Document:

Exhibit 10.12

INDALEX HOLDINGS FINANCE, INC.

75 Tri-State International

Lincolnshire, IL  60069

May 31, 2006

Timothy Stubbs

75 Tri-State
International

Lincolnshire, IL  60069

Dear Tim:

This letter
agreement (this “Letter Agreement”) is between you and Indalex Holdings
Finance, Inc., a Delaware corporation (“Indalex”). Reference is made to
the Amended and Restated 2006 Stock Option Plan of Indalex (the “Plan”)
and the Indalex Stock Option Grant Agreement, dated as of the date hereof,
between you and Indalex (the “Grant Agreement”). Any capitalized term
used herein and not otherwise defined shall have the meaning given to such term
in the Plan.

In the event that
you cease to be an employee of Indalex and its Subsidiaries as a result of your
resignation or termination without Cause (as determined by Indalex in its sole
discretion), you shall be entitled to continue to receive your base salary
(but, for the avoidance of doubt, not discretionary or incentive compensation)
for a period of twelve months following your resignation or termination without
Cause (the “Severance Period”). In addition, Indalex shall have the
option, by delivering written notice to you within nine months after you cease
to be an employee of Indalex and its Subsidiaries, to (i) extend the Severance
Period for an additional twelve-month period, during which time Indalex shall
continue to make severance payments to you at the same annual rate, and
(ii) automatically extend the non-competition period prescribed by Annex A
to the Grant Agreement for such additional twelve-month period. Notwithstanding
the foregoing, (x) you shall not be entitled to receive any payments described
herein unless you have executed and delivered to Indalex a general release in
form and substance satisfactory to Indalex (the “Release”) and (y) you
shall be entitled to receive the payments described herein only so long as you
(A) have not breached any of the terms or provisions of this Letter
Agreement, Annex A to the Grant Agreement, the Release and any other
agreement with Indalex, Sun Capital Partners, Inc., and/or any of their
respective affiliates and (B) have not applied for unemployment
compensation chargeable to Indalex.

This Letter
Agreement contains the entire agreement and understanding between the parties
hereto and supersedes all prior agreements and understandings between the
parties hereto, whether written or oral, relating to the subject matter hereof.
In the event of any conflict between this Letter Agreement and any other
agreements, this Letter Agreement shall control to the extent of any such
inconsistency.

This Letter
Agreement is intended to bind and inure to the benefit of and be enforceable by
each of the parties hereto and their respective heirs, successors and assigns,
except that no party may assign any rights or delegate any obligations
hereunder without the

 

prior written consent of the other party hereto;
provided that Indalex may assign its rights under this Letter Agreement to any
of its affiliates without your prior written consent.

All issues and
questions concerning the construction, validity, enforcement and interpretation
of this Letter Agreement shall be governed by, and construed in accordance
with, the laws of the State of Delaware, without giving effect to any choice of
law or conflict of law rules or provisions (whether of the State of Delaware or
any other jurisdiction) that would cause the application of the laws of any
jurisdiction other than the State of Delaware.

EACH OF THE
PARTIES HERETO IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY SUIT,
ACTION OR OTHER PROCEEDING INSTITUTED BY OR AGAINST SUCH PARTY IN RESPECT OF
HIS OR ITS OBLIGATIONS HEREUNDER OR THE TRANSACTIONS CONTEMPLATED HEREBY.

This Letter
Agreement may be executed in separate counterparts (including by means of
signature pages transmitted by facsimile machine), any one of which need not
contain the signatures of more than one party, and all such counterparts taken
together shall constitute one and the same agreement.

*          *          *          *

 

 2

 

If you are in
agreement with the foregoing, please sign where indicated below, whereupon this
Letter Agreement shall become a binding agreement between the signatories
hereto.

	
  

  	
  Sincerely,

  
	
   

  
	
   

  	
  INDALEX HOLDINGS FINANCE, INC.

  
	
   

  	
   

  
	
   

  
	
   

  	
  By:

  	
  /s/ Michael Alger

  	
   

  
	
   

  	
  Name:

  	
  Michael Alger

  
	
   

  	
  Its:

  	
  EVP/CFO

  
					

 

	
  This Letter Agreement is hereby accepted

  and agreed to as of the date first written above.

  
	
   

  
	
   

  
	
  By:

  	
  /s/ Timothy Stubbs

  	
   

  
	
   

  	
  Timothy StubbsExhibit 10.13

INDALEX HOLDINGS FINANCE, INC.

75 Tri-State International

Lincolnshire, IL  60069

May 31, 2006

Michael Alger

75 Tri-State
International

Lincolnshire, IL  60069

Dear Mike:

This letter
agreement (this “Letter Agreement”) is between you and Indalex Holdings
Finance, Inc., a Delaware corporation (“Indalex”). Reference is made to
the Amended and Restated 2006 Stock Option Plan of Indalex (the “Plan”)
and the Indalex Stock Option Grant Agreement, dated as of the date hereof,
between you and Indalex (the “Grant Agreement”). Any capitalized term
used herein and not otherwise defined shall have the meaning given to such term
in the Plan.

In the event that
you cease to be an employee of Indalex and its Subsidiaries as a result of your
resignation or termination without Cause (as determined by Indalex in its sole
discretion), you shall be entitled to continue to receive your base salary
(but, for the avoidance of doubt, not discretionary or incentive compensation)
for a period of twelve months following your resignation or termination without
Cause. Notwithstanding the foregoing, (x) you shall not be entitled to receive
any payments described herein unless you have executed and delivered to Indalex
a general release in form and substance satisfactory to Indalex (the “Release”)
and (y) you shall be entitled to receive the payments described herein only so
long as you (A) have not breached any of the terms or provisions of this
Letter Agreement, Annex A to the Grant Agreement, the Release and any
other agreement with Indalex, Sun Capital Partners, Inc., and/or any of their
respective affiliates and (B) have not applied for unemployment
compensation chargeable to Indalex.

This Letter
Agreement contains the entire agreement and understanding between the parties hereto
and supersedes all prior agreements and understandings between the parties
hereto, whether written or oral, relating to the subject matter hereof. In the
event of any conflict between this Letter Agreement and any other agreements,
this Letter Agreement shall control to the extent of any such inconsistency.

This Letter
Agreement is intended to bind and inure to the benefit of and be enforceable by
each of the parties hereto and their respective heirs, successors and assigns,
except that no party may assign any rights or delegate any obligations
hereunder without the prior written consent of the other party hereto; provided
that Indalex may assign its rights under this Letter Agreement to any of its
affiliates without your prior written consent.

All issues and
questions concerning the construction, validity, enforcement and interpretation
of this Letter Agreement shall be governed by, and construed in accordance
with, the laws of the State of Delaware, without giving effect to any choice of
law or conflict of law

 

rules or provisions (whether of the State of Delaware
or any other jurisdiction) that would cause the application of the laws of any
jurisdiction other than the State of Delaware.

EACH OF THE
PARTIES HERETO IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY SUIT,
ACTION OR OTHER PROCEEDING INSTITUTED BY OR AGAINST SUCH PARTY IN RESPECT OF
HIS OR ITS OBLIGATIONS HEREUNDER OR THE TRANSACTIONS CONTEMPLATED HEREBY.

This Letter
Agreement may be executed in separate counterparts (including by means of
signature pages transmitted by facsimile machine), any one of which need not
contain the signatures of more than one party, and all such counterparts taken
together shall constitute one and the same agreement.

*          *          *          *

 

 2

 

If you are in
agreement with the foregoing, please sign where indicated below, whereupon this
Letter Agreement shall become a binding agreement between the signatories
hereto.

	
  

  	
  Sincerely,

  
	
   

  	
   

  
	
   

  	
  INDALEX HOLDINGS FINANCE, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Timothy Stubbs

  	
   

  
	
   

  	
  Name:

  	
  Timothy Stubbs

  
	
   

  	
  Its:

  	
  CEO

  
					

 

	
  This Letter Agreement is hereby accepted

  and agreed to as of the date first written above.

  
	
   

  
	
   

  
	
  By:

  	
  /s/ Michael Alger

  	
   

  
	
   

  	
  Michael AlgerExhibit
10.14

	
  

  	
   

  	
  75 Tri state International

  Lincolnshire, IL 60069

  

 

Jerry Nies

15396 Wentworth Crt.

Granger, IN 46530

July 12, 2005

Dear Jerry,

Reference: Termination
Agreement

Further to our recent
discussions, please find below details of the agreement that will apply in the
event of the termination of your employment with the Company.

This Termination
Agreement sets out:

·              The
Company’s commitments to you regarding severance pay following a change in
ownership and in the even of termination of your employment by the Company (or
subsequent owners) without “Cause” (as defined below in this Memorandum);

·              Your
commitment to give the Company an agreed period of advance notice if you choose
to leave the Company’s employ, and the Company’s commitment concerning
continuation of your salary during this notice period;

·              Your
agreement to a non solicitation Clause, Non-competition Clause and
Confidentiality Agreement; and

·              Coordination
of the benefits and period of notice provided by this agreement with certain
legally required benefits and/or notice.

You and the Company each
continue to have the right to terminate the employment relationship at will
subject to the terms of this agreement. It is understood and agreed that the
provisions of this Termination Agreement do not apply in the event of your
retirement or any termination of your employment in circumstances where you are
in receipt of Company sponsored disability benefits at the time of your
termination.

	
  Yours
  Sincerely

  
	
   

  
	
  /s/ Tim Stubbs

  	
   

  
	
  Tim Stubbs

  
	
  Chief Executive Officer,

  
	
  Indalex Aluminum Solutions

  

 

 

Agreement Details

A.            Termination
by the Company

In consideration of your
continued service to the Company and your seniority and in further consideration
of your particular responsibilities, in the event your employment is terminated
by the Company within twelve (12) months of a change in ownership, for reasons
other than ‘Cause’, the Company will provide you with the following severance
terms.

1.             You will
receive on termination a lump sum representing twelve (12) months of annual
base salary or at the Company’s election, your base salary will be payable as
continued salary through the regular payroll, for the twelve month period
subsequent to your Termination Date.

2.             Health,
Dental and Life Insurance benefits coverage, at levels in place at the
Termination Date, will be extended up to the earlier of twelve (12) months
following the Termination Date, or the earliest date at which you become eligible
for such coverage with a new employer. It is understood that short-term
disability benefit coverage and long-term disability insurance benefits cease
on your Termination Date.

Wile covered under US benefits, Health & Dental coverage
continuation under this paragraph (3) will be in the form of Company paid COBRA
continuation coverage and you must elect and remain eligible for such coverage
to receive this benefit. At the end of the Company paid coverage period you may
continue your coverage for the remainder of the COBRA period at your expense in
accordance with COBRA regulations and provided that you remain eligible for
COBRA continuation coverage.

3.             You will
be entitled to continuation of car allowance for up to the earlier of (12)
twelve months or the date you become eligible for another company provided
vehicle/allowance.

4.             You may
use the cellular phone in your possession at Company expense for 30 days after
Termination Date. During the coverage period, arrangements may, at your option,
be made to transfer the phone number to your own name. After 30 days you will
either return or take over full possession of the phone and costs.

5.             Payment
for any other benefits, privileges, or perquisites that you enjoy at Termination
Date will cease immediately.

6.             Pensionable
service will cease at Termination Date with your pension benefits governed by
the terms of the plans in which you participate. The Company will meet the
legislative requirements in the jurisdiction governing the terms of the ‘retirement
plans’.

7.             You will
be entitled to executive outplacement services, with a supplier determined by
the company, for a period of six months. The Company will not pay you direct as
an alternative to such professional services.

 2
 

 

It is agreed that in
order to be eligible for the above payments you must at the time of payment
sign and continue to honor a Binding Release, in a form acceptable to the
Company of any claims, including but not limited to those for disability and
insurance benefits against the Company, an Affiliated Organization, and their
officers, directors, employees, owners and their agents.

B.  Termination by You

1.             You
agree to provide a minimum of three months written notice should you decide to
voluntarily terminate your employment with the Company.  In such case you agree to assist the Company
in transition arrangements whereby you willingly carry out your
responsibilities to the best of your ability until such time as the CEO to whom
you report at the time sets a Termination Date. 
Termination of your employment under this Part B will not entitle you to
Severance under Part A above.

2.             If the
Company terminates your employment other than for Cause during this three
months notice period, the Company will continue your salary and health, dental
and life insurance benefits for the balance of the three months period.

C.  Non Solicitation, Non Competition and
Confidentiality Clauses:

1.             Non
Solicitation and Non Competition

You agree that during your employment with the Company and for twelve
(12) months after any termination of your employment with the Company, you will
not directly or indirectly do any of the following:

a.             Hire any
person employed by the Company, or solicit anyone employed by the Company to
accept employment elsewhere or suggest to any person employed by the Company
that they should leave the Company’s employment.

b.             Solicit
any person who is a customer of the Company to cease doing business with the
Company or to purchase products or services competitive with a product or
service offered by the Company.

c.             Compete
with the Company, or furnish services or advice of any kind (as of an employee,
consultant, or in any other capacity) to any competitor of the Company.  As used in this sub-paragraph, the term “competitor”
means any person or entity which offers for sale in North America any product
or service that is competitive with a product or service offered by the
Company.

 3
 

 

2.             Confidentiality

You agree never to use or disclose, except as authorized in your
performance of services for the Company, any non-public information owned by or
about the Company (or an Affiliated Organization), or their business,
customers, or employees.  You agree that
upon termination of your employment with the Company, you will immediately
return all documents, notes, electronic data and other materials containing
such non-public information, including all copies and extracts.  As used above, ‘non-public information
includes all information except that which is publicly known without any breach
by you of your commitments in this paragraph.

You agree that if any
provision of this Part C is determined by a court of competent jurisdiction to
be unenforceable as written, it is the intent of the parties that such
provision shall be modified as applied in that jurisdiction, as to its scope,
duration, geographic coverage or in any other manner, to the extent necessary
to allow its enforcement, and that it shall be enforced as so modified, subject
only to allowable appeals of such court decision.

D.            Certain
Legally Required Benefits

1.             Provisions
of Applicable Illinois Legislation - To the extent that the laws of Illinois
govern the employment relationship between you and the Company, the Company
guarantees that the amounts payable pursuant to this Agreement shall not be
less than that required pursuant to the notice and severance pay provisions of
applicable minimum legislation requirements, if any, provided that all such
payments pursuant to such legislation shall be deemed to be included on account
of any owed under this Agreement.

2.             United
States Law - If upon termination of your employment relationship with the
Company you would be entitled to unemployment compensation benefits under the
law of any of the United States of America, your eligibility for benefits under
this agreement is conditioned on your not applying for United States
unemployment compensation benefits for any week covered by payments made to you
under Part A or B, above.

The terms of this agreement
shall remain in full force and effect unamended notwithstanding any other
alterations to your terms and conditions of employment, whether fundamental or
otherwise, unless you and the Company otherwise agree in writing.

I have read, understand
and agree with the terms and conditions of this Termination Agreement as set
out above.

 

	
  /s/ Jerry Nies

  	
   

  	
  7-22-05

  	
   

  
	
  (Signed by Jerry
  Nies)

  	
   

  	
  (Date)

  	
   

  

 

 4
 

 

Definitions:

·              Without
limiting its generality, ‘Cause’ is defined as neglect, failure or inability to
perform, or poor performance of duties, consistent failure to attain assigned
objectives, misappropriation of Company property, intentional damage to company
property, activities in aid of a competitor, insubordination, dishonesty,
conviction of a crime involving moral turpitude, or performance of any act
(including any dishonest or fraudulent act) detrimental to the interests of the
Company.

·              ‘Company’
is defined as any part of the Indalex Aluminum Solutions Group of Companies.

·              “Affiliated
Organization” is defined, as any entity owning, owned by or under common
ownership with the Company.

·              ‘Termination
Date’ is defined as last day actually worked.

·              “Change
in Ownership” is defined as the sale or transfer of all, or substantially all,
of the Indalex Aluminum Solutions Group (Indalex Inc and Indalex Limited) by
Honeywell International Inc. to any unrelated third party

 5

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