Document:

Agreement

 Exhibit 10.4 
  
 AGREEMENT 
  
 AGREEMENT dated as of this 23rd day of May, 2003, by and between Bush Industries, Inc., a Delaware corporation having its principal place of business at One Mason Drive, Jamestown, New York 14702 (the “Company”), and Gregory P. Bush, residing at 2478
Palm Road, Jamestown, New York 14701 (the “Executive”). 
  
 WITNESSETH: 
  
 WHEREAS, the Company and the
Executive are parties to that certain Employment Agreement, dated as of October 10, 2000 (the “Employment Agreement”); 
  
 WHEREAS, the Company and the Executive are each desirous of terminating Executive’s employment relationship with the Company; 
  
 WHEREAS, the Company is desirous of extending the restrictive covenants
contained in the Employment Agreement upon termination of the employment relationship of Executive with the Company; and 
  
 WHEREAS, the Company and Executive are each desirous of terminating the Employment Agreement upon the terms and conditions set forth herein. 

 
 NOW, THEREFORE, in consideration of the mutual premises set forth herein,
and for good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, the parties hereto hereby agree as follows: 
  
 1. The Employment Agreement and Executive’s employment with the Company shall be deemed terminated effective as of the date of this Agreement. 
  
 2. The Executive hereby agrees and acknowledges that the terms and conditions set forth in
this Agreement, including the severance compensation set forth below, are being given for and in reliance upon the Executive’s knowing and voluntary release and unconditional relinquishment and/or waiver of any and all claims or rights, either
past or present, of whatever nature, Executive may have under the Age Discrimination in Employment Act of 1967 (“ADEA”) against the Company and any of its directors, officers, affiliates, employees, consultants and agents, regarding
Executive’s employment with the Company and/or its termination. Executive hereby relinquishes and/or waives any and all past or present, claims, of any kind, against the Company and the persons described above under the ADEA, and hereby legally
releases the Company and such persons with respect to any such claims. 
  
 3. In
addition, the Executive hereby agrees and acknowledges that the terms and conditions set forth in this Agreement, including the severance compensation set forth below, are being given for and in reliance upon the Executive’s knowing and
voluntary release and unconditional 

 relinquishment and/or waiver of any and all claims or rights, either past or present, of whatever kind or nature, which
Executive may now have or can reasonably anticipate against the Company and any of its directors, officers, affiliates, employees, consultants and agents, regarding Executive’s employment and/or its termination, including but not limited to:
any other possible claims under federal or state laws or regulations; any possible claims for wages, benefits, bonuses, severance pay, perquisites, or back wages, benefits or bonuses other than as set forth in this Agreement; and/or any possible
claims that Executive’s employment with the Company or its termination violated any alleged contractual relationship Executive had with the Company or was in any way unreasonable, wrongful, or in violation of any policy. In addition, Executive
agrees not to start any lawsuit or action based upon Executive’s employment with the Company and/or its terms or its termination, and not to file any administrative complaints of any kind with any federal or state administrative agencies under
any applicable statutes, laws or regulations, including those specified above, against the Company, or any of its directors, officers, affiliates, employees, consultants and agents. 
  
 4. Upon the execution and delivery of this Agreement, the Company hereby agrees to pay the Executive severance payments equal to $472,500;
which sum represents the eighteen month severance payment described in Section 5 of the Employment Agreement, calculated based upon Executive’s annual base salary of $215,000, plus an aggregate $150,000 for Executive’s agreement hereunder
to extend the covenant not to compete, such that such restrictive covenant will be for a period of five years from the date hereof. The severance payments to the Executive shall consist of three parts: Continuation of salary paid bi-weekly through
July 11, 2003; a lump sum payment of $30,000 payable on or about June 17, 2003; and a final lump sum payment equal to the remaining balance payable on or about July 15, 2003. 
  
 5. For the eighteen month period commencing as of the date hereof, the Executive shall be entitled to continuation of coverage under the
group health, life, and disability plans currently in effect covering the Executive, or such similar plans as the Company may provide for its executives from time to time hereafter. The Company shall be responsible for paying all of the costs of
such coverages that it would have paid if the Executive was still in the employ of the Company. 
  
 6. Executive hereby agrees not to disclose to others or permit such disclosure, or make use of or permit the use of for his own benefit or the benefit of others, any confidential information, without the prior written
consent of the Company. Confidential information as used in this Agreement includes any information, whether of a financial, technical or marketing nature, that pertains to the business of the Company and/or its affiliates, and/or any customer,
consultant or supplier of the Company and/or its affiliates, or of any other party with which the Company and/or its affiliates does business with and respect to which they may be contractually or otherwise obligated to maintain such information
confidential. Confidential information shall include, but shall not be limited to, information relating to manufacturing equipment, processes and materials, data, know-how, trade secrets, market strategies, blueprints, specifications, formulas, the
names, buying habits, or practices of any customers, marketing methods and related data, the names of any vendors or suppliers, costs of materials, prices, manufacturing and sales costs or lists or other written records. Confidential information,
however, shall not include 
  

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 information that is, or through no fault of the Executive becomes, generally and overtly known in the industry in which
the Company competes. 
  
 7. The Executive also hereby agrees that as of the date
hereof, he will return to the Company any record, list, drawing, blueprint, specification or other document or property of the Company or any subsidiary thereof, together with any copy or reproduction thereof, mechanical or otherwise, which is of a
confidential nature relating to the Company or any affiliate of the Company, or, without limitation, relating to its or their methods of distribution, suppliers, customers, client relationships, marketing strategies or any description of any
formulae or secret processes, or which was obtained by him or entrusted to him during the course of his employment with the Company or which otherwise contains confidential information. 
  
 8. The Executive further covenants and agrees that during the five year period following the date of this Agreement, Executive will not
engage in “Competition” with the Company. For purposes of this Section 9, “Competition” shall mean: 
  
 (i) Directly or indirectly, either as a principal, agent employer, partner, director, stockholder or otherwise, engaging in, or being interested in, any
business in competition with the business of the Company or any affiliate of the Company, including, without limitation, taking a management, advisory, sales, or ownership position with, or control of, a business engaged in the design,
manufacturing, marketing, distribution or sale of products in any geographical area in which the Company or any affiliate of the Company is engaging in the design, manufacturing, marketing, distribution, or sale of such products; provided, however,
that in no event shall ownership of less than five percent (5%) of the outstanding capital stock entitled to vote for the election of directors of a corporation with a class of equity securities held of record by more than five hundred (500)
persons, standing alone, be deemed Competition with the Company within the meaning of this Section 9(a). 
  
 (ii) Soliciting any person who is a supplier or customer of the businesses conducted by the Company and/or its affiliates, or any business in which the
Executive has been engaged on behalf of the Company, or any affiliate of the Company, at any time during the period of employment on behalf of a business described in clause (i) of this Section 9(a). 
  
 (iii) Inducing or attempting to persuade any employee and/or consultant of
the Company or any of its affiliates to terminate their employment and/or business relationship with the Company. 
  
 9. The Executive recognizes and agrees that the restrictions on his activities contained in Section 9 are required for the reasonable protection of the Company and its
investments. The Executive further agrees and acknowledges that the duration and scope of the restrictive covenants set forth herein are reasonable, and that the severance payment being paid to Executive hereunder by the Company is being paid, in
part, to the Executive, in consideration for the restrictive covenants set forth in this Agreement. 
  
 10. The Executive recognizes and agrees that, by reason of his knowledge, experience, skill and ability, his services to the Company were extraordinary and unique, that the breach or attempted breach of the
restrictive covenants set forth in this Agreement will result in immediate 
  

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 and irreparable injury to the Company for which the Company will not have an adequate remedy at law, and that the Company
shall be entitled to a decree of specific performance of those covenants and to a temporary and permanent injunction enjoining the breach thereof, and to seek any and all other remedies to which the Company may be entitled, including, without
limitation, monetary damages, without posting bond or furnishing security of any kind. The provisions of this Section 11 are in addition to and not by way of limitation of any other rights or remedies available to the Company and/or its affiliates.

  
 11. Executive acknowledges that Executive was given full opportunity and right
during negotiation of this Agreement to retain counsel of his choosing and that any decision by Executive to not retain counsel will in no way invalidate any provision of this Agreement. It is also understood that Executive has had ample and
sufficient time and opportunity to consult with his personal, financial, and tax advisors during negotiation of and prior to executing this Agreement. 
  
 12. (a) In the event that any provision of this Agreement shall be determined to be invalid or unenforceable for any reason, in whole or in part, the remaining provisions
of this Agreement not so invalid or unenforceable shall be unaffected thereby and shall remain in full force and effect to the fullest extent permitted by law. 
  

(b) Any provision of this Agreement which may be invalid or unenforceable in any jurisdiction shall be limited by construction thereof, to the end that
such provision shall be valid and enforceable in such jurisdiction. 
  
 (c) Any provision of this Agreement which may for any reason be invalid or unenforceable in any jurisdiction shall remain in effect and be enforceable in any jurisdiction in which such provision shall be valid and enforceable. 

 
 13. (a) This Agreement shall be governed by and construed and enforced in accordance with
the laws of the State of New York without giving effect to the principles of conflicts of laws thereof. 
  
 (b) This Agreement shall be binding upon and inure to the benefit of the Company, its successors and assigns, and the Executive, his heirs, legatees,
distributees and legal representatives. 
  
 (c) In the event of a
dispute under this Agreement, which cannot be resolved amicably by the parties, such dispute shall be submitted to binding, expedited arbitration to take place in Jamestown, New York, before a single arbitrator in accordance with the Commercial
Rules of the American Arbitration Association. The arbitrator shall be an attorney with expertise in employment and contract issues who is sanctioned by the American Arbitration Association. The prevailing party in any such dispute shall recover its
attorneys’ fees and costs from the losing party. The arbitrator shall have the right to award damages or other forms of legal and/or equitable relief (with the exception of injunctive relief as described above), to the extent permitted and not
waived herein, including awards of attorneys’ fees. The award or decision rendered by the arbitrator shall be final, binding and conclusive and judgment on such award or decision may be entered by any court of competent jurisdiction. The
procedures specified in this 
  

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 section shall be the sole and exclusive procedures for the resolution of disputes between the parties arising out of or
relating to this Agreement except as described above. 
  
 (d) Any
notice or other communication to the Company pursuant to any provision of this Agreement shall be given in writing and will be deemed to have been delivered 
  
 (i) when delivered in person to the Corporate Secretary of the Company, or 
  
 (ii) one week after it is deposited in the United States certified or registered mail, postage prepaid, addressed to the
Corporate Secretary of the Company at One Mason Drive, Jamestown, New York 14701, or at such other address of which the Company may from time to time give the Executive written notice in accordance herewith. 
  
 (e) Any notice or other communication to the Executive pursuant to any
provision of this Agreement shall be in writing and will be deemed to have been delivered 
  
 (i) when delivered to the Executive in person, or 
  
 (ii) one week after it is deposited in the United States certified or registered mail, postage prepaid, addressed to the Executive at the address set forth on the first page hereof, and/or at such other address of
which the Executive may from time to time give the Company written notice in accordance herewith. 
  
 (f) No provision of this Agreement may be amended, modified or waived unless such amendment, modification or waiver shall be agreed to in writing, signed
by the Executive and an authorized officer of the Company. 
  
 (g)
This instrument contains the entire agreement of the parties relating to the subject matter of this Agreement and supersedes and replaces all prior agreements and understandings with respect to such subject matter, and the parties have made no
agreements, representations or warranties relating to the subject matter of this Agreement which are not set forth herein. 
  
 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written. 
  

	 BUSH INDUSTRIES, INC.

		
	 By:
	 	 /s/

	 Title:
	 	 
	
	 /s/

	Gregory P. Bush

  

 5Time Sharing Agreement between Kent Kresa and Northrop Grumman

 Exhibit 10(b) 
  
 TIME SHARING AGREEMENT 
  
 This Time Sharing Agreement (“Agreement”), between Northrop Grumman Systems Corporation (“NGSC”) and Kent Kresa (“Mr.
Kresa”), is effective 16 April 2003 and shall terminate on April 1, 2008, unless terminated sooner by either party pursuant to Article 1 below. 
  
 This Agreement sets forth the understanding of the Parties as to the terms under which NGSC will provide Mr. Kresa with the use, on a periodic basis, of
the aircraft currently leased by Northrop Grumman Aviation, Inc. to NGSC. The aircraft available for Mr. Kresa’s use are described in Exhibit A hereto. 
  
 The use of the aircraft will at all times be pursuant to and in full compliance with the requirements of Federal Aviation Regulations (“FAR”)
91.501(b)(6), 91.501(c)(1), and 91.501(d); 
  

	1.	 	Term. 

  
 This Agreement shall remain in force until either party gives the other party thirty (30) days written notice of its desire to terminate.  
  

	2.	 	Use of Aircraft. 

  
 (a) Mr. Kresa may use the aircraft from time to time, with the permission and approval of NGSC’s Flight Operations, for any and all purposes allowed by FAR 91.501(b)(6). 
  
 (b) Mr. Kresa shall provide NGSC’s Flight Operations with notice of his desire to use
the Aircraft and shall provide all pertinent information relevant to the flight. 
  
 (c) NGSC shall notify Mr. Kresa as to whether or not the requested use of the aircraft can be accommodated and, if not, the Parties shall discuss alternatives. 
  

	3.	 	Operation, Management and Control of Aircraft. 

  
 (a) The Aircraft will, at all times, be operated by and under the control of pilots and crew provided by NGSC. The pilots will have complete authority and discretion over
the Aircraft, support facilities, and all matters concerning the preparation and operation of the Aircraft and all factors affecting flight safety. All persons on board the Aircraft shall comply with all requests and orders of the flight crew.

  
 (b) On Mr. Kresa’s behalf, NGSC will make all necessary take-off, flight,
and landing arrangements. 
  
 (c) NGSC shall maintain liability insurance for
bodily injury and property damage for the Aircraft in an amount not less than $1 billion combined single limit liability coverage. Mr. Kresa agrees that the proceeds of such insurance to which he is entitled shall be deemed to be accepted as Mr.
Kresa’s sole recourse against NGSC for any loss or damage to Mr. Kresa or his employees, agents, representatives, guests, or invitees, including any loss occasioned by or due to the gross negligence or willful misconduct of NGSC. Kresa’s
sole recourse against NGSC for any loss or damage to Mr. Kresa or his employees, agents, representatives, guests, or invitees, including any loss occasioned by or due to the gross negligence or willful misconduct of NGSC. 
  

	4.	 	Cost of Use of Aircraft. 

  
 (a) In exchange for use of the aircraft, Mr. Kresa shall pay the direct operating costs of the aircraft. Pursuant to FAR 91.501(d), those costs shall be limited to the
following expenses for each use of the aircraft: 
  

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	 	(i)	 	Cost of Fuel, Oil and Lubricants; 

  

	 	(ii)	 	Overnight expenses, if required, for the flight crew; 

  

	 	(iii)	 	Aircraft ramp and hanger fees; 

  

	 	(iv)	 	Flight planning and weather contract services; 

  

	 	(v)	 	landing fees; 

  

	 	(vi)	 	international fees; 

  

	 	(vii)	 	an additional charge equal to 100 percent of the expenses listed in (i) above. 

  

(b) NGSC will invoice, and Mr. Kresa will pay, for all appropriate charges.  
  

	5.	 	Limitation of Liability. 

  
 (a) Mr. Kresa agrees that when, in the reasonable view of NGSC’s Flight Operations or the pilots of the Aircraft, safety may be compromised, NGSC or the pilots may
terminate a flight, refuse to commence a flight, or take other action necessitated by such safety considerations without liability for loss, injury, damage, or delay. 
  
 (b) In no event shall NGSC be liable to Mr. Kresa or his employees, agents, representatives, guests, or invitees for any claims or
liabilities, including property damage or injury and death, and expenses, including attorney’s fees, in excess of the amount paid by NGSC’s insurance carrier in the event of such loss. 
  
 (c) NGSC SHALL IN NO EVENT BE LIABLE TO MR. KRESA OR HIS EMPLOYEES, AGENTS, REPRESENTATIVES,
GUESTS, OR INVITEES FOR ANY INDIRECT, SPECIAL, OR CONSEQUENTIAL DAMAGES AND/OR PUNITIVE DAMAGES OF ANY KIND OR NATURE UNDER ANY CIRCUMSTANCES OR FOR ANY REASON INCLUDING ANY DELAY OR FAILURE TO FURNISH THE AIRCRAFT OR CAUSED OR OCCASIONED BY THE
PERFORMANCE OR NON-PERFORMANCE OF ANY SERVICES COVERED BY THIS AGREEMENT. 
  

	6.	 	Entire Agreement. 

  
 This Time Sharing Agreement constitutes the entire understanding among the Parties with respect to its subject matter, and there are no representations, warranties, rights, obligations, liabilities, conditions,
covenants, or agreements other than as expressly set forth herein. 
  

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	7.	 	Governing Law. 

  
 This Time Sharing Agreement shall be interpreted and governed by the laws of the State of California, excluding California’s conflict of laws rules. The Parties waive any right to a jury trial. 
  

	8.	 	Counterparts. 

  
 This Time Sharing Agreement may be executed in one or more counterparts, each of which shall be deemed an original. 
  

	9.	 	Severability. 

  
 In the event that any one or more of the provisions of the Agreement shall for any reason be held to be invalid, illegal, or unenforceable, those provisions shall be replaced by provisions acceptable to both Parties
to this Agreement 
  
 TRUTH-IN-LEASING. THE PARTIES CERTIFY THAT TO THE
BEST OF THEIR KNOWLEDGE, THE AIRCRAFT HAS BEEN MAINTAINED AND INSPECTED DURING THE TWELVE MONTHS PRECEDING THE EXECUTION OF THIS AGREEMENT IN ACCORDANCE WITH PART 91 OF THE FEDERAL AVIATION REGULATIONS, AND CONTINUES TO BE MAINTAINED AND INSPECTED
AS REQUIRED FOR THE OPERATIONS TO BE CONDUCTED UNDER THIS AGREEMENT. NGSC HEREBY CERTIFIES THAT IT IS RESPONSIBLE FOR OPERATIONAL CONTROL OF THE AIRCRAFT DURING THE TIME THE AIRCRAFT IS OPERATED PURSUANT TO THIS AGREEMENT AND NGSC IS FAMILIAR WITH
ITS RESPONSIBILITIES FOR COMPLIANCE WITH APPLICABLE FEDERAL AVIATION REGULATIONS, AND THAT AN EXPLANATION OF FACTORS BEARING ON OPERATIONAL CONTROL AND PERTINENT FEDERAL AVIATION REGULATIONS CAN BE OBTAINED FROM THE NEAREST FAA FLIGHT STANDARDS
DISTRICT OFFICE, GENERAL AVIATION DISTRICT OFFICE OR AIR CARRIER DISTRICT OFFICE. 
  
 The Parties, intending that this Agreement be legally binding, have executed this Agreement by their duly authorized representatives: 
  

	 Northrop Grumman Systems Corporation
	 	 	 	 Kent Kresa

					
	By:	 	 /s/    J. MICHAEL
HATELEY        

	 	 	 	By:	 	 /s/    KENT
KRESA        

					
	Name:	 	 J. Michael Hateley

	 	 	 	Name:	 	 Kent Kresa

					
	Title:	 	 Corp. VP, HR&A

	 	 	 	Title:	 	 Chairman, NOC

					
	Date:	 	 16 April 03

	 	 	 	Date:	 	 16 April 03

  

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 EXHIBIT A 
  

Aircrafts Subject to Time Sharing Agreement 
  
 Each of the undersigned is a party to the Time Sharing Agreement dated April 1, 2003, by and between Northrop Grumman Systems Corporation
(“NGSC”) and Kent Kresa (collectively the “Parties”), and agrees that from and after the date below, until this Exhibit A shall be superseded and replaced through agreement of the Parties or the Time Sharing Agreement shall be
terminated pursuant to its terms, the Aircrafts described below shall constitute the “Aircraft” described in and subject to the terms of the Time Sharing Agreement. 
  

	 Model

	 	 Manufacturer’s Serial No.

	 	 FAA Registration No.

	 Jets
	 	 	 	 
	 GIV-SP
	 	1485	 	N5NG
	 Citation X
	 	204	 	N22NG
	 Citation X
	 	39	 	N32NG
	 Citation Excel
	 	5133	 	N23NG
	 Citation Excel
	 	5124	 	N24NG
	 Citation Excel
	 	5250	 	N25NG
	 Falcon 50
	 	247	 	N740R
	 Falcon 50
	 	243	 	N742R
	 Learjet 35A
	 	343	 	N21NG
			
	 Turboprops
	 	 	 	 
	 King Air 200
	 	BB581	 	N12NG
	 King Air 200
	 	BB666	 	N15NG
	 King Air 200
	 	UC2	 	N19NG

  
 Date: 16 April, 2003

  

	 Northrop Grumman Systems Corporation
	 	 	 	 Kent Kresa

					
	By:	 	 /s/    J. MICHAEL
HATELEY        

	 	 	 	By:	 	 /s/    KENT
KRESA        

					
	Name:	 	 J. Michael Hateley

	 	 	 	Name:	 	 Kent Kresa

					
	Title:	 	 Corp. VP, HR&A

	 	 	 	Title:	 	 Chairman, NOC

  

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