Document:

Exhibit 4.4.1.4

 

EXECUTIVE EMPLOYMENT AGREEMENT

BY AND BETWEEN

KIEWIT MATERIALS COMPANY

AND

CHRISTOPHER J. MURPHY

 

 

REVISED JULY 8, 2002

 

 

TABLE OF CONTENTS

 

	
  1.

  	
  Employment

  	
   

  
	
  2.

  	
  Extent
  of Employment

  	
   

  
	
  3.

  	
  Compensation

  	
   

  
	
  4.

  	
  Term of Employment

  	
   

  
	
  5.

  	
  Termination

  	
   

  
	
  6.

  	
  Reimbursement of Expenses

  	
   

  
	
  7.

  	
  Benefits

  	
   

  
	
  8.

  	
  Agreements
  to Protect Company’s Proprietary Information and Goodwill

  	
   

  
	
  9.

  	
  Defense of Claims

  	
   

  
	
  10.

  	
  Non-Disparagement

  	
   

  
	
  11.

  	
  Certain Other Definitions

  	
   

  
	
  12.

  	
  Change in Control

  	
   

  
	
  13.

  	
  Notice

  	
   

  
	
  14.

  	
  Severability

  	
   

  
	
  15.

  	
  Breach;
  Waiver of Breach; Specific Performance

  	
   

  
	
  16.

  	
  Assignment;
  Third Parties

  	
   

  
	
  17.

  	
  Amendment; Entire Agreement

  	
   

  
	
  18.

  	
  Choice
  of Law; Litigation

  	
   

  
	
  19.

  	
  Further Action

  	
   

  
	
  20.

  	
  Intention
  of the Parties

  	
   

  
	
  21.

  	
  Payment Obligations
  Absolute

  	
   

  
	
  22.

  	
  Mutual Releases

  	
   

  
	
  23.

  	
  Revision

  	
   

  
	
  24.

  	
  Reference Date

  	
   

  

 

 

LIST OF
DEFINITIONS

 

	
  Annual Bonus

  	
  1

  
	
  Appraised Value

  	
  10

  
	
  Auditor

  	
  4

  
	
  base amount

  	
  4

  
	
  Base Salary

  	
  1

  
	
  Board of Directors

  	
  1

  
	
  Buyer

  	
  8

  
	
  Cause

  	
  8

  
	
  Change in Control

  	
  9

  
	
  Company

  	
  1

  
	
  Confidential Information

  	
  9

  
	
  Constructive Termination

  	
  10

  
	
  Control Change Date

  	
  12

  
	
  Death

  	
  2

  
	
  Disability

  	
  2

  
	
  excess parachute payments

  	
  4

  
	
  Excise Tax

  	
  3

  
	
  Executive

  	
  1

  
	
  Gross-Up Payment

  	
  3

  
	
  Indemnification Agreement

  	
  4

  
	
  knowing

  	
  11

  
	
  knowledge

  	
  11

  
	
  No Reason

  	
  2

  
	
  parachute payments

  	
  4

  
	
  Parent Incentive Program

  	
  1

  
	
  Relevant Trigger Period

  	
  11

  
	
  Remaining Trigger Period

  	
  11

  
	
  Resignation

  	
  2

  
	
  Scheduled Term End Date

  	
  11

  
	
  Security

  	
  4

  
	
  Tax Counsel

  	
  4

  
	
  Term of Employment

  	
  2

  
	
  Termination Date

  	
  2

  
	
  Termination Payment

  	
  11

  
	
  Total Payments

  	
  3

  
	
  Trigger Period

  	
  11

  

 

 

EXECUTIVE
EMPLOYMENT AGREEMENT

 

(REVISED JULY    , 2002)

 

CHRISTOPHER
J. MURPHY
(“Executive”), and KIEWIT MATERIALS COMPANY,
a Delaware corporation (“Company”), hereby agree as follows:

 

1.  Employment. Executive is now, and has for some time
served as, an executive employee of Company. 
Company hereby agrees to continue the employment of Executive as Chief
Executive Officer of Company, and Executive hereby agrees to so continue such
employment, during the Term of Employment, all pursuant to this Agreement.  The principal place of such employment shall
be in Omaha, Nebraska, Executive’s current home city of residence.  The scope and duties of Executive in such
employment shall be those as have last characterized his employment through the
date hereof.

 

2.    Extent of Employment.  Executive shall perform his duties and
obligations hereunder faithfully, and to the best of his ability, under the
lawful direction of the Board of Directors of Company (the “Board of
Directors”).  Executive shall devote all
of his business time, energy and skill such as may be reasonably necessary for
the performance of his duties and obligations hereunder, consistent with the
past practices and norms of Company and shall abide by the reasonable rules,
customs and usages from time to time established by Company.

 

3.    Compensation.  In consideration of services provided
hereunder, Company shall compensate Executive during the Term of Employment as
follows:

 

(a)    Company shall pay to Executive, as base compensation during the Term of
Employment, in substantially equal monthly installments, an annual base salary
of $340,000 (the “Base Salary”).  The
Board of Directors shall annually review and may increase or reduce the same in
its sole discretion, except that during the Trigger Period, the Board of Directors
may not reduce the Base Salary below $340,000.

 

(b) 
Company shall pay to Executive an annual bonus compensation (“Annual
Bonus”), which is to be based on Executive’s performance during and respecting
each calendar year during the Term of Employment. The payment and amount of
each year’s Annual Bonus shall be at the sole discretion of the Board of
Directors, except that during and respecting the Trigger Period, the Board of
Directors must pay an Annual Bonus of no less than $450,000. Such Annual Bonus shall
be paid concurrently with other annual bonuses paid by Company to other
executives, unless earlier required by other provisions of this Agreement.

 

(c) 
Within 60 days after the occurrence of a Change in Control, Company
shall provide Executive with a description of the incentive compensation
program in which comparable executives of Company’s United States parent
participates (herein called the “Parent Incentive Program”).  During the 14 days after Executive’s receipt
of such

 

1

 

description, Executive shall the right to elect to participate in the
Parent Incentive Program by delivering written notice to Company in the manner
set forth in such description. If Executive so elects to so participate in the
Parent Incentive Program, then such participation shall be in lieu of
Executive’s right to receive an Annual Bonus, and this Executive Employment
Agreement shall be amended so as to eliminate Executive’s right to receive an
Annual Bonus (including as a component of a Termination Payment), and so as to
incorporate Executive’s participation in the Parent Incentive Program.

 

4.  Term of
Employment.  The “Term of Employment” shall commence on
the date hereof and shall end on the Scheduled Term End Date or as otherwise
provided in Section 5.  The last day of
the Term of Employment is herein called the “Termination Date.”

 

5.  Termination.

 

(a) 
Subject to Company’s obligations to make the payments contemplated by
the following provisions of this Section 5, the Term of Employment may be
terminated at any time prior to the Scheduled Term End Date:

 

(i) upon the death of Executive (“Death”); or

 

(ii) upon the Board of Directors reasonable determination, after
consultation with a competent medical physician, because of physical or mental
disability, Executive is unable to perform, and does not perform, his material
duties hereunder for 120 days in any continuous 240-day period (“Disability”);
or

 

(iii) by Company for Cause; or

 

(iv) by Company for any other reason (“No Reason”), or by Company for
no reason (also “No Reason”), or by Company by Constructive Termination (also
“No Reason”); or

 

(v) by Executive voluntarily and for no reason after 30 days’ prior
written notice to Company and the Board of Directors (“Resignation”).

 

Executive acknowledges that nothing contained herein, or otherwise
stated by or on behalf of Company, modifies or amends the right of Company to
terminate Executive at any time, with or without Cause.

 

(b) 
Upon termination of the Term of Employment on account of Death,
Disability, No Reason, Cause or Resignation, then:

 

(i) within ten days following the Termination Date, Company shall pay
to Executive (1) all accrued and unpaid Base Salary and benefits (including
vacation pay and benefits under Section 7 with respect to the period of the
Term of Employment prior to termination, (2) reimbursement for all expenses
under Section 6 with respect to such period, (3) any other benefits (including
COBRA) required by law to be provided after termination of employment under the

 

2

 

circumstances and (4) customary severance
pay, if any, as established by Company pursuant to then current practice; and

 

(ii) all unvested equity interests (such as stock options) in or
respecting Company, if there are any, shall vest as of such Termination Date;
and

 

(iii) all 401(k) benefits and accounts shall vest as of such
Termination Date.

 

(c) 
In addition to the salary, benefits and reimbursements set forth in
subsection 5(b), and in lieu of severance pay provided for in clause (4)
thereof, in the event that Executive’s employment is terminated during the
Trigger Period on account of Death, Disability or No Reason, then:

 

(i)    during
the Remaining Trigger Period, Company shall also (1) maintain and provide at
its sole expense, or reimburse Executive for 100% of the premiums necessary to
procure and maintain, COBRA continuation coverage under, or equivalent coverage
to that provided under, the Company’s then current group health insurance plan,
all benefiting Executive and any of his dependents who are eligible therefor,
and all as referenced in Section 4980B of the Internal Revenue Code, and (2)
provide to Executive reasonable (in relation to Executive’s circumstances and
position) professional outplacement services, excepting that the same shall
only be so provided during the first nine months of such period, but all of the
foregoing shall be so maintained and provided only to the extent not otherwise
to be maintained or provided under the provisions of subsection 5(b) above; and

 

(ii)   within
ten days after the commencement of the Remaining Trigger Period, Company shall
also pay to Executive the Termination Payment in a lump sum.

 

(d)                                 (i)    Whether
or not Executive becomes entitled to the Termination Payment, if any of the
payments or benefits received or to be received by Executive in connection with
a Change in Control or Executive’s termination of employment (whether pursuant
to the terms of this Agreement or any other plan, arrangement or agreement with
Company, with any person whose actions result in a Change in Control or with
any person affiliated with Company or such person, (but not including any
payments or benefits received by Executive in connection with any Security (as defined
in Section 5(d)(ii)) (all such payments and benefits, excluding the Gross-Up
Payment (as defined herein), being hereinafter referred to as the “Total
Payments”) become subject to any excise tax imposed under section 4999 of the
Internal Revenue Code (the “Excise Tax”), Company shall pay to Executive an
additional amount (the “Gross-Up Payment”) such that the net amount retained by
Executive, after deduction of any Excise Tax on the Total Payments and any
federal, state and local income and employment taxes and Excise Tax upon the
Gross-Up Payment, and after taking into account the phase out of itemized
deductions and personal exemptions attributable to the Gross-Up Payment, shall
be equal to the Total Payments.

 

3

 

(ii)   This Agreement shall not apply to any
payments or benefits received by Executive in connection with any Security (as
defined herein) owned by Executive, which payments or benefits are subject to
that certain Indemnification Agreement executed by and between Executive and
Company of even date herewith (the “Indemnification Agreement”). For purposes
of this Section 5(d), the term “Security” shall mean any one or more of the
convertible debentures of Company issued as Series 2000A, 2000B, 2000C, 2000D
and 2001.

 

(iii)   For purposes of determining whether any of
the Total Payments will be subject to the Excise Tax and the amount of such
Excise Tax, (A) all of the Total Payments shall be treated as “parachute
payments” (within the meaning of section 280G(b)(2) of the Internal Revenue
Code) unless, in the opinion of tax counsel (“Tax Counsel”) selected by Company
and reasonably acceptable to Executive, such Total Payments (in whole or in
part) do not constitute parachute payments, including by reason of section
280G(b)(4)(A) of the Internal Revenue Code, (B) all “excess parachute payments”
within the meaning of section 280G(b)(l) of the Internal Revenue Code shall be
treated as subject to the Excise Tax unless, in the opinion of Tax Counsel, such
excess parachute payments (in whole or in part) represent reasonable
compensation for services actually rendered (within the meaning of section
280G(b)(4)(B) of the Internal Revenue Code) in excess of the “base amount”
allocable to such reasonable compensation (within the meaning of section
280G(b)(3) of the Internal Revenue Code), or are otherwise not subject to the
Excise Tax, and (C) the value of any noncash benefits or any deferred payment
or benefit shall be determined by the accounting firm which was, immediately
prior to the Change in Control, Company’s independent auditor (the “Auditor”)
in accordance with the principles of sections 280G(d)(3) and (4) of the
Internal Revenue Code.  For purposes of
determining the amount of the Gross-Up Payment, Executive shall be deemed to
pay federal income tax at the highest marginal rate of federal income taxation
in the calendar year in which the Gross-Up Payment is to be made and state and
local income taxes at the highest marginal rate of taxation in the state and
locality of Executive’s residence on the Termination Date (or if there is no
Termination Date, then the date on which the Gross-Up Payment is calculated for
purposes of this Section 5(d)), net of the maximum reduction in federal income
taxes which could be obtained from deduction of such state and local taxes.

 

(iv)   In the event that the Excise Tax is finally
determined to be less than the amount taken into account hereunder in
calculating the Gross-Up Payment, Executive shall repay to Company, within 5
business days following the time that the amount of such reduction in the
Excise Tax is finally determined, the portion of the Gross-Up Payment
attributable to such reduction (including that portion of the Gross-Up Payment
attributable to the Excise Tax and federal, state and local income and
employment taxes imposed on the Gross-Up Payment being repaid by Executive),
plus in the event that such amount is not repaid within 5 business days after
Executive is notified of such determination interest on the amount of such
repayment at 120% of the rate provided in section 1274(b)(2)(B) of the
Code.  In the event that the Excise Tax
is determined to exceed the amount taken into account hereunder in calculating
the Gross-Up Payment

 

4

 

(including by reason of any payment the existence or amount of which
cannot be determined at the time of the Gross-Up Payment), Company shall make a
further Gross-Up Payment in respect of such excess (plus any interest,
penalties or additions payable by Executive with respect to such excess) within
5 business days following the time that the amount of such excess is finally
determined.  Executive and Company shall
each reasonably cooperate with the other in connection with any administrative
or judicial proceedings concerning the existence or amount of liability for
Excise Tax with respect to the Total Payments.

 

(v)   The Gross-Up Payment shall be made not
later than the 30th day following the Termination Date (or if there
is no Termination Date, then the 30th day after the date on which
the Gross-Up Payment is calculated for purposes of this Section 5(d)). At the
time the Gross-Up Payment is made, Company shall provide Executive with a
written statement setting forth the manner in which such payment was calculated
and the basis for such calculations including, without limitation, any opinions
or other advice Company has received from Tax Counsel, the Auditor or other
advisors or consultants (and any such opinions or advice which are in writing
shall be attached to the statement).

 

6.  Reimbursement
of Expenses.  During the Term of Employment, Company shall
reimburse Executive for reasonably documented travel, entertainment and other
expenses reasonably incurred by Executive in connection with the performance of
his duties hereunder and, in each case, in accordance with the rules, customs
and usages promulgated by Company from time to time in effect.

 

7.  Benefits. 
Executive shall be entitled to participate in and be covered by any
insurance plan (including but not limited to life, medical, dental, health,
accident, hospitalization and disability), 401(k) plan or pension plan, all as
then in effect for and benefiting any executive employees of Company, excepting
only that Executive shall not be eligible to participate in the Parent
Incentive Program unless Executive has duly elected to so participate as
hereinabove provided.  Executive shall
also be entitled to paid vacation in each twelve-month period in accordance
with the current vacation policy of Company, subject to the reasonable
requirements of Company as to the timing of the taking of such vacation.

 

8.  Agreements
to Protect Company’s Proprietary Information and Goodwill.  In
consideration of Executive’s employment and the compensation payable in this
Agreement, and in order to protect the confidential business information and
goodwill of Company’s business that Executive has or will gain from being
unfairly used against Company, Executive agrees that, during Executive’s
employment with Company and with respect to items (i) (A), (i) (B), (ii) (A),
(ii) (B), (ii) (C), (iii) (A), and (iii) (B) for the remainder of the Trigger
Period and with respect to items (i) (C), (i) (D), (ii) (D), (ii) (E), (iii)
(C) and (iii) (D) for a period of 36 months following the termination of
Executive’s employment with Company for any reason, Executive will not,
directly or indirectly,

 

(i)                                     with respect to Executive’s activities in
Nebraska, engage in any of the following:

 

5

 

(A)                              solicit or sell, either on behalf of
Executive or on behalf of any other person, firm, company or corporation,
products or services which compete with any of Company’s or any of its
affiliates’ products or services to those persons, companies, firms or
corporations who were or are customers of Company or any of its affiliates
during Executive’s employment and with whom Executive has personal contact
during and as a result of Executive’s employment with Company;

 

(B)                                interfere with Company’s or any of its
affiliates’ contractual business relationships with its suppliers;

 

(C)                                Solicit or in any manner encourage, directly
or indirectly, any employee of Company or any of its affiliates to leave its
employ;

 

(D)                               disclose to any person, or use or otherwise
exploit for Executive’s own benefit or for the benefit of anyone other than
Company, any Confidential Information, whether prepared by Executive or not;
however, any Confidential Information may be disclosed (1) to officers,
representatives, employees and agents of Company who need to know such
Confidential Information in order to perform the services or conduct the
operations required or expected of them in the business, (2) in good faith by
Executive in connection with the performance of his duties hereunder or (3)
after prompt notice to Company, as may be required by law; (any trade secrets
will also be entitled to all of the protections and benefits under any
applicable law; if any information which Company deems to be a trade secret is
found by a court of competent jurisdiction not to be a trade secret for
purposes of this Section 8, then the Confidential Information will be
considered confidential information for purposes of this Section 8; in the case
of trade secrets, Executive hereby waives any requirement that Company submit
proof of the economic value of any trade secret or post any bond or other
security with respect to them); and

 

(ii)                                  with respect to Executive’s activities in any
state other than Nebraska or California, engage in any of the following:

 

(A)                              possess an ownership interest in, be employed
in a management position or hold a management consulting position with, or
otherwise have any material involvement with a concrete ready-mix, asphalt,
aggregate or related product business to the extent that it conducts operations
within a 100-mile radius of any facility owned by Company or its affiliates on
August 1, 2002, or within a 100-mile radius of any other location at which
Executive’s employment by Company is based at any time during the 12 months
prior to Executive’s termination and as to which Company advises Executive that
it considers subject to this provision;

 

(B)                                solicit or sell, either on behalf of
Executive or on behalf of any person, firm, company or corporation, products or
services which compete with any of Company’s or any of its affiliates’ products
or services to those persons, companies, firms or corporations who were or are
customers of Company or any of its affiliates during Executive’s employment;

 

6

 

(C)                                interfere with Company’s or any of its
affiliates’ contractual business relationships with its suppliers;

 

(D)                               solicit or in any manner encourage, directly
or indirectly, any employee of Company or any of its affiliates to leave its
employ;

 

(E)                                 disclose to any person, or use or otherwise
exploit for Executive’s own benefit or for the benefit of anyone other than
Company, any Confidential Information, whether prepared by Executive or
not.  However, any Confidential
Information may be disclosed (1) to officers, representatives, employees and
agents of Company who need to know such Confidential Information in order to
perform the services or conduct the operations required or expected of them in
the business, (2) in good faith by Executive in connection with the performance
of his duties hereunder or (3) after prompt notice to Company, as may be
required by law; (any trade secrets will also be entitled to all of the
protections and benefits under any applicable law; if any information which
Company deems to be a trade secret is found by a court of competent
jurisdiction not to be a trade secret for purposes of this Section 8, then the
Confidential Information will be considered confidential information for
purposes of this Section 8; in the case of trade secrets, Executive hereby
waives any requirement that Company submit proof of the economic value of any
trade secret or post any bond or other security with respect to them); and

 

(iii)                               with respect to Executive’s activities in
California, engage in any of the following:

 

(A)                              solicit or sell, either on behalf of
Executive or on behalf of any person, firm, company or corporation, products or
services which compete with any of Company’s or any of its affiliates’ products
or services to the customers of Company and its affiliates listed on Exhibit A
attached hereto.  Executive acknowledges
and agrees that he has had and will have personal contact with each such
customer during and as a result of Executive’s employment with Company;

 

(B)                                interfere with Company’s or any of its
affiliates’ contractual business relationships with its suppliers;

 

(C)                                solicit or in any manner encourage, directly
or indirectly, any employee of Company or any of its affiliates to leave its
employ;

 

(D)                               disclose to any person, or use or otherwise
exploit for Executive’s own benefit or for the benefit of anyone other than
Company, any Confidential Information, whether prepared by Executive or
not.  However, any Confidential
Information may be disclosed (A) to officers, representatives, employees and
agents of Company who need to know such Confidential Information in order to
perform the services or conduct the operations required or expected of them in
the business, (B) in good faith by Executive in connection with the performance
of his duties

 

7

 

hereunder or (C) after prompt notice to Company, as may be required by
law, (any trade secrets will also be entitled to all of the protections and
benefits under any applicable law, if any information which Company deems to be
a trade secret is found by a court of competent jurisdiction not to be a trade
secret for purposes of this Section 8, then the Confidential Information will
be considered confidential information for purposes of this Section 8; in the
case of trade secrets, Executive hereby waives any requirement that Company
submit proof of the economic value of any trade secret or post any bond or
other security with respect to them).

 

Immediately after termination of employment with Company, Executive
will deliver to Company all materials in his possession involving Confidential
Information. Executive acknowledges and agrees that the foregoing restrictions
are reasonable, necessary and appropriate to protect Company’s proprietary
information and its business goodwill.

 

9.  Defense of Claims. 
Executive agrees that, from the date hereof, and continuing for a
reasonable period after termination of the Term of Employment, Executive will
reasonably cooperate with Company in defense of any claims that may be made
against Company provided such defense does not interfere with Executive’s then
current employment.  Company agrees to
reimburse Executive for all of Executive’s reasonable out-of-pocket expenses
associated with such cooperation, including travel expenses and the fees and
expenses of Executive’s legal counsel.

 

10.  Non-Disparagement. 
During and after the Term of Employment, Executive agrees that he shall
not make any false, defamatory or disparaging statements about Company, its
business, or the officers or directors of Company, and Company agrees that
neither the officers nor the directors of Company shall make any false,
defamatory or disparaging statements about Executive.

 

11.  Certain
Other Definitions.

 

(a) 
“Buyer” means the acquirer of control in a Change in Control
transaction,

 

(b) 
“Cause” means any of the following:

 

(i) Executive’s conviction of, or plea of guilty or nolo contendere to, a serious felony or a
crime involving embezzlement, conversion of property or moral turpitude;

 

(ii) Executive’s commission of fraud, embezzlement or conversion of
property, as reasonably determined by the Board of Directors based upon
credible evidence;

 

(iii) a reasonable and good faith finding by the Board of Directors of
Executive’s knowing breach of any of his fiduciary duties to Company or making
of a misrepresentation or omission which breach, misrepresentation or omission
would reasonably be expected to materially adversely affect the business,
properties, assets, condition (financial or other) or prospects of Company,
provided that Executive has been given written notice thereof and

 

8

 

within
30 days after such notice fails to cure the breach, misrepresentation or
omission;

 

(iv) Executive’s willful and continual neglect or failure (other than
by reason of Death or Disability) to discharge his material duties,
responsibilities or obligations prescribed by this Agreement or any other
agreement between Executive and Company, provided that Executive has been given
written notice thereof and within 30 days after such notice fails to cure the
neglect or failure;

 

(v) Executive’s alcohol or substance abuse, which materially interferes
with Executive’s ability to discharge his duties, responsibilities and
obligations prescribed by this Agreement, provided that Executive has been
given notice and 30 days from such notice fails to cure such abuse;

 

(vi) Executive’s material violation, with the actual knowledge of Executive,
of any obligations under this Agreement to Company, including without
limitation, those set forth in Sections 8 through 10 of this Agreement,
provided that Executive has been given written notice thereof and within 30
days after such notice fails to cure such material violation; or

 

(vii) Executive’s personal (as opposed to Company’s) material and
knowing failure to observe or comply with all material and relevant laws and
regulations, whether as an officer, stockholder or otherwise, such that the same
would reasonably be expected to have a material adverse effect on Company’s
ongoing business, operations, conditions, other business relationships or
properties, provided, that Executive has been given written notice thereof and
within 30 days after such notice fails to cure such failure.

 

(c) 
“Change in Control” means the consummation of a transaction or series of
transactions whereby there is a change “in the ownership or effective control”
of Company, or a change “in the ownership of a substantial portion of the
assets” of Company, as those terms are used in Section 280G(b)(2)(A) of the
Internal Revenue Code, which consummation occurs (no matter when) substantially
in accordance with and pursuant to a definitive agreement executed prior to
April 19, 2003.

 

(d) 
“Confidential Information” means any confidential information including,
without limitation, any study, data, calculations, software storage media or
other compilation of information, patent, patent application, copyright,
“know-how”, trade secrets, customer lists, details of client or consultant
contracts, pricing policies, operational methods, marketing plans or
strategies, product development techniques or plans, business acquisition plans
or any portion or phase of any scientific or technical information, ideas,
discoveries, designs, inventions, creative works, computer programs (including
source or object codes), processes, procedures, formulae, improvements or other
proprietary or intellectual property of Company, whether or not in written or
tangible form, and whether or not registered, and including all files, records,
manuals, books, catalogues, memoranda, notes, summaries, plans, reports,
records, documents and other evidence thereof. 
Notwithstanding the foregoing, the term “Confidential

 

9

 

Information” does not include, and there shall be no obligation
hereunder with respect to, information that is or becomes generally available
to the public other than as a result of a disclosure by Executive not
permissible hereunder.

 

(e) 
“Constructive Termination” means such ongoing intentional or negligent
actions or inactions by, or permitted by, Company (including (1) coercion, (2)
physical or mental abuse, (3) material adverse change from now current
circumstances in the scope, nature, authority or duties of Executive’s
employment, unless such change involves a transfer (without relocating from
either Omaha, Nebraska or Phoenix, Arizona) to a comparable position in a
division or a subsidiary of the United States parent of Company or any of its
affiliates and such division’s or subsidiary’s operations are comparable in
size to Company’s operations as of the date of Change in Control, (4)
relocation from Omaha, Nebraska, except for relocation to Phoenix, Arizona, (5)
excessive (in relation to now current practice) required business travel,
unless such additional travel is required due to a change in the location of
Company’s, or its United States parent’s, corporate headquarters, and travel to
and from such headquarters is required of comparable executive employees of
Company or its United States parent, (6) failure to provide to Executive
compensation, authority, duties or benefits (including medical benefits, but
not including the Parent Incentive Program unless Executive has duly elected to
participate therein) which are comparable to those then provided to comparable
executive employees of Company, (7) other acts which could be deemed under
common law to be “constructive termination” of Executive’s employment, or (8)
default by Company in performance of its obligations under this Agreement),
such that Executive reasonably and in good faith determines that he has
reasonable cause to, and he consequently does in fact, submit his resignation
hereunder, provided that Company has been given, prior to such resignation,
written notice thereof and within 30 days after such notice fails to cease and
cure such actions or inactions; however, no such notice shall be so required in
the event that one notice (relating to the same or different actions or
inactions) has been theretofore so given. Executive and Company acknowledge and
agree that, in the event of the occurrence of a Change in Control, the
provisions of the preceding sentence shall be liberally construed in favor of,
and so as to benefit to the maximum extent, Executive. A resignation by
Executive pursuant to the provisions of this subsection 1l(e) shall not be
deemed to be a Resignation as defined in subsection 5(a)(v) above, but instead
the same shall be deemed to be a termination by Company by Constructive
Termination and thus to be a termination by Company for No Reason under
subsection 5(a)(iv) above. Notwithstanding the provisions of phrase 11c(4)
above, a Constructive Termination shall not be deemed to have occurred if,
subsequent to a Change in Control, Executive is both (1) required by Company to
relocate to any city within the continental United States, and (2) Company
reimburses Executive for all reasonable moving expenses and for the amount by which
the Appraised Value (as hereinafter defined) of Executive’s Omaha, Nebraska
residence exceeds (if it does) the net sale proceeds received by Executive from
the sale thereof (“Appraised Value”) means the average of the appraised values
of Executive’s said residence as of the date of such Change in Control
determined by three licensed appraisers, one being selected by Executive, one
being selected by Company and the third being selected by the first two
appraisers, the cost of which shall be borne by Company).

 

10

 

(f) 
“knowing” and “knowledge” means actual knowledge without any duty of
investigation.

 

(g) 
“Remaining Trigger Period” means that period during the Trigger Period
which (1) commences on the last to occur as between the Termination Date and
the Control Change Date, and (2) ends on the last day of the Trigger Period.

 

(h) “Relevant Trigger Period” is that period
during the Trigger Period which (1) commences on the Termination Date and (2)
ends on the last day of the Trigger Period.

 

(i) 
“Scheduled Term End Date” means the date when Executive ceases to be an
employee of Company on account of Death, Disability, Cause, No Reason or
Resignation; however, if a Change in Control occurs, then the “Scheduled Term
End Date” means the third anniversary of the Control Change Date.

 

(j) 
“Termination Payment” means that dollar amount which is equal to the sum
of

 

(i)  the product obtained
when 1/365th of Executive’s Base Salary in effect on the Termination
Date is multiplied by the number of days in the Relevant Trigger Period,
plus

 

(ii)  the sum of the
minimum Annual Bonuses which would have been due to Executive during or
respecting the Relevant Trigger Period.

 

Such Termination Payment shall not be reduced by any present value or
similar factor; Executive shall not be required to mitigate the amount of such
Termination Payment by securing other employment or otherwise; and such
Termination Payment shall not be reduced by reason of Executive’s having secured
other employment or for any other reason.

 

(k) 
“Trigger Period” means that period which (1) commences on April 19,
2002, and (2) ends on the third anniversary of the Control Change Date. Without
limiting the generality of the foregoing, if no Change in Control occurs then
no Trigger Period occurs.

 

12.  Change in Control.  In
the event of the occurrence of a Change in Control:

 

(a) 
Company shall cause Buyer to thereafter continue the employment of
Executive under this Agreement and to otherwise assume and perform all of
Company’s obligations under this Agreement in the place and stead of Company;
in other words, subsequent to a Change in Control, and as a result thereof,
Executive shall continue to be employed by Buyer under the terms of this
Agreement.

 

(b) 
Company shall cause Buyer to provide adequate security or assurance to
Executive that Buyer will in fact perform, and that Buyer has and will have
sufficient resources to perform, Company’s and Buyer’s obligations hereunder,
all as determined by Executive reasonably and in good faith.

 

11

 

(c) 
For all purposes under this Agreement, a Change in Control shall be
deemed to have “occurred” or been “consummated” when the transaction (or series
of transactions) effecting the same are consummated (that is, closed), and the
date of such occurrence or consummation shall be herein called the “Control
Change Date.”

 

(d) 
Wherever relevant in this Agreement, references to Company after a
Change in Control shall be deemed to be references to Buyer, as the context
suggests and requires.

 

(e) 
If Executive was not an employee of Company on the Control Change Date
on account of a prior termination of the Term of Employment on account of
Death, Disability or No Reason, then as of such Control Change Date, Company
shall cause Employee to have the same rights, and to be in the same financial
position (respecting stock, options, debentures or other securities issued, or
to be issued, by Company), as he would have had or been in had such termination
not occurred, the same to be effected by Company’s cash payment to Executive,
within ten days after the Control Change Date, of the appropriate dollar amount
required by this subsection.

 

(f) 
If Buyer is an acquisition subsidiary or other entity, the net assets of
which consist principally of Company’s assets or stock in Company, then

 

(i) the obligations of Buyer hereunder shall be unconditionally
guaranteed by the parent entity thereof, and

 

(ii) where the context is relevant (such as in determining benefits of
comparable executives after a Change in Control), references to Buyer shall be
deemed to be and include references to such parent or to relevant affiliates
thereof.

 

13.  Notice.  Any
notice, request, demand or other communication required or permitted to be
given under this Agreement shall be given in writing and if delivered
personally, sent by certified or registered mail, return receipt requested,
sent by overnight courier or sent by facsimile transmission (with confirmation
and a copy sent by mail within one day) as follows (or to such other addressee
or address as shall be set forth in a notice given in the same manner):

 

	
  If
  to Executive:

  	
   

  	
  Christopher
  J. Murphy

  
	
   

  	
   

  	
  22108
  Stanford Circle

  
	
   

  	
   

  	
  Elkhorn,
  Nebraska 68022-2272

  
	
   

  	
   

  	
   

  
	
  If to Company:

  	
   

  	
  Kiewit Materials Company

  
	
   

  	
   

  	
  3555
  Farnam Street

  
	
   

  	
   

  	
  Omaha,
  Nebraska 68131

  
	
   

  	
   

  	
  Attention:
  President

  
	
   

  	
   

  	
  Telefax:
  402.536.3607

  

 

12

 

Any such notices shall be deemed to be given on the date personally
delivered or sent by facsimile transmission or such return receipt is issued or
the day after if sent by overnight courier.

 

14.  Severability. 
Whenever possible, each provision of this Agreement shall be interpreted
in such manner as to be effective and valid under applicable law, but if any
provision of this Agreement is held to be invalid, illegal or unenforceable in
any respect under any applicable law, in any jurisdiction, such invalidity,
illegality or unenforceability will not affect any other provision or any other
jurisdiction, but this Agreement shall be reformed, construed and enforced in
such jurisdiction as if such invalid, illegal or unenforceable provision had
never been contained herein. If any court determines that any provision of this
Agreement is unenforceable and therefore acts to reduce the scope or duration
of such provision, the provision in its reduced form, shall then be
enforceable.

 

15.  Breach;
Waiver of Breach; Specific Performance.  If
either party hereto breaches its obligations under this Agreement, the
non-breaching party shall be entitled to pursue all remedies available at law
or in equity for such breach.  The
waiver by one party hereto of a breach of any provision of this Agreement by
the other party shall not operate or be construed as a waiver of any other
breach of such other party. Each party (and intended third-party beneficiaries)
hereto shall be entitled to enforce its rights in relation to any breach by the
other party of any provision of this Agreement and to exercise all other rights
existing in its favor.  The parties
hereto agree and acknowledge that Company would be irreparably injured by a
violation of Sections 8 through 10 of this Agreement, that the provisions of
such sections are reasonable, that Company could not adequately be compensated
in monetary damages, in light of the sensitivity of the non-public information
of Company to which Executive will be exposed, and that Company may apply to
any court of law or equity of competent jurisdiction for specific performance
and/or injunctive relief, including temporary restraining orders, preliminary
injunctions and permanent injunctions in order to enforce or prevent any
violations of such provisions of this Agreement.

 

16.  Assignment;
Third Parties.  Subject to the provisions of Section 12,
neither Executive nor Company may assign, transfer, pledge, hypothecate,
encumber or otherwise dispose of this Agreement or any of his or its respective
rights or obligations hereunder, without the prior written consent of the
other, which shall not be unreasonably withheld. The personal representative of
Executive (after his Death) is an intended third-party beneficiary of this
Agreement, and may enforce the obligations of Company, and exercise the rights
of Executive, hereunder after the Death of Executive, all of which obligations
and rights (as relevant) shall survive. All payments which are required to be
paid to Executive under this Agreement and which accrue after the date of his
death shall be paid when due to the personal representative of his estate.

 

17.  Amendment;
Entire Agreement.  This Agreement may be changed,
modified or amended only by a written document signed by both parties hereto
which refers specifically to this Section 17. 
Except with respect to the Indemnification Agreement, this Agreement
constitutes the entire agreement between the parties hereto

 

13

 

concerning the subject matter hereof and supersedes in its entirety all
prior and contemporaneous agreements, if any, between the parties thereto. The
enforceability of this Agreement shall not cease or otherwise be adversely
affected by the termination of Executive’s employment with Company.

 

18.  Choice of
Law; Litigation.
This Agreement shall be governed by, construed, applied and enforced in
accordance with, the laws of the State of Arizona. In the event that any party
to this Agreement commences any litigation, proceeding or other legal action in
connection with or relating to this Agreement, any related agreement or any
matters described or contemplated herein or therein, the parties hereto hereby
agree (1) under all circumstances absolutely and irrevocably to institute any
litigation, proceeding or other legal action in a court of competent jurisdiction
located within the State of Arizona, whether a state or federal court; (2) that
in the event of any such litigation, proceeding or action, such parties will
consent and submit to the personal jurisdiction of any such court described in
clause (1) of this Section 18 and to service of process upon them in accordance
with the rules and statutes governing service of process (it being understood
that nothing in this section shall be deemed to prevent any party from seeking
to remove any action to a federal court in the State of Arizona); (3) to waive
to the full extent permitted by law any objection that they may now or
hereafter have to the venue of any such litigation, proceeding or action in any
such court or that any such litigation, proceeding or action was brought in any
inconvenient forum; (4) to designate, appoint and direct an authorized agent to
receive on its behalf service of any and all process and documents in any legal
proceeding in the State of Arizona, or as an alternative method of service, to
service of process in any legal proceeding by mailing of copies thereof to such
party at its address set forth herein for communications to such party; (5)
that any service made as provided herein shall be effective and binding service
in every respect; (6) if Executive prevails in such litigation, and if and to
the extent that the same is permitted by law, then Executive shall be entitled
to reimbursement of his reasonable legal fees and expenses of litigation
incurred in connection therewith; and (7) that nothing herein shall affect the
rights of any party to effect service of process in any other manner permitted
by law.

 

19.  Further Action. 
Executive and Company hereby agree to perform any further acts, and to
execute and deliver any additional documents, which may be reasonably required
so as to effect, memorialize or carry out the provisions of this Agreement.

 

20.  Intention of the Parties.  This
Agreement is being executed in connection with a concurrent determination by
the Board of Directors that Company should pursue a Change in Control
transaction.  The Board of Directors has
also determined that Executive’s continued employment with, and efforts on
behalf of, Company respecting continuing operations and pursuit of a Change in
Control transaction are essential and of significant value to the Company.  To assure the same, Company is executing
this Agreement with Executive and similar agreements with other executives
whose retention and efforts are similarly important. Accordingly, the parties
hereto hereby acknowledge and agree that the provisions of this Agreement shall
be liberally construed in favor of Executive and so as to benefit him, to the
maximum extent and, without limiting the

 

14

 

generality of the foregoing, so as to provide to him assured and
significant compensation, severance and other benefits in the event of the
termination of the Term of Employment hereunder prior to the end of the Trigger
Period. All provisions of this Agreement shall be construed in accordance with
the foregoing.

 

21.  Payment
Obligations Absolute. Company acknowledges that its obligations during and after the Term of
Employment to pay and provide to Executive the compensation, severance and
other benefits provided for herein shall be absolute and unconditional and
shall not be affected by any circumstances whatsoever, including, without
limitation, any set-off, counterclaim, recoupment, defense or other right which
Company may claim against Executive or anyone else. All amounts payable by
Company to Executive hereunder shall be paid without notice or demand. Each and
every payment made hereunder by Company shall be final, and Company shall not
seek to recover all or any part of such payment from Executive, or from
whomsoever may be entitled thereto, for any reason whatsoever.  If Company shall fail to pay when due any
payment (including the Termination Payment) required by the provisions of this
Agreement, then from and after the due date thereof, the unpaid amount of such
payment shall thereafter, and until paid, bear interest at an annual rate of
interest equal to 400 basis points in excess of the Prime Rate published each
day in the Money Rates section of The Wall Street Journal, adjusted
daily (or in the absence of such publication, then such rate shall be
determined as last provided for therein).

 

22.  Mutual Releases. Except as set forth in the last sentence of
this Section, Executive hereby releases Company from any and all claims or
causes of action which Executive may now have or claim against Company arising
out of Executive’s employment with Company. Except as set forth in the last
sentence of this Section, Company hereby releases Executive from any and all
claims or causes of action which Company may now have or claim against
Executive arising out of Executive’s employment with Company.  The preceding two sentences shall not relate
to, cover or release any claims or causes of action which either Executive or
Company may have or claim against the other which arise under the provisions of
this Agreement or the Indemnification Agreement.

 

23.  Revision. This Executive Employment Agreement Revised
July 8, 2002, is a revision of,
and replaces and supercedes in its entirety, the certain Executive Employment
Agreement executed by and between Executive and Company dated for reference
purposes April 19, 2002.

 

24.  Reference Date. This Agreement shall be dated for reference
purposes July 8, 2002.

 

	
   

  	
  EXECUTIVE:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Christopher J. Murphy

  
	
   

  	
  Christopher J. Murphy

  

 

15

 

	
   

  	
  KIEWIT MATERIALS COMPANY

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Kenneth E. Stinson

  
	
   

  	
   

  	
  Kenneth E. Stinson, Chairman

  

 

16Exhibit
4.4.1.5

 

EMPLOYMENT AGREEMENT

 

THIS AGREEMENT (the “Agreement”) is
entered into as of August 1, 2001 by and between Rinker Materials
Corporation, a Georgia corporation (the “Company”), and Sharon DeHayes (the “Executive”).

 

WHEREAS, the parties wish
to provide for the continued employment of the Executive by the Company on the
terms and conditions herein set forth; and

 

WHEREAS, the parties wish
to formalize their present understanding of the terms of employment of the
Executive and provide a base upon which any future amendments to their
relationship can be developed;

 

NOW THEREFORE, in
consideration of the foregoing and the mutual covenants and agreements herein
contained, and intending to be legally bound hereby, the parties hereby agree
as follows:

 

1.                                       Term of
Employment.  The Company
hereby agrees to continue the Executive in its employ and the Executive hereby
agrees to remain in the employ of the Company for a period commencing on
July 1, 2001 (the “Effective Date”) and ending on the third anniversary of
such date (the “Employment Period”).  The Employment Period will automatically be
extended on the first anniversary of the Effective Date (and on each
anniversary thereafter) for an additional one-year period unless either party
to this Agreement gives the other party hereto written notice of its intention
not to extend the Employment Period at least 180 days prior to the applicable
anniversary date.

 

2.                                       Position
and Duties.  During the
Employment Period, the Executive shall be employed as the Vice President,
Cement Division of the Company and shall report directly to the Chief Executive
Officer.  The Executive’s duties and
responsibilities to the Company shall at all times be consistent with her
position as an executive officer of the Company.  During the Employment Period, and excluding any periods of
vacation and other leave to which the Executive is entitled, the Executive
agrees to devote all of her time and attention during normal business hours to
the business and affairs of the Company and to use her reasonable best efforts
to perform faithfully and efficiently the duties and responsibilities assigned
to her hereunder.  During the Employment
Period it shall not be a violation of this Agreement for the Executive to serve
on corporate, civic or charitable boards or committees, deliver lectures,
fulfill speaking engagements or teach at educational institutions and devote
reasonable amounts of time to the management of her and her family’s personal
investments and affairs, so long as such activities do not significantly
interfere with the performance of the Executive’s responsibilities as an

 

 

employee of the Company in accordance with this Agreement.  It is expressly understood and agreed that
to the extent that any such activities have been conducted by the Executive
prior to the Effective Date, the reinstatement or continued conduct of such
activities (or the reinstatement or conduct of activities similar in nature and
scope thereto) subsequent to the Effective Date shall not thereafter be deemed
to interfere with the performance of the Executive’s responsibilities to the
Company.  The Executive’s principal
place of employment shall be the executive offices of the Company in West Palm
Beach, Florida or any location less than 30 miles from such location, although
the Executive understands and agrees that she may be required to travel from
time to time for business purposes.

 

3.                                       Compensation
During the Employment Period. 
During the Employment Period, the Executive shall be compensated as
follows:

 

(a)                                  Annual
Base Salary.  The
Executive shall be paid a base salary (“Annual Base Salary”) at the rate of $220,000 per
annum.  The Executive’s Annual Base
Salary will be paid in accordance with the Company’s regular payroll practices
applicable to its executive officers, as established from time to time.  The rate of Annual Base Salary shall be
reviewed at least annually by the Board of Directors of CSR America, after
consideration of the recommendations of the Chief Executive Officer, and may be
increased, but not decreased, on the basis of such review.

 

(b)                                 Annual
Bonus.  In addition to
Annual Base Salary, the Executive shall be eligible to earn, for each fiscal
year ending during the Employment Period, an annual bonus (the “Annual Bonus”) in
cash based upon the Company achieving one or more performance goals and targets
set in good faith by the Board of Directors of the Company after reasonable
consultation with the Chief Executive Officer. 
The target amount for the Annual Bonus for each fiscal year (the “Target Amount”) shall
be 40% of the Executive’s Annual Base Salary, subject to the achievement of the
performance goals and targets for such year. 
The Annual Bonus payable to the Executive for a fiscal year may be
greater than the Target Amount based upon performance in excess of the target
or targets set by the Board of Directors for that year, and may be equal to 0%
of the Target Amount in the case of performance below the target or targets for
that year.  The Annual Bonus paid to the
Executive shall be determined in accordance with criteria set by the Board of
Directors after reasonable consultation with the Chief Executive Officer.  Each fiscal year during the Employment
Period, the Company will establish an annual bonus plan in which the Executive
will participate (the “Annual Plan”) and that will provide the Executive with a
bonus opportunity not less than that described above in this
Subsection (b). The Annual Bonus for a given fiscal year shall be paid no
later than the end of the third month of the fiscal year next following the
fiscal year for which the Annual Bonus is awarded.

 

2

 

The amount of the Annual
Bonus for any partial fiscal year during the Employment Period shall be
prorated by multiplying the amount of the Annual Bonus that would be paid to
the Executive for the full fiscal year by a fraction, the numerator of which
shall be the number of days in such fiscal year occurring during the Employment
Period, and the denominator of which shall be 365.

 

(c)                                  Long Term
Incentive Compensation. 
During the Employment Period, the Executive shall be entitled to
participate in all incentive compensation plans, practices, policies, and
programs maintained by the Company for its senior executives at a participation
level reflecting the Executive’s position and on terms and conditions no less
favorable than those available to any other peer executive, including, but not
limited to, the CSR America, Inc. Long Term Incentive Plans as they may be
amended from time to time.

 

(d)                                 Savings
and Retirement Plans. 
During the Employment Period, the Executive shall be entitled to
participate in all savings and retirement plans, practices, policies, and
programs maintained by the Company as may be in effect from time to time with
respect to other peer executives of the Company.  In addition, subject to the Company’s right to terminate such
plan, during the Employment Period the CSR America, Inc. Supplemental Executive
Profit Sharing 401(k) Plan (the “SERP”) shall remain in full force and effect and the
Executive shall continue to accrue additional benefits during the Employment
Period under the SERP in accordance with the terms and conditions thereof. At
all times during the Employment Term unless the SERP is otherwise terminated,
the terms and provisions of the SERP shall be no less favorable to the
Executive than the terms and provisions of the SERP in effect immediately prior
to the Effective Date.

 

(e)                                  Welfare
Benefit Plans.  During
the Employment Period, the Executive and/or the Executive’s family, as the case
may be, shall be entitled to participate in and shall receive all benefits
under all welfare benefit plans, practices, policies, and programs maintained
by the Company (including, without limitation, medical, annual executive
physical, prescription, dental, vision, short-term disability, long-term
disability, group life, and accidental death and dismemberment plans and
programs) as may be in effect from time to time with respect to other peer
executives of the Company.

 

(f)                                    Fringe
Benefits.  During the
Employment Period, the Executive shall be entitled to all fringe benefits and
other perquisites, including, but not limited to, cellular telephone and
related expenses and a lap top computer, commensurate with those available to
other peer executives of the Company in accordance with the plans, practices,
programs, and policies of the Company as may be in effect from time to time.

 

(g)                                 Car
Allowance.  During the
Employment Period, the Company will pay to the Executive a car allowance of
$1,050 per month during the first year of her employment hereunder.  The amount of this allowance shall increase
by 4% per year during subsequent years.

 

3

 

Such allowance may be used for the costs and expenses associated with
the leasing, use, maintenance, insurance and repair of the Executive’s car.

 

(h)                                 Club
Membership.  During the
Employment Period, the Company will reimburse the Executive up to an amount
equal to 31⁄2% of the Executive’s Annual Base Salary, but not to exceed $8,400,
per year for the cost and expenses (including initiation fees and annual dues)
of social and/or business clubs. The $8,400 limitation on the amount of this
allowance shall increase by 4% per year during subsequent years.

 

(i)                                     Expenses.  During the Employment Period, the Executive
shall be entitled to receive prompt reimbursement for all reasonable expenses
incurred by the Executive in accordance with the policies, practices, and
procedures of the Company as may be in effect from time to time with respect to
other peer executives of the Company.

 

(j)                                     Office
and Support Staff. 
During the Employment Period, the Executive shall be entitled to an
office of a size and with furnishings and other appointments, and to
secretarial and other assistance, as is appropriate to the Executive’s
position, but in no event less than those provided to the Executive by the
Company immediately prior to the Effective Date.

 

(k)                                  Vacation.  During the Employment Period, the Executive
shall be entitled to paid vacation in accordance with the policies of the
Company as in effect from time to time with respect to other peer executives of
the Company.

 

4.                                       Termination
of Employment.  Subject
to the provisions of this Section 4, the Company may terminate the
Executive’s employment and the Executive may resign from her employment for any
lawful reason or for no stated reason.

 

(a)                                  Termination
or Resignation in General.  
If, during the Employment Period, the Company terminates the Executive’s
employment or the Executive resigns from her employment, the Company shall pay
the Executive the full amount of the Executive’s Annual Base Salary through the
Date of Termination (as defined in Section 4(e) below) to the extent
accrued but not paid, plus a cash payment (calculated on the basis of the
Executive’s rate of Annual Base Salary then in effect) for all unused paid time
off which the Executive may have accrued as of the Date of Termination.  In addition, in the sole discretion of the
Board, the Company may pay the Executive a pro rata portion of her Annual Bonus
(determined in accordance with Section 3(b)) for the fiscal year of the
Company in which such termination or resignation occurs.  Such Salary and accrued paid time off shall
be paid to the Executive within 30 days following the Date of Termination, and
such Annual Bonus, if any, shall be paid at the time contemplated by
Section 3(b).  (The sum of the
amounts described in this Subsection (a) shall hereinafter be referred to
as the “Accrued Obligations”).

 

4

 

(b)                                 Termination
Without Cause or Resignation for Good Reason.  If, during the Employment Period, the
Company terminates the Executive’s employment other than for Cause or
Disability or the Executive resigns from her employment for Good Reason:

 

(i)                                     the
Company shall pay to the Executive in a lump sum in cash within 30 days
following the Date of Termination the aggregate of the following amounts:

 

(A)                              the
Accrued Obligations payable to the Executive under Section 4(a), except
that the portion of the Accrued Obligations attributable to the Annual Bonus
shall be paid at the time described in Section 4(b)(i) notwithstanding the
timing of payment set forth in Section 4(a) and assuming for purposes of
determining such bonus the achievement of target performance through the Date
of Termination; and

 

(B)                                a
separate lump sum supplemental retirement benefit equal to the difference
between (1) the aggregate value of the Profit Sharing Contribution Account and
Matching Contribution Account (as defined in the CSR America, Inc. Profit
Sharing 401(k) Plan or any successor plan thereto (the “401(k) Plan”)) and the Company Account (as
defined in the SERP) under the SERP that the Executive would receive if (i) the
Executive’s employment continued at the compensation level provided for in
Sections 3(a) and (b) of this Agreement (but assuming that such salary and
bonus each increase 4% per annum) for two years following the Date of
Termination, (ii) the Executive made pre-tax contributions at the highest
permissible rate (disregarding any limitations imposed by the Code, which may
or may not be set forth in the 401(k) Plan) for such two year period, and (iii)
the Profit Sharing Contribution Account, Matching Contribution Account, and
Company Account were fully vested, and (2) the actual aggregate value of the
vested portions of the Executive’s Profit Sharing Contribution Account,
Matching Contribution Account, and Company Account, if any, under the 401(k)
Plan and the SERP;

 

(ii)                                  the
Company shall pay to the Executive for a period of 24 months following the Date
of Termination his then Annual Base Salary and Annual Bonus assuming for
purposes of determining such bonus the achievement of the Target Amount.  Such Annual Base Salary shall be paid at the
time contemplated by Section 3(a) and such Annual Bonus shall be paid at
the time contemplated by Section 3(b). 
In the event of the Executive’s death before all amounts due under the
Subsection (b)(ii) have been paid to the Executive, the amounts payable to
the Executive under this Subsection (b)(ii) shall be paid to the
Executive’s Beneficiary;

 

(iii)                               for
the 24 month period following the Date of Termination or such longer period as
any plan, program, practice or policy may provide (the “Benefit Continuation Period”), the Company
shall continue on the same terms and conditions the benefits to the Executive
and/or the Executive’s family provided to them under the plans, programs,
practices and policies described in Section 3(e) as may be in effect from
time to time with respect to other peer executives of the Company and their
families; provided, however, that if the Executive

 

5

 

becomes re-employed with another employer and is eligible to receive
medical or other welfare benefits under another employer provided plan, the
medical and other welfare benefits described herein shall cease on the date the
Executive becomes a participant in such other plan; and

 

(iv)                              the
Company shall provide the Executive with up to $10,000 for outplacement
services commensurate with those provided to terminated executives of
comparable level made available through and at the facilities of a reputable
and experienced vendor.

 

(c)                                  Termination
for Cause or Resignation Without Good Reason.  If, during the Employment Period, the
Company terminates the Executive’s employment for Cause or the Executive
resigns from her employment without Good Reason, this Agreement shall terminate
without further obligations of the Company to the Executive other than for
payment of Accrued Obligations or as may otherwise be required by law.  In such case, all Accrued Obligations shall
be paid to the Executive in cash at the times described in Section 4(a).

 

(d)                                 Death or
Disability.  If the
Executive’s employment is terminated by reason of her death or Disability
during the Employment Period, this Agreement shall terminate without further
obligations of the Company to the Executive or her legal representatives under
this Agreement, other than for payment of Accrued Obligations or as may
otherwise be required by law.  All
Accrued Obligations shall be paid to the Executive (or his Beneficiary in the
case of his death) in cash at the times described in Section 4(a).

 

(e)                                  Notice and
Date of Termination.  Any
termination by the Company or by the Executive during the Employment Period
shall be communicated by a notice of termination to the other party hereto
given in accordance with Section 11(b) of this Agreement (the “Notice of Termination”).  The Notice of Termination shall indicate the
specific termination provision in this Agreement relied upon, and to the extent
applicable, set forth in reasonable detail all of the facts and circumstances
claimed to provide a basis for termination of the Executive’s employment under
the provision so indicated.  The date of
the Executive’s termination of employment with the Company (the “Date of Termination”)
shall be determined as follows: (i) if the Executive’s employment is terminated
by the Company other than for Cause or Disability, the date specified in the
Notice of Termination, (ii) if the Executive resigns other than for Good
Reason, the later of the date specified in the Notice of Termination or ten
days following the date such notice is received by the Company, (iii) if the
Executive resigns for Good Reason, ten days following the date the Notice of
Termination is received by the Company, (iv) if the Executive’s employment is
terminated by the Company for Cause, the later of the date specified in the
Notice of Termination or ten days following the date such notice is received by
the Executive, (v) if the Executive’s employment is terminated as the result of
her death, the date of death, and (vi) if the Executive’s employment is
terminated by reason of Disability, thirty days following the date the Notice
of Termination is received by the Executive, provided that the Executive shall
not have returned to perform his duties in accordance with Section 2
during such thirty day period.  In the
event the

 

6

 

Executive or the Company fails to set forth in the Notice of
Termination any fact or circumstance which could provide or support a basis for
termination, the Executive or the Company, as the case may be, shall have
waived all of its rights hereunder and be precluded from asserting such fact or
circumstance at a later date in support of the Executive’s or the Company’s
rights hereunder.

 

(f)                                    Certain
Reduction of Payments by the Company.  Notwithstanding anything in this Section 4 to the contrary,
in the event the amounts payable under the preceding provisions of this
Section 4 exceed the maximum amount permitted under the Australian
Corporations Act (the “Maximum Amount”), then the aggregate of amounts payable
to or for the benefit of the Executive pursuant to this Agreement shall be
reduced to the Maximum Amount. This paragraph only applies if the Company is
required to comply with the Australian Corporations Act at the time of
termination.

 

5.                                       Non-exclusivity
of Rights.  Except as
otherwise expressly provided for in this Agreement, nothing in this Agreement
shall prevent or limit the Executive’s continuing or future participation in
any plan, program, policy or practice provided by the Company for which the
Executive may qualify, nor shall anything herein limit or otherwise affect such
rights as the Executive may have under any contract or agreement with the
Company.  Amounts which are vested
benefits or which the Executive is otherwise entitled to receive under any
plan, policy, practice or program of or any contract or agreement with the
Company at or subsequent to the Date of Termination shall be payable in
accordance with such plan, policy, practice or program or contract or agreement
except as explicitly modified by this Agreement.

 

6.                                       Full
Settlement.  The
Company’s obligation to make the payments provided for in this Agreement and
otherwise to perform its obligations hereunder shall not be affected by any
set-off, counterclaim, recoupment, defense or other claim, right or action
which the Company may have against the Executive or others.  In no event shall the Executive be obligated
to seek other employment or take any other action by way of mitigation of the
amounts payable to the Executive under any of the provisions of this Agreement
and, except as otherwise expressly provided for in this Agreement, such amounts
shall not be reduced whether or not the Executive obtains other employment.

 

7.                                       Protective
Covenants.

 

(a)                                  No
Competing Employment.  For
so long as the Executive is employed by the Company and continuing for two
years after the Date of Termination (such period being referred to hereinafter
as the “Restricted Period”),
the Executive shall not, directly or indirectly, own an interest in, manage,
operate, join, control, lend money or render financial or other assistance to
or participate in or be connected with (irrespective of whether or not you
receive remuneration for such activity), as an officer, employee, partner,
stockholder, consultant or

 

7

 

otherwise, any individual, partnership, firm, corporation or other
business organization or entity that competes with the Company, its parent or
any of their subsidiaries (collectively, the “Group”).

 

(b)                                 No
Solicitation.  During the
Restricted Period, the Executive shall not, whether for her own account or for
the account of any other individual, partnership, firm, corporation or other
business organization (other than the Group), intentionally solicit, endeavor
to entice away from the Group, or otherwise interfere with the relationship of
the Group with, any person who is employed by or otherwise engaged to perform
services for the Group or any person or entity who is, or was within the then
most recent twelve-month period, a customer, client or supplier of the Group.

 

(c)                                  Confidentiality.  The Executive recognizes that the services
to be performed by her hereunder are special, unique and extraordinary in that,
by reason of her employment hereunder, the Executive may acquire Confidential
Information and trade secrets concerning the operation of the Group, the use or
disclosure of which could cause the Group substantial losses and damages which
could not be readily calculated and for which no remedy at law would be
adequate.  Accordingly, the Executive
covenants and agrees that she will not at any time, except in performance of
her obligations to the Company hereunder or with the prior written consent of
the Company, directly or indirectly disclose to any person any secret or
Confidential Information that the Executive may learn or have learned by reason
of her association with the Group.

 

(d)                                 Exclusive
Property.  The Executive
confirms that all Confidential Information is and shall remain the exclusive
property of the Group.  All business
records, papers and documents (including electronic media or data) kept or made
by Executive relating to the business of the Group shall be and remain the
property of the Group.  Upon the
termination of Executive’s employment with the Company or upon the request of
the Company at any time, the Executive shall promptly deliver to the Company,
and shall not without the consent of the Company retain copies of, any written
materials (including electronic media or data) not previously made available to
the public, or records or documents (including electronic media or data) made
by the Executive or coming into Executive’s possession concerning the business
or affairs of the Group.

 

(e)                                  No
Disparagement.  During
Executive’s employment with the Company and for a period of 24 months following
the Date of Termination, neither the Executive nor the Company and its
directors, officers, agents and affiliates shall make any statement or
communicate any information (whether oral or written) that disparages or
reflects negatively on the other.  The
Company also agrees that it shall not interfere with Executive’s efforts to
obtain subsequent employment.  Nothing
herein shall preclude Executive or the Company from complying with a subpoena
or other lawful process.

 

8

 

(f)                                    Injunctive
Relief.  Without
intending to limit the remedies available to the Company, the Executive
acknowledges that a breach of any of the covenants contained in this Section 7
will result in material irreparable injury to the Group for which there is no
adequate remedy at law, that it will not be possible to measure damages for
such injuries precisely and that, in the event of such a breach or threat
thereof, the Company shall be entitled to obtain a temporary restraining order
and/or a preliminary or permanent injunction restraining the Executive from
engaging in activities prohibited by this Section 7 or such other relief
as may be required to specifically enforce any of the protective covenants in
this Section 7.

 

(g)                                 Duration.  The terms of the protective covenants in
this Section 7 shall survive the expiration of this Agreement.

 

8.                                       Indemnification.  The Company will, to the fullest extent
permitted by law, indemnify and hold the Executive harmless from any and all
liability arising from the Executive’s service as an employee, officer or
director of the Company.  The terms of
this indemnification provision shall survive the expiration of this Agreement.

 

9.                                       Successors.

 

(a)                                  This
Agreement is personal to the Executive and without the prior written consent of
the Company shall not be assignable by the Executive otherwise than by will or
the laws of descent and distribution. 
This Agreement shall inure to the benefit of and be enforceable by the
Executive’s legal representatives.

 

(b)                                 This
Agreement shall inure to the benefit of and be binding upon the Company and its
successors and assigns.

 

(c)                                  The
Company shall require any successor (whether direct or indirect, by purchase,
merger, statutory share exchange, consolidation or otherwise) to all or
substantially all of the business and/or assets of the Company to assume
expressly and agree to perform this Agreement in the same manner and to the
same extent that the Company would be required to perform if no such succession
had taken place; provided, however, that no such assumption shall relieve the
Company of its obligations hereunder. 
As used in this Agreement, “Company” shall mean the Company as hereinbefore defined
and any successor to its business and/or assets as aforesaid which assumes and
agrees to perform this Agreement by operation of law or otherwise.

 

10.                                 Definitions.  For purposes of this Agreement, the
following capitalized words shall have the meanings set forth below:

 

(a)                                  “Beneficiary” shall
mean the person or persons designated by the Executive in writing to receive
any benefits payable to the Executive hereunder in the event of the Executive’s
death or, if no such person is so designated, the Executive’s estate.  No

 

9

 

beneficiary designation shall be effective unless it is received by the
Company prior to the date of the Executive’s death.

 

(b)                                 “Board” shall mean the
Board of Directors of the Company.

 

(c)                                  “Cause” shall mean
(i) material violations by the Executive of the Executive’s obligations
under Section 2 of this Agreement (other than as a result of incapacity
due to physical or mental illness) which are willful on the Executive’s part,
and which are not remedied in a reasonable period of time after receipt of
written notice from the Company specifying such violations, (ii) willful or
reckless conduct by the Executive which the Board in good faith reasonably
determines could be expected to have a material adverse effect on the business,
assets, properties, results of operations, financial condition or prospects of
the Company, (iii) commission by the Executive of an act or acts involving
fraud, embezzlement, misappropriation, theft, breach of fiduciary duty or
dishonesty against the property or personnel of the Company or in violation of
the Company’s code of ethics, or (iv) the conviction of the Executive of a
felony involving an act of dishonesty. 
Notwithstanding the foregoing, the Executive shall not be deemed to have
been terminated for Cause unless and until there shall have been delivered to
the Executive a copy of a resolution duly adopted by the Board at a meeting of
the Board called and held for such purpose, finding that in the good faith
opinion of the Board the Executive was guilty of conduct set forth above and
specifying the particulars thereof in reasonable detail.

 

(d)                                 “Code” shall mean the
Internal Revenue Code of 1986, as amended from time to time.  References to any provision of the Code shall
be deemed to include successor provisions thereto and regulations thereunder.

 

(e)                                  “Confidential Information”
shall mean all proprietary or confidential information of the Group (as defined
in Section 7(a)) including, but not limited to, information concerning
such Group’s products, facilities, processes, trade secrets, know-how, systems,
suppliers, customers, financial information, and business plans, prospects or
opportunities, other than information that is generally available to the public
other than as a result of disclosure by the Executive in violation of the
confidentiality covenant contained in Section 7(c).

 

(f)                                    “Disability” shall
mean the absence of the Executive from her duties with the Company for 180
consecutive business days as a result of incapacity due to mental or physical
illness which is determined to be total and permanent by a physician selected
by the Company or its insurers and acceptable to the Executive or the
Executive’s legal representative (such agreement as to acceptability not to be
withheld unreasonably).

 

(g)                                 “Good Reason” shall
mean the occurrence of any of the following events:

 

(i)  an adverse and material change of the
Executive’s duties inconsistent in any respect with the Executive’s position
(including, without limitation, status, offices, titles

 

10

 

and reporting requirements), authority, duties or responsibilities as
contemplated by Section 2, other than any changes in the Executive’s
position, authority, duties or responsibilities that;

 

(A)                              are
reasonable and appropriate in connection with a business restructuring which
reduces, in less than in a substantial manner, the assets, net worth, cash flow
or earnings of the Executive’s Business Unit or

 

(B)                                result
in a position, authority, duties or responsibilities that are, in the
aggregate, generally equivalent to those contemplated by Section 2,

 

which in either case do
not result in a change in any manner in the Executive’s compensation or
benefits as set forth in Section 3,

 

(ii)  any material failure by the Company to
comply with any of the provisions of this Agreement that is not remedied by the
Company promptly after receipt of notice thereof given by the Executive, or

 

(iii)  the Company requiring the Executive to be
based at any office or location other than that described in Section 2
hereof without the Executive’s prior written consent.

 

11.                                 Miscellaneous.

 

(a)                                  This
Agreement shall be governed by and construed in accordance with the laws of the
State of Florida, without reference to principles of conflict of laws.  The captions of this Agreement are not part
of the provisions hereof and shall have no force or effect.  This Agreement may not be amended or
modified otherwise than by a written agreement executed by the parties hereto
or their respective successors and legal representatives.

 

(b)                                 All
notices and other communications hereunder shall be in writing and shall be
given by hand delivery to the other party or by registered or certified mail,
return receipt requested, postage prepaid, addressed as follows:

 

If to the Executive:

Sharon DeHayes

50 Caymen Place

Palm Beach Gardens,
Florida 33416

If to the Company:

 

Rinker Materials
Corporation

1501 Belvedere Road

West Palm Beach, Florida
33406

 

11

 

Attention:  Chief Executive Officer

 

or such other address as
either party shall have furnished to the other in writing in accordance
herewith.  Notice and communications
shall be effective when actually received by the addressee.

 

(c)                                  The
invalidity or unenforceability of any provision of this Agreement shall not
affect the validity or enforceability of any other provision of this Agreement,
which shall remain in full force and effect.

 

(d)                                 The
Company may withhold from any amounts payable under this Agreement such
Federal, state or local taxes as shall be required to be withheld pursuant to
any applicable law or regulation.

 

(e)                                  The
Executive’s or the Company’s failure to insist upon strict compliance with any
provision hereof or any other provision of this Agreement or the failure to
assert any right the Executive or the Company may have hereunder, including,
without limitation, the right of the Executive to terminate employment for Good
Reason pursuant to Section 4(b) of this Agreement, shall not be deemed to
be a waiver of such provision or right or any other provision or right of this
Agreement.

 

(f)                                    No
agreements or representations, oral or otherwise, express or implied, with
respect to the subject matter hereof have been made by either party which are
not expressly set forth in this Agreement and this Agreement shall supersede
all prior agreements, negotiations, correspondence, undertakings and
communications of the parties, oral or written, with respect to the subject matter
hereof.

 

(g)                                 In
any litigation arising out of this Agreement, including appeals, the prevailing
party shall be entitled to recover all costs incurred, including reasonable
attorneys’ fees.

 

(h)                                 The
Executive and the Company acknowledge that, except as may otherwise be provided
under any other written agreement between the Executive and the Company, the
employment of the Executive by the Company is “at will” and may be terminated
by either the Executive or the Company at any time.

 

12

 

IN WITNESS WHEREOF, the Executive has hereunto set his
hand and, pursuant to the authorization from the Board of Directors, the
Company has caused these presents to be executed in its name on its behalf, all
as of the day and year first above written.

 

 

	
   

  	
  /s/ Sharon DeHayes

  	
   

  
	
   

  	
  Sharon
  DeHayes

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Rinker Materials Corporation

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David V. Clarke

  	
   

  
	
   

  	
          David V. Clarke, Chief Executive
  Officer

  
				

 

 

13

 

October 15, 2002

 

 

Sharon DeHayes

50 Cayman Place

Palm Beach Gardens, FL  33418

 

Re:                               Employment Agreement (the “Agreement”)
entered into as of

August 1, 2001 by and between Rinker Materials Corporation

(the “Company”), and Sharon DeHayes (the “Executive”)

 

Dear Sharon:

 

We have agreed as follows:

 

1.               As
set forth in this letter and pursuant to Section II(a) of the Agreement,
effective as of October 15, 2002, the Executive shall be employed as the  President, Florida Materials Division, of
the Company and shall report directly to the Chief Executive Officer.

 

This letter shall be
accepted, effective and binding, for all purposes, when the Executive shall
have signed and transmitted to the Company a copy of this letter in accordance
with Section II (b) of the Agreement. 
Except as expressly amended hereby, the Agreement shall remain in full
force and effect and is hereby ratified by the parties.

 

If
the foregoing correctly sets forth the terms of our Agreement, please sign this
Letter on the line provided below, whereupon it will constitute a binding
agreement between us.

 

	
   

  	
  Very
  truly yours,

  
	
   

  	
   

  
	
   

  	
  Rinker
  Materials Corporation

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David V. Clarke

  	
   

  
	
   

  	
  Title:
  Chief Executive Officer

  
	
  Accepted
  and Agreed:

  	
   

  
	
   

  	
   

  
	
  /s/ Sharon DeHayes

  	
   

  	
   

  
	
  Sharon DeHayes

  	
   

  	
   

  
	
   

  	
   

  
	
  10-23-02

  	
   

  	
   

  
	
  Date

  	
   

  	
   

  

 

 

14

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