C)  If
SURETY executes, provides or procures a bid or proposal BOND or
furnishes a BID LETTER on behalf of PRINCIPAL, SURETY
has the right to decline to execute the final BOND(S), including, but not limited to, performance, payment, maintenance, or other  BOND(S)
that may be required in connection with any award that may be made under the bid, proposal or tender for which the bid or proposal  BOND or BID LETTER is given. 

        (D)  While
SURETY may from time to time establish a formal or informal line of credit,  BOND line or BOND program, the existence of such line or program shall be for the sole convenience of
SURETY and shall not abridge, waive or in any way alter SURETY'S absolute right to decline to execute,
provide or procure any BOND(S) requested by PRINCIPAL. 

        (E)  No
claim shall be made, nor any cause of action asserted against SURETY by  UNDERSIGNED in consequence of SURETY'S failure or refusal to execute any  BOND. 

 
 

IV
  PREMIUMS    
    

        UNDERSIGNED shall pay or cause to be paid to SURETY, in such
manner and at such time as required by SURETY, all premiums and charges of SURETY in accordance with its
rate filings, its manual of rates then in effect or as otherwise charged by SURETY, for executing, providing or procuring  BOND(S) for
PRINCIPAL. 

 
 

V
  INDEMNITY    
    

        (A)  UNDERSIGNED shall exonerate, hold harmless, indemnify, and keep indemnified  SURETY from and against any and all losses, claims, liabilities, damages,
demands for payment or performance, expenses and costs of whatsoever kind or
nature including, but not limited to, interest, court costs, document reproduction and storage charges, investigative expenses and costs, adjusting, expert and attorney fees imposed upon, sustained or
incurred by SURETY by reason of: (1) SURETY having executed, provided or procured  BOND(S) in behalf of PRINCIPAL; (2) UNDERSIGNED'S
failure to perform or comply with any of the provisions of this AGREEMENT; (3) SURETY enforcing
any of the covenants or conditions of this AGREEMENT; (4) SURETY conducting any investigation,
obtaining or attempting to obtain a release, or recovering or attempting to recover loss or unpaid premium in connection with any BOND(S); and/or
(5) SURETY prosecuting or defending any action or claim in connection with any BOND(S) executed
provided or procured in behalf of PRINCIPAL, whether SURETY at its sole option elects to employ its own
counsel, or permits or requires UNDERSIGNED to make arrangements for SURETY'S legal representation. 

        (B)  In
order to exonerate, hold harmless and indemnify SURETY, UNDERSIGNED
shall upon demand of SURETY deposit funds with SURETY before  SURETY makes any payment;
such funds shall be, at the SURETY'S option, money or property or liens on or
security interests in property. The amount of such money or property or the value of the property to become subject to liens or security interests shall, at the option of the  SURETY, equal
(1) the sum of all pending claims asserted against SURETY on  BOND(S), whether such claims are contested or not or whether or not
liability has been established with respect to such claims, plus the amount of costs
and expenses which the SURETY, in its sole discretion, estimates may be incurred as a result of the assertion of such claims, or (2) the reserve
established by SURETY as consequence of having issued BOND(S) in behalf of  PRINCIPAL.
SURETY shall have no obligation to invest or provide a return on the funds deposited.  UNDERSIGNED acknowledge that failure of UNDERSIGNED to deposit funds with  SURETY in accordance with this section in the amounts and at the time demanded by SURETY shall cause
irreparable harm for which 

3

 

 SURETY has no adequate remedy at law. UNDERSIGNED agree that SURETY shall be
entitled to injunctive relief for specific performance of UNDERSIGNED'S obligation to deposit funds with  SURETY in accordance with this
section. 

 
 

VI
  SETTLEMENTS AND PAYMENTS    
    

        (A)  SURETY shall have the right in its sole discretion to determine whether any claims, demands, suits or judgments on or
against BOND(S) provided, procured or executed by SURETY shall be paid, compromised, defended,
prosecuted or appealed irrespective of the fact that UNDERSIGNED may have assumed, or offered to assume, the defense of the  SURETY upon such
claim, demand, suit or judgment. 

        (B)  The
liability of UNDERSIGNED under this AGREEMENT shall extend to and
include all amounts paid by SURETY in GOOD FAITH under the belief that:
(1) SURETY is or was liable for the sums and amounts so disbursed, or that it was necessary or expedient to make such disbursements, whether or
not such liability, necessity or expediency existed; or (2) such payments were necessary or advisable to protect any of SURETY'S rights or to
avoid or lessen SURETY'S liability or alleged liability. 

        (C)  The
liability of UNDERSIGNED to SURETY shall include interest from the
date of SURETY'S payments at the maximum rate permitted in the jurisdiction in which this AGREEMENT is
enforced, or is enforceable. 

        (D)  The
voucher(s) or other evidence of such payment(s) or an itemized statement of payment(s) sworn to by an officer of  SURETY shall be prima facie evidence of the fact and the extent of the liability
of UNDERSIGNED to  SURETY. 

 
 

VII
  SET-OFF    
    

        SURETY may, at its option without notice to UNDERSIGNED, reduce
the amount of UNDERSIGNED'S liability to SURETY hereunder by applying to and setting off against such
liability of UNDERSIGNED any money payable to UNDERSIGNED by  SURETY or any of its
affiliates. UNDERSIGNED'S liability to  SURETY may arise from UNDERSIGNED'S obligation
to exonerate, hold harmless or indemnify  SURETY and may be liquidated or unliquidated. The money payable to UNDERSIGNED may be, but is not
limited to, any money payable by SURETY or any of its affiliates, as an insurer of UNDERSIGNED or as an
insurer or SURETY of another PERSON, or to settle a claim of  UNDERSIGNED against
SURETY or any of its affiliates or against a  PERSON bonded or insured by SURETY or any
of its affiliates. 

 
 

VIII
  SUITS    
    

        (A)  Separate
suits may be brought hereunder as causes of action accrue, and the bringing of suit or the recovery of judgment upon any cause of action shall not prejudice or
bar the bringing of other suits upon other causes of action, whether theretofore or thereafter arising. 

        (B)  Each
UNDERSIGNED is the agent for all UNDERSIGNED for the purpose of
service of any process in the jurisdiction in which the UNDERSIGNED being served resides, is domiciled, is doing business or is found. 

        (C)  Each
UNDERSIGNED is the agent of all UNDERSIGNED for the purpose of
accepting service of any notification, demand, or claim of SURETY hereunder. 

4

 

 
 

IX
  TRUST FUND    
    

        (A)  PRINCIPAL and UNDERSIGNED agree that with respect to each specific
contract secured by BOND(S) executed, provided or procured by SURETY in  PRINCIPAL'S
behalf, all money and property representing the consideration for the performance of the contract, (including, without
limitation, the proceeds of claims for adjustments, additional compensation, compensation for the delay, extra work, change orders, insurance claims and all damage claims) whether in the possession of
the PRINCIPAL, UNDERSIGNED or others and whether earned, unearned, paid, retained or to be paid shall be
held in trust as trust funds for and shall be used solely for; (1) the performance of the contract; (2) the payment of obligation(s) to subcontractor(s), laborer(s), and supplier(s) of
material(s) and service(s) incurred or to be incurred in the performance of the contract for which SURETY is or may be liable under  BOND(S)
and; (3) the satisfaction of UNDERSIGNED'S obligations to  SURETY under this AGREEMENT and all other indebtedness and liabilities of
UNDERSIGNED to SURETY. 

        (B)  PRINCIPAL shall, upon demand of SURETY, deliver the consideration for the
contract to a bank designated by SURETY for deposit in an account in the name of PRINCIPAL designated as
a "Special Account" or "Trust Account" and withdrawals from said "Special Account" or "Trust Account" shall be by check(s) payable to the beneficiaries and for the stated purposes of this trust,
signed by a representative of PRINCIPAL and by a representative of SURETY. 

        (C)  If
SURETY discharges any obligation of the PRINCIPAL to any trust
beneficiary, SURETY shall be entitled to assert the rights and claim of such beneficiary to the trust fund. 

        (D)  This
trust may be implemented in any other manner provided at law or in equity. This AGREEMENT and declaration constitute
notice of such trust. 

 
 

X
  TAKEOVER    
    

        In the event of an occurrence of an EVENT OF DEFAULT, SURETY,
without notice to UNDERSIGNED, shall have the right and power but not the obligation to do one or more of the following: 

        (a)   Take
possession of any part or all of the work under contract(s) secured by BOND(S) together with plant, machinery,
equipment, job books and records, plans, drawings, tools, supplies or material wherever located and owned, leased or usable by PRINCIPAL; 

        (b)   Assume
all right, title and interest of the PRINCIPAL in and to all subcontracts and purchase orders, let or to be let,
in connection with contract(s) secured by BOND(S); 

        (c)   Assume
all right, title and interest of UNDERSIGNED in licenses, patents and copyrights which  SURETY deems necessary for completion of the contracts
secured by BOND(S); 

        (d)   At
the expense of UNDERSIGNED, complete or arrange for completion or consent to the obligee's completion of part or all
of the work under contract(s) secured by BOND(S); 

        (e)   Assert,
pursue or prosecute, in its discretion, and at the expense of UNDERSIGNED in the name of  PRINCIPAL or in the name of SURETY, all claims of  PRINCIPAL against obligee(s) on BOND(S) or against any  PERSON, subcontractor, supplier, government or governmental agency arising or growing out of contracts or work done thereunder secured by  BOND(S) executed,
 provided or procured by SURETY. The authority and power to prosecute said claim(s)
shall include the authority to settle said claim(s) or any part thereof on such terms as the SURETY believes to be in  SURETY'S best interest;

5

 

        (f)    Arrange
with the obligee(s) in BOND(S) for the delivery of the consideration for the performance of the contract(s)
directly to SURETY, endorse checks, drafts, warrants or other instruments issued or paid by such obligee(s) and to apply the proceeds for the purpose of
the trust provided in paragraph IX (A) or for any other purpose which advances the SURETY'S rights of exoneration, indemnification and
subrogation. 

 
 

XI
  ASSIGNMENT    
    

        In order to secure UNDERSIGNED'S obligations to SURETY under this 
AGREEMENT and any other indebtedness and liabilities of the UNDERSIGNED to the  SURETY, whether
heretofore or hereafter incurred, the UNDERSIGNED hereby assign, transfer and convey to
SURETY all right, title interest and
estate of UNDERSIGNED in and to all property, whether tangible or intangible, wherever situated, now owned or hereafter acquired, including but not
limited to: 

        (a)   all
rights of the UNDERSIGNED in all contracts referred to in the  BOND(S), or secured by the BOND(S)
 and all money or property due or to become due  UNDERSIGNED arising out of or in any way relating to contracts performed by UNDERSIGNED, whether secured
by BOND(S) executed by SURETY or not, including, but not limited to, accounts receivable, progress
payments, deferred payments, retained percentages, compensation for extra work and claims and the proceeds thereof; 

        (b)   all
the right, title and interest of the UNDERSIGNED in and to all machinery, vehicles, rolling stock, materials,
inventory, leaseholds, fuel, plant, tools, furniture and fixtures; 

        (c)   all
money, cash, cash equivalents, bank accounts, deposits (checking or savings), certificates of deposit, securities, bonds and negotiable instruments; 

        (d)   all
subcontracts and purchase orders on projects in connection with which the UNDERSIGNED have entered contracts secured
by BOND(S) executed by SURETY and all surety bond(s), undertakings or guarantees which secure said
subcontracts or purchase orders; 

        (e)   all
licenses, patents, copyrights and trade secrets; 

        (f)    all
claims, causes of action, actions or demands and the proceeds therefrom which UNDERSIGNED may have against any
subcontractor, vendor, materialman, owner, architect, engineer, accountant or others, whether arising out of contracts secured by BOND(S) executed by  SURETY or not; 

        (g)   all
money, claims or causes of actions due, claimed or receivable on insurance policies including life insurance proceeds, builder risk policies, fire policies and
casualty policies; 

        (h)   all
warehouse receipts, bills of lading, general intangibles and farm products; 

        (i)    all
tax refunds or claims for tax refunds; 

        (j)    all
limited partnership and general partnership interests. 

        This
ASSIGNMENT shall be effective as of the date of this AGREEMENT but shall be
enforceable only in the event of the occurrence of an EVENT OF DEFAULT. The UNDERSIGNED hereby authorize
the SURETY, at its option, to prosecute or enforce said assigned rights in the name of the SURETY or in
that of the UNDERSIGNED and to endorse and to collect in the name of the UNDERSIGNED or payee any
checks, drafts, warrants or other instruments made or issued in payment of any such assigned rights. SURETY'S exercise of any of its rights as a secured
creditor under this AGREEMENT shall not be a waiver of any of SURETY'S legal or equitable rights or
remedies, including the SURETY'S rights of subrogation. 

6

 
 
 

XII
  PERFECTION OF SECURITY INTEREST    
    

        This AGREEMENT shall constitute a security agreement and financing statement for the benefit of the  SURETY in accordance with the provisions of the uniform commercial code or any other statute and may be so used by the  SURETY without in any way
abrogating, restricting or limiting the rights of the SURETY under this
AGREEMENT or as provided by law or in equity. SURETY may add such schedules to this  AGREEMENT as it shall deem necessary. A carbon, photographic or other reproduction of this AGREEMENT may
be filed as a financing statement. 

 
 

XIII
  POWER OF ATTORNEY    
    

        The UNDERSIGNED hereby irrevocably nominate, appoint, and designate the  SURETY or any person or persons designated by the SURETY as their
attorney-in-fact with the right, power and authority to exercise all of the rights assigned, transferred or conveyed to the  SURETY by this AGREEMENT, and in the name of UNDERSIGNED
to execute and deliver any and all additional or other assignments, instruments or documents deemed necessary or desirable by the SURETY to vest in the  SURETY absolute title to any and all monies, property and rights hereby assigned, and to provide the protection and rights to the  SURETY contemplated by
the provisions of this AGREEMENT, including, but not limited to, the right, power
and authority to sign the name of the UNDERSIGNED to any voucher, release, satisfaction, check, draft, Uniform Commercial Code filing or bill of sale of
property. 

 
 

XIV
  CHANGES    
    

        (A)  SURETY at its sole option, is authorized and empowered, without notice to or knowledge of the  UNDERSIGNED to agree or refuse to agree to any change
whatsoever in any BOND, or any contract or
obligation secured by any BOND, including, but not limited to, any change in the time of completion of any contract and to payments or advances
thereunder before the same may be due, and to consent to or take any assignment or assignments, to execute or consent to the execution of any continuations, extensions or renewals of any  BOND and
execute any substitute or substitutes therefor, with the same or different conditions, provisions and obligees and with the same or larger or
smaller BOND penalties. It is expressly understood and agreed that the UNDERSIGNED remain bound under
the terms of this AGREEMENT even though any such consent by the SURETY may substantially increase the
liability of UNDERSIGNED. 

        (B)  UNDERSIGNED represent and warrant to SURETY that they are currently
informed and shall remain informed and appraised of the PRINCIPAL'S business activities, ventures and financial affairs, including but
not limited to the type, size (single job and aggregate program), location and status of projects and contracts performed by PRINCIPAL and secured by  BOND(S)
 executed, provided or procured by SURETY. SURETY
has no obligation to inform UNDERSIGNED of any change in any aspect of the PRINCIPAL'S
business activities or financial affairs or in the type, size or location of projects or contracts secured by BOND(S) executed, provided or procured by  SURETY. 

        (C)  UNDERSIGNED waive notice of the execution, continuation, or renewal of any  BOND and of any fact, act or information concerning or affecting the rights or
liabilities of SURETY or  UNDERSIGNED including, but not limited to, any acts giving rise to any loss under the
BOND(S). 

7

 
 
 

XV
  ADVANCES    
    

        SURETY, at its sole option, may guarantee loans or to advance or lend to, or for the account of, the  PRINCIPAL any money which the SURETY in its sole discretion may deem advisable to so extend or loan,
reserving to itself, however, the absolute right to prepay, cancel or disapprove advances under any
such guarantee or to cease or withdraw advancing or lending money to the PRINCIPAL or for the account of the  PRINCIPAL with or without cause
and with or without notice to the PRINCIPAL or  UNDERSIGNED. All money extended by the SURETY, or loaned or advanced to, or for the account of, the  PRINCIPAL or guaranteed by the SURETY and all related costs and expenses
incurred by the  SURETY, shall be loss to the SURETY for which the  UNDERSIGNED shall be
responsible. It is agreed and understood that money or credit advanced to the
PRINCIPAL may at the discretion of SURETY be used to satisfy obligations secured by  BOND(S) or may be used to satisfy other debts not covered by BOND(S) but necessary in the judgment of  SURETY to advance the work.
UNDERSIGNED understand and acknowledge that  SURETY is under no obligation to loan money or extend credit to or for the account of the
PRINCIPAL. 

 
 

XVI
  RIGHT TO INFORMATION AND RECORDS    
    

        (A)  At
any time during business hours and until such time as the liability of SURETY under  BOND(S) is terminated and SURETY is fully reimbursed for all of its losses, costs and expenses as a
result of having executed, provided or procured BOND(S) on behalf of PRINCIPAL,  SURETY
shall have access to the books, records, software, data bases, computer stored information, contract documents, drawings, and accounts of
UNDERSIGNED, wherever located, for the purpose of inspection, copying and reproduction. 

        (B)  UNDERSIGNED authorize SURETY or its designee to investigate the financial
condition of UNDERSIGNED, the status of work under contracts being performed by UNDERSIGNED, the
condition of the performance of such contracts, the status of payment of accounts of UNDERSIGNED and all other matters deemed appropriate by  SURETY for the purpose of determining whether or not to execute BOND(S) on  PRINCIPAL'S behalf or in investigating claims made against
BOND(S) or in investigating
SURETY'S exposure to loss generally. When requested by SURETY, banks, depositories, accountants,
attorneys, obligees on BOND(S), architects, materialmen, subcontractors, supply houses, prior and subsequent sureties, joint venturer(s), and other  PERSON(S)
 are hereby authorized by UNDERSIGNED to furnish  SURETY any information requested with respect to UNDERSIGNED.  SURETY shall have no liability for receipt or disclosure of any information respecting UNDERSIGNED which
is obtained or utilized pursuant hereto. 

 
 

XVII
  SUBORDINATION    
    

        UNDERSIGNED waive and subordinate all rights of indemnity, subrogation and contribution each against the other
until all obligations to the SURETY under this AGREEMENT, at law or in equity, have been satisfied in
full. 

 
 

XVIII
  NATURE OF RIGHTS    
    

        (A)  SURETY'S rights hereunder shall be deemed to be cumulative with and in addition to all other rights of  SURETY, however derived. 

        (B)  The
UNDERSIGNED shall continue to be bound under the terms of this  AGREEMENT even though the SURETY may from time to time heretofore or hereafter, with or without notice
to or 

8

 

knowledge
of UNDERSIGNED, accept or release other agreements of Indemnity, collateral or other security in connection with the execution or procurement
of BOND(S), from UNDERSIGNED or others, it being expressly understood and agreed by  UNDERSIGNED that any and all other rights which the SURETY may have or acquire against the
UNDERSIGNED and/or other PERSONS under any other or additional agreements of Indemnity, collateral or
other security shall be in addition to, and not in lieu of the rights afforded the SURETY under this  AGREEMENT. 

        (C)  SURETY is not required to exercise or exhaust its remedies or rights against  PRINCIPAL or to await receipt of any dividends from legal representatives of
PRINCIPAL before asserting
its rights hereunder against UNDERSIGNED. 

        (D)  UNDERSIGNED authorize SURETY to settle, compromise or release any claim
of SURETY hereunder against any one or more of UNDERSIGNED individually, and  UNDERSIGNED agree that such settlement, compromise or release shall not release or otherwise effect the liability of any of the remaining  UNDERSIGNED to SURETY. 

 
 

XIX
  TERMINATION AND MODIFICATION    
    

        (A)  There
shall be no waiver, modification or change of the terms of this AGREEMENT by any employee or agent of  SURETY, or any broker of SURETY or PRINCIPAL, or any
other PERSON without the written approval of an officer of SURETY. 

        (B)  This  AGREEMENT may be terminated as to any UNDERSIGNED upon
written
notice given to SURETY by such UNDERSIGNED by registered or certified mail addressed to: 

XL
Specialty Insurance Company

25 Independence Boulevard

Warren, New Jersey 07059 

        (C)  Such
termination shall not be effective until thirty (30) days after receipt of said written notice by SURETY. 

        (D)  Such
termination shall not relieve any UNDERSIGNED from liability to  SURETY arising out of or with respect to: (1) BOND(S) executed prior to such termination;
(2) the renewal substitution or extension of any BOND(S) executed prior to such termination; (3) maintenance, warranty or guarantee  BOND(S) executed incidental to or to replace, substitute or supplement other BOND(S) executed prior to
such termination; (4) BOND(S) executed upon award of a contract to principal for which SURETY
executed bid BOND(S) or BID LETTERS prior to such termination. 

        (E)  Such
termination shall not affect in any manner the liability of any UNDERSIGNED as do not give the notice required
herein. 

 
 

XX
  SEVERABILITY AND PARTIAL EXECUTION    
    

        (A)  If
any provision or provisions, or portion thereof, of this AGREEMENT shall be void or unenforceable under the laws of
any jurisdiction governing its construction or enforceability, this AGREEMENT shall not be void or vitiated thereby, but shall be construed and enforced
with the same effect as though such provision or provisions, or portion thereof were omitted. 

        (B)  In
case any PERSON referred to anywhere in this AGREEMENT fails to
execute the AGREEMENT, or in case the execution hereof by any of UNDERSIGNED shall be defective or
invalid for any reason, such failure, defect or invalidity shall not in any manner affect the validity and enforceability of this AGREEMENT or the
liability hereunder of any of UNDERSIGNED, but each and 

9

 

every
party so executing shall be and remain fully bound and liable hereunder to the same extent as if such failure, defect or invalidity had not existed. 

 
 

XXI
  MISCELLANEOUS    
    

        UNDERSIGNED are bound to SURETY under this  AGREEMENT for all bonds procured by SURETY, on behalf of
UNDERSIGNED, for issuance and execution by CGU Insurance Company, General Accident Insurance Company, Commercial Union Insurance Company, and any of
their subsidiary, associated or affiliated companies, their successors and assigns.

 
 

PARAGRAPH TITLES    
    

        Paragraph titles or captions contained in this AGREEMENT are descriptive only and shall not restrict or modify the
terms of the AGREEMENT. In the event of any inconsistency between the paragraph titles or captions and terms of this  AGREEMENT, the terms of
this AGREEMENT shall control.
 

 
 

XXIII
  SUPERSESSION    
    

        UNDERSIGNED WARRANT AND REPRESENT THAT THEY HAVE CAREFULLY READ THE ENTIRE  AGREEMENT AND THAT THEY HAVE CONSULTED OR HAVE HAD THE OPPORTUNITY TO CONSULT WITH COUNSEL AND SUCH OTHER EXPERTS AND ADVISORS AS THEY HAVE DEEMED
NECESSARY AND THAT THEY ARE NOT RELYING ON ANY STATEMENT, REPRESENTATION, WARRANTY, COVENANT, OR INTERPRETATION OF ANY KIND MADE BY  SURETY OR
BY SURETY'S AGENTS OTHER THAN THOSE SET FORTH IN THIS  AGREEMENT IN CONNECTION WITH THE EXECUTION, DELIVERY OR
ENFORCEMENT OF THIS AGREEMENT.
 

10

 

        IN
WITNESS WHEREOF, this AGREEMENT is executed by the parties to be effective on the day and date first set forth above. 

	ATTEST	 	CORPORATION
	

 	
 	

 	
 	

Meadow Valley Corporation
	
	 	

	

By:	
 	

/s/  CLINT TRYON      
 Clint Tryon	
 	

By:	
 	

/s/  BRADLEY E. LARSON      
 Bradley E. Larson	
 	

(Seal)
	

Title:	
 	

Corporate Secretary
	
 	

Title:	
 	

President

	

 	
 	

 	
 	

Address:	
 	

4411 South 40th Street, Suite D-11

	

 	
 	

 	
 	

Phoenix, AZ 85040-

City                        State                
        Zip Code
	

ATTEST	
 	

CORPORATION
	

 	
 	

 	
 	

Meadow Valley Contractors, Inc.
	
	 	

	

By:	
 	

/s/  CLINT TRYON      
 Clint Tryon	
 	

By:	
 	

/s/  BRADLEY E. LARSON      
 Bradley E. Larson	
 	

(Seal)
	

Title:	
 	

Corporate Secretary
	
 	

Title:	
 	

President

	

 	
 	

 	
 	

Address:	
 	

4411 South 40th Street, Suite D-11

	

 	
 	

 	
 	

Phoenix, AZ 85040-

City                        State                
        Zip Code
	

ATTEST	
 	

CORPORATION
	

 	
 	

 	
 	

Ready Mix, Inc.
	
	 	

	

By:	
 	

/s/  CLINT TRYON      
 Clint Tryon	
 	

By:	
 	

/s/  BRADLEY E. LARSON      
 Bradley E. Larson	
 	

(Seal)
	

Title:	
 	

Corporate Secretary
	
 	

Title:	
 	

Vice President

	

 	
 	

 	
 	

Address:	
 	

3430 E. Flamingo, Suite 100

	

 	
 	

 	
 	

Las Vegas, NV 89121

City                        State                
        Zip Code

11

 
 
 

CORPORATE ACKNOWLEDGMENT    
    

	State of Arizona	 	ss.:
	County of Maricopa	 	 

        On
this 12th day of April, in the year 2004, before me personally comes Bradley E. Larson to me known, who being by me duly sworn, deposes and says that he resides in the City of Gilbert
that he is the President of the Meadow Valley Corporation the corporation described in and which executed the foregoing instrument; that he knows the seal of the said corporation; that the seal
affixed to the said instrument is such corporate seal; that it was so affixed by the order of the Board of Directors of said corporation, and that he signed his name thereto by like order. 

	[SEAL]

FORTINA M. BUNTON

Notary Public—Arizona

Maricopa County

My Commission Expires

May 30, 2004	 	/s/  FORTINA M. BUNTON      
 (Signature of Notary Public)

My Commission expires May 30, 2004
	

State of Arizona	
 	

ss.:
	County of Maricopa	 	 

        On
this 12th day of April, in the year 2004, before me personally comes Bradley E. Larson to me known, who being by me duly sworn, deposes and says that he resides in the City of Gilbert
that he is the President of the Meadow Valley Contractors, Inc. the corporation described in and which executed the foregoing instrument; that he knows the seal of the said corporation; that
the seal affixed to the said instrument is such corporate seal; that it was so affixed by the order of the Board of Directors of said corporation, and that he signed his name thereto by like order. 

	[SEAL]

FORTINA M. BUNTON

Notary Public—Arizona

Maricopa County

My Commission Expires

May 30, 2004	 	/s/  FORTINA M. BUNTON      
 (Signature of Notary Public)

My Commission expires May 30, 2004
	

State of Arizona	
 	

ss.:
	County of Maricopa	 	 

        On
this 12th day of April, in the year 2004, before me personally comes Bradley E. Larson to me known, who being by me duly sworn, deposes and says that he resides in the City of Gilbert
that he is the Vice President of the Ready Mix, Inc. the corporation described in and which executed the foregoing instrument; that he knows the seal of the said corporation; that the seal
affixed to the said instrument is such corporate seal; that it was so affixed by the order of the Board of Directors of said corporation, and that he signed his name thereto by like order. 

	[SEAL]

FORTINA M. BUNTON

Notary Public—Arizona

Maricopa County

My Commission Expires

May 30, 2004	 	/s/  FORTINA M. BUNTON      
 (Signature of Notary Public)

My Commission expires May 30, 2004

        IMPORTANT: Attach certified copy of Resolution authorizing [illegible] of this instrument by Corporation or Limited Liability Company
member.  

12

QuickLinks

Exhibit 10.14

AGREEMENT OF INDEMNITY

I DEFINITIONS

II GENERAL

III DECLINE EXECUTION

IV PREMIUMS

V INDEMNITY

VI SETTLEMENTS AND PAYMENTS

VII SET-OFF

VIII SUITS

IX TRUST FUND

X TAKEOVER

XI ASSIGNMENT

XII PERFECTION OF SECURITY INTEREST

XIII POWER OF ATTORNEY

XIV CHANGES

XV ADVANCES

XVI RIGHT TO INFORMATION AND RECORDS

XVII SUBORDINATION

XVIII NATURE OF RIGHTS

XIX TERMINATION AND MODIFICATION

XX SEVERABILITY AND PARTIAL EXECUTION

XXI MISCELLANEOUS

PARAGRAPH TITLES

XXIII SUPERSESSION

CORPORATE ACKNOWLEDGMENT

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