Document:

Fifth Amendment to Amended and Restated Credit and Security Agreement

 Exhibit 10.19 
 FIFTH AMENDMENT TO AMENDED AND RESTATED CREDIT 
 AND SECURITY AGREEMENT

 THIS FIFTH AMENDMENT TO AMENDED AND RESTATED CREDIT AND SECURITY AGREEMENT (this
“Amendment”) is made and entered into this 15th day of November, 2006, by and among PNA Group, Inc., a
Delaware corporation and successor by merger to Travel Merger Corporation (“PNA”), Smith Pipe & Steel Company, an Arizona corporation (“Smith”), Infra-Metals Co., a Georgia corporation (“Infra-Metals”),
Feralloy Corporation, a Delaware corporation (“Feralloy”), Delta Steel L.P., a Texas limited partnership (“Delta Steel”), Delta GP, L.L.C., a Texas limited liability company (“Delta GP”), Delta LP, L.L.C., a Delaware
limited liability company (“Delta LP”), Delnor Corporation, a Texas corporation (“Delnor”), Metals Supply Company, Ltd., a Texas limited partnership (“Metals Supply”), and MSC Management, Inc., a Texas corporation
(“MSC”; and PNA, Smith, Infra-Metals, Feralloy, Delta Steel, Delta GP, Delta LP, Delnor, Metals Supply and MSC, the “Borrowers” and each individually a “Borrower”); the Lenders (as defined in the Credit Agreement (as
defined below)) party hereto; Bank of America, N.A., a national banking association, as collateral and administrative agent for the Lenders (together with its successors in such capacity, “Administrative Agent”). 
 Recitals: 
 Administrative
Agent, Lenders, and Borrowers are parties to a certain Amended and Restated Credit and Security Agreement dated as of May 9, 2006, as amended by that certain First Consent and First Amendment to Amended and Restated Credit and Security
Agreement dated as of May 31, 2006, as further amended and supplemented by that certain Joinder Agreement and Supplement to Amended and Restated Credit and Security Agreement dated as of May 31, 2006, as further amended by that certain
Second Consent and Second Amendment to Amended and Restated Credit and Security Agreement dated as of June 23, 2006, as further amended by that certain Third Amendment to Amended and Restated Credit and Security Agreement dated as of
July 13, 2006, as further amended and supplemented by that certain Joinder Agreement for Revolver Commitment dated as of July 13, 2006, as further amended by that certain Third Consent Letter and Fourth Amendment to Amended and Restated
Credit and Security Agreement dated as of August 10, 2006, as further amended and supplemented by that certain Joinder Agreement and Supplement to Amended and Restated Credit and Security Agreement dated as of August 10, 2006 (the
“Credit Agreement”) pursuant to which Lenders have made certain loans and other financial accommodations to Borrowers. 
 Effective
September 20, 2006 Borrowers satisfied the PropCo Release Conditions and accordingly the following Obligors were automatically released from the Credit Documents and shall no longer be deemed or construed to be Borrowers thereunder: Delnor
Property, LLC, a Delaware limited liability company, Delta Steel Property, LLC, a Delaware limited liability company, Feralloy Property, LLC, a Delaware limited liability company, Infra-Metals Property, LLC, a Delaware
limited liability company, Infra-Metals Property II, LLC, a Delaware limited liability company, Metals Supply Property, LLC, a Delaware limited liability company, Smith Pipe & Steel Property, LLC, a Delaware limited
liability company, Travel Main Corporation, a Delaware corporation, Lockwood Acquisition, LLC, a Delaware limited liability company, and Clinton & Lockwood, Ltd., a Texas limited partnership 
  

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 Borrowers have requested certain amendments to the Credit Agreement and Lenders have agreed to such
amendments upon the terms and subject to the conditions set forth herein. 
 NOW, THEREFORE, for TEN DOLLARS ($10.00) in hand paid and other
good and valuable consideration, the receipt and sufficiency of which are hereby severally acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows: 
 1. Definitions. All capitalized terms used in this Amendment, unless otherwise defined herein, shall have the meaning ascribed to such terms
in the Credit Agreement. 
 2. Amendments to Credit Agreement. The Credit Agreement is hereby amended to delete clauses (i),
(ii) and (iii) of Section 10.1.3 of the Credit Agreement in their entirety and to substitute the following therefor: 
 “(i) as soon as available, and in any event within ninety (90) days after the close of each Fiscal Year audited balance sheets of Borrowers and their respective Subsidiaries as of the end of such Fiscal Year and the related
statements of income, Shareholders’ equity and cash flow, on a Consolidated basis (and audited balance sheets of New Parent and its Subsidiaries as of the end of such Fiscal Year and the related statements of income, Shareholders’ equity
and cash flow on a Consolidated basis), certified without material qualification by a firm of independent certified public accountants of recognized national standing selected by Borrowers (or, in the case of financial statements of New Parent, New
Parent) but reasonably acceptable to Agents (except for a qualification for a change in accounting principles with which the accountant concurs), and setting forth in each case in comparative form the corresponding Consolidated figures for the
preceding Fiscal Year; 
 (ii) as soon as available, and in any event within thirty (30) days after the end of each month
hereafter, including the last month of Borrowers’ Fiscal Year, unaudited balance sheets of Borrowers and its Subsidiaries as of the end of such month and the related unaudited statements of income and cash flow for such month and for the
portion of Borrowers’ Fiscal Year then elapsed, on a Consolidated and consolidating basis (and unaudited balance sheets of New Parent and its Subsidiaries as of the end of such month and the related statements of income and cash flow on a
Consolidated and consolidating basis), setting forth in each case in comparative form the corresponding figures for the preceding Fiscal Year and certified by the principal financial officer of Borrowers (or, in the case of the financial statements
of New Parent and its Subsidiaries, the principal financial officer of New Parent) as prepared in accordance with GAAP and fairly presenting the Consolidated financial position and results of operations of Borrowers and their Subsidiaries (or, in
the case of financial statements of New Parent, New Parent and its Subsidiaries) for such month and period subject only to changes from audit and year-end adjustments and except that such statements need not contain notes; 
  

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 (iii) as soon as available, and in any event within forty-five (45) days after the
end of each Fiscal Quarter hereafter, including the last Fiscal Quarter of Borrowers’ Fiscal Year, unaudited balance sheets of Borrowers and its Subsidiaries as of the end of such Fiscal Quarter and the related unaudited statements of income
and cash flow for such Fiscal Quarter and for the portion of Borrowers’ Fiscal Year then elapsed, on a Consolidated and consolidating basis (and unaudited balance sheets of New Parent and its Subsidiaries as of the end of such Fiscal Quarter
and the related statements of income and cash flow on a Consolidated and consolidating basis), setting forth in each case in comparative form the corresponding figures for the preceding Fiscal Year and certified by the principal financial officer of
Borrowers (or, in the case of the financial statements of New Parent and its Subsidiaries, the principal financial officer of New Parent) as prepared in accordance with GAAP and fairly presenting the Consolidated financial position and results of
operations of Borrowers and their Subsidiaries (or, in the case of financial statements of New Parent, New Parent and its Subsidiaries) for such Fiscal Quarter and period subject only to changes from audit and year-end adjustments and except that
such statements need not contain notes;” 
 3. Amendments to Schedule to Credit Agreement. Schedule 8.1.1 of the Credit
Agreement is hereby modified and amended to the extent necessary to provide that Delnor Corporation’s chief executive office and place where it keeps its books and records is: 5599 San Felipe, Houston, Texas 77056. 
 4. Ratification and Reaffirmation. Each Borrower hereby ratifies and reaffirms the Obligations, each of the Credit Documents and all of
such Borrower’s covenants, duties, indebtedness and liabilities under the Credit Documents. 
 5. Acknowledgments and
Stipulations. Each Borrower acknowledges and stipulates that the Credit Agreement and the other Credit Documents executed by such Borrower are legal, valid and binding obligations of such Borrower that are enforceable against such Borrower
in accordance with the terms thereof; all of the Obligations are owing and payable without defense, offset or counterclaim (and to the extent there exists any such defense, offset or counterclaim on the date hereof, the same is hereby waived by such
Borrower); the security interests and liens granted by each Borrower in favor of Lender are duly perfected, first priority security interests and liens subject only to Permitted Liens; and the unpaid principal amount of the Loans and the issued and
outstanding Letters of Credit on and as of the close of business on November 14, 2006, totaled $186,523,864.59. 
 6.
Representations and Warranties. Each Borrower represents and warrants to Administrative Agent and Lenders, to induce Administrative Agent and Lenders to enter into this Amendment, that no Default or Event of Default exists on the date
hereof; the execution, delivery and performance of this Amendment have been duly authorized by all requisite corporate action on the part of each Borrower and this Amendment has been duly executed and delivered by each Borrower; and all of the
representations and warranties made by each Borrower in the Credit Agreement are true and correct on and as of the date hereof. 
  

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 7. Reference to Credit Agreement. Upon the effectiveness of this Amendment, each reference
in the Credit Agreement to “this Agreement,” “hereunder,” or words of like import shall mean and be a reference to the Credit Agreement, as amended by this Amendment. 
 8. Breach of Amendment. This Amendment shall be part of the Credit Agreement and a breach of any representation, warranty or covenant
herein shall constitute an Event of Default. 
 9. Conditions Precedent. The effectiveness of the amendments contained in
Section 2 hereof are subject to the satisfaction of each of the following conditions precedent, in form and substance satisfactory to Administrative Agent, unless satisfaction thereof is specifically waived in writing by Administrative Agent:

 (a) Administrative Agent’s receipt of one or more duly executed counterparts of this Agreement from Borrowers and Required Lenders;
and 
 (b) Administrative Agent’s receipt of such other documents, certificates, resolutions and reports as Administrative Agent may
reasonably request. 
 10. Expenses of Administrative Agent. Each Borrower, jointly and severally, agrees to pay, on
demand, all costs and expenses incurred by Administrative Agent in connection with the preparation, negotiation and execution of this Amendment and any other Credit Documents executed pursuant hereto and any and all amendments, modifications,
and supplements thereto, including, without limitation, the costs and fees of Administrative Agent’s legal counsel and any taxes or expenses associated with or incurred in connection with any instrument or agreement referred to herein or
contemplated hereby. 
 11. Governing Law. This Amendment shall be governed by and construed in accordance with the internal
laws of the State of Georgia. 
 12. Successors and Assigns. This Amendment shall be binding upon and inure to the benefit of
the parties hereto and their respective successors and assigns. 
 13. No Novation, etc. Except as otherwise expressly provided
in this Amendment, nothing herein shall be deemed to amend or modify any provision of the Credit Agreement or any of the other Credit Documents, each of which shall remain in full force and effect. This Amendment is not intended to be, nor shall it
be construed to create, a novation or accord and satisfaction, and the Credit Agreement as herein modified shall continue in full force and effect. 
 14. Counterparts; Telecopied Signatures. This Amendment may be executed in any number of counterparts and by different parties to this Amendment on separate counterparts, each of which, when so executed, shall be deemed an
original, but all such counterparts shall constitute one and the same agreement. Any signature delivered by a party by facsimile or electronic mail transmission shall be deemed to be an original signature hereto. 
  

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 15. Further Assurances. Each Borrower agrees to take such further actions as Lender shall
reasonably request from time to time in connection herewith to evidence or give effect to the amendments set forth herein or any of the transactions contemplated hereby. 
 16. Section Titles. Section titles and references used in this Amendment shall be without substantive meaning or content of any kind whatsoever and are not a part of the agreements among the parties
hereto. 
 17. Release of Claims. To induce Administrative Agent and Lenders to enter into this Amendment, each Guarantor and each
Borrower hereby releases, acquits and forever discharges Administrative Agent and Lenders, and all officers, directors, agents, employees, successors and assigns of Administrative Agent and Lenders, from any and all liabilities, claims, demands,
actions or causes of action of any kind or nature (if there be any), whether absolute or contingent, disputed or undisputed, at law or in equity, or known or unknown, that Guarantor or such Borrower now has or ever had against Administrative Agent
or any Lender arising under or in connection with any of the Credit Documents or otherwise. Each of Guarantor and each Borrower represents and warrants to Administrative Agent and Lenders that Guarantor or such Borrower, as applicable, has not
transferred or assigned to any Person any claim that Guarantor or such Borrower, as applicable, ever had or claimed to have against Administrative Agent or any Lender. 
 18. Waiver of Jury Trial. To the fullest extent permitted by applicable law, the parties hereto each hereby waives the right to trial by jury
in any action, suit, counterclaim or proceeding arising out of or related to this Amendment. 
 [Signatures commence on following
page.] 
  

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 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed under seal and
delivered by their respective duly authorized officers on the date first written above. 
 ADMINISTRATIVE AGENT: 

			
	BANK OF AMERICA, N.A.
		
	By:	 	 /s/ Dennis S. Losin

	Name:	 	Dennis S. Losin
	Title:	 	Senior Vice President

 LENDERS: 

			
	BANK OF AMERICA, N.A.
		
	By:	 	 /s/ Dennis S. Losin

	Name:	 	Dennis S. Losin
	Title:	 	Senior Vice President
	
	WELLS FARGO FOOTHILL, LLC
		
	By:	 	 /s/ Mark Bradford

	Name:	 	Mark Bradford
	Title:	 	Vice President
	
	THE CIT GROUP/BUSINESS CREDIT, INC.
		
	By:	 	 /s/ Mark J. Long

	Name:	 	Mark J. Long
	Title:	 	Vice President
	
	LASALLE BANK NATIONAL ASSOCIATION
		
	By:	 	 /s/ Oscar D. Johnson, Jr.

	Name:	 	Oscar D. Johnson, Jr.
	Title:	 	Senior Vice President

			
	
	 WACHOVIA CAPITAL FINANCE
 CORPORATION (CENTRAL)

		
	By:	 	 /s/ Laura Wheeland

	Name:	 	Laura Wheeland
	Title:	 	Vice President
	
	CITIZENS BANK OF MASSACHUSETTS
		
	By:	 	 /s/ Susan K. Gadrix

	Name:	 	Susan K. Gadrix
	Title:	 	Vice President
	
	NATIONAL CITY BUSINESS CREDIT, INC.
		
	By:	 	 /s/ Jason Hanes

	Name:	 	Jason Hanes
	Title:	 	Vice President
	
	PNC BANK, NATIONAL ASSOCIATION
		
	By:	 	 /s/ Alex M. Council

	Name:	 	Alex M. Council
	Title:	 	Vice President
	
	TEXTRON FINANCIAL CORPORATION
		
	By:	 	 /s/ Chris Grivakis

	Name:	 	Chris Grivakis
	Title:	 	Senior Account Executive
	
	E*TRADE BANK
		
	By:	 	 /s/ Sam Crow

	Name:	 	Sam Crow
	Title:	 	Senior Manager

					
	
	 MERRILL LYNCH CAPITAL, A DIVISION OF
 MERRILL LYNCH BUSINESS FINANCIAL
 SERVICES INC.

		
	By:	 	 /s/ Richard Holston

	Name:	 	Richard Holston
	Title:	 	Vice President

 BORROWERS: 

					
	SMITH PIPE & STEEL COMPANY
		
	By:	 	 /s/ Eva M. Kalawski

	Name:	 	Eva M. Kalawski
	Title:	 	Vice President and Secretary
	
	INFRA-METALS CO.
		
	By:	 	 /s/ Eva M. Kalawski

	Name:	 	Eva M. Kalawski
	Title:	 	Vice President and Secretary
	
	FERALLOY CORPORATION
		
	By:	 	/s/ Eva M. Kalawski
	Name:	 	Eva M. Kalawski
	Title:	 	Vice President and Secretary
	
	DELTA STEEL L.P.
		
	By:	 	Delta GP, L.L.C., its general partner
			
		 	By:	 	 /s/ Eva M. Kalawski

		 	Name:	 	Eva M. Kalawski
		 	Title:	 	Vice President and Secretary
		
	By:	 	Delta LP, L.L.C., its limited partner
			
		 	By:	 	 /s/ Eva M. Kalawski

		 	Name:	 	Eva M. Kalawski
		 	Title:	 	Vice President and Secretary

					
	
	DELTA GP, L.L.C.
		
	By:	 	 /s/ Eva M. Kalawski

	Name:	 	Eva M. Kalawski
	Title:	 	Vice President and Secretary
	
	DELTA LP, L.L.C.
		
	By:	 	 /s/ Eva M. Kalawski

	Name:	 	Eva M. Kalawski
	Title:	 	Vice President and Secretary
	
	PNA GROUP, INC.
		
	By:	 	 /s/ Eva M. Kalawski

	Name:	 	Eva M. Kalawski
	Title:	 	Vice President and Secretary
	
	DELNOR CORPORATION
		
	By:	 	 /s/ Eva M. Kalawski

	Name:	 	Eva M. Kalawski
	Title:	 	Vice President and Secretary
	
	METALS SUPPLY COMPANY, LTD.
		
	By:	 	MSC Management, Inc., its general partner
			
		 	By:	 	 /s/ Eva M. Kalawski

		 	Name:	 	Eva M. Kalawski
		 	Title:	 	Vice President and Secretary
		
	By:	 	PNA Group, Inc., its limited partner
			
		 	By:	 	 /s/ Eva M. Kalawski

		 	Name:	 	Eva M. Kalawski
		 	Title:	 	Vice President and Secretary

			
	
	MSC MANAGEMENT, INC.
		
	By:	 	 /s/ Eva M. Kalawski

	Name:	 	Eva M. Kalawski
	Title:	 	Vice President and SecretaryEmployment Agreement - Maurice S. Nelson, Jr.

 Exhibit 10.20 
 PNA Group, Inc. 
 Delta – InfraMetals – Metal Supply – Feralloy 
 December 30, 2006 
 Mr. Maurice S. Nelson, Jr. 
 10580 Wilshire Boulevard 
 Los Angeles, CA 90024 
 Dear Mr. Nelson: 
 I am pleased to present you (“Executive”)
an offer of employment as Chief Executive Officer of PNA Group, Inc. (the “Company”). Below are the general terms and conditions of our offer. Your start date will be February 1, 2007 (“Start Date”). This offer is contingent
upon completion of a background investigation and verification of your eligibility to work in the United States. 
 ROLE AND RESPONSIBILITIES

 Executive will perform the duties commonly required of a Chief Executive Officer. You also will serve as the Chairman of the Operating Committee of the
Company. 
 During the first 18 months of your employment, your specific goals will include the following: 
  

	 	•	 	 If the majority shareholder of the Company should desire to pursue an initial public offering (“IPO”) of the Company, Executive will assist in the
recruitment and shaping of the board of directors of the Company (the “Board”) as appropriate or advisable for public companies. If the majority shareholder requests, Executive will serve as the Chairman of the Board and while serving as
Chief Executive Officer will receive no additional compensation of any kind for also serving as Chairman of the Board. 

  

	 	•	 	 Executive will assist Company personnel and advisors to draft and file with the Securities and Exchange Commission (“SEC”) an S-1 IPO registration
document and an IPO “roadshow” presentation as well as lead the IPO roadshow, other capital markets related meetings and conference calls. 

  

	 	•	 	 Executive will recruit (either from internal resources or through external recruitment), in consultation with the Operating Committee, and train an individual to
succeed Executive as Chief Executive Officer as soon as Executive believes such individual is qualified to assume such role. Once a successor is deemed qualified or upon the request of the majority shareholder of the Company, Executive will resign
from the position of Chief Executive Officer and Executive’s employment will terminate as of such date. At the request of the majority shareholder, Executive will continue to serve as Chairman of the Operating Committee or will serve as
Chairman of the Board subsequent to the termination of employment. 

 Mr. Maurice S. Nelson, Jr. 
 December 30, 2006 
 Page 2 
  

	 	•	 	 Executive will assess the current Company workforce, and identify and implement those staffing changes Executive believes are necessary to permit the Company’s
auditors to remove any “material weakness” designations. 

  

	 	•	 	 Executive will develop in concert with the Operating Committee a business plan and will revise, if appropriate, the Company’s and its subsidiaries’
(collectively, the “Group”) various incentive plans to foster a “one company” culture that encourages cooperation, communication and rewards success at both each individual company and for the Group as a whole.

 COMPENSATION 
 Annualized Base
Salary: $575,000 (“Base Salary”) to be paid in accordance with the Company’s regular payroll process and procedures during your employment and will be subject to all applicable withholdings and deductions. 
 Annual Bonus Opportunity: Up to 150% of your Base Salary, with a minimum bonus of $170,000 per year, for so long as Executive serves as the Chief Executive
Officer, such bonus opportunity to be driven by measurable criteria to be determined by the Operating Committee, including EBITDA, cash flow and working capital performance measures. 
 Participation Plan: Executive will be granted a 1% interest in the Company Participation Plan (the “Plan”), subject to the terms and conditions of the Plan. Executive’s interest in the Plan will
be 25% vested upon the Start Date and will vest ratably over the next three years. Any amounts that may become due and payable to Executive under the Plan within one year of the Start Date (other than as a result of a sale of the Company) shall be
held by the Company for the benefit of the Executive and paid on the first anniversary of the Start Date. An illustration of the hypothetical value of the Plan is attached as Exhibit A. In the event that during Executive’s employment, the
current shareholders either (i) sell the Company to an unaffiliated third party on or prior to January 31, 2010, or (ii) have not sold the Company to an unaffiliated third party on or before January 31, 2010, then in either case
(i) or (ii), Executive shall receive a payment of $2 million (less any amounts previously paid to Executive under the Plan), subject to all applicable withholdings and deductions, whereupon all of Executive’s rights under the Plan shall
terminate. When due the bonus described in the sentence above shall be payable on January 31, 2010 unless due pursuant to clause (i) above in which case it shall be payable upon such sale. For the avoidance of doubt, no public offering of
equity securities shall constitute a sale of the Company to an unaffiliated third party. 
 Signing Bonus: Executive will be entitled to a bonus in
the amount of $500,000, subject to applicable withholdings and deductions, payable upon the first regularly scheduled Company payroll following the Start Date. If Executive voluntarily resigns or his employment is terminated for Cause on or before
January 31, 2008, Executive shall be required to repay in full the net after tax amount of this bonus. In the event the current shareholders sell the Company to an unaffiliated third party, the bonus described in this paragraph shall not be
subject to repayment. 

 Mr. Maurice S. Nelson, Jr. 
 December 30, 2006 
 Page 3 
 Financial Controls
Bonus: Upon the later of (i) six months from the Start Date, or (ii) the successful implementation by Executive of those staffing changes at the Company which enable the outside auditors of the Group to remove any material weaknesses
identified in the business, Executive will be entitled to a bonus in the amount of $500,000, subject to applicable withholdings and deductions. If Executive voluntarily resigns or his employment is terminated for Cause on or before the date that is
six months from the payment of this bonus, Executive shall be required to repay in full the net after tax amount of this bonus. In the event the current shareholders sell the Company to an unaffiliated third party, the bonus described in this
paragraph shall be payable upon such sale (if such bonus has not already been paid) and such bonus shall not be subject to repayment. 
 Transition
Bonus: Upon the later of (i) eighteen months from the Start Date, or (ii) the successful recruitment, training and promotion of Executive’s successor to Chief Executive Officer, Executive will be entitled to a bonus in the amount
of $500,000, subject to applicable withholdings and deductions. If Executive fails or refuses to serve, if appointed, as either Chairman of the Board or Chairman of the Operating Committee until January 31, 2010, Executive shall be required to
repay in full the net after tax amount of this bonus. In the event the current shareholders sell the Company to an unaffiliated third party the bonus described in this paragraph shall be payable upon such sale (if such bonus has not already been
paid) and such bonus shall not be subject to repayment. 
 Cause: As used in this letter, the term “Cause” shall mean (a) any action on
your part which constitutes willful dishonesty or deliberate injury to the Group, (b) any criminal conduct on your part, or (c) a violation of, or other failure by you to perform, your obligations or responsibilities while employed by
Company. 
 BENEFITS 
 Vacation: Executive will be
entitled to four (4) weeks of paid vacation per calendar year. Executive will be permitted to perform his role from his European residence during the months of May and September, with the understanding that if he is not conducting Company
business while at his European residence, such time will be counted as vacation time taken by Executive. 
 Travel: Executive will be entitled to fly
for the sole purpose of Company business within the continental United States using privately chartered jet travel to be arranged by the Company (and will be entitled to be accompanied by his spouse) at a cost to the Company of up to $350,000 in any
calendar year. 
 Office: Executive will be afforded office space at Platinum Equity, LLC in Beverly Hills, California or such other location as
agreed by the Operating Committee. 

 Mr. Maurice S. Nelson, Jr. 
 December 30, 2006 
 Page 4 
 AT WILL EMPLOYMENT

 Your employment with the Company is at will, and either your or the Company may terminate your employment at any time with or without cause.

 RETURN OF MATERIALS 
 Upon termination of your
employment with the Company for any reason, you agree to return immediately to the Company all documents, property, software, materials, information and other records of the Company, and all copies thereof, within your possession, custody or
control, including but not limited to any materials containing trade secrets or confidential information of the Company or its affiliates. 
 TRADE
SECRETS/CONFIDENTIALITY 
 You agree not to disclose any trade secrets or confidential information of the Company to anyone else and to hold this
information in confidence and use it solely on a need-to-know basis in the course of performing services for the Company or its affiliates. Except in the performance of services for the Company, you will not reproduce, distribute, transmit, reverse
engineer, decompile, disassemble, or transfer, directly or indirectly, in any form, or for any purpose, any trade secrets or confidential information of the Company. The obligations of this paragraph shall continue during the term of your employment
with the Company and (i) with respect to trade secrets, for so long as such information constitutes a trade secret under applicable law, and (ii) with regard to confidential information, for a period of three (3) years after
termination of employment for any reason. As used in this letter, the term “trade secrets” means any information (whether or not reduced to writing and including any information recorded by any means) of or concerning the Company or its
affiliates or any of their respective officers, directors, owners, employees, licensors, suppliers, customers or joint venture partners that derives economic value, actual or potential, by not being generally known to, and not being readily
ascertainable by proper means by others, including, without limitation: information contained in any prospect list, employee list, contact list or other database; information concerning banking or investment banking relationships; information
included in any non-public documentation concerning transactions completed by the Company or any of its affiliates (including information included in any “bound volumes” and document clips); information concerning the terms of any debt or
equity financings; information concerning compensation and other employment policies and practices; information concerning the business methods, ownership, operations, financial performance, assets or liabilities (including contingent liabilities)
of the Company, and of its affiliates; information concerning strategic, financial, marketing or product plans; technical data; and computer programs. 
 NON-SOLICITATION 
 You agree that, except with the Company’s prior written consent, for a period of twenty-four (24) months
following termination of your employment by the Company for any reason, you will not, directly or indirectly, either for your own account or for or on behalf of any other person or entity, call upon, contact or attempt to effect any transaction with
any acquisition candidate or 

 Mr. Maurice S. Nelson, Jr. 
 December 30, 2006 
 Page 5 
 prospect that was
being pursued by the Company (or of which you otherwise became aware or with which you had any contact) during the six month period immediately preceding the termination of your employment with the Company. You also agree that you will not contact,
solicit or recruit, or assist others in contacting, soliciting or recruiting for employment, any person who is or was an employee of the Company during the six month period immediately preceding the termination of your employment with the Company,
in an attempt to have such person terminate their employment relationship with the Company or to work in any capacity in any other corporation, association, or entity or business. 
 INTELLECTUAL PROPERTY 
 You agree that all materials, information, plans, and other works of authorship created or
developed by you during the course of your employment by the Company and on behalf of the Company (“Employee Works”) will be owned solely and exclusively by the Company and constitute works made for hire. In this regard, you also assign to
the Company or its designee all worldwide rights, including all copyrights, patent rights, trade secrets, confidential and proprietary information rights, moral rights, and other property rights in and to the Employee Works. You also agree to
perform, during or after your employment, such further acts as are reasonable and as may be necessary or desirable to transfer, perfect or defend the Company or its designee’s ownership of the Employee Works as reasonably requested by the
Company. 
 EXISTING AGREEMENT VIOLATION 
 You warrant to
the Company that your employment by the Company does not violate any existing agreement between you and any third party, nor will your employment with the Company constitute a violation of any confidentiality or nondisclosure agreement. 

GENERAL 
 You agree that the provisions of this letter are
severable; and, if any portion thereof shall be declared unenforceable, the same shall not affect the enforceability of all other provisions hereof. It is the intent of the parties to this letter that if any portion of this letter contains
provisions, which are held to be unreasonable, then in such event, a court shall fix the terms of such agreement or shall enforce the terms and provisions hereof to the extent deemed reasonable by the court. 
 This letter and the terms and conditions hereof are to be construed, governed and interpreted in accordance with the laws the State of California, without giving effect
to its conflicts of law principles. 

 Mr. Maurice S. Nelson, Jr. 
 December 30, 2006 
 Page 6 
 We are delighted to
offer you this position and eagerly look forward to your acceptance and to the contribution that you will make to the Company. 
 Warmest regards,

 Jacob Kotzubei 
 Director 
  

	
	AGREED TO AND ACCEPTED:
	
	/s/ Maurice S. Nelson, Jr.
	
	December 30, 2006
	Date

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