Document:

Exhibit 10.7

 

SEVERANCE AGREEMENT

 

This SEVERANCE AGREEMENT (the “Agreement”) is dated as of
February 6, 2006, between Duratek, Inc., a Delaware corporation (the
“Company”), and Diane L. Leviski (the “Employee”).

 

WHEREAS,
the Employee has been important in developing and expanding the business and
operations of the Company and possesses valuable knowledge and skills with
respect to such business;

 

WHEREAS,
the Board of Directors of the Company (the “Board”) believes that it is in the
best interests of the Company to encourage the Employee’s continued employment
with and dedication to the Company and has authorized the Company to enter into
this Agreement;

 

WHEREAS,
the parties desire to enter into this Agreement setting forth the terms and
conditions for the payment of compensation to the Employee in the event of a
termination of the Employee’s employment due to a Change in Control (as defined
herein) during the term of this Agreement;

 

NOW,
THEREFORE, in consideration of the foregoing, the mutual
covenants and agreements of the parties contained herein and other good and
valuable consideration, the receipt of which is hereby acknowledged, the
parties hereto agree as follows:

 

Section
1.                                          Term.  The initial term of this Agreement shall be
for a period commencing on February 6, 2006 and will remain in effect until
December 31, 2007; provided, however, that, in the event of a
Change in Control Event during the initial term of this Agreement, the term of
this Agreement shall be automatically extended, if necessary, so that this
Agreement remains in full force and effect for the Change in Control Period (as
defined in Section 2) and until all payments required to be made hereunder have
been made.  This Agreement may be renewed
by written agreement of the parties.  References
herein to the term of this Agreement shall include the initial term and any
additional period for which this Agreement is extended or renewed.

 

Section
2.                                          Termination
of Employment Following a Change in Control Event.  Subject to the terms of this Agreement, the
Employee shall be entitled to receive severance payments from the Company for
services previously rendered to the Company and its affiliates if a Change in
Control Event occurs during the term of this Agreement and the Employee’s
employment is terminated by the Employee for Good Reason or by the Company
other than for Cause during the period commencing upon such Change in Control
Event (as defined in Section 11) and ending 24 months after a Change in Control
(as defined in Section 11) (the “Change in Control Period”).

 

(a)                                  Good
Reason; Other Than for Cause – Severance and Required Notice.  If a Change in Control Event occurs during
the term of this Agreement and the Company terminates the Employee’s employment
other than for Cause (as defined in Section 9) or the Employee terminates
employment for Good Reason (as defined in Section 10) during the Change in
Control Period:

(i)                                     the
Company shall pay to the Employee (A) the Employee’s Base Salary (as defined in
Section 8) and any accrued but unused vacation pay through the effective date of

 

 

termination of the Employee’s employment (the “Date of
Termination”), and (B) 12  months of the Employee’s Base Salary , in each case and to
the extent not previously paid, in a lump sum in cash within ten (10) days of
the Date of Termination.  For purposes of
this Agreement, the “Severance Period” is the period beginning with the Date of
Termination and ending 12 months
thereafter.

 

(ii)                                  during
the Severance Period, or such longer period as may be provided by the terms of
the applicable plan, program, practice or policy, the Company shall continue
benefits to the Employee and/or the Employee’s family at least equal to those
which would have been provided to them in accordance with the welfare benefit
plans, practices, policies and programs provided by the Company and its
affiliated companies (excluding employee life, group life, accidental death and
travel accident insurance plans and programs) to the extent applicable
generally to other peer employees of the Company and its affiliated companies,
as if the Employee’s employment had not been terminated; provided, however,
that if the Employee becomes reemployed with another employer and is eligible
to receive medical or other welfare benefits under another employer provided
plan, the medical and other welfare benefits described herein shall be
secondary to those provided under such other plan during such applicable period
of eligibility.

 

(iii)                               the
Company shall be required to give the Employee no less than 6 months notice of a termination of the Employee’s
employment with the Company (other than for Cause) during the Change in Control
Period.  To the extent the Company gives
less than 6 months notice (other than in the case
of a termination for Cause), the Company shall pay the Employee his or her Base
Salary for the amount of time by which the actual notice given is less than 6 months.

 

(iv)                              Notwithstanding
the foregoing, the Company’s shall not be obligated to make payments hereunder
or under Section 3 of this Agreement unless and until the Employee has executed
and delivered to the Company the General Release, attached as Appendix A
hereto, and the time period for any right of revocation of such General Release
has expired.

 

(b)                                  Cause;
Other than for Good Reason.  If
the Employee’s employment is terminated by the Company for Cause or if the
Employee voluntarily terminates employment other than for Good Reason, in
either case during the Change in Control Period, this Agreement shall terminate
without the Company having any further obligations to the Employee, other than
the obligation to pay to the Employee: (i) the Employee’s Base Salary through
the Date of Termination and (ii) Other Benefits through the Date of
Termination, in each case to the extent theretofore unpaid, in a lump sum in
cash within ten (10) days of the Date of Termination.

 

Section 3.                                          Retention
Bonus.  Subject to the terms of
this Agreement, the Employee shall be entitled to receive a retention bonus in
the amount of ($60,000) (the “Retention Bonus”)
from the Company for services rendered to the Company and its affiliates during
the three month period following a Change in Control (the “Retention Period”),
if a Change in Control Event occurs during the term of this Agreement and the
Employee remains employed by the Company, its successor, or any affiliate of
the Company or its successor during the Retention Period; provided however that
if a Change in Control Event occurs during the term of this Agreement but the
agreement providing for the Change in Control is terminated, the Employee will
be entitled to the Retention Bonus if the Employee remains employed by the
Company, its successor, or any affiliate of the Company or its successor during
the three month period following the termination of the agreement.  The Retention Bonus shall be paid as soon as
is reasonably practical following the last day of the Retention Period or three
months after termination of

 

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the agreement providing for the Change in Control, and is subject to
reduction for applicable withholding taxes. 
Notwithstanding the forgoing and Section 2(b) above, the Employee shall
be eligible for the Retention Bonus even if the Employee undergoes a
termination of employment during the Retention Period or the three month period
after termination of the agreement providing for the Change in Control, if such
termination of employment is by the Company other than for Cause or by the
Employee for Good Reason; provided, however, that for this purpose, Section
10(b) of the definition of Good Reason shall not be applicable.

 

Section 4.                                          Confidential
Information.  The Employee 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 any of
its affiliates, and their respective businesses, which shall have been obtained
by the Employee during the Employee’s employment by the Company or any of its
affiliates and which shall not be or become public knowledge (other than by
acts by the Employee or representatives of the Employee in violation of this
Agreement).  After termination of the
Employee’s employment with the Company, the Employee 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 designated by it or use any such
information, knowledge or data for any purpose.

 

Section 5.                                          Non-Solicitation.  The Employee covenants and agrees that the
Employee will not, during the Employee’s employment hereunder and for a period
of one year thereafter, induce or attempt
to induce any employee of the Company or any of the Company’s affiliates to
render services for any other person or entity.

 

Section 6.                                          Non-Competition.  The Employee covenants and agrees that the
Employee will not, during the Employee’s employment hereunder and for the
lesser of (i) a period of one year
thereafter or (ii) the Severance Period, (to the extent permitted by law), at
any time and in any state or other jurisdiction in which the Company is engaged
or, to the knowledge of Employee, has reasonably firm plans to engage in
business, (x) compete with the Company on behalf of the Employee or any
third party; or (y) participate as a director, stockholder or partner or
have any direct or indirect financial interest in any enterprise which competes
in any business in which the Company is then engaged, unless the Company has
waived the restrictions of this covenant in writing.  The ownership by the Employee of less than
five percent (5%) of the outstanding stock or equity of any company conducting
any such business shall not be deemed a violation of this Section 6.

 

Section 7.                                          Injunctive
Relief.  (a)  In the event the restrictions against
engaging in a competitive activity contained in Section 6 hereof shall be
determined by any court of competent jurisdiction to be unenforceable by reason
of their extending for too great a period of time or over too great a
geographical area or by reason of their being too extensive in any other
respect, Section 6 hereof shall be interpreted to extend only over the
maximum period of time for which it may be enforceable and over the maximum
geographical area as to which it may be enforceable and to the maximum extent
in all other respects as to which it may be enforceable, all as determined by
such court in such action.

 

(b)                                 The
Employee acknowledges and agrees that (i) the provisions of Sections 4, 5 and 6
are reasonable and necessary to protect the legitimate interests of the
Company, (ii) any violation of the provisions of Sections 4, 5 or 6 hereof will
result in irreparable injury and that damages at law would not be reasonable or
adequate compensation for a violation of the provisions of Sections 4, 5 or 6
hereof and (iii) the Company shall be entitled to have the provisions of
Sections 4, 5 and 6 hereof specifically enforced by preliminary and permanent
injunctive relief without the necessity of proving actual damages and without
posting bond or other security as well as to an equitable accounting of all

 

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earnings, profits and other benefits arising out of any violation of
Sections 4, 5 or 6 hereof, including, without limitation, estimated future
earnings.

 

Section 8.                                          Definition
of “Base Salary”.  Base salary
(“Base Salary”) means the greater of (a) the annual base salary payable to the
Employee by the Company and its affiliates as of the Date of Termination or (b)
the annual base salary payable to the Employee by the Company and its
affiliates as of the date of this Agreement.

 

Section 9.                                          Definition
of “Cause”.  “Cause” shall mean
(a) the Employee’s conviction of or plea of guilty or no contest to any charge
of fraud, theft, embezzlement or any felony or other crime involving moral
turpitude; (b) the Employee’s unlawful use of controlled substances; (c) the
willful failure or refusal of Employee to perform any material obligation under
this Agreement or to carry out the reasonable directives of the President of
the Company, or the repeated willful or materially negligent failure to perform
the Employee’s duties as determined by the President of the Company in good
faith, and, in the event that the Company deems a cure practicable, the failure
of the Employee to cure the same to the satisfaction of the Company within a
period of thirty (30) days following notice thereof from the Company; (d) in
the reasonable judgment of the Board, the Employee has engaged in gross or
willful misconduct that causes or threatens to cause material harm to the
business, operations, reputation, or standing in the community of the Company
or any of its affiliates; or (e) in the reasonable judgment of the Board, the
Employee has compromised trade secrets or other proprietary information of the
Company.

 

Section 10.                                   Definition
of “Good Reason”.  “Good Reason”
shall mean (a) any material reduction in the Employee’s aggregate base salary,
fringe benefits or bonus eligibility, except in the case of base salary, fringe
benefits or bonus eligibility reduction in such compensation generally
applicable to peer employees of the Company, which shall not constitute Good
Reason; (b) a substantial, adverse change in the nature or scope of the Employee’s
responsibilities which amounts to the functional equivalent of a demotion; or
(c) the Employee is required to move his office to a location more than 50
miles from the location where the Employee’s office is currently located.

 

Section 11.                                   Definition
of “Change in Control” and “Change in Control Event”.

 

(a)                                  A
“Change in Control” shall mean a merger, consolidation, or reorganization of
the Company with one or more other entities in which the Company is not the
surviving entity, a sale of substantially all of the assets of the Company to
another entity, or any transaction (including, without limitation, a merger or
reorganization in which the Company is the surviving entity) that results in
any person or entity (or persons or entities acting as a group or otherwise in
concert) becoming the beneficial owner of fifty percent (50%) or more of the
combined voting power of all classes of securities of the Company or obtaining
(through stock ownership, proxies, or otherwise) the right to elect a majority
of the Board.  Notwithstanding the
forgoing, a Change in Control shall be deemed to have occurred only to the
extent such event is a “change in control event” within the meaning of Section
409A of the Internal Revenue Code and the regulations promulgated thereunder
(“Section 409A”).

 

(b)                                 A
“Change in Control Event” shall mean the earlier of (i) a Change in Control or
(ii) the execution and delivery by the Company of an agreement providing for a
Change in Control.

 

Section 12.                                   Withholding.  Notwithstanding anything in this Agreement to
the contrary, all payments required to be made by the Company hereunder to the
Employee or his estate or beneficiaries shall be subject to the withholding of
such amounts relating to taxes and other amounts as the Company reasonably may
determine it should withhold pursuant to any applicable law or regulation

 

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or the request of the Employee. 
In lieu of withholding such amounts, in whole or in part, the Company
may, in its sole discretion, accept other provisions for the payment of taxes
and any withholdings as required by law, provided that the Company is satisfied
that all requirements of law affecting its responsibilities to withhold
compensation have been satisfied.

 

Section 13.                                   No
Duty to Mitigate.  The Employee’s
payments received hereunder shall be considered severance pay in consideration
of past service, and pay in consideration of continued service from the date
hereof and entitlement thereto shall not be governed by any duty to mitigate
damages by seeking further employment.

 

Section 14.                                   Amendments
or Additions; Action by Board of Directors.  No amendments or additions to this Agreement
shall be binding unless in writing and signed by both parties hereto.  The prior approval by the Board shall be
required in order for the Company to authorize any amendments or additions to
this Agreement.

 

Section 15.                                   Governing
Law.  This Agreement shall be
governed by the laws of the State of Delaware, excluding the choice of law
rules thereof.

 

Section 16.                                   Assignment.  The rights and obligations of the Company
under this Agreement shall be binding upon its successors and assigns and may
be assigned by the Company to the successors in interest of the Company.  The rights and obligations of the Employee
under this Agreement shall be binding upon his heirs, legatees, personal
representatives, executors or administrators. 
This Agreement may not be assigned by the Employee, but any amount owed
to the Employee upon his death shall inure to the benefit of his heirs,
legatees, personal representatives, executors, or administrators.

 

Section 17.                                   Notice.  For purposes of this Agreement, notices and
all other communications provided for in this Agreement shall be in writing and
shall be deemed to have been duly given when hand delivered, sent by overnight
courier, or mailed by first-class, registered or certified mail, return receipt
requested, postage prepaid, or transmitted by telegram, telecopy, or telex,
addressed, in the case of the Employee, to the Employee’s address as shown on
the Company’s records, and, in the case of the Company, to its principal
office, to the attention of the President, or to such other address as either
party may have furnished to the other in writing in accordance herewith, except
that notices of change of address shall be effective only upon receipt.

 

Section 18.                                   Severability.  If any part of any provision of this
Agreement shall be invalid or unenforceable under applicable law, such part
shall be ineffective to the extent of such invalidity or unenforceability only,
without in any way affecting the remaining parts of such provision or the
remaining provisions of this Agreement.

 

Section 19.                                   Section
409A.  Notwithstanding anything
in this Agreement to the contrary, if any amount payable to the Employee under
this Agreement is deferred compensation subject to Section 409A and if the
Employee is a “specified employee” within the meaning of Section 409A, payment
of such amount shall be made as follows: 
Any amount that is scheduled to be paid for the period which begins on
the Employee’s separation from service, as defined in Section 409A, and ends on
the date six months from the Employee’s separation from service, shall not be
paid as scheduled, but shall be accumulated and paid in a lump sum on the date
six months after the Employee’s separation from service.

 

[Signatures
Appear on Following Page]

 

5

 

IN WITNESS WHEREOF,
the parties have executed and delivered this Agreement, or have caused this
Agreement to be executed and delivered, to be effective as of February 6, 2006.

 

	
   

  	
  DURATEK, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
  Date: February 6, 2006

  	
  By:

  	
  /s/ Robert E. Prince

  	
   

  
	
   

  	
  Name:

  	
  Robert E. Prince

  
	
   

  	
  Title:

  	
  President/CEO

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  EMPLOYEE

  
	
   

  	
   

  
	
   

  	
   

  
	
  Date: February 6, 2006

  	
  /s/ Diane L. Leviski

  	
   

  
	
   

  	
  Name: Diane L. Leviski

  
						

 

6

 

APPENDIX
A

 

GENERAL RELEASE

 

This GENERAL
RELEASE (hereinafter, this “General Release”) is made and entered into this             
day of                  ,
by and between                       ,
residing at                               ,
(the “Employee”), and Duratek, Inc., a Delaware corporation, headquartered in
Columbia, Maryland (the “Company”).

 

1.                                       The Employee acknowledges the receipt and
sufficiency of adequate consideration in support of this General Release, in
the form of the mutual covenants and agreements of the parties contained in the
Severance Agreement, dated February   , 2006, and other good and
valuable consideration.

 

2.                                       The Employee, on his behalf and on behalf
of his heirs, successors, agents, executors, administrators, attorneys and
assigns, hereby releases and forever discharges the Company and any and all of
its current or former affiliated entities, benefit plans, departments, stockholders,
officers, directors, employees, representatives, agents, attorneys, successors
and assigns (hereinafter referred to as the “Released Parties”), to the fullest
extent provided by law, from any and all charges, complaints, claims,
liabilities, obligations, promises, agreements, controversies, damages,
actions, causes of action, suits, rights, demands, costs, losses, debts and
expenses (including attorneys’ fees and costs actually incurred), of any nature
whatsoever, known or unknown, suspected or unsuspected, which he now has, owns,
or holds, or claims to have, own, or hold, which he at any time heretofore had,
owned, or held, or claimed to have had, owned, or held, and which he at any
time in the future may have, own, or hold, against any one or more of the
Released Parties for any reason whatsoever in law or in equity, under federal,
state or local law, including without limitation (i) any and all claims arising
from or relating to the Employee’s employment with the Company or the
termination thereof other than fulfillment of the Company’s obligations under
the Severance Agreement, dated February   , 2006, by and between the
Employee and the Company (the “Severance Agreement”), and (ii) any and all
claims relating to or arising under any employment contract, any employment
statute or regulation, any employment discrimination law, including but not
limited to Title VII of the Civil Rights Act of 1964, as amended, the
Americans with Disabilities Act of 1990, as amended, the Equal Pay Act of 1963,
the Age Discrimination in Employment Act, and any other federal, state, or
local civil rights, pension or labor law, contract law, tort law, or common
law.  The Employee warrants that this is
a general release and that he has not assigned or transferred any claims
covered hereby.

 

3.                                       Except for claims arising from or related
the Company’s performance of its obligations under the Severance Agreement,
without limiting the generality of the general release in Section 1 of this
General Release, the Employee, on his behalf and on behalf of his heirs, legal
representatives and assigns, further agrees not to sue or otherwise institute
or cause to be instituted, or solicit, encourage, or cause any other individual
or entity to sue or otherwise institute or cause to be instituted, except as
required by order of a court or of any agency of the federal, state, or local
government, the prosecution of any claim, complaint, or charge seeking damages
against any of the Released Parties in any federal, state, local or other court,
administrative agency, commission, or other forum concerning any claims
released herein, and the Employee irrevocably and unconditionally waives any
and all rights to recover any relief or damages concerning claims released
herein.  The Employee specifically
represents that no complaints, charges, or other proceedings are pending in any
court, administrative agency, or other forum relating directly or indirectly to
any claims released herein.

 

 

4.                                       The Employee acknowledges and agrees that
he is aware of no fraudulent, unlawful, discriminatory, or harassing conduct on
the part of himself or any past or present officer, director, employee,
representative, agent, or assign of the Company.  The Employee further represents
and agrees that he is aware of no conduct on the part of himself or any past or
present officer, director, employee, representative, agent, or assign of the
Company that constitutes a breach of fiduciary or other legal duty to the
Company.

 

5.                                       The Employee acknowledges
that he has read and understands this General Release and executes it
knowingly, voluntarily and without coercion. 
The Employee further acknowledges that he is being advised herein in
writing to consult with an attorney prior to executing this General Release,
and that he has been given a period of at least forty-five days within which to
consider and execute this General Release, unless he voluntarily chooses to
execute this General Release before the end of the forty-five day period, in
which case he will complete a form titled, “Election to Execute Prior to
Expiration of Forty-Five Day Consideration Period.”  The Employee understands that he has seven
days following his execution of this General Release to revoke it.  For such revocation to be effective, written
notice of revocation must be delivered directly to the Company at 10100 Old
Columbia Road, Columbia, Maryland 21046, Attention: Corporate Secretary, no later than 5:00 p.m. on the seventh calendar day after
the Employee signs this General Release. 
If the Employee revokes this Agreement, it shall not be effective or
enforceable and he shall not receive the benefits described herein.  No payments shall be made under the terms of
this General Release until the seven day revocation period described in this
Section 5 has expired without revocation by the Employee.

 

6.                                       This General
Release shall be governed by and construed under Delaware law, exclusive of any
choice of law rules.

 

7.                                       This General
Release shall be binding upon each Party’s respective heirs, beneficiaries, and
successors and assigns.

 

IN WITNESS THEREOF, the Employee and the Company, after carefully reading
the provisions of this General Release herein declare that they understand such
provisions and willingly accept and agree thereto by executing this General Release
as of the date set forth above.

 

	
  Employee

  	
  Duratek, Inc.

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  
	
   

  	
  Title:

  	
   

  
					

 

2

 

ELECTION
TO EXECUTE PRIOR TO EXPIRATION

OF
FORTY-FIVE DAY CONSIDERATION PERIOD

 

I,                                      ,
understand that I have at least forty-five days within which to consider and
execute the foregoing General Release. 
However, after having an opportunity to consult counsel I have freely
and voluntarily elected to execute the General Release before the forty-five
day period has expired.

 

	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Date

  

 

3Exhibit 10.1

 

EMPLOYMENT
AGREEMENT

 

THIS EMPLOYMENT AGREEMENT
is made and entered into as of February 9, 2006, by and between Willis Lease
Finance Corporation, a Delaware corporation (“Employer”),
and Robert M. Warwick (“Employee”).

 

RECITALS

 

WHEREAS, Employer desires
that Employee continue to be employed by Employer in the position,
compensation, amenities and other benefits set forth herein;

 

WHEREAS, Employee desires
to continue to be employed by Employer and in the position of Executive Vice
President and Chief Financial Officer on the terms and conditions set forth
herein; and

 

WHEREAS, Employee
acknowledges that he has had an opportunity to consider this Agreement and
consult with independent advisors of his choosing with regard to the terms of
this Agreement, and enters this Agreement voluntarily and with a full
understanding of its terms.

 

AGREEMENT

 

NOW, THEREFORE, in
consideration of the foregoing recitals, the mutual promises of the parties and
the mutual benefits they will gain by the performance thereof, and other good
and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereby agree as follows:

 

1.             Employment. Employer hereby employs Employee and
Employee hereby accepts employment, upon the terms and conditions hereinafter
set forth, as the Executive Vice President and Chief Financial Officer of
Employer.

 

2.             Term.

 

(a)           The term of Employee’s employment
under this Agreement shall be for a one year period commencing on January 1,
2006 and ending on January 1, 2007, (as may be extended hereunder, the “Employment Term”), unless otherwise terminated pursuant to
the terms hereof. Each full twelve month period Employee is employed by
Employer shall be referred to herein as an “Employment
Year.”

 

(b)           After the expiration of the initial
Employment Term and until the Termination Date (as defined below in Section 7),
Employee’s employment will automatically renew for a period of one year, each
year, on the same terms and conditions as are set forth herein, unless either
party gives the other written notice of nonrenewal at least six months prior to
the end of the last applicable Employment Year. Employee shall be entitled to
the payments

 

 

set forth in
Section 7 or Section 8 hereof in the event either party gives the other such a
notice of nonrenewal.

 

(c)           Upon the occurrence of a Change in
Control, this Agreement shall be automatically extended for a period equal to
the greater of: (I) the remaining Employment Term, or (II) the eighteen month
period commencing
on the date of the Change in Control event and ending on the eighteen month
anniversary of the Change in Control event (the “Change in Control Extension”). “Change in
Control” means the occurrence of any of the following events:
(i) any “person” (as such term is used in Section 13(d) and 14(d) of the
Securities Exchange Act of 1934, as amended), other than Charles F. Willis, IV
or an Affiliate (as defined in Section 13) of Charles F. Willis, IV, is or
becomes the “beneficial owner” (as defined in Rule 13d-3 under said Act),
directly or indirectly, of securities of Employer representing at least fifty
percent of the total voting power represented by Employer’s then outstanding
voting securities; or (ii) the stockholders of Employer approve a merger or
consolidation of Employer with any other corporation, other than a merger or
consolidation which would result in the voting securities of Employer
outstanding immediately prior thereto continuing to represent (either by
remaining outstanding or by being converted into voting securities of the
surviving entity) at least fifty percent of the total voting power represented
by the voting securities of Employer or such surviving entity outstanding
immediately after such a merger or consolidation, or the stockholders of
Employer approve a plan of complete liquidation or dissolution of Employer or
an agreement for the sale or disposition by Employer of all or substantially
all of Employer’s assets, provided, however, that if such merger,
consolidation, liquidation, dissolution, sale or disposition does not
subsequently close, a Change in Control shall not be deemed to have occurred;
or (iii) individuals who are directors of Employer as of the date hereof
cease for any reason to constitute a majority of Employer’s Board of Directors
(the “Board”) unless such change(s) is
approved by a majority of the directors of Employer as of the date thereof.

 

3.             Duties.

 

(a)           Employee shall in good faith perform
those duties and functions as are required by his position, including but not
limited to responsibility for equity/debt funding, treasury, cash management,
accounting, financial reporting (including Sarbanes Oxley compliance), risk
management, taxes, management information system (MIS), investor relations and
such other duties as may be determined and assigned to him from time to time by
the Chief Executive Officer (“CEO”) or his/her designate(s). Notwithstanding
the foregoing or any other provision in this Agreement, Employer shall have the
right to modify from time to time the title and duties assigned to Employee so
long as such title and duties are consistent with the usual and customary
expectations of the type of position and function of Employee.

 

(b)           Employee agrees to serve Employer
faithfully and to the best of his ability; to devote his full time and
attention, with undivided loyalty, during normal business hours to the business
and affairs of Employer, except during reasonable vacation periods and periods
of illness and incapacity; and to perform such duties as the CEO or his/her
designate(s) may assign, such duties to be of a character and dignity appropriate
to the Executive Vice President and Chief Financial Officer. Employee shall not
engage in any other business or job activity during the Employment Term without
Employer’s prior written consent. Notwithstanding the foregoing, Employee may
engage in civic and not-for-profit activities so

 

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long as such
activities do not materially interfere with Employee’s performance of his
duties hereunder.

 

4.             Compensation. Employer agrees to provide as
compensation to Employee the following salary, incentive, and benefits in
exchange for the services described in Section 3 of this Agreement:

 

(a)           Base Salary. Employer agrees
to pay to Employee during the Employment Term an annual base salary in the
amount of Two Hundred Thirty Five Thousand, Five Hundred Dollars ($235,000) per
Employment Year less payroll deductions and all required withholdings, or such
higher amount as the Compensation Committee of the Board shall from time to
time determine. Employee’s base salary shall be paid not less frequently than
semi-monthly in accordance with Employer’s usual payroll practices. The
Compensation Committee of the Board will review Employee’s base salary no less
than once annually, and shall have sole discretion to increase or decrease
(subject to the next sentence hereof) the base salary. Employee’s base salary
only may be decreased in connection with a salary reduction program approved by
the Compensation Committee of the Board, which affects all executive officers
of Employer.

 

(b)           Incentive Compensation. In
addition to Employee’s base salary, Employee shall participate in and, to the
extent earned or otherwise payable thereunder, receive periodic incentive cash
bonuses pursuant to any incentive plans currently maintained or hereafter
established by Employer and applicable to an employee of Employee’s position. Employee’s
entitlement to incentive bonuses is discretionary and shall be determined by
the Compensation Committee of the Board in good faith based upon the extent to
which Employee’s individual performance objectives and Employer’s performance
objectives were achieved during the applicable bonus period. Employee is
eligible to receive a target bonus of up to 60% of Employee’s base salary (“Incentive Bonus”). The first 70% of the
Incentive Bonus shall be conditioned upon Employer’s performance. The remaining
30% shall be conditioned upon individual performance as more fully described in
the applicable Incentive Compensation Plan. The Compensation Committee of the
Board will annually set the Employer’s performance targets and approve the
incentive compensation plan.

 

5.             Benefits and Perquisites.

 

(a)           Benefits. Employer shall
provide Employee such employment benefits, equipment and support as are
generally available to executive officers of Employer, including without limitation
reimbursement of reasonable expenses incurred in performing his duties under
this Agreement (including, but not limited to, expenses for entertainment, long
distance telephone calls, lodging, meals, transportation and travel), coverage
under medical, dental, long-term disability and group life insurance plans, and
rights and benefits for which Employee is eligible under Employer’s 401(k) and
employee stock purchase plans.

 

(b)           Vacation and Sick Pay. Employee
shall be eligible for vacation and sick leave in accordance with the policies
of Employer in effect from time to time during the Employment Term. Employee
shall be entitled to a period of annual vacation time equal to four weeks
during each Employment Year, to accrue pro rata during the course of the
Employment

 

3

 

Term. All accrued
vacation and sick pay shall be paid to Employee in a lump sum payment on the
date of a Change in Control or termination of employment with Employer.

 

6.             Stock Options.

 

(a)           Employee shall continue to be
eligible to participate in Employer’s Stock Option Plan (“Plan”)
on the same terms as are generally available to executive officers of Employer
and on terms which are in accordance with comparative market practices. At the
earliest possible date, but not later than February 1, 2006, Employer shall
grant Employee options to purchase an additional twenty four thousand shares of
the common stock of Employer (the “Option”) at an
exercise price equal to the then current market price of Employer’s common
stock. One-fourth of the Option shall become vested and exercisable in equal
increments on each one-year anniversary of the grant through the fourth such
anniversary, provided that Employee is employed by Employer on each such
anniversary date.

 

(b)           The parties agree that any additional
grant of stock options under the Plan or any similar plan is subject to the
discretion of the Compensation Committee of the Board based upon the duties of
Employee’s position, the extent to which Employee’s individual performance
objectives and Employer’s profitability objectives and other financial and
non-financial objectives were achieved during the applicable period, and
comparative market practices.

 

(c)           In addition to any rights Employee
may have under the Plan or specific option grants under the Plan, all stock
options granted to Employee which would have otherwise vested during the two
year period following the occurrence of a Change in Control shall immediately
vest and become exercisable in the event of a Change in Control.

 

7.             Termination/Nonrenewal by Employer. The date on
which Employee’s employment by Employer ceases, under any of the following
circumstances, shall be defined herein as the “Termination Date.”  The
employment of Employee may be terminated by Employer or Employer may decide not
to renew this Agreement for any reason or no reason, with or without cause or
justification, subject to the following:

 

(a)           Termination For Cause. If
(i) Employee’s employment is terminated by Employer for Cause (as defined
below), or (ii) Employer gives Employee a notice of nonrenewal pursuant to
Section 2(b) hereof for Cause, Employer’s total liability to Employee or his
heirs shall be limited to payment of any unpaid base salary and any annual
incentive compensation to which Employee is entitled as of the Termination
Date, and accrued vacation and sick pay, and Employee shall not be entitled to
any further compensation or benefits provided under this Agreement, including,
without limitation, any severance payments. “Cause”
includes, but shall not be limited to: 
(1) Employee’s conviction of or plea of nolo contendere to any
felony or gross misdemeanor charges brought in any court of competent
jurisdiction; (2) any fraud, misrepresentation or gross misconduct by
Employee against Employer; and (3) Employee’s breach of this Agreement.

 

(b)           Termination Without Cause. If
(i) Employee’s employment is terminated by Employer without Cause, or
(ii) Employer provides Employee with a notice of nonrenewal

 

4

 

pursuant to
Section 2(b) hereof without Cause, Employer will (A) in the case of
termination, provide not less than six months notice of termination or an
amount equal to six months of Employee’s base salary in lieu of notice, or
(B) in the case of nonrenewal, provide notice of nonrenewal at least six
months prior to the end of the last applicable Employment Year or an amount
equal to six months base salary in lieu of notice. In addition, in each of the
foregoing scenarios, Employee will be paid the severance which is described in
Section 9 below.

 

8.             Termination/Nonrenewal by
Employee. The employment of Employee may be terminated by Employee or
Employee may decide not to renew this Agreement for any reason or no reason,
with or without cause or justification, subject to the following:

 

(a)           Voluntary Resignation. If
(i) Employee’s employment terminates by reason of Employee’s voluntary
resignation (and is not a resignation for Good Reason), or (ii) Employee
gives Employer a notice of nonrenewal pursuant to Section 2(b) hereof (which is
not given for Good Reason), Employer’s total liability to Employee shall be
limited to payment of any unpaid base salary and any annual incentive
compensation to which Employee is entitled as of the Termination Date, and
accrued vacation and sick pay, and Employee shall not be entitled to any
further compensation or benefits provided under this Agreement, including,
without limitation, any severance payments.

 

(b)           Resignation for Good Reason. If
(i) Employee’s employment terminates by reason of Employee’s voluntary
resignation for Good Reason, or (ii) Employee provides Employer with a
notice of nonrenewal pursuant to Section 2(b) hereof for Good Reason, Employee
will be paid the severance which is described in Section 9 below. “Good Reason” means: 
Employee’s voluntary termination following (i) a reduction in
compensation which is not in proportion to any salary reduction program
approved by the Compensation Committee of the Board which affects all executive
officers of Employer; (ii) a reduction in material benefits; (iii) a
material reduction in Employee’s position, title, duties and status;
(iv) requiring Employee to work at a location more than 25 “road” miles
from the location of Employer’s corporate headquarters as of the date of this
Agreement; or (v) any willful and material breach by Employer of its obligations
under this Agreement.

 

9.             Severance Payment.

 

(a)           Amount. In the event severance
is payable hereunder, such severance shall be in an amount equal to

 

(i)            one-half times Employee’s annual
base salary at the time of termination, pursuant to Section 7(b) or Section
8(b), or if during a Change in Control Extension, one times Employee’s base
salary at the time of termination, plus

 

(ii)           any unpaid base salary and any annual
incentive compensation to which Employee is entitled as of the Termination Date,
and accrued vacation pay, plus

 

(iii)          if during a Change in Control
Extension, an amount equal to the average annual incentives paid to Employee
attributable to the two years prior to the year of termination, plus

 

5

 

(iv)          distribution of unpaid deferred
compensation, plus

 

(v)           accelerated vesting of the stock
options scheduled to vest during the two
(2) years following the Termination Date, plus

 

(vi)          continued coverage under all group
benefit plans (e.g., medical, dental and life insurance) for a period of six
months following the Termination Date, or if during a Change in Control
Extension, for a period of twelve months following the Termination Date, in
each case at the same cost to Employee as prior to the Termination Date.

 

(b)           Payment. All cash components
of the above-described severance payments shall be paid in a lump sum within
thirty (30) days of the date of termination of Employee’s employment; provided
that, only to the extent required by Section 409A of the Code, such payments
shall be made in a lump sum six months after the date of termination.

 

(c)           Limitation on Payments. If any payment or benefit Employee would receive from
Employer or otherwise (“Payment”)
would (i) constitute a “parachute payment” within the meaning of Section
280G of the Internal Revenue Code of 1986, as amended (the “Code”), and (ii) but for this
sentence, be subject to the excise tax imposed by Section 4999 of the Code (the
“Excise Tax”), then such Payment
shall be reduced to the Reduced Amount. The “Reduced
Amount” shall be either (x) the largest portion of the Payment
that would result in no portion of the Payment being subject to the Excise Tax
or (y) the largest portion, up to and including the total, of the Payment,
whichever amount, after taking into account all applicable federal, state and
local employment taxes, income taxes, and the Excise Tax (all computed at the
highest applicable marginal rate), results in Employee’s receipt, on an
after-tax basis, of the greater amount of the Payment notwithstanding that all
or some portion of the Payment may be subject to the Excise Tax. If a reduction
in payments or benefits constituting “parachute payments” is necessary so that
the Payment equals the Reduced Amount, reduction shall occur in the following
order unless Employee elects in writing a different order (provided,
however, that such election shall be subject to Company approval if
made on or after the date on which the event that triggers the Payment
occurs):  reduction of cash payments;
cancellation of accelerated vesting of stock awards; and reduction of employee
benefits. In the event that acceleration of vesting of stock award compensation
is to be reduced, such acceleration of vesting shall be cancelled in the reverse
order of the date of grant of Employee’s stock awards unless Employee elects in
writing a different order for cancellation.

 

The accounting firm
engaged by Employer for general audit purposes as of the day prior to the
effective date of the event that triggers the Payment shall perform the
foregoing calculations. If the accounting firm so engaged by Employer is
serving as accountant or auditor for the individual, entity or group effecting
the “change in ownership” as
described in Section 280G(b)(2)(A)(i) of the Code, Employer shall appoint a
nationally recognized accounting firm to make the determinations required
hereunder. Employer shall bear all expenses with respect to the determinations
by such accounting firm required to be made hereunder.

 

The accounting firm
engaged to make the determinations hereunder shall provide its calculations,
together with detailed supporting documentation, to Employer and Employee
within

 

6

 

fifteen (15) calendar
days after the date on which Employee’s right to a Payment is triggered (if
requested at that time by Employer or Employee) or such other time as requested
by Employer or Employee. If the accounting firm determines that no Excise Tax
is payable with respect to a Payment, either before or after the application of
the Reduced Amount, it shall furnish Employer and Employee with an opinion
reasonably acceptable to Employee that no Excise Tax will be imposed with
respect to such Payment. Any good faith determinations of the accounting firm
made hereunder shall be final, binding and conclusive upon Employer and
Employee.

 

10.           Benefits Upon Termination. Except
as otherwise expressly provided by this Agreement and without limiting any
rights granted to Employee hereunder, all insurance benefits provided under
Section 5 of this Agreement shall be extended, at Employee’s election and cost,
to the extent permitted by Employer’s insurance policies and benefit plans, for
one year after Employee’s Termination Date, except (a) as required by law
(e.g., COBRA health insurance continuation election) or (b) in the event
of a termination described in Section 7 or 8.

 

11.           Death/Disability.

 

(a)           In the event (during the Employment
Term) of Employee’s death, (i) this Agreement shall terminate,
(ii) Employer shall pay to Employee’s estate or heirs any unpaid base
salary and any annual incentive compensation to which Employee may be entitled
as of the Termination Date, and (iii) Employee’s estate and heirs shall
not be entitled to any severance payments hereunder. In addition, the stock
options scheduled to vest during the two
(2) years following the date of Employee’s death shall receive
accelerated vesting and shall become exercisable upon Employee’s death. Employee’s
estate shall have the right to exercise such options for the shorter of
(i) two years from the date of death, and (ii) the term of the
option.

 

(b)           In the event (during the Employment
Term) of Employee’s long term disability (as defined in Employee’s Group
Disability Plan) and the passing of the Elimination Period (as defined in
Employee’s Group Disability Plan), (i) this Agreement shall terminate,
(ii) Employer shall pay to Employee any unpaid base salary and any annual
incentive compensation to which Employee is entitled as of the Termination
Date, and (iii) Employee shall not be entitled to any severance payments
hereunder. In addition, the stock options scheduled to vest during the two
years after the date of Employee’s disability shall receive accelerated vesting
and shall become exercisable upon the termination of this Agreement due to
Employee’s disability. Employee shall have the right to exercise such options
for the shorter of (i) two years from the date of disability, and
(ii) the term of the option.

 

12.           Maintenance of Confidentiality and
Duty of Loyalty.

 

(a)           General. Employee acknowledges
that, pursuant to his employment with Employer, he will necessarily have access
to trade secrets and information that is confidential and proprietary to
Employer in connection with the performance of his duties. In consideration for
the disclosure to Employee of, and the grant to Employee of access to such
valuable and confidential information and in consideration of his employment,
Employee shall comply in all respects with the provisions of this
Section 12.

 

7

 

(b)           Nondisclosure. During the
Employment Term and for a period of three years thereafter, Confidential and Proprietary Information of
Employer of which Employee gains knowledge during the Employment Term shall be
used by Employee only for the benefit of Employer in connection with Employee’s
performance of his employment duties, and Employee shall not, and shall not
allow any other person that gains access to such information in any manner to,
without the prior written consent of Employer, disclose, communicate, divulge
or otherwise make available, or use, any such information, other than for the
immediate benefit of Employer. For purposes of this Agreement, the term “Confidential and Proprietary Information” means information
not generally known to the public and which is proprietary to Employer and
relates to Employer’s existing or reasonably foreseeable business or
operations, including but not limited to trade secrets, business plans,
advertising or public relations strategies, financial information, budgets,
personnel information, customer information and lists, and information
pertaining to research, development, manufacturing, engineering, processing,
product designs (whether or not patented or patentable), purchasing and
licensing, and which may be embodied in reports or other writings or in blue
prints or in other tangible forms such as equipment and models. Employee will
refrain from any acts or omissions that would jeopardize the confidentiality or
reduce the value of any Employer Confidential and Proprietary Information.

 

(c)           Covenant of Loyalty. During
the Employment Term, Employee shall not, on his own account or as an employee,
agent, promoter, consultant, partner, officer, director, or as a more than 1%
shareholder of any other person, firm, entity, partnership or corporation, own,
operate, lease, franchise, conduct, engage in, be connected with, have any
interest in, or assist any person or entity engaged in any business in the
continental United States that is in any way competitive with or similar to the
business that is conducted by Employer or is in the same general field or
industry as Employer. Without limiting the generality of the foregoing,
Employee does hereby covenant that he will not, during the Employment Term:

 

(i)            solicit, accept or receive any
compensation from any customer of Employer or any business competitive to that
of Employer; or

 

(ii)           contact, solicit or call upon any
customer or supplier of Employer on behalf of any person or entity other than
Employer for the purpose of selling, providing or performing any services of
the type normally provided or performed by Employer; or

 

(iii)          induce or attempt to induce any person
or entity to curtail or cancel any business or contracts which such person or
entity has with Employer; or

 

(iv)          induce or attempt to induce any person
or entity to terminate, cancel or breach any contract which such person or
entity has with Employer, or receive or accept any benefits from such
termination, cancellation or breach.

 

(d)           No Solicitation. During the
Employment Term and for a period of three (3) years thereafter, Employee agrees
not to interfere with the business of Employer or any Affiliate of Employer by
directly or indirectly soliciting, attempting to solicit, inducing or otherwise
causing any employee of Employer or any Affiliate of Employer to terminate his
or

 

8

 

her employment
with Employer in order to become an employee, consultant or independent
contractor to or for any other person or entity.

 

(e)           Injunctive Relief. Employee
expressly agrees that the covenants set forth in this Section 12 are reasonable
and necessary to protect Employer and its legitimate business interests, and to
prevent the unauthorized dissemination of Confidential and Proprietary
Information to competitors of Employer. Employee also agrees that Employer will
be irreparably harmed and that damages alone cannot adequately compensate
Employer if there is a violation of this Section 12 by Employee, and that
injunctive relief against Employee is essential for the protection of Employer.
Therefore, in the event of any such breach, it is agreed that, in addition to
any other remedies available, Employer shall be entitled as a matter of right
to injunctive relief in any court of competent jurisdiction, plus attorneys’
fees actually incurred in seeking such relief. Furthermore, Employee agrees
that Employer shall not be required to post a bond or other collateral security
with the court if Employer seeks injunctive relief. To the extent any provision
of this Section 12 is deemed unenforceable by virtue of its scope or
limitation, Employee and Employer agree that the scope and limitation
provisions shall nevertheless be enforceable to the fullest extent permissible
under the laws and public policies applied in such jurisdiction where
enforcement is sought.

 

13.           Affiliate. “Affiliate” means a person that, directly or
indirectly, through one or more intermediaries controls, is controlled by or is
under common control with the first mentioned person.

 

14.           Notices. Any notice which
either party may wish or be required to give to the other party pursuant to
this Agreement shall be in writing and shall be either personally served or
deposited in the United States mail, registered or certified, and with proper
postage prepaid. Mailed notices to Employee shall be addressed to Employee at
the home address which Employee most recently communicated to Employer in
writing. In the case of Employer, mailed notices shall be addressed to its
corporate headquarters, and all notices shall be directed to the attention of
corporate counsel. Notice given by personal service shall be deemed effective
upon service. Notice given by registered or certified mail shall be deemed
effective three (3) days after deposit in the mail.

 

15.           Binding Effect. This Agreement
shall be binding upon and inure to the benefit of the parties hereto, their
respective legal representatives, and their successors and assigns. As used in
this Agreement, the term “successor”
shall include any person, firm, corporation or other business entity which at
any time, whether by merger, purchase, consolidation, or otherwise, acquired
all or substantially all of the assets or business of Employer. This Agreement
shall be deemed to be willfully breached by Employer if any such successor does
not absolutely and unconditionally assume all of Employer’s obligations under
this Agreement and agree expressly to perform the obligations in the same
manner and to the same extent as Employer would be required to perform such
obligations in the absence of the succession. Employee may not assign any of
his duties hereunder and he may not assign any of his rights hereunder without
the written consent of Employer, which shall not be unreasonably withheld.

 

9

 

16.           Entire Agreement. This
Agreement contains the entire agreement of the parties and supersedes and
replaces all prior agreements and understandings between the parties relating
to the subject matter hereof.

 

17.           Governing Law. This Agreement
shall be governed by and construed in accordance with the internal laws
(without reference to choice or conflict of laws) of the State of California.

 

18.           Arbitration. Employer and
Employee agree that, to the extent permitted by law and to the extent that the
enforceability of this Agreement is not thereby impaired, any and all disputes,
controversies or claims between Employee and Employer, except disputes
concerning the use or disclosure of trade secrets, proprietary and/or
confidential information, or otherwise arising under Section 12 hereof,
shall be determined exclusively by final and binding arbitration in the County
of San Francisco, California, in accordance with the employment rules of the
American Arbitration Association then in effect. The controversy or claim shall
be submitted to three arbitrators, one of whom shall be chosen by Employer, one
of whom shall be chosen by Employee, and the third of whom shall be chosen by
the two arbitrators so selected. The party desiring arbitration shall give
written notice to the other party of its desire to arbitrate the particular
matter in question, naming the arbitrator selected by it. If the other party
shall fail within a period of 15 days after such notice shall have been given
to reply in writing naming the arbitrator selected by it, then the party not in
default may apply to the American Arbitration Association for the appointment
of the second arbitrator. If the two arbitrators chosen as above shall fail
within 15 days after their selection to agree upon a third arbitrator, then
either party may apply to the American Arbitration Association for the
appointment of an arbitrator to fill the place so remaining vacant. Employer
shall pay the fees of the arbitrators so selected. The decision of any two of
the arbitrators shall be final and binding upon the parties hereto and shall be
delivered in writing signed in triplicate by the concurring arbitrators to each
of the parties hereto. The parties agree that both parties will be allowed to
engage in adequate discovery consistent with the nature of the claims in
dispute. The arbitrators shall have the authority to entertain a motion to
dismiss and/or a motion for summary judgment by any party and shall apply the
standards governing such motions under the Federal Rules of Civil Procedure. The
arbitrators shall have discretion to award monetary and other damages, or no
damages, and to fashion such other relief as the arbitrators deem appropriate. The
arbitrators also shall have discretion to award the prevailing party reasonable
costs and attorneys’ fees incurred in bringing or defending an action under
this Section 18, as permitted by applicable law. Judgment on the award
rendered by the arbitrators may be entered in any court having jurisdiction.

 

Nothing in this
Section 18 shall limit the Employer’s ability to seek injunctive relief
for any violation of Employee’s obligations concerning nondisclosure, loyalty and
nonsolicitation as set forth in Section 12 hereof. Any such injunctive
relief proceeding shall be without prejudice to any rights Employer or Employee
may have under this Agreement to obtain relief in arbitration with respect to
such matters.

 

19.           Severability. Whenever
possible, each provision of this Agreement shall be interpreted in such a
manner as to be effective and valid under applicable law, but if any provision
of this Agreement is held to be invalid, illegal or unenforceable in any
respect under any applicable law or rule in any jurisdiction, such invalidity,
illegality or unenforceability shall

 

10

 

not affect any
other provision or any other jurisdiction, but this Agreement shall be
reformed, construed and enforced in such jurisdiction as if such invalid,
illegal or unenforceable provisions had never been contained herein.

 

20.           Amendments and Waivers. This
Agreement may be modified only by a written instrument duly executed by each
party hereto. No breach of any covenant, agreement, warranty or representation
shall be deemed waived unless expressly waived in writing by the party who
might assert such breach. No waiver of any right hereunder shall operate as a
waiver of any other right or of the same or a similar right on another
occasion.

 

21.           Counterparts. This Agreement
may be executed by the parties in separate counterparts, each of which when so
executed and delivered shall be an original, but all such counterparts shall
together constitute but one and the same instrument.

 

22.           Section Headings. The headings
of each Section, subsection or other subdivision of this Agreement are for
reference only and shall not limit or control the meaning thereof.

 

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

 

	
   

  	
  “Employer”

  
	
   

  	
   

  
	
   

  	
  WILLIS LEASE
  FINANCE CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Charles F
  Willis

  	
   

  
	
   

  	
   

  	
  Charles F.
  Willis, IV

  
	
   

  	
   

  	
  Chief Executive
  Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  “Employee”

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Robert M.
  Warwick

  	
   

  
	
   

  	
   

  	
  Robert M.
  Warwick

  
						

 

11

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