Document:

exv10w9

 

Exhibit 10.9

Execution Copy

FIRST AMENDMENT TO EMPLOYMENT AGREEMENT

     This FIRST AMENDMENT TO EMPLOYMENT AGREEMENT (this “Amendment”) is made and entered into as of
May 25, 2005, by and between First Mercury Financial Corporation, a Delaware corporation
(“Employer”), and Richard H. Smith (“Employee”).

PRELIMINARY STATEMENTS

     Employer and Employee entered into an Employment Agreement dated November 6, 2003 (the
“Agreement”), and now desire to amend the Agreement as set forth below.

AGREEMENT

     NOW, THEREFORE, in consideration of Employee’s continued employment by Employer, and other
good and valuable consideration, the sufficiency of which is hereby acknowledged, and intending to
be legally bound hereby, Employer and Employee agree as follows:

1. Section 4 of the Agreement is hereby amended to add a new section (C) to the end thereof as
follows:

     (C)
(i) On or before May 25, 2005, Employer will loan Seven Hundred and Fifty Thousand
Dollars ($750,000.00) (the “Loan”) to Employee, and Employee will simultaneously deliver to
Employer the Promissory Note attached as Exhibit A to this Amendment. Employee hereby agrees to
pay principal and interest with respect to the Loan to Employer at the time or times and in the
amounts set forth in the Promissory Note.

          (ii) Employer further agrees to provide Employee with a bonus on any Principal Payment Date
(as such term is defined in the Promissory Note) on which the Employee remains an employee of
Employer in an amount equal to the principal balance of the Loan due and payable on such Principal
Payment Date. Employer further agrees that in the event of a termination of Employee’s employment
with Employer by reason of a termination by Employer without cause, Employer will provide Employee
with a bonus on or immediately prior to the effective date of such termination in an amount equal
to the then remaining principal balance due with respect to the Loan. Employee acknowledges and
agrees that the bonus amount payable to Employee pursuant to preceding sentence of this Section
4(C)(ii) shall be exclusive of any severance payments owed to Employee by Employer pursuant to
Section 9(B) of the Agreement.

          (iii) Employee hereby agrees that he will be solely responsible for any taxes owed by him in
connection with any bonus payments described in this Section 4(C), as well as any taxes resulting
from the imputation of compensation income to Employee under Section 7872 of the Internal Revenue
Code of 1986, as amended. Employee further agrees to pay to Employer, in cash or other readily
available funds, and not later than two (2) business days after the date of any such compensation
event described in the preceding sentence, an amount equal to

 

 

the minimum federal, state or local taxes required to be withheld by Employer with respect to
any such compensation income.

     2. Entire Agreement.

     (a) Except as amended, modified or supplemented by this Amendment, the terms and conditions of
the Agreement shall remain in full force and effect.

     (b) This Amendment and the legal relations among the parties hereto shall be governed by and
construed in accordance with the internal laws of the State of Illinois, without regard to
principles of conflict of laws.

     (c) This Amendment may be executed in counterparts, each of which shall be deemed an original,
but all of which together shall constitute one and the same instrument.

     IN WITNESS WHEREOF, the parties have executed and delivered this Amendment as of the date
first above written.

	 	 	 	 	 	 	 
	 	 	First Mercury Financial Corporation	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Name: Jerome M. Shaw
	 	 
	 

	 	 	 	Title: Chief Executive Officer	 	 
	 
	 	 	 	 	 	 
	 	 	Richard H. Smith	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 

2exv10w11

 

Exhibit 10.11

THIS AGREEMENT CONTAINS INDEMNIFICATION PROVISIONS IN SECTION 7 REQUIRING THE COMPANY TO
INDEMNIFY EACH INDEMNIFIED PERSON FOR CLAIMS, LIABILITIES, LOSSES, DAMAGES, OR EXPENSES SPECIFIED
IN SECTION 7, INCLUDING THOSE THAT HAVE RESULTS FROM OR ARE ALLEGED TO HAVE RESULTED FROM THE
ACTIVE, PASSIVE, SOLE, JOINT OR CONCURRENT ORDINARY NEGLIGENCE OR STRICT LIABILITY OF SUCH
INDEMNIFIED PERSON.

SERVICES AGREEMENT

(Glencoe Capital, LLC)

THIS SERVICES AGREEMENT (this “Agreement”), dated as of May 25, 2005, is made and entered
into between FIRST HOME FINANCIAL CORPORATION, a Delaware corporation (the “Company”), and
GLENCOE CAPITAL, LLC, an Illinois limited liability company (“Glencoe Capital”).

RECITALS

A. The Company desires to avail itself of the business experience and operating expertise of
Glencoe Capital with respect to, among other things, strategic planning, budgeting, cash
management, negotiating and procuring financing, investor relations, contract negotiation,
procurement, cost controls, employment matters, government relations, economic and investment and
acquisition analysis with respect to investments and acquisitions or potential investments and
acquisitions and other areas of business operations (the “Services”); and

B. The Company has requested Glencoe Capital to provide, and Glencoe Capital has agreed to provide
the Company with Services, subject to the terms and conditions specified in this Agreement.

AGREEMENT

In consideration of the respective covenants and agreements contained herein, the payments
provided for herein and for other good and valuable consideration, the sufficiency and receipt of
all of which are hereby acknowledged, the parties hereto agree as follows:

1. Retention of Glencoe Capital.

The Company hereby retains Glencoe Capital as a consultant to provide the Services, and Glencoe
Capital hereby accepts such retention, upon the terms and conditions set forth in this Agreement.

2. Services.

The Company hereby retains Glencoe to provide the Services as and to the extent reasonably
requested by the Company and reasonably agreed by Glencoe. Nothing herein shall be construed to
relieve the directors, managers or officers of the Company (or the general partner thereof) or any
of its affiliates or subsidiaries from the performance of their respective duties or limit the
exercise of their powers. Nothing herein shall give Glencoe Capital the power to take any
actions on behalf of the Company or any of its affiliates or subsidiaries that are solely within
the

 

 

authority of the their respective boards of directors, managers or officers. Glencoe shall
devote such time as is reasonably necessary to provide such Services; provided, that the
Company understands and acknowledges that Glencoe must devote significant time to its other
business activities and obligations and the Services shall be performed in a manner that does not
adversely impact such activities and obligations.

3. Further Obligations of the Company.

The Company shall in good faith consider all advice and recommendations of Glencoe Capital relating
to the subject matter of this Agreement. Notwithstanding the foregoing, neither the Company nor
any of its subsidiaries shall have any obligation whatsoever to follow or implement any such advice
or recommendations of Glencoe Capital, but such refusal or failure to follow or implement any such
advice or recommendation shall not affect the Company’s obligation to timely pay the Annual Fee or
any other amounts due pursuant to this Agreement or to otherwise satisfy any other obligation
pursuant hereto.

4. Fees.

	 	(a)	 	In consideration of and in exchange for the Services provided by Glencoe
Capital hereunder, the Company shall pay to Glencoe Capital, subject to the provisions
of Section 4(b) hereof, an annual fee (the “Annual Fee”) during the term hereof
equal to the lesser of (i) $750,000 or (ii) 3% of the EBITDA (as defined below) of the
Company and its subsidiaries for the most recent fiscal year. For purposes of this
Section 4(a), “EBITDA” shall mean the consolidated earnings of the Company and its
subsidiaries for the relevant fiscal year before deductions are made for interest,
taxes, depreciation, and amortization. The Annual Fee shall be payable quarterly (on
or before the last day of the prior calendar quarter), pro rata in advance, commencing
on the date hereof (each, a “Payment Date”).
	 
	 	(b)	 	In addition to the Annual Fee, upon the consummation of:

	 	(i)	 	any sale or other disposition of all or a material portion of
the assets, business or equity of the Company (or any direct or indirect
subsidiary) (a “Disposition”),
	 
	 	(ii)	 	the acquisition by the Company (or any direct or indirect
subsidiary) of the assets, business or equity of any other entity or business
(an “Acquisition”),
	 
	 	(iii)	 	any debt financing of the Company (or any direct or indirect
subsidiary),
	 
	 	(iv)	 	any equity financing of the Company (or any direct or indirect
subsidiary), or
	 
	 	(v)	 	any other significant transaction involving the Company or any
of its affiliates for which Glencoe provides services or assistance;

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then the Company shall pay to Glencoe Capital in each instance a transaction fee (a
“Transaction Fee”) determined as follows:

	 	(1)	 	In the case of an Acquisition or Disposition,
the Transaction Fee shall be 2% of the Enterprise Value of the business
that is the subject of the Acquisition or Disposition. “Enterprise
Value” shall mean:

	 	(A)	 	in the case of the Acquisition or
Disposition of equity securities, the total consideration paid
for such securities (including amounts paid to holders of
options, warrants and convertible securities) plus, the
outstanding amount of all indebtedness for borrowed money of the
applicable entity immediately prior to the consummation of such
sale, exchange or purchase (if less than all of the applicable
entity’s securities are subject to the transaction, Enterprise
Value shall be determined as if all securities had been subject
to the transaction at the price reflected in the relevant
Acquisition or Disposition);
	 
	 	(B)	 	in the case of the Acquisition or
Disposition of assets, the total consideration paid for such
assets, plus the net value of any current assets not
sold by the applicable entity, plus the outstanding
amount of all indebtedness for borrowed money assumed or repaid
by the purchaser.

	 	(2)	 	In the case of a debt financing, the
Transaction Fee shall be 1% of the amount available under the relevant
facility;
	 
	 	(3)	 	In the case of an equity financing, the
Transaction Fee shall be 3% of the capital raised;
	 
	 	(4)	 	In all other cases, the Transaction Fee shall
be on market terms to be reasonably agreed by the Company and Glencoe
Capital.

To the extent the payment of the Annual Fee or any Transaction Fee pursuant to this
Agreement is restricted or prohibited by any covenants or other restriction set forth in any
agreement concerning indebtedness for borrowed money of the Company or any of its affiliates
or subsidiaries at the time such payment is required to made in accordance herewith, the
amount of such Annual Fee or Transaction Fee shall not be paid, but shall accrue for the
account of Glencoe Capital and shall be paid, together with interest thereon at the prime
rate as published from time to time in The Wall Street Journal plus four percent (4%)
through and including the date of payment, as and when such restrictions or prohibitions are
no longer applicable.

	 	(c)	 	In addition to the foregoing, the Company shall reimburse Glencoe Capital on
demand for all reasonable out-of-pocket costs and expenses, including but not limited
to the fees and disbursements of counsel, accountants or any other

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	 	 	 	consultants or advisors, incurred by Glencoe Capital or any of its affiliates or
subsidiaries arising out of or in connection with this Agreement and the provision
of Services hereunder.
	 
	 	(d)	 	Each payment made pursuant to this Section 4 by the Company shall be paid by
wire transfer of immediately available federal funds to the account specified by
Glencoe Capital in writing prior to such payment. Any amount not paid when due under
the terms and provisions of this Agreement shall bear interest at the prime rate of
interest per annum until paid in full both before and after demand, default or
judgment.

5. Independent Contractor Status; No Fiduciary Relationship.

Glencoe Capital shall perform the Services as an independent contractor to the Company and neither
Glencoe Capital nor its affiliates nor any of their respective members, partners, shareholders,
officers, directors, employees, fiduciaries, consultants, advisors, agents, attorneys and other
representatives (collectively, “Representatives”) shall, by virtue of this Agreement, be
considered an employee, agent or other representative of the Company or any of its subsidiaries and
will not have by virtue of this Agreement any authority to act for or bind the Company or any of
its subsidiaries without the Company’s prior written consent. In all matters relating to this
Agreement, each party hereto shall retain control over its employees, and employees of one party
shall not be considered employees of the other party. No party shall have any right, power or
authority to create any obligation, express or implied, on behalf of any other party. Nothing in
this Agreement is intended to create or constitute a joint venture or partnership between the
parties hereto or persons referred to herein. The Company hereby acknowledges and agrees that none
of Glencoe Capital, its affiliates or their respective Representatives shall be under a fiduciary
duty or similar obligation to act for the benefit of the Company or its affiliates or subsidiaries
as a result of this Agreement or otherwise.

6. Limitation of Liability.

None of Glencoe Capital, its affiliates or their respective Representatives shall be liable to the
Company or any of its subsidiaries, or their respective affiliates or Representatives for any
liability, cost, damage, expense or loss arising or allegedly arising out of, in connection with or
relating to this Agreement or any act or omission suffered or taken by Glencoe Capital or any of
its affiliates or Representatives, or as a result of the reliance by the Company or any affiliate
or Representative of the Company on any advice or data provided by Glencoe Capital pursuant to this
Agreement, other than as a result of the willful misconduct or fraud of any of Glencoe Capital, its
affiliates or their respective Representatives. IN NO EVENT SHALL GLENCOE CAPITAL, ITS AFFILIATES
OR THEIR RESPECTIVE REPRESENTATIVES BE LIABLE FOR ANY SPECIAL, INDIRECT, INCIDENTAL, CONSEQUENTIAL
OR PUNITIVE, EXEMPLARY OR OTHER MULTIPLE OR PENALTY DAMAGES. FURTHERMORE, IN NO EVENT SHALL
GLENCOE CAPITAL, ITS AFFILIATES OR THEIR RESPECTIVE REPRESENTATIVES HAVE LIABILITY IN THE AGGREGATE
FOR ALL MATTERS RELATING TO THIS AGREEMENT AND SERVICES FOR THE COMPANY IN EXCESS OF THE AMOUNT OF
THE ANNUAL FEE ACTUALLY PAID FOR ONE YEAR.

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7. Indemnification.

The Company shall indemnify and hold harmless Glencoe Capital, its affiliates and their respective
Representatives (the “Indemnified Parties”) from and against any and all actions, causes of
action, suits, liabilities, damages, losses, costs or expenses (including court costs and
reasonable attorneys’ fees and disbursements) (collectively, the “Indemnified Liabilities”)
which any Indemnified Party may sustain or incur as a result of, arising out of or relating to the
execution, delivery, performance, enforcement or existence of this Agreement or the transactions
contemplated hereby or the provision of (or failure to provide) the Services, except for any such
Indemnified Liability arising on account of the willful misconduct or fraud of any Indemnified
Party. If and to the extent that the foregoing indemnity may be unenforceable for any reason, the
Company hereby agrees to make the maximum contribution to the payment and satisfaction of each of
the Indemnified Liabilities which is permissible under applicable law. THE COMPANY HEREBY
ACKNOWLEDGES THAT GLENCOE CAPITAL AND THE OTHER INDEMNIFIED PARTIES SHALL BE INDEMNIFIED FOR ALL
CLAIMS, LIABILITIES, LOSSES, DAMAGES, OR EXPENSES THAT HAVE RESULTED FROM OR ARE ALLEGED TO HAVE
RESULTED FROM THE ACTIVE, PASSIVE, SOLE, JOINT, OR CONCURRENT ORDINARY NEGLIGENCE OR STRICT
LIABILITY OF GLENCOE CAPITAL OR ANY OTHER INDEMNIFIED PARTIES, AND THAT NEITHER GLENCOE NOR ANY
OTHER INDEMNIFIED PERSON SHALL BE LIABLE FOR ANY SUCH CLAIMS, LIABILITIES, LOSSES, DAMAGES, OR
EXPENSES.

8. Term and Termination.

This Agreement shall commence on the date hereof and shall continue in full force and effect,
unless and until terminated by mutual consent of the parties, for so long as Glencoe Capital (or
any successor or permitted assign thereof, as the case may be) continues to provide Services
hereunder; provided, however, that Glencoe Capital may terminate this Agreement
upon not less than thirty (30) days written notice to the Company; provided,
further, that each of (i) the obligations of the Company under Section 7 hereof, (ii) any
and all accrued and unpaid obligations of the Company owed to Glencoe Capital (or any successor or
assignee thereof) under Section 4 hereof, and (iii) the provisions of Sections 5, 6, 16 and 17
hereof, shall survive any termination of this Agreement to the maximum extent permitted under
applicable law.

9. Amendment.

No amendment or modification of this Agreement or any provision hereof shall be effective unless
same shall be in writing and signed by the parties hereto.

10. No Waivers.

Except as otherwise provided in this Agreement, any failure of any of the parties hereto to comply
with any obligation set forth in this Agreement may be waived by the party entitled to the benefit
thereof only by a written instrument signed by the party granting such waiver, but such waiver or
failure to insist upon strict compliance with such obligation, covenant, agreement or conditions
shall not operate as a waiver of, or estoppel with respect to, any subsequent or

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other failure. No course of dealing on the part of any person nor any delay or omission in
exercising any right or remedy hereunder shall constitute an amendment of this Agreement or a
waiver of any right or remedy of any party hereto.

11. Notices.

All notices, demands, consents, approvals, requests or other communications which any of the
parties to this Agreement may desire or be required to give hereunder (collectively,
“Notices”) shall be in writing and shall be given by registered or certified mail, return
receipt requested, with postage prepaid, by a nationally recognized overnight courier, or by
facsimile addressed as follows:

	 	 	 	 	 
	 

	 	If to the Company:
	 	First Home Financial Corporation
	 

	 	 	 	222 W. Adams Street, Suite 1000
	 

	 	 	 	Chicago, Illinois 60606
	 

	 	 	 	Telecopy: (312) 795-0455
	 

	 	 	 	Attention: President
	 
	 	 	 	 
	 

	 	If to Glencoe Capital:
	 	Glencoe Capital, LLC
	 

	 	 	 	222 W. Adams Street, Suite 1000
	 

	 	 	 	Chicago, Illinois 60606
	 

	 	 	 	Telecopy: (312) 795-0455
	 

	 	 	 	Attention: Portfolio Management

Any party may change its address for Notices hereunder by a Notice given pursuant to this Section
11. A Notice sent in compliance with this Section 11 shall be deemed given on the third business
day next succeeding the day on which it is sent if sent by registered or certified mail or on the
first business day following the day on which the notice was delivered to an overnight courier or,
if notice is given by facsimile, upon facsimile confirmation that such notice was received.

12. Assignment.

Neither of the parties hereto shall have the right to assign this Agreement or any rights or
obligations hereunder without consent of the other party, except that Glencoe Capital may assign
any or all of its rights and obligations hereunder to any affiliate of Glencoe Capital without the
consent of the Company. This Agreement shall be binding upon and inure to the benefit of the
successors and assigns of the parties hereto.

13. Headings.

The headings contained in this Agreement are for reference purposes only and shall not affect in
any way the meaning or interpretation of this agreement.

14. Severability.

Any provision of this agreement which is prohibited or unenforceable in any jurisdiction shall, as
to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without

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invalidating the remaining provisions hereof or affecting the validity or enforceability of such
provision in any other jurisdiction.

15. Entire Agreement.

This Agreement constitutes the entire agreement between the parties hereto with respect to the
subject matter hereof and supersedes all prior agreements and understandings, whether written or
oral, between the parties hereto with respect to the subject matter hereof.

16. GOVERNING LAW; WAIVER OF JURY TRIAL.

THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF
ILLINOIS, WITHOUT REGARD TO ANY CONFLICTS OF LAWS PRINCIPLES. ALL ACTIONS AND PROCEEDINGS ARISING
OUT OF OR RELATING TO THIS AGREEMENT SHALL BE HEARD AND DETERMINED IN ANY STATE OR FEDERAL COURT
SITTING IN COOK COUNTY, AND THE PARTIES HERETO HEREBY IRREVOCABLY SUBMIT TO THE EXCLUSIVE
JURISDICTION OF SUCH COURTS IN ANY SUCH ACTION OR PROCEEDING AND IRREVOCABLY WAIVE THE DEFENSE OF
AN INCONVENIENT FORUM WITH RESPECT THERETO. THE PARTIES HERETO HEREBY IRREVOCABLY WAIVE THEIR
RESPECTIVE RIGHTS TO TRIAL BY JURY OF ANY CAUSE OF ACTION, CLAIM, COUNTERCLAIM OR CROSS-COMPLAINT
IN ANY ACTION OR OTHER PROCEEDING BROUGHT BY ANY PARTY HERETO AGAINST ANY OTHER PARTY OR PARTIES
HERETO WITH RESPECT TO ANY MATTER ARISING OUT OF, OR IN ANY WAY CONNECTED WITH OR RELATED TO, THIS
AGREEMENT OR ANY PORTION THEREOF, WHETHER BASED UPON CONTRACTUAL, STATUTORY, TORTIOUS OR OTHER
THEORIES OF LIABILITY. EACH PARTY IRREVOCABLY CONSENTS TO THE SERVICE OF ANY AND ALL PROCESS IN
ANY SUCH ACTION OR PROCEEDING BY THE MAILING OF COPIES OF SUCH PROCESS TO SUCH PARTY AT ITS ADDRESS
FOR NOTICE UNDER SECTION 16 OF THIS AGREEMENT. NOTHING IN THIS SECTION 16 SHALL AFFECT THE RIGHT
OF ANY PARTY HERETO TO SERVE LEGAL PROCESS IN ANY OTHER MANNER PERMITTED BY LAW. THE CONSENTS TO
JURISDICTION SET FORTH IN THIS SECTION 16 SHALL NOT CONSTITUTE GENERAL CONSENTS TO SERVICE OF
PROCESS IN THE VENUES SPECIFIED ABOVE AND SHALL HAVE NO EFFECT FOR ANY PURPOSE EXCEPT AS PROVIDED
IN THIS SECTION 16 AND SHALL NOT BE DEEMED TO CONFER RIGHTS ON ANY PERSON OTHER THAN THE PARTIES
HERETO.

17. Disclaimer; Freedom to Pursue Opportunities.

Glencoe Capital makes no representations or warranties, express or implied, in respect of the
Services to be provided by it hereunder. In anticipation that the Company (or any of its
affiliates or subsidiaries) and Glencoe Capital (or one or more affiliates, associated investment
funds or portfolio companies or clients of Glencoe Capital) may engage in the same or similar
activities or lines of business and have an interest in the same areas of business opportunities,
and in recognition of the benefits to be derived by the Company and its affiliates and subsidiaries
from the Services to be provided under this Agreement and in recognition of the difficulties which

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may confront any advisor who desires and endeavors fully to satisfy such advisor’s duties in
determining the full scope of such duties in any particular situation, the provisions of this
Section 17 are set forth to regulate, define and guide the conduct of certain affairs of the
Company as they may involve Glencoe Capital (or one or more affiliates, associated investment funds
or portfolio companies, or clients of Glencoe Capital). Except as Glencoe Capital may otherwise
agree in writing after the date hereof and subject to the provisions of applicable law:

	 	(a)	 	Glencoe Capital (and its affiliates, associated investment funds, portfolio
companies and clients) shall have the right to, and shall have no duty (fiduciary,
contractual or otherwise) not to, directly or indirectly, (A) engage in the same or
similar business activities or lines of business as the Company and its affiliates and
subsidiaries, including those competing with the Company, and (B) do business with any
client or customer of the Company;
	 
	 	(b)	 	Neither Glencoe Capital nor any officer, director, employee, partner, affiliate
or associated investment fund, portfolio company or client thereof shall be liable to
the Company or its affiliates for breach of any duty (fiduciary, contractual or
otherwise) by reason of any such activities of or of such person’s participation
therein; and
	 
	 	(c)	 	In the event that Glencoe Capital acquires knowledge of a potential transaction
or matter that may be a corporate opportunity of the Company or any other person,
neither Glencoe Capital nor any officer, director, employee, partner, affiliate or
associated investment fund, portfolio company or client thereof shall have any duty
(fiduciary, contractual or otherwise) to communicate or present such corporate
opportunity to the Company and, notwithstanding any provision of this Agreement to the
contrary, no such person or entity shall be liable to the Company or its affiliates for
breach of any duty (fiduciary, contractual or otherwise) by reason of the fact that
Glencoe Capital (or one or more affiliates, associated investment funds or portfolio
companies, or clients of Glencoe Capital) directly or indirectly pursues or acquires
such opportunity for itself, directs such opportunity to another person, or does not
present such opportunity to the Company.

18. Counterparts.

This Agreement may be executed in counterparts, each of which when executed shall be deemed to be
an original, but all of which taken together shall constitute one and the same agreement.

[SIGNATURE PAGE FOLLOWS]

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IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the date first above
written.

	 	 	 	 	 	 	 
	 	 	FIRST HOME FINANCIAL CORPORATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Louis J. Manetti	 	 
	 

	 	Name:
	 	 

Louis J. Manetti
	 	 
	 

	 	Title:
	 	President	 	 
	 
	 	 	 	 	 	 
	 	 	GLENCOE CAPITAL, LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ G. D. Patterson
 

G. D. Patterson
	 	 
	 

	 	Title:
	 	Principal	 	 

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