Document:

EXHIBIT 10.1

EXHIBIT 10.1

 Agreement

Made and entered into in Tel Aviv as of this 17 day of September, 2007.

BETWEEN:      The Geophysical Institute of Israel 

Of 4 Ha'best St., Lod 

(hereinafter called: "the Institute")

AND:                  Zion Oil & Gas, Inc. 

A foreign company registered in the State of Delaware, U.S.A. 

authorized to operate in Israel, 

of 15 Bareket St., North Caesarea Industrial Zone 

(hereinafter called: "the Company")                               

WHEREAS:The Company has received from the Petroleum Commissioner (hereinafter: "the Commissioner") License no. 334 for petroleum exploration in the Asher-Menashe area (hereinafter: "the Survey Area"); and 

WHEREAS:The Institute, for our purposes, and amongst other things, performs seismic, gravimetric and magnetic surveys, and has the necessary staff and equipment, of the highest professional standard acceptable in the international petroleum exploration industry; and 

WHEREAS:The Company is interested in the Institute performing a 2D seismic survey as well as a gravimetric and magnetic study in the Survey District (hereinafter: "the Survey"); and 

WHEREAS:The Institute is prepared to carry out on the Company's behalf the Survey using its employees and equipment, as more particularly set out in this Agreement and the Appendices hereto; and 

WHEREAS:The parties wish to determine the terms on which the Survey will be performed  by the Institute on the Company's behalf;

It is therefore declared, stipulated and agreed between the parties as follows: 

1.Preamble

The preamble to this Agreement constitutes an integral part hereof. 

2.Appendices 

The following Appendices as annexed or to be annexed hereto, constitute an integral part of this Contract. 

Appendix "A" - Map of the Survey Area.  

Appendix "B" - Description of the Work (Manpower, Equipment and Parameters). 

Appendix "C" - Sample Report Form (in English). 

3.Representations of the Company 

The Company declares and warrants that: 

3.1It is a corporation registered in the State of Delaware in the United States and is authorized to operate in Israel and Richard Rinberg, Glen Perry and Elisha Roih, are authorized to act on its behalf and bind the Company. 

Any two of the three persons mentioned above are authorized to bind the Company. 

The Company may substitute or vary those persons who are authorized to act on its behalf, at its discretion. 

3.2It holds Petroleum Exploration License no. 334 in the Asher-Menashe region. 

3.3It has the means and financial ability to fulfill all of its commitments under this Agreement. 

3.4It will fully and punctually perform all of its undertakings hereinafter set forth; 

4.Representations of the Institute 

The Institute declares and warrants that: 

4.1It is a government company that engages, inter alia, and for our purposes, in the preparation of geophysical surveys. 

4.2That it has the know-how, ability, manpower and equipment for carrying out all of the undertakings that it has assumed under this Agreement. 

4.3It undertakes to perform its undertakings at the highest professional level acceptable in the international petroleum exploration industry, and by means of the equipment and manpower that it holds, as more particularly set forth herein. 

5.Scope and Time Schedule for Performance of the Survey 

5.1The Company will, by September 16, 2007, deliver to the Institute a map of the survey lines according to which the Survey will be carried out, and which will serve as a basis, after co-ordination and consultation with the Institute, for the Survey work plan as set forth in Appendices A and B, as hereinafter described. - The parties confirm that this map has already been delivered by the Company to the Institute.

Appendices A and B will be prepared and appended to this Agreement not later than 14 days before commencement of the implementation of the Survey (hereinafter: "the Work Plan"). 

The Company may change the Work Plan in consultation and co-ordination with the Institute. 

5.2The Company will appoint a representative on its behalf (hereinafter: "the Representative") for the purpose of carrying out the work; the Representative's duties and powers will be as set out below. 

5.3The Company commissions the Institute and the Institute undertakes to carry out on the Company's behalf, the Survey, of a total length of approximately 40 kms, within the Survey Area, as described in Appendix A. 

The Survey will be carried out in conformity with the manpower, equipment and parameters set out in Appendix B, and in accordance with the Work Plan. 

 

5.4The Company will, at its discretion, be entitled to increase or reduce the length of the Survey, provided that in no event will the Survey cover less than 20 kms. 

5.5The Company is aware that the Institute's equipment is currently located in Africa and is scheduled to reach Israel before December 15, 2007. The Institute will commence performance of the Survey on such date as will be agreed upon between the parties but no later than December 15, 2007. 

The Institute will notify the Company of the date on which performance of the Survey will commence, at least 14 days in advance. 

5.6The Institute will conduct the Survey continuously, from the date of its commencement and on each day thereafter, except for Fridays, Saturdays, holiday eves and holidays, until it is completed. 

5.7If, for reasons of force majeure or any reason beyond the control or which is independent of the Institute and which do not enable the Survey to commence before December 15, 2007, the time schedule will be correspondingly deferred with the addition of 14 days for gearing-up. 

The Institute will send the Commissioner notice clarifying that the delay in carrying out the Survey arises from delays which are beyond the Company's control. The notice will set out the reasons for the delay in performance. 

The Institute warrants to the Company that the Survey subject of this Agreement will be the first onshore survey to be conducted after the equipment reaches Israel. 

5.8The Institute will start the work relating to permitting the areas after receiving the map of the survey lines referenced in clause 5.1 above, so that permitting activities will be completed on a date which will allow the Institute to begin performance of the Survey before December 15, 2007. 

6.Consideration 

The consideration for performing the Survey will be as follows:  

6.1The Company will pay the Institute for performing the Survey, the sum of NIS.40,000 (forty thousand shekels) per kilometer (and a proportional amount of the above figure for part of a kilometer). 

In the event of there being "seismic tails", the Company will pay the Institute in respect thereof one half of the above rate. 

The term "seismic tail" means - the distance from the first or last shot point to the first or last geophone, as appropriate. 

6.2Payment will be made in accordance with the number of kilometers that have actually been surveyed, as measured by the Institute, with the participation of the Representative, from the first until the last geophone. 

6.3The Company will also pay the Institute the sum of NIS.80,000 (eighty thousand shekels) in respect of mobilizing the equipment to the Survey Area and removing the same from the Area at the end of the work (MOB/DEMOB). 

6.4The Company will additionally make to the Institute such additional payments as described in clauses 8.2 and 8.3 hereof, (if any). 

6.5VAT pursuant to the rate prevailing on the date of making the payment will be added to each of the payments. 

7.Payment Terms 

The Company will pay the Institute as follows: 

7.1On the date of the execution of this Agreement, the Company will pay the Institute the sum of NIS.160,000 (one hundred and sixty thousand shekels), with the addition of lawful VAT. 

7.2Seven days before commencing performance of the Survey, the Company will pay the Institute a further sum of NIS.690,000 (six hundred and ninety thousand shekels) with the addition of lawful VAT. 

7.3The balance of the consideration for the Survey (plus VAT) will be paid by the Company to the Institute after completion of the Survey, and on the date on which a complete set of all the magnetic tape reels of the Survey, including the last magnetic tape, will be delivered to the Company.

7.4Payment to the Institute will be made by way of bank transfer to the Institute's account no. 409-312045 maintained in Branch 078 of the First International Bank. 

8.Consideration Content 

8.1The parties agree that the aggregate consideration paid shall be in respect of all the Institute's costs of whatsoever nature incurred in connection with the performance of the Survey (on a turnkey project basis) including, but without derogating from the generality of the foregoing, the costs of: 

8.1.1Permitting; 

8.1.2Performing the Survey (including the seismic survey and the gravimetric and magnetic surveys); 

8.1.3MOB/DEMOB; 

8.1.4Salaries for the crew employed in performing the Survey, accommodation, food, employer's expenses, fuel, maintenance, repair expenses, transporting equipment and the crew and any expense of whatsoever kind relating to performance of the Survey, with the exception of those enumerated in clauses 8.2 and 8.3 hereof. 

8.2The consideration does not include payments to third parties, including owners and occupiers of lands on which the Survey will be carried out, payment to the Israeli Police or a security company in the event of part of the Survey being conducted along highways and expenses and damages that may be caused in connection with the implementation of the Survey, and which do not result from the Institute's or any of its employees' negligence. These expenses will apply to and be borne by the Company. 

8.3In addition, the consideration excludes payments in respect of additional equipment (that is not included in Appendix B) that it will use, if any, in connection with the Survey. These payments and expenses will apply to the Company provided the Company, by means of the Representative, will have first approved the use of such equipment in writing. 

In respect of this equipment, the expense actually incurred by the Institute with the addition of 10% or the usual cost (in the event of the equipment being that of the Institute) will be paid, with the addition of lawful VAT. 

8.4The Company will pay the Institute in respect of the expenses in clauses 8.2 and 8.3, within 21 days of receiving invoices in connection therewith. Reference material and receipts will be attached to the invoices. 

9.Undertakings of the Institute 

9.1To cause the crew to be composed of, at the time of carrying out the Survey on the Company's behalf, all those persons who hold the positions (hereinafter: "the Basic Crew") and all the equipment and instruments and vehicles (hereinafter: "the Basic Equipment") described in Appendix B.

9.2To quickly repair, at its own expense, during the course of the performance of the Survey, any defect that will be caused to the Basic Equipment items and if necessary, replace the Equipment items. 

9.3To supply fuel for the team's vehicles, at its own expense. 

9.4To supply transportation means, at its own expense, to the Crew personnel and bear the transportation costs of the Equipment, including the transportation of the spare parts that will be required from time to time. 

9.5To supply at its own expense to the members of the Crew who are employed in carrying out the Survey, food and accommodation conditions as these will be required from time to time, in the area of the Survey. The foregoing will not be construed as imposing upon the Institute any duty to set up camps or residential buildings of any kind whatsoever or as imposing upon the Institute any obligation to lodge employees in hotels. 

9.6To cause the Survey, including the Work Plan, to be carried out in accordance with the Company's instructions and the parameters set out in Appendix B, within the scope of the terms of this Agreement, at the highest professional standard customary in the international petroleum exploration industry, pursuant to the terms of the permits (as hereinafter defined) while taking all the reasonable measures required to preserve correct and amicable relations with the owners and occupiers of the land, with representatives of the competent authorities, and with the public. 

9.7To obtain all the licenses and permits from the proprietors of the rights and/or the sovereign authorities for the purpose of entering upon the Survey Area, including licenses and permits from the Defense Forces, including security clearance. 

9.8To leave every fence, gate and area alongside and along which the Survey will have been carried out in the same condition in which it was before the Institute entered the area and also immediately after completing the Survey, to clean the area on which it was carried out of any waste, materials and instruments of any kind whatsoever that are related to or derive from the making of the Survey. 

9.9To maintain a daily report in the Institute's usual format, as set out in Appendix C (hereinafter: "the Reports"), and cause every important detail to be recorded in the Reports relating to the performance of the Survey, including the actions taken each day, deficiencies, malfunctions, working hours on each day of persons and equipment, materials used. 

A copy of the Reports will be conveyed to the Representative (as hereinafter defined) each day; the Reports will be prepared in English. 

9.10To deploy tractors or other equipment for excavation works as well as water containers, at the Company's expense, plus an additional 10% + VAT for handling fees if and to the extent required, each time in order to enable implementation of the Survey on condition that the Company will first approve such deployment. Details of the deployment will be recorded in the appropriate Report. 

9.11To check daily the equipment used for carrying out the Survey, to verify that the equipment is in proper and reliable working order. 

9.12To deliver to the Representative at the Institute's offices, at the Company's request, a copy of each magnetic tape reel immediately after completion thereof in addition to copies of the last magnetic tape. To each reel that will be conveyed will be attached by the Institute data sheets and other informative material that will be held by the Institute, in connection with the material contained on relevant reel. 

9.13The Institute will convey details to the Company relating to the terms of the Institute's agreements as relate to equipment, products and services that the Institute acquires at the Company's request and charges the Company separately in respect thereof. 

9.14Enable experts and authorized agents of the Company to have access to partial and temporary data as well as to the Crew and the Crew's Equipment in order to enable them to check the Equipment and verify that the Equipment items and the use thereof conform with the manufacturer's recommendations and specifications, and to verify also that all the particulars of the Equipment conform with the manufacturers' specifications and are being properly maintained. The Institute will allow the Company's experts and authorized agents to inspect the instructions of the Equipment manufacturers and furnish to the Company at its request copies of the manufacturers' instructions that it maintains (the intention being to the instructions relating to the use and maintenance of the Equipment). 

10.Undertakings of the Company 

10.1To appoint its permanent representative (in this Agreement called: "the Representative") and advise the Institute in writing of his appointment. The Company may, at its discretion, replace the Representative, and in the event of its doing so, will advise the Institute thereof in writing. 

10.2To cause the Representative to approve the Reports by his signature each day. The Representative shall have the right to enter reservations if he has any, in the Reports, or instructions, in accordance with the powers conferred upon him under this Agreement. 

The absence of the Representative will not affect the continuity of the Crew work nor the commitment of the Company towards the Institute. The head of the Crew or work manager will note the fact of the Representative's absence. 

10.3The powers of the Representative will be as described below, and the Company is responsible for all the Representative's acts. 

10.4To notify the Institute of any installations and equipment that are situated below the surface of the areas in which the Survey will be conducted. 

11.Powers of the Representative 

Without derogating from any other power conferred upon the Representative hereunder, the Representative's powers will be as follows: 

11.1To decide and approve conditions for agreements with occupiers or owners of lands to enable the Crew to enter the same for the purpose of carrying out the Survey. 

11.2To require and approve changes in the Basic Crew and the Basic Equipment to the extent such changes require the Company's approval according to the terms of this Agreement. 

11.3To make changes in the Work Plan in the field, to the extent circumstances have arisen which, in his opinion, require such changes. 

11.4To suspend work in the field or demand a suspension of work in the event of a breach of the Contract by the Institute. 

11.5To approve additional tools and equipment to the extent that the terms of this Agreement grant the Company the right to demand from the Institute the supply of tools and equipment against payment. 

11.6All instructions by the Representative to the Institute will be given in writing only. The making of an entry by the Representative of the instruction in the daily Report will be deemed to be an instruction in writing. 

12.The Institute - an independent contractor 

In performing its undertakings under this Agreement, the Institute is an independent contractor and will bear the responsibility as employer of all the workers who will be employed by it and overall responsibility for negligent acts and omissions of any person who is employed by it in performing the services that have been commissioned under this Agreement. 

13.Insurance 

13.1The Institute hereby declares that it has effected all the insurances required for performing the services to which this Agreement relates as customary in the international petroleum exploration industry, including the following insurances: 

13.1.1Employers' liability insurance with cover per event of not less than US$5 million. 

13.1.2Third party insurance with cover per event of not less than US$5 million. 

13.1.3Insurance of the motor vehicles that will be operated. 

13.1.4Insurance of the equipment used in the Survey. 

13.2The Institute undertakes to maintain and keep in force the above insurances throughout the entire term of this Agreement. 

13.3The Institute undertakes to include the Company as an additional insured in all of the above policies. 

13.4All of the insurances will include a clause that prevents cancellation of the policy unless 60 days' prior notice will have been given to the Company of the intention to cancel the policy. 

13.5A "cross-liability clause" will be included in the third party liability insurance. 

13.6The insurers' right of subrogation against the Company will be cancelled in all of the insurances.

13.7The Institute will furnish copies of the policies for the Company's inspection.

 

14.Delivery of information to the Company 

14.1Upon concluding the work, the Institute will deliver to the Company all the information that it holds with the addition of all the documents, maps, tapes and all the material that is relevant to the Survey with the exception of the original magnetic tapes that will be conveyed to the Institute in its capacity as the National Archives according to statutory provisions. 

At that juncture, the Company will pay the Institute the balance of the consideration that is due to the Institute in connection with performing the Survey. 

14.2Upon delivering the information, the Institute will redeliver to the Company all the documents, maps, data and other information that were provided by the Company to the Institute in connection with the performing the Survey. 

15.Damages

15.1The Institute will be responsible for the payment of compensation for damages that will be caused: 

15.1.1To installations and equipment the location of which was previously notified to it, or whose location is known to the Institute or to the members of the Crew. 

15.1.2To installations, equipment and property of others including agricultural crops as a result of the Institute's operations if it deviates from the path of the Survey, as set by the Company. 

15.1.3Should it be the Institute that is under the obligation to pay compensation as set out above, it will similarly be under an obligation to indemnify the Company in respect of third party claims as well as in relation to third party damage and expense (including legal fees) of any kind whatsoever resulting from such a claim. 

15.2In the event of damage being caused to installations or equipment the location of which will not have been notified by the Company to the Institute and the location of which was not known to the Institute or to the members of the Crew and also in the case of damage caused to installations, equipment and property of others including crops from the Institute's activity on the Survey lines that were set by the Company or as a result of the Representative's instructions, the Company will be responsible for paying the compensation and indemnifying the Institute in respect of third party claims. 

15.3Subject as provided above each party will indemnify the other for and against any claim of any kind whatsoever (and also for any damage and expense, including legal fees, resulting from such claim) in respect of any act or omission which such party is responsible for by law or according to the terms of this Agreement and in respect of anything that such party has done or has been negligent in the commission or non-commission of which in connection with the performance of the Agreement. 

The Institute will further be liable to indemnify the Company in respect of claims (and against any damage and expense including legal fees resulting from such a claim) for the infringement of patent rights or any other type of intellectual or trade property if such a claim is filed against the Company in respect of the use of the equipment or the performance of any work by the Institute.

16.Confidentiality 

The Institute undertakes to keep and cause all of its employees and persons who are connected with it to keep completely confidential for the entire period during which the Company holds a license or right to explore for petroleum in the Asher-Menashe region, including the area subject to License 334, and for a further period of two years thereafter, all the Survey findings and any additional fact that will be made according to this Agreement and all the Survey data and any further work, subject to the provisions of law, and not to disclose to any person any detail regarding the Company, any information including estimations, considerations, evaluations or conclusions and any material or copies of material, plans, tapes, reports and documents of any kind. 

The Institute further undertakes not to publicize or allow its employees or persons who are connected with it in making the Survey, to publicize or convey to any other person any matter related to the Survey or any additional fact that may be developed pursuant to this Agreement or resulting therefrom, without first receiving the prior written consent of the Company. 

17.Ownership of documents 

All the documents, maps, records and any other information that is or will be held by the Institute in connection with the Survey or any other work that will be carried out according to this Agreement are and will at all times be the exclusive property of the Company and the Institute will deal therewith pursuant to the instructions of the Company, except in connection with the original magnetic tapes that will be conveyed to the Institute in its capacity as the National Archives according to statutory provisions. 

18.Breaches and remedies 

18.1In the event of any breach of contract by any party, the provisions of the Contracts (Remedies for Breach of Contract) Law, 5731-1970 will apply. 

18.2In addition to and without derogating from the foregoing, in the event of the Company, following the signature of this Agreement, rescinding or committing a fundamental breach of the Agreement or deciding that it does not require the Survey, the Institute may take forfeit the payment in the sum of NIS.160,000 (one hundred and sixty thousand shekels) plus VAT as liquidated damages, and the Company agrees thereto. 

 

18.3If performance of the Survey is suspended for reasons of force majeure, the Institute will resume performing the Survey and complete the same on the nearest date possible following the termination of such force majeure which caused the suspension of the performance of the Survey. 

Force majeure in this clause means war, military activity, bad weather preventing correct data to be obtained, directions of the sovereign authorities or any other occurrence which is beyond the control of any of the parties to this Contract. 

19.Jurisdiction

19.1The laws of the State of Israel only will apply to any matter relating to this Agreement, including the validity, interpretation, existence, performance thereof and the like. 

19.2Subject as provided in clause 19.3, on any matter relating to this Agreement, exclusive jurisdiction will be vested in the competent court of Tel Aviv. 

19.3Differences between the parties, including, but without derogating from the foregoing, differences of opinion between the executing Crew and the Representative will be submitted for determination by a sole arbitrator who will be appointed by the parties by consent and, in the absence thereof, to an arbitrator who will be appointed by the Chairman of the Israel Institute of Business Arbitration in Israel. 

20.Miscellaneous 

20.1No changes will be made to this Agreement except in writing. 

20.2No consent or undertaking will be binding upon any party unless made in writing. 

21.Addresses and Notices

The addresses of the parties for the purpose of this Agreement are as set out at the head of this Agreement.

Any notice sent by one party to the other will be deemed to have reached its destination within 72 hours of the time of dispatch by registered mail. 

Notices delivered personally or sent by e-mail or fax with electronic acknowledgement of receipt will be deemed to have been delivered on the date of dispatch. 

In witness whereof the parties have set their hands:

	/s/ S. Yaakov, Frieslander Uri
	/s/Glen Perry, RJ Rinberg
	The Geophysical Institute of Israel
	Zion Oil & Gas, Inc.
	
	Date: September 17, 2007 	Date: Sept. 17, 2007

	
	I certify that this Contract has been 

executed by the authorized signatories

on behalf of the Institute	I certify that this Contract has been 

executed by the authorized signatories

on behalf of the Company 
	
	/s/ Jacob Lerer

Jacob Lerer, Advocate	/s/ Philip Mandelker

Philip Mandelker, Advocateex10_1.htm

    
      

    

    Exhibit
      10.1

    

    CHANGE
      OF
      CONTROL EMPLOYMENT AGREEMENT

    

    AGREEMENT,
      dated as of the __ day of October, 2007 (this “Agreement”), by and between
      Journal Register Company, a Delaware corporation (the “Company”), and Scott
      Wright (the “Executive”).

    

    WHEREAS,
      the Board of Directors of the Company (the “Board”), has determined that it is
      in the best interests of the Company and its shareholders to assure that the
      Company will have the continued dedication of the Executive, notwithstanding
      the
      possibility, threat or occurrence of a Change of Control (as defined
      herein).  The Board believes it is imperative to diminish the
      inevitable distraction of the Executive by virtue of the personal uncertainties
      and risks created by a pending or threatened Change of Control and to encourage
      the Executive’s full attention and dedication to the Company in the event of any
      threatened or pending Change of Control, and to provide the Executive with
      compensation and benefits arrangements upon a Change of Control that ensure
      that
      the compensation and benefits expectations of the Executive will be satisfied
      and that provide the Executive with compensation and benefits arrangements
      that
      are competitive with those of other corporations.  Therefore, in order
      to accomplish these objectives, the Board has caused the Company to enter into
      this Agreement.

    

    NOW,
      THEREFORE, IT IS HEREBY AGREED AS FOLLOWS:

    

    Section
      1. Certain Definitions.  (a)  “Affiliated Company”
means any company controlled by, controlling or under common control with the
      Company.

    (b)              “Change
      of Control” means:

    (1)              The
      acquisition by any individual, entity or group (within the meaning of Section
      13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the
      “Exchange Act”)) (a “Person”), of beneficial ownership (within the meaning of
      Rule 13d 3 promulgated under the Exchange Act) of 20% or more of either (A)
      the
      then-outstanding shares of common stock of the Company (the “Outstanding Company
      Common Stock”) or (B) the combined voting power of the then-outstanding voting
      securities of the Company entitled to vote generally in the election of
      directors (the “Outstanding Company Voting Securities”); provided, that, for
      purposes of this Section 1(b), the following acquisitions shall not constitute
      a
      Change of Control:  (i) any acquisition directly from the Company,
      (ii) any acquisition by the Company, (iii) any acquisition by any employee
      benefit plan (or related trust) sponsored or maintained by the Company or any
      Affiliated Company, or (iv) any acquisition by any corporation pursuant to
      a
      transaction that complies with Sections 1(b)(3)(A), 1(b)(3)(B) and
      1(b)(3)(C);

    (2)              Individuals
      who, as of the date hereof, constitute the Board (the “Incumbent Board”) cease
      for any reason to constitute at least a majority of the Board;
      provided,  that any individual becoming a director subsequent to the
      date hereof whose election, or nomination for election by the Company’s
      shareholders, was approved by a vote of at least a majority of the directors
      then comprising the Incumbent Board shall be considered as though such
      individual were a member of the Incumbent Board, but excluding, for this
      purpose, any such individual whose initial assumption of office occurs as a
      result of an actual or threatened election contest with respect to the election
      or removal of directors or other actual or threatened solicitation of proxies
      or
      consents by or on behalf of a Person other than the Board;

    (3)              Consummation
      of a reorganization, merger, statutory share exchange or consolidation or
      similar corporate transaction involving the Company or any of its subsidiaries,
      a sale or other disposition of all or substantially all of the assets of the
      Company, or the acquisition of assets or stock of another entity by the Company
      or any of its subsidiaries (each, a “Business Combination”), in each case
      unless, following such Business Combination, (A) all or substantially all of
      the
      individuals and entities that were the beneficial owners of the Outstanding
      Company Common Stock and the Outstanding Company Voting Securities immediately
      prior to such Business Combination beneficially own, directly or indirectly,
      more than 60% of the then-outstanding shares of common stock and the combined
      voting power of the then-outstanding voting securities entitled to vote
      generally in the election of directors, as the case may be, of the corporation
      resulting from such Business Combination (including, without limitation, a
      corporation that, as a result of such transaction, owns the Company or all
      or
      substantially all of the Company’s assets either directly or through one or more
      subsidiaries) in substantially the same proportions as their ownership
      immediately prior to such Business Combination of the Outstanding Company Common
      Stock and the Outstanding Company Voting Securities, as the case may be, (B)
      no
      Person (excluding any corporation resulting from such Business Combination
      or
      any employee benefit plan (or related trust) of the Company or such corporation
      resulting from such Business Combination) beneficially owns, directly or
      indirectly, 20% or more of, respectively, the then-outstanding shares of common
      stock of the corporation resulting from such Business Combination or the
      combined voting power of the then-outstanding voting securities of such
      corporation, except to the extent that such ownership existed prior to the
      Business Combination, and (C) at least a majority of the members of the board
      of
      directors of the corporation resulting from such Business Combination were
      members of the Incumbent Board at the time of the execution of the initial
      agreement or of the action of the Board providing for such Business Combination;
      or

    
      
        
        

      

      
        -1-

        
          

        

      

      
        
        

      

    

    (4)              Approval
      by the shareholders of the Company of a complete liquidation or dissolution
      of
      the Company.

    (c)              “Change
      of Control Period” means the period commencing on the date hereof and ending on
      the third anniversary of the date hereof; provided, however, that, commencing
      on
      the date one year after the date hereof, and on each annual anniversary of
      such
      date (such date and each annual anniversary thereof, the “Renewal Date”), unless
      previously terminated, the Change of Control Period shall be automatically
      extended so as to terminate three years from such Renewal Date, unless, at
      least
      60 days prior to the Renewal Date, the Company shall give notice to the
      Executive that the Change of Control Period shall not be so
      extended.

    (d)              “Effective
      Date” means the first date during the Change of Control Period on which a Change
      of Control occurs.  Notwithstanding anything in this Agreement to the
      contrary, if a Change of Control occurs and if the Executive’s employment with
      the Company is terminated prior to the date on which the Change of Control
      occurs, and if it is reasonably demonstrated by the Executive that such
      termination of employment (1) was at the request of a third party that has
      taken
      steps reasonably calculated to effect a Change of Control or (2) otherwise
      arose
      in connection with or anticipation of a Change of Control, then “Effective Date”
shall mean the date immediately prior to the date of such termination of
      employment.

    

    Section
      2. Employment Period.  The Company hereby agrees to continue the
      Executive in its employ, subject to the terms and conditions of this Agreement,
      for the period commencing on the Effective Date and ending on the second
      anniversary of the Effective Date (the “Employment Period”); provided, however,
      that the Employment Period shall terminate upon the Executive’s termination of
      employment for any reason, as provided for in this Agreement; and provided,
      further, that in any event the Employment Period shall end on the Executive’s
      65th birthday.

    

    Section
      3. Terms of Employment.  (a)  Position and
      Duties.

    (1)              During
      the Employment Period, (A) the Executive’s position (including status, offices,
      titles and reporting requirements), authority, duties and responsibilities
      shall
      be at least commensurate in all material respects with the most significant
      of
      those held, exercised and assigned at any time during the 120-day period
      immediately preceding the Effective Date, and (B) the Executive’s services shall
      be performed at the office where the Executive was employed immediately
      preceding the Effective Date or at any other location less than 35 miles from
      such office.

    (2)              During
      the Employment Period, and excluding any periods of vacation and sick leave
      to
      which the Executive is entitled, the Executive shall devote the Executive’s full
      attention and time during normal business hours to the business and affairs
      of
      the Company and, to the extent necessary to discharge the responsibilities
      assigned to the Executive hereunder, to use the Executive’s best efforts to
      perform faithfully and efficiently such responsibilities.  It shall
      not be a violation of this Agreement for the Executive, during the Employment
      Period, to serve on corporate, civic or charitable boards or committees, deliver
      lectures, fulfill speaking engagements or teach at educational institutions
      and
      manage personal investments, 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 continued
      conduct of such activities (or the 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.

    
      
        
        

      

      
        -2-

        
          

        

      

      
        
        

      

    

    (b)              Compensation.

    (1)  Base
      Salary.  During the Employment Period, the Executive shall receive a
      base salary (the “Base Salary”) at an annual rate at least equal to 12 times the
      highest monthly base salary paid or payable, including any base salary that
      has
      been earned but deferred, to the Executive by the Affiliated Companies in
      respect of the 12-month period immediately preceding the month in which the
      Effective Date occurs.  The Base Salary shall be paid at such
      intervals as the Company pays executive salaries generally.  During
      the Employment Period, the Base Salary shall be reviewed at least annually
      for
      possible increase effective as of each January 1 during the Employment
      Period.  Any increase in the Base Salary shall not serve to limit or
      reduce any other obligation to the Executive under this
      Agreement.  The Base Salary shall not be reduced after any such
      increase and the term “Base Salary” shall refer to the Base Salary as so
      increased.

    (2)              Annual
      Bonus.  In addition to the Base Salary, the Executive shall be
      entitled to earn, for each fiscal year ending during the Employment Period,
      an
      annual bonus (the “Annual Bonus”) based on the achievement of performance
      criteria as determined by the Board or an appropriate committee thereof, and
      with the target amount of the Annual Bonus being not less than the target amount
      in effect immediately prior to the Effective Date.  Any Annual Bonus
      that is so earned shall be paid no later than two and a half months after the
      end of the fiscal year for which the Annual Bonus is awarded, unless the
      Executive shall elect to defer the receipt of such Annual Bonus.

    (3)              Incentive,
      Savings and Retirement Plans.  During the Employment Period, the
      Executive shall be entitled to participate in all cash incentive, equity
      incentive, savings and retirement plans, practices, policies, and programs
      applicable generally to other senior executives of the Company; provided, that
      such incentive plans, practices, policies shall provide the Executive with
      compensation opportunities at least comparable to those provided to the
      Executive immediately before the Effective Date.

    (4)              Welfare
      Benefit Plans.  During the Employment Period, the Executive and/or the
      Executive’s family, as the case may be, shall be eligible for participation in
      and shall receive all benefits under welfare benefit plans, practices, policies
      and programs provided by the Company (including, without limitation, medical,
      prescription, dental, disability, employee life, group life, accidental death
      and travel accident insurance plans and programs) to the extent applicable
      generally to other senior executives of the Company; provided, that such plans,
      practices, policies, and programs shall provide the Executive with aggregate
      benefits at least comparable to those provided to the Executive immediately
      before the Effective Date.

    (5)              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 in effect
      generally at any time after the Effective Date with respect to senior executives
      of the Company; provided, that such policies, practices and procedures shall
      be
      no less favorable than those applicable to the Executive immediately prior
      to
      the Effective Date.

    (6)              Fringe
      Benefits.  During the Employment Period, the Executive shall be
      entitled to fringe benefits which are comparable in the aggregate to those
      provided generally at any time after the Effective Date to other senior
      executives of the Company; provided, that such benefits shall be at least
      comparable to those provided to the Executive immediately before the Effective
      Date.

    (7)              Office
      and Support Staff.  During the Employment Period, the Executive shall
      be entitled to an office or offices of a size and with furnishings and other
      appointments, and to exclusive personal secretarial and other assistance, at
      least equal to the most favorable of the foregoing provided generally at any
      time after the Effective Date with respect to other senior executives of the
      Company; provided, that such benefits shall be at least comparable to those
      provided to the Executive immediately before the Effective Date.

    (8)              Vacation.  During
      the Employment Period, the Executive shall be entitled to paid vacation in
      accordance with the most favorable plans, policies, programs and practices
      of
      the Company and the Affiliated Companies as in effect generally at any time
      after the Effective Date with respect to other senior executives of the Company;
      provided, that in no event shall the terms governing the Executive’s vacation
      entitlement be less favorable to the Executive than those in effect immediately
      prior to the Effective Date.

    
      
        
        

      

      
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    Section
      4. Termination of Employment.  (a)  Death or
      Disability.  The Executive’s employment shall terminate automatically
      if the Executive dies during the Employment Period.  If the Company
      determines in good faith that the Disability (as defined herein) of the
      Executive has occurred during the Employment Period (pursuant to the definition
      of “Disability”), it may give to the Executive written notice in accordance with
      Section 11(b) of its intention to terminate the Executive’s
      employment.  In such event, the Executive’s employment with the
      Company shall terminate effective on the 30th day after receipt of such notice
      by the Executive (the “Disability Effective Date”), provided, that within the 30
      days after such receipt, the Executive shall not have returned to full-time
      performance of the Executive’s duties.  “Disability” means the absence
      of the Executive from the Executive’s duties with the Company on a full-time
      basis for 180 consecutive business days as a result of incapacity due to mental
      or physical illness that 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.

    (b)              By
      the Company Without Cause or For Cause.  The Company may terminate the
      Executive’s employment during the Employment Period for Cause or without
      Cause.  “Cause” means:

    (1)              the
      willful and continued failure of the Executive to perform substantially the
      Executive’s duties hereunder (as contemplated by Section 3(a)(1)(A)) (other than
      any such failure resulting from incapacity due to physical or mental illness
      or
      following the Executive’s delivery of a Notice of Termination for Good Reason),
      after a written demand for substantial performance is delivered to the Executive
      by the Board or the Chief Executive Officer of the Company that specifically
      identifies the manner in which the Board or the Chief Executive Officer of
      the
      Company believes that the Executive has not substantially performed the
      Executive’s duties; or

    (2)              the
      willful engaging by the Executive in illegal conduct or gross misconduct that
      is
      materially and demonstrably injurious to the Company.

    For
      purposes of this Section 4(b), no act, or failure to act, on the part of the
      Executive shall be considered “willful” unless it is done, or omitted to be
      done, by the Executive in bad faith or without reasonable belief that the
      Executive’s action or omission was in the best interests of the
      Company.  Any act, or failure to act, based upon authority given
      pursuant to a resolution duly adopted by the Board or upon the instructions
      of
      the Chief Executive Officer of the Company or based upon the advice of counsel
      for the Company shall be conclusively presumed to be done, or omitted to be
      done, by the Executive in good faith and in the best interests of the
      Company.  The cessation of employment of the Executive shall not be
      deemed to be for Cause unless and until there shall have been delivered to
      the
      Executive a copy of a resolution duly adopted by the affirmative vote of not
      less than three-quarters of the entire membership of the Board (excluding the
      Executive, if the Executive is a member of the Board) at a meeting of the Board
      called and held for such purpose (after reasonable notice is provided to the
      Executive and the Executive is given an opportunity, together with counsel
      for
      the Executive, to be heard before the Board), finding that, in the good faith
      opinion of the Board, the Executive is guilty of the conduct described in
      Section 4(b)(1) or 4(b)(2), and specifying the particulars thereof in
      detail.

    (c)              Good
      Reason.  The Executive’s employment may be terminated by the Executive
      for Good Reason or by the Executive voluntarily without Good
      Reason.  “Good Reason” means:

    (1)              the
      assignment to the Executive of any duties inconsistent in any respect with
      the
      Executive’s position (including status, offices, titles and reporting
      requirements), authority, duties or responsibilities as contemplated by Section
      3(a), or any other diminution in such position, authority, duties or
      responsibilities (including without limitation as a result of the Company’s
      ceasing to be a publicly traded entity as a result of a Change of Control),
      excluding for this purpose an isolated, insubstantial and inadvertent action
      not
      taken in bad faith and that is remedied by the Company promptly after receipt of
      notice thereof given by the Executive;

    (2)              any
      failure by the Company to comply with any of the terms of this Agreement,
      excluding for this purpose an isolated, insubstantial and inadvertent failure
      not occurring in bad faith and that is remedied by the Company promptly after
      receipt of notice thereof given by the Executive;

    (3)              any
      purported termination by the Company of the Executive’s employment otherwise
      than as expressly permitted by this Agreement; or

    
      
        
        

      

      
        -4-

        
          

        

      

      
        
        

      

    

    (4)              any
      failure by the Company to comply with and satisfy Section 10(c).

    The
      Executive’s mental or physical incapacity following the occurrence of an event
      described above in clauses (1) through (4) shall not affect the Executive’s
      ability to terminate employment for Good Reason.

    (d)              Notice
      of Termination.  Any termination by the Company without Cause or for
      Cause, or by the Executive without Good Reason or for Good Reason, shall be
      communicated by Notice of Termination to the other party hereto given in
      accordance with Section 11(b).  “Notice of Termination” means a
      written notice that (1) indicates the specific termination provision in this
      Agreement relied upon, (2) to the extent applicable, sets forth in reasonable
      detail the facts and circumstances claimed to provide a basis for termination
      of
      the Executive’s employment under the provision so indicated, and (3) if the Date
      of Termination (as defined herein) is other than the date of receipt of such
      notice, specifies the Date of Termination (which Date of Termination shall
      be
      not more than 30 days after the giving of such notice, except as provided in
      clause (3) of Section 4(e) below).  The failure by the Executive or
      the Company to set forth in the Notice of Termination any fact or circumstance
      that contributes to a showing of Good Reason or Cause shall not waive any right
      of the Executive or the Company, respectively, hereunder or preclude the
      Executive or the Company, respectively, from asserting such fact or circumstance
      in enforcing the Executive’s or the Company’s respective rights
      hereunder.

    (e)              Date
      of Termination.  “Date of Termination” means (1) if the Executive’s
      employment is terminated by reason of the Executive’s death, the date of death,
      (2) if the Executive’s employment is terminated by reason of Disability, the
      Disability Effective Date, and (3) if the Executive’s employment is terminated
      under other circumstances, the date the Notice of Termination is given or any
      later date specified in the Notice of Termination (which date shall not be
      more
      than 30 days after the giving of such notice).

    (f)              Effect
      of Expiration of Employment Period.  Section 5 below shall not be
      applicable to the termination of the Executive’s employment upon or after the
      expiration of the Employment Period in accordance with Section 2 above as a
      result of the Executive’s attainment of age 65.

    Section
      5. Obligations of the Company upon Termination during the Employment
      Period.  (a)  Good Reason; Other Than for Cause, Death or
      Disability.  If, during the Employment Period, the Company terminates
      the Executive’s employment other than for Cause or Disability or the Executive
      terminates employment for Good Reason:

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

    (A)              the
      sum of (i) the Executive’s Base Salary through the Date of Termination to the
      extent not theretofore paid, (ii) the product of (x) the average of the Annual
      Bonuses earned by the Executive for each of the last three full fiscal years
      prior to the Date of Termination (the “Average Annual Bonus”) and (y) a
      fraction, the numerator of which is the number of days in the current fiscal
      year through the Date of Termination and the denominator of which is 365, and
      (iii) any accrued vacation pay, in each case, to the extent not theretofore
      paid
      (the sum of the amounts described in subclauses (i), (ii) and (iii), the
“Accrued Obligations”); and

    (B)              the
      amount equal to the product of (i) two and (ii) the sum of (x) the annual rate
      of the Base Salary, and (y) the Average Annual Bonus;

    (2)              for
      two years after the Executive’s Date of Termination, or such longer period as
      may be provided by the terms of the appropriate plan, program, practice or
      policy, the Company shall continue benefits to the Executive and/or the
      Executive’s family at least equal to those that would have been provided to them
      in accordance with the plans, programs, practices and policies described in
      Section 3(b)(4) if the Executive’s employment had not been terminated, provided,
      that, if the Executive becomes reemployed with another employer and is eligible
      to receive such benefits under another employer provided plan, the medical
      and
      other welfare benefits described herein shall be secondary to those provided
      under such other plan during such applicable period of eligibility;
      and

    (3)              to
      the extent not theretofore paid or provided, the Company shall timely pay or
      provide to the Executive any amounts that are vested benefits or that the
      Executive is otherwise entitled to receive under any plan, policy, practice
      or
      program of or any other contract or agreement with the Company or the Affiliated
      Companies at or subsequent to the Date of Termination (“Other Benefits”) in
      accordance with such plan, policy, practice or program or contract or
      agreement.

     

     

    
      
         

      

      
        -5-

        
          

        

      

      
         

      

    

     

    Notwithstanding
      the foregoing provisions of this Section 5(a), to the extent required in order
      to comply with Section 409A of the Internal Revenue Code of 1986, as amended
      (the “Code”), amounts and benefits to be paid or provided under this Section
      5(a) shall be paid (with interest on any delayed payment at the applicable
      federal rate provided for in Section 7872(f)(2)(A) of the Code) or provided
      to
      the Executive on the first business day after the date that is six months
      following the Date of Termination.

     

    (b)    Other
      Terminations.  If the Executive’s employment is terminated by the
      Company during the Employment Period for any reason other than those set forth
      in Section 5(a), the Company shall pay the Executive any unpaid Base Salary
      through the Date of Termination within 30 days of the Date of Termination,
      shall
      timely pay or provide any Other Benefits, and shall have no severance
      obligations under this Agreement.

    Section
      6. Coordination with Other Severance Arrangements.  If the Executive
      receives payments and benefits pursuant to Section 5(a) of this Agreement,
      the
      Executive shall not be entitled to any severance pay or benefits under any
      severance plan, program or policy of the Company and the Affiliated Companies,
      unless otherwise specifically provided therein in a specific reference to this
      Agreement.

    Section
      7. 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 that 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 such amounts shall not be reduced whether or not the Executive obtains
      other
      employment.

    Section
      8. Reduction of Payments under Certain
      Circumstances.  (a)  Anything in this Agreement to the
      contrary notwithstanding, in the event that a nationally recognized accounting
      firm designated by the Company (the “Accounting Firm”) shall determine that
      receipt of all payments, benefits or distributions by the Affiliated Companies
      in the nature of compensation to or for the Executive’s benefit, whether paid or
      payable pursuant to this Agreement or otherwise (a “Payment”) would subject the
      Executive to the excise tax under Section 4999 of the Code, the Accounting
      Firm
      shall determine whether to reduce any of the Payments paid or payable pursuant
      to this Agreement that are taxable in the year in which the change in ownership
      or control occurs (the “Agreement Payments”) to the Reduced Amount (as defined
      below).  The Agreement Payments shall be reduced to the Reduced Amount
      only if the Accounting Firm determines that the Executive would have a greater
      Net After-Tax Receipt (as defined below) of aggregate Payments if the
      Executive’s Agreement Payments were reduced to the Reduced Amount.  If
      such a determination is not made by the Accounting Firm, the Executive shall
      receive all Agreement Payments to which the Executive is entitled under this
      Agreement.

    (b)              If
      the Accounting Firm determines that aggregate Agreement Payments should be
      reduced to the Reduced Amount, the Company shall promptly give the Executive
      notice to that effect and a copy of the detailed calculation thereof, and the
      Executive may then elect, in the Executive’s sole discretion, which and how much
      of the Agreement Payments shall be eliminated or reduced (as long as after
      such
      election the present value (determined in accordance with Sections
      280G(b)(2)(A)(ii) and 280G(d)(4) of Code) of the aggregate Agreement Payments
      equals the Reduced Amount), and shall advise the Company in writing of the
      Executive’s election within ten days of the Executive’s receipt of
      notice.  If no such election is made by the Executive within such ten
      day period, the Company may elect which of such Agreement Payments shall be
      eliminated or reduced (as long as after such election the present value of
      the
      aggregate Agreement Payments equals the Reduced Amount) and shall notify the
      Executive promptly of such election.  All determinations made by the
      Accounting Firm under this Section 8 shall be binding upon the Company and
      the
      Executive and shall be made within 60 days of a termination of the Executive’s
      employment.  As promptly as practicable following such determination,
      the Company shall pay to or distribute for the Executive’s benefit such
      Agreement Payments as are then due to the Executive under this Agreement and
      shall promptly pay to or distribute for the Executive’s benefit in the future
      such Agreement Payments as become due to the Executive under this
      Agreement.  All fees and expenses of the Accounting Firm shall be
      borne solely by the Company.

    
      
        
        

      

      
        -6-

        
          

        

      

      
        
        

      

    

    (c)              As
      a result of the uncertainty in the application of Sections 280G and 4999 of
      the
      Code at the time of the initial determination by the Accounting Firm hereunder,
      it is possible that amounts will have been paid or distributed by the Company
      to
      or for the benefit of the Executive pursuant to this Agreement which should
      not
      have been so paid or distributed (“Overpayment”) or that additional amounts
      which will have not been paid or distributed by the Company to or for the
      benefit of the Executive pursuant to this Agreement could have been so paid
      or
      distributed (“Underpayment”), in each case, consistent with the calculation of
      the Reduced Amount hereunder.  In the event that the Accounting Firm,
      based upon the assertion of a deficiency by the Internal Revenue Service against
      either the Company or the Executive which the Accounting Firm believes has
      a
      high probability of success determines that an Overpayment has been made, the
      Executive shall pay any such Overpayment to the Company together with interest
      at the applicable federal rate provided for in Section 7872(f)(2) of the
      Code.  In the event that the Accounting Firm, based upon controlling
      precedent or substantial authority, determines that an Underpayment has
      occurred, any such Underpayment shall be promptly paid by the Company to or
      for
      the benefit of the Executive together with interest at the applicable federal
      rate provided for in Section 7872(f)(2) of the Code.

    (d)              For
      purposes hereof, the following terms have the following meanings: (i) “Reduced
      Amount” shall mean the greatest amount of Agreement Payments that can be paid
      that would not result in the imposition of the excise tax under Section 4999
      of
      the Code if the Accounting Firm determines to reduce Agreement Payments pursuant
      to Section 8(a), and (ii) “Net After-Tax Receipt” shall mean the present value
      (as determined in accordance with Sections 280G(b)(2)(A)(ii) and 280G(d)(4)
      of
      the Code) of a Payment net of all taxes imposed on the Executive with respect
      thereto under Sections 1 and 4999 of the Code and under applicable state and
      local laws, determined by applying the highest marginal rate under Section
      1 of
      the Code and under state and local laws which applied to the Executive’s taxable
      income for the immediately preceding taxable year, or such other rate(s) as
      the
      Executive certifies, in the Executive’s sole discretion, as likely to apply to
      him in the relevant tax year(s).

    Section
      9. Confidentiality.   The Executive shall hold in a fiduciary
      capacity for the benefit of the Company all secret or confidential information,
      knowledge or data relating to the Company or the Affiliated Companies, and
      their
      respective businesses, which information, knowledge or data shall have been
      obtained by the Executive during the Executive’s employment by the Company or
      the Affiliated Companies and which information, knowledge or data shall not
      be
      or become public knowledge (other than by acts by the Executive or
      representatives of the Executive in violation of this
      Agreement).  After termination of the Executive’s employment with the
      Company, the Executive shall not, without the prior written consent of the
      Company or as may otherwise be required by law or legal process, communicate
      or
      divulge any such information, knowledge or data to anyone other than the Company
      and those persons designated by the Company.  In no event shall an
      asserted violation of the provisions of this Section 9 constitute a basis for
      deferring or withholding any amounts otherwise payable to the Executive under
      this Agreement.

    Section
      10. 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 other 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.  Except as provided in Section 10(c), without
      the prior written consent of the Executive this Agreement shall not be
      assignable by the Company.

    (c)              The
      Company will require any successor (whether direct or indirect, by purchase,
      merger, 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 it if no such succession had taken
      place.  “Company” means the Company as hereinbefore defined and any
      successor to its business and/or assets as aforesaid that assumes and agrees
      to
      perform this Agreement by operation of law or otherwise.

    Section
      11.    Miscellaneous.  (a)  This
      Agreement shall be governed by and construed in accordance with the laws of
      the
      State of Delaware, 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.

    
      
        
        

      

      
        -7-

        
          

        

      

      
        
        

      

    

    This
      Agreement may not be amended or modified other 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:        At the home address for the
      Executive then shown in the Company’s records

    if
      to the
      Company:

    790
      Township Line Road

    Yardley,
      PA 19067

    Attention:  General
      Counsel

    or
      to
      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.

    (d)              The
      Company may withhold from any amounts payable under this Agreement such United
      States federal, state or local or foreign 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 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 Sections 4(c)(1)
      through 4(c)(4), shall not be deemed to be a waiver of such provision or right
      or any other provision or right of this Agreement.

    (f)              If
      any compensation or benefits provided by this Agreement may result in the
      application of Section 409A of the Code, the Company shall, in consultation
      with
      the Executive, modify the Agreement in the least restrictive manner necessary
      in
      order to exclude such compensation from the definition of “deferred
      compensation” within the meaning of such Section 409A or in order to otherwise
      comply with the provisions of Section 409A, other applicable provisions of
      the
      Code and/or any rules, regulations or other regulatory guidance issued under
      such statutory provisions and without any diminution in the value of the
      payments to the Executive.

    

    

    IN
      WITNESS WHEREOF, the Executive has hereunto set the Executive’s hand and,
      pursuant to the authorization from the Board, 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.

    

    JOURNAL
      REGISTER COMPANY

    

    
      	
              By:

            	
               

            	 
	 	
              Name:

            	 
	 	
              Title:

            	 

    

     

     

    -8-

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