Document:

<PAGE>   1
                                  EXHIBIT 10.25

                                 SHARED SAVINGS

THIS ENERGY SERVICE AGREEMENT (hereinafter, "Agreement") is made and entered
into as of The 20 day of December, 1999, by and between, WISCONSIN POWER & LIGHT
COMPANY, having its principal offices at P.O. Box 8880, Madison, Wisconsin
53704-8880 (hereinafter, "Utility"), and PENDA CORPORATION, a FLORIDA
corporation having its principal offices at Portage, Wisconsin (hereinafter,
"Client"), relating to property owned by Client at 2400 WISCONSIN AVE., PORTAGE,
Wisconsin, 53901 (hereinafter, "Premises", which are more particularly described
in Part I of Schedule A attached hereto).

            IT IS AGREED AS FOLLOWS:

SECTION 1. PURPOSES OF AGREEMENT

The purposes of this Agreement and the actions of the parties in pursuit thereof
are:

          a.       To accurately identify and agree upon certain baseline
                   information concerning the energy consumption characteristics
                   of the Premises (hereinafter, "Baseline Energy Consumption");

          b.       To designate certain equipment (hereinafter, "Equipment")
                   which, installed on the Premises in lieu of Equipment
                   formerly used by Client, is estimated by Utility to reduce
                   Client's annual energy consumption below Baseline Energy
                   Consumption ("Energy Savings") thereby providing an estimated
                   level of savings to Client; and

          C.       To set forth the obligation of the Utility to fund the
                   acquisition and installation of the Equipment in exchange for
                   the promise by client to share a portion of the value of the
                   Energy Savings ("Shared Savings") with Utility by paying such
                   amount to Utility along with payment of Client's regular bill
                   for utility service.

SECTION 2. BASELINE ENERGY CONSUMPTION

Client and Utility have to their mutual satisfaction analyzed the historic and
present operating practices of Client (hereinafter, "Baseline Operating
Practices") and the corresponding energy consumption characteristics of the
Premises and agree that the Baseline Energy Consumption on all (or a specified
portion, as the case may be) of the Premises for the purposes of this Agreement
shall be as set forth in Part 11 of Schedule A. The parties intend that such
Baseline Energy Consumption shall be conclusive and, except for material error
or misrepresentation with respect to the Baseline Operating Practices, each
hereby waives any objections to same, whether now existing or hereafter arising.

SECTION 3. EQUIPMENT PURCHASE, INSTALLATION, OPERATION AND MAINTENANCE
Within a reasonable period of time after the execution of this Agreement:
          a.       Client has purchased the Equipment specified in Part I of
                   Schedule B hereof and arranged for installation of the
                   Equipment at the Premises.
          b.       Client shall be responsible for obtaining all governmental
                   permits, consents and authorizations necessary for
                   installation of the Equipment, and Utility shall use its best
                   efforts to assist Client in obtaining such permits, consents
                   and authorizations.

                                       49
<PAGE>   2

As part of the initial installation and continuing thereafter, Client shall
provide Utility with mutually satisfactory access to the Premises for the
inspection of the Equipment, and with free and reasonable access to lights,
heat, power, water, and the like necessary for such inspection and any
associated submetering.

Client shall have exclusive responsibility for the operation and maintenance of
the Equipment in accordance with all manufacturer specifications and
recommendations and with such additional standards and procedures as may be set
forth in Part 11 of Schedule B. All costs and expenses incurred in connection
with the operation and maintenance of the Equipment shall be the sole
responsibility of Client. Client shall be solely responsible for enforcing any
manufacturer's warranties which accompany the Equipment and shall enforce such
warranties on its own or upon Utility's request.

SECTION 4. RISK OF LOSS

Client hereby assumes all risks of loss or damage to the Equipment while such
Equipment is in their care, custody or control. Client shall notify Utility
within 10 days of any loss or damage to the Equipment and shall keep Utility
informed of all developments regarding insurance rights and recoveries. Should
the Equipment be deemed a total loss or Client decides not to complete repairs,
Client shall to pay to Utility the Termination Value specified in Schedule C
hereto.

SECTION 5. INSURANCE

The Client shall provide, maintain, and pay for commercial general liability
insurance with limits of at least $1,000,000 per occurrence so as to comply with
Section 14. Indemnification. Client shall also provide, maintain, and pay for
all risk property insurance with a minimum limit of the Termination Value of
this Agreement as specified in Schedule C hereto. In the event of any loss or
damage to the Equipment, the proceeds of insurance covering the Equipment shall
be applied toward the replacement, restoration, or repair of the Equipment in
accordance with Section 4. Risk of Loss. This insurance must be in effect from
the time that the first item of Equipment is delivered to the Client until the
end of the term. Each policy must contain the insurer's agreement to give thirty
(30) days written notice to Utility before cancellation or non-renewal of the
required insurance.

The Client agrees to provide certificates of insurance as evidence of the
required coverage to Utility. Failure of Utility to enforce the minimum
insurance requirements listed above shall not relieve Client of responsibility
for maintaining these coverages.

SECTION 6. DISCLAIMER OF WARRANTIES

UTILITY MAKES NO REPRESENTATIONS OR WARRANTIES, EXPRESS OR IMPLIED, CONCERNING
THE CONDITION OR PERFORMANCE OF THE EQUIPMENT, AND SPECIFICALLY DISCLAIMS ANY
AND ALL SUCH REPRESENTATIONS AND WARRANTIES, INCLUDING, BUT NOT LIMITED TO,
WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE.

SECTION 7. COMMENCEMENT DATE AND TERM

The "Commencement Date" shall be the first day of the first Billing Period
beginning after the date of this Agreement. The "Term" of this Agreement shall
begin on the date set forth on page one hereof and shall run continuously from
such date (unless this Agreement shall have been terminated by the parties at an
earlier date pursuant to the terms hereof) until the fifth (5th) anniversary of
the Commencement Date.

                                       50
<PAGE>   3
"Billing Period" shall mean any period of approximately one month's duration
coincident with the normal billing cycle between Utility and Client, and "Annual
Billing Period" shall mean a series of twelve (12) consecutive Billing Periods,
the first of which shall begin with the Billing Period which first begins on or
after the Commencement Date.

SECTION 8. COMPENSATION AND BILLING

Client agrees to pay Utility an amount equal to seventeen thousand one hundred
sixty dollars ( $17,160) in each Billing Period during the Term of this
Agreement following the Commencement Date, for a total of sixty (60) billing
periods. The foregoing amount (the "Shared Savings") reflects a sharing by
Client of the value of the Energy Savings estimated to be realized from the
operation and use of the Equipment at the Premises as outlined in Schedule D
with the present energy charge in effect under Utility's applicable Rate
Schedule. The foregoing amount (the "Bright Ideas" labeled on bill) shall appear
as a separate line item on Client's bill from Utility during each Billing
Period, and shall be payable by Client upon the same terms and conditions as are
applicable to the normal utility bill. The foregoing amount shall not vary due
to change in Utility's rates, returns, or charges authorized by the Public
Service Commission of Wisconsin. The foregoing amount is based upon an estimated
cost for purchase and installation of the Equipment and will be modified by
amendment to this Agreement to reflect the actual cost of such purchase and
installation upon completion thereof.

                 The above monthly amount of seventeen thousand one hundred
                 sixty dollars ($17,160) represents the principal amount of the
                 Shared Savings plus simple interest at 3.0% per annum in
                 arrears. The principal amount of the Shared Savings may be
                 prepaid in whole or in part at any time without penalty. If the
                 principal amount of the Shared Savings is prepaid in part, then
                 the monthly amount to be paid will be recalculated over the
                 balance of the Term of this Agreement.

SECTION 9. CONDITIONS BEYOND CONTROL OF UTILITY

If Utility shall be unable to carry out any of its obligations under this
Agreement due to events beyond its control, including, without limitation, acts
of God, governmental or judicial authority, insurrections, riots, labor
disputes, labor or material shortages, fires, explosions, or floods, this
Agreement shall remain in effect but Utility's obligations shall be suspended
until the uncontrollable event terminates.

SECTION 10. REMEDIES UPON DEFAULT BY CLIENT

          a.       Utility's Remedies. In the event Client fails to pay Utility
                   its compensation when due, or any other Event of Default by
                   Client occurs, (defined as a failure by Client to timely
                   perform any of its obligations under this Agreement), Utility
                   may, without an election of remedies:

                   1)       disconnect all electric service to the Premises in
                            accordance with the rules and regulations of the
                            Utility as approved by the Public Service Commission
                            of Wisconsin and in effect at the time of breach;
                            and

                   2)       declare the Termination Value specified in Schedule
                            C immediately due and payable from Client and
                            exercise all remedies available at law or at equity
                            or

                                       51
<PAGE>   4

                            other appropriate proceedings including bringing an
                            action or actions from time to time for recovery of
                            amounts due and unpaid by Client, and/or for damages
                            which shall include all costs and expenses
                            reasonably incurred in exercise of its remedy
                            (including reasonable attorney's fees), and/or for
                            specific performance; or

                   3)       without recourse to legal process, terminate this
                            Agreement by delivery of a notice declaring
                            termination, whereupon Utility may enter the
                            Premises and dismantle and/or remove the Equipment
                            from the Premises, without liability in any suit,
                            action or other proceeding to Client or Lessor of
                            Premises, if any, on account of such actions.

          b.       Liquidated Damages. In the event Utility terminates this
                   Agreement due to an Event of Default, at Utility's request
                   Client shall pay to Utility, as liquidated damages, the
                   Termination Value set forth in Schedule C, plus all costs and
                   expenses reasonably incurred in exercise of its remedy,
                   including reasonable attorney's fees.

          C.       Termination. Utility may terminate this Agreement and declare
                   the Termination Value specified in Schedule C immediately due
                   and payable should:

                   1)       Client cease use of the Equipment or the conduct of
                            commercial operations at the premises, or

                   2)       any creditor of Client commence legal proceedings
                            against Client involving any debt or obligation of
                            Client for which the Equipment is pledged as
                            collateral, or

                   3)       Client commence or have commenced against it any
                            proceedings in bankruptcy, receivership or
                            insolvency or make any assignment for the benefit of
                            its creditors, or

                   4)       Client cease to take or receive electric and/or
                            natural gas service from Utility.

 SECTION 11. REMEDIES UPON DEFAULT BY UTILITY

 In the event of material default by Utility, Client shall have the following
 remedy:

          a.        Terminate this Agreement by delivery of a Notice declaring
                    termination, and paying the Termination Value indicated in
                    Schedule C (less the cost of any future maintenance and
                    energy related services included therein, as agreed to by
                    the parties), whereupon Utility shall have no further
                    rights, obligations or claims under this Agreement.

                                       52
<PAGE>   5

Client may terminate this agreement by paying the Termination Value indicated
in Schedule C.

SECTION 12. ARBITRATION

Except as otherwise provided herein, any dispute, controversy or claim arising
out of or in connection with or relating to this Agreement, upon the request of
either Client or Utility, shall be submitted to and settled by arbitration at
the locality where the Premises are situated in conformance with rules of the
American Arbitration Association then in effect. Any award rendered shall be
final and conclusive upon the parties and a judgment thereon may be entered in a
court of any forum, state or federal, having jurisdiction. The expenses of the
arbitration shall be borne equally by the parties to the arbitration, provided
that each party shall pay for and bear the cost of its own experts, evidence and
counsel. This Section 12 does not apply and shall not limit Utility's rights to
seek redress in any forum in the event Utility seeks to invoke any of the
provisions of Section 10 herein.

SECTION 13. ASSIGNMENT

Utility may (a) transfer or assign all or any part of its rights and obligations
herein to any party, (b) pledge its rights hereunder to its creditors, or (c)
utilize contractors and subcontractors, provided that any assignee or transferee
agrees to honor the terms of this Agreement. Unless otherwise approved in
writing, Client may not transfer or assign this Agreement and its rights and
obligations herein. If such assignment is permitted, Client shall condition
assignment on assignee assuming in writing all of Client's rights and
obligations under this Agreement.

SECTION 14. INDEMNIFICATION

Client agrees to indemnify, defend and hold Utility harmless from any and all
claims, actions, costs, expenses, damages and liabilities, including reasonable
attorney's fees, and claims of third parties arising out of, connected with or
resulting from Client's operation, installation, use, maintenance or repair of
the Equipment, or from the negligence or misconduct of its employees or other
agents in connection with their activities within the scope of this Agreement.
However, Client shall not be obligated to indemnify Utility against claims,
damages, expenses or liabilities solely to the extent such claims, damages,
expenses or liabilities directly result from the negligence or willful
misconduct of Utility or its employees or agents. The duty to indemnify will
continue in full force and effect notwithstanding the expiration or early
termination of this Agreement with respect to any claims based on facts or
conditions which occurred prior to termination.

SECTION 15. MISCELLANEOUS

          a.                       This Agreement shall be governed by and
                           interpreted pursuant to the laws of the state of
                           Wisconsin without regard to its conflict of law's
                           provisions.

          b.                       This Agreement constitutes the entire
                           understanding and agreement between the parties, and
                           supersedes any and all prior representations and
                           agreements, whether written or oral between the
                           parties as to the subject matter hereof. No wavier,
                           alteration, consent or modification of any of the
                           provisions of this Agreement shall be binding unless
                           in writing and signed by a duly authorized
                           representative of all parties hereto bound.

                                       53
<PAGE>   6

      IN WITNESS WHEREOF and intending to be legally bound, the parties hereto
 subscribe their names to this instrument on the date first above written.

 ATTEST:                                    WISCONSIN POWER & LIGHT COMPANY
 /s/ Mark Mierdirk                          By /s/ Chuck Ashe
 -------------------------                    ------------------------------
                                            Title  Account Manager

 ATTEST:                                    PENDA CORPORATION
 /s/ Samuel Mostkoff                        By /s/ Leo E. Waner
 -------------------------                    ------------------------------
                                            Title  VP & CFO
                                                 ---------------------------

                                       54
<PAGE>   7

                                   SCHEDULE A
                                PENDA CORPORATION
                             DESCRIPTION OF PREMISES
                                     PART I
                                   DESCRIPTION

CITY OF PORTAGE PARCELS 2521 & 2536; COUNTY TAX ID #11271 CP02521.8 LOT 2 OF CS
V.5P. 15331161 R331-303 R471-440; COUNTY TAX ID # 11271 CP02536 PRT OL 153 &
144, LOT 1 CS V.5P. 115 & 1123 EASE EXC R67-322 R 262 - 702

                                     PART II
                       ENERGY CONSUMPTION CHARACTERISTICS

              Historical Energy Consumption and Facility Operation
                      Floor area of facility: 300,000 s.f.

<TABLE>
<CAPTION>
                                                  PERIOD #1                         PERIOD #2
                                            01/01/98 - 12/31/98
<S>                                         <C>                                     <C>
        ELECTRIC
        AVERAGE DEMAND (KW)                            6,746                             0
        INTERRUPT DEMAND (KW)                          4,500                             0
        ON-PEAK ENERGY (kWh)                      16,956,578                             0
        OFF-PEAK ENERGY (kWh)                     23,574,622                             0
        NATURAL GAS
        ENERGY (THERMS)                               28,000                             0
        OTHER FUELS
        OTHER FUEL 1                                       0                             0
        OTHER FUEL 2                                       0                             0
        FACILITY OPERATION
        HOURS OF OPERATION                             8,500                             0
        HEATING DEGREE DAYS                                0                             0
        % OCCUPANCY                                        0                             0
        PRODUCTION (UNITS/YEAR)                            0                             0
        PRODUCTION (UNITS/YEAR)                            0                             0
        PRODUCTION (UNITS/YEAR)                            0                             0
</TABLE>

      COMMENTS:

                                       55
<PAGE>   8

                                   SCHEDULE B
                                PENDA CORPORATION

                                     PART I
                                   EQUIPMENT
<TABLE>
<CAPTION>
Item      Description                    Manufacturer                  Model Number           Quantity
<S>       <C>                            <C>                          <C>                     <C>
1.        #12 THERMOFORMER               BROWM S/N 13757.              R-244                         1
2.        #13 THERMOFORMER               BROWN S/N 13878               R-244-E                       1
3.        #4 THERMOFORMER                BROWN S/N 11164               R-244                         1
</TABLE>

                                     PART 11
                       ADDITIONAL STANDARDS AND PROCEDURES

                                       56
<PAGE>   9

                                   SCHEDULE C
                                PENDA CORPORATION

                               TERMINATION VALUES

<TABLE>
<CAPTION>
Billing                                      Billing                                     Billing
Period          Value                        Period          Value                       Period             Value
<S>        <C>                               <C>       <C>                              <C>            <C>
     1        955,000.00                        21        652,426.68                       41             334,359.94
     2        940,227.50                        22        636,897.75                       42             318,035.84
     3        925,418.07                        23        621,329.99                       43             301,670.93
     4        910,571.62                        24        605,723.31                       44             285,265.11
     5        895,688.05                        25        590,077.62                       45             268,818.27
     6        880,767.27                        26        574,392.81                       46             252,330.32
     7        865,809.19                        27        558,668.79                       47             235,801.15
     8        850,813.71                        28        542,905.46                       48             219,230.65
     9        835,780.74                        29        527,102.72                       49             202,618.73
    10        820,710.19                        30        511,260.48                       50             185,965.28
    11        805,601.97                        31        495,378.63                       51             169,270.19
    12        790,455.97                        32        479,457.08                       52             152,533.37
    13        775,272.11                        33        463,495.72                       53             135,754.70
    14        760,050.29                        34        447,494.46                       54             118,934.09
    15        744,790.42                        35        431,453.20                       55             102,071.43
    16        729,492.40                        36        415,371.83                       56              85,166.61
    17        714,156.13                        37        399,250.26                       57              68,219.53
    18        698,781.52                        38        383,088.39                       58              51,230.08
    19        683,368.47                        39        366,886.11                       59              34,198.16
    20        667,916.89                        40        350,643.33                       60              17,160.00
</TABLE>

                                       57
<PAGE>   10

                                   SCHEDULE D
                                PENDA CORPORATION

CONTRACT: THERMOFORMER 12, 13, 4

This contract includes the following projects:
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------
                                               CUSTOMER's GROSS ANNUAL                       Project
                                                        SAVINGS                              Cost ($)
-------------------------------------------------------------------------------------------
PROJECT                                  Bill KW        kWh          Therms           $
----------------------------------------------------------------------------------------------------------
<S>                                    <C>         <C>              <C>           <C>           <C>
EFFICIENT THERMOFORMER 12                 178.00     1,260,193        28,578        73,399        911,000
----------------------------------------------------------------------------------------------------------
EFFICIENT THERMOFORMER 13                 178.00     1,260,193        28,578        73,399        911,000
----------------------------------------------------------------------------------------------------------
THERMOFORMER 4 ELE. UPGRAD                 80.00       120,000             0        12,435         12,000
----------------------------------------------------------------------------------------------------------
TOTAL                                     436.00     2,640,386        57,156       159,233      1,834,000
----------------------------------------------------------------------------------------------------------
</TABLE>

                                       58

<PAGE>   11
                                    CONSENT

                                          Dated as of December 27, 1999

      The undersigned, Tri-Glas Corporation, an Alabama corporation, as
Guarantor under the Subsidiaries Guaranty dated July 15, 1995 (the "Guaranty")
in favor of the Agent, for its benefit and the benefit of the Lenders Parties
party to the Credit Agreement referred to in the foregoing Amendment, hereby
consents to such Amendment and hereby confirms and agrees that (a)
notwithstanding the effectiveness of such Amendment, the Guaranty is, and shall
continue to be, in full force and effect and is hereby ratified and confirmed
in all respects, except that, on and after the effectiveness of such Amendment,
each reference in the Guaranty to the "Credit Agreement", "thereunder",
"thereof" or words of like import shall mean and be a reference to the Credit
Agreement, as amended by such Amendment, and (b) the Collateral Documents to
which such Grantor is a party and all of the Collateral described therein do,
and shall continue to, secure the payment of all of the Secured Obligations
(in each case, as defined therein).

                                          TRI-GLAS CORPORATION

                                          By /s/ Samuel Mostkoff
                                             -------------------

                                          Title: Vice President
                                                 --------------<PAGE>   1
                                  EXHIBIT 10.26

                    REAL ESTATE LEASE AND PURCHASE AGREEMENT

         THIS AGREEMENT, is made this 29th day of October, 1999 by and between
GLASSTITE INC., a Minnesota corporation ("Landlord"), RAVEN INDUSTRIES, INC., a
South Dakota corporation (the "Shareholder"), as Landlord's guarantor, PENDA
GLASSTITE, INC., a Florida Corporation ("Tenant") and guaranteed by PENDA
CORPORATION, a Florida corporation (the "Parent").

                             PRELIMINARY STATEMENT:

                  The Tenant and the Landlord are parties to an Asset Purchase
Agreement, dated as of the date hereof (the "Purchase Agreement"), pursuant to
which the Tenant is purchasing from the Landlord substantially all of the assets
(and assuming certain of the liabilities) of the Landlord in exchange for cash.
This Agreement is executed and delivered by the Tenant and the Landlord pursuant
to the Purchase Agreement. Certain capitalized terms used in this Agreement are
defined in Section 1 hereof. Capitalized terms used but not otherwise defined
herein shall have the respective meanings given such terms in the Purchase
Agreement.

                                   AGREEMENT:

                  In consideration of the premises and the respective mutual
agreements, covenants, representations and warranties herein contained, the
parties hereto agree as follows:

                  1.       Certain  Defined  Terms.  As used in this Agreement
the following terms shall have the following meanings:

                  "Closing " shall have the meaning set forth in Section 20(a).

                  "Environmental Remediation Release Date" means three years
from the date hereof provided however that the Environmental Remediation Release
Date shall be extended if any remedial measure or enforcement action relating to
conditions that existed as of the Closing Date, including the MPCA NOV, is on
going. If the Environmental Remediation Release Date extends beyond 3 years from
the date hereof, then the Environmental Remediation Release Date shall not occur
until the MPCA issues a No Action Letter or Certificate of Completion or accepts
Landlord's clean closure certification (without any post-closure obligations) or
other applicable regulatory mechanism documenting that no additional
environmental investigation, remediation, closure, post-closure, or clean-up is
required at the Dunnell Minnesota facilities related to activities and releases
including the MPCA NOV at the Dunnell, Minnesota facilities prior to the Closing
Date; provided however, if EPA has exercised its oversight authority over the
Premises, then the Environmental Remediation Release Date shall not occur until
the EPA has issued a No Action Letter or Certificate of Completion or accepts
Landlord clean closure certification (without any post-closure obligations) or
other applicable regulatory mechanism documenting that no additional
environmental investigation, remediation, closure, post-closure, or clean-up is
required at the Dunnell Minnesota facilities related to activities and releases
including the MPCA NOV at the Dunnell Minnesota facilities prior to the date
hereof. The Environmental Remediation Release Date shall occur prior to three
years after the date hereof if the MPCA issues a No Action Letter or Certificate
of Completion or accepts Landlord's clean closure certification (without any
post-closure obligations) or other applicable regulatory mechanism documenting
that no additional environmental investigation, remediation, closure,
post-closure, or clean-up is required at the Dunnell Minnesota facilities
related to activities and releases including the MPCA NOV at the Dunnell
Minnesota facilities prior to the date hereof and EPA has not exercised its
oversight authority over the Premises.

                  "Premises" shall have the meaning set forth in Section 2.

                  "Real Estate Closing Date" shall have the meaning set forth in
Section 19(a).

                                       60

<PAGE>   2

                  2. Lease of Premises. Landlord hereby leases to Tenant and
Tenant hereby leases from Landlord in its "As-Is" condition the real estate
legally described on Exhibit A attached hereto, and commonly known as 600
Highway 4, Dunnell, Minnesota 56127 and the Truck Repair Facility, situated in
the County of Martin and State of Minnesota and commonly known as 130 East
Wenberg, Dunnell, Minnesota.

Together with any and all improvements presently located on said real estate,
all of which real estate and other property are hereinafter called the
"Premises".

                  3.       Term.  The term of this Lease shall begin on the date
of this  Agreement and shall end on the Real Estate Closing Date.

                  4. Payment of Rent. Tenant agrees to pay Landlord annual rent
of one ($1.00) dollar. The first such installment shall be due and payable on
the date of this Agreement and a like sum shall be due and payable on the 1st
day of each succeeding calendar year during the term of this Agreement.

                  5. Net Lease. This is an absolutely net lease to Landlord. It
is the intent of the parties hereto that Tenant shall pay all costs and expenses
relating to the Premises and the business carried on therein. Any amount or
obligations herein relating to the Premises which is not expressly declared to
be that of Landlord shall be deemed to be an obligation of Tenant to be
performed by Tenant at Tenant's expense. All sums payable hereunder by Tenant
shall be paid without notice, demand, set-off, counterclaim, abatement,
suspension, deduction or defense.

                  6. Taxes, Assessments and Utilities. Tenant agrees to pay all
taxes and assessments that may be levied against the Premises during the term of
this Agreement and to deliver proof of payment to the Landlord, upon written
request. Tenant agrees to pay all charges for public utilities services
(electricity, gas, telephone, water, and sewer) to the Premises during the term
of this Agreement.

                  7. Insurance. Tenant shall maintain, at its sole expense,
insurance on the Premises, which policy or policies shall include the following
coverages under the following terms and conditions:

                 (a) Property. All-risk policy extending coverage against loss,
damage or destruction by fire or other casualty, including theft, vandalism and
and malicious mischief, boiler explosion (if there is a boiler on the Premises),
sprinkler damage, all matters covered by a standard extended coverage
endorsement and such other risks as Landlord may reasonably require, insuring
the Premises for not less than its full insurable value on a replacement cost
basis. Landlord shall be named as an additional insured.

                  (b) Liability. Comprehensive general liability insurance,
insuring against, without limitation, any liability arising out of the
ownership, maintenance, repair, condition or operation of the Premises or
adjoining ways, parking areas, sidewalks or other portions of the Premises. The
establishment of insurance requirements shall not limit the liability of Tenant
under this Agreement.

                  (c) Conditions.  The insurance policies shall: (i) be obtained
by Tenant under valid and enforceable standard form policies issued by
responsible insurance companies with a current A.M. Best rating of at least
A+VII licensed to do business in the State of Minnesota; (ii) provide that such
insurance cannot be unreasonably canceled, invalidated or suspended on account
of the conduct of Tenant, its officers, directors, employees or agents; (iii)
provide that any "no other insurance" clause in the insurance policy shall
exclude any policies of insurance maintained by Landlord and that the insurance
policy shall not be brought into contribution with the insurance maintained by
Landlord; (iv) provide that the policy of insurance shall not be terminated,
canceled or substantially modified without at least 30 days prior written notice
to Landlord; (v) as to the liability insurance, name Landlord as additional
insured; (vi) as to the property policy, Landlord shall be named as additional
insured; and (vii) as to the casualty policy, provide for a waiver of
subrogation by the insurer as to claims against Landlord, its officers,
directors, employees and agents.

                                       61

<PAGE>   3

                  (d) Certificates.  Tenant shall deliver to Landlord
certificates of insurance, making specific reference to the Premises, evidencing
the existence and amounts of the policies of insurance required pursuant to this
section. Any failure of Tenant to obtain, maintain, or provide copies of
certificates of any insurance required hereunder shall constitute a material and
continuing breach of this Agreement. Tenant shall give notice to its insurance
carrier that a waiver of liability and subrogation is contained in this
Agreement.

                  8. Landlord's Access to Premises. Tenant agrees that Landlord
or its agents shall have the right to enter the Premises at any reasonable time
in order to satisfy Landlord's obligations under the MPCA NOV.

                  9. Use of Premises by Tenant. Tenant agrees that it shall not
use or occupy nor permit the Premises or any part thereof to be used or occupied
in any unlawful manner or for any unlawful purpose.

                  10. Encumbrances. Landlord represents and warrants that as of
the date hereof, the Premises is free and clear of any encumbrances, except for
those set forth on Exhibit B, attached hereto. Landlord covenants and agrees not
to cause or create any lien, mortgage or other encumbrance on the Premises, by
act or omission, during the term of this Agreement

                  11. Quiet Enjoyment of Premises by Tenant. Subject to all laws
and ordinances now or hereafter in force regarding zoning and condemnation,
Landlord represents that it has the full right, power, and authority to enter
into this Agreement for the term herein granted and that the Premises may be
used by Tenant during the entire duration of said term for the purposes herein
set forth. Tenant, upon the full and faithful performance of all the conditions,
covenants, and agreements herein contained, shall at all times during the term
hereof peaceably and quietly enjoy the use of the Premises without any
disturbance from Landlord, subject, however to any rights which may be reserved
to Landlord herein and to all encumbrances to which this Agreement may be
subordinate, if any.

                  12. Maintenance and Repair of Premises. Subject to Landlord's
obligations under the MPCA NOV, Tenant agrees to maintain and keep all portions
of the Premises in good order and repair. Such maintenance and repairs shall be
made at Tenant's sole expense.

                  13. Alteration or Improvement of Premises. Landlord agrees
that alterations, additions, or improvements, to the Premises may be made by
Tenant without the prior consent of Landlord. Tenant shall pay for such
alterations, additions, or improvements to the Premises and ensure that no
liens, claims, or demands of any nature attach to Landlord , Landlord's interest
in the Premises and/or the Premises. Any alteration, addition, or improvement
made by Tenant shall be the property of the Tenant.

                  14. Environmental Matters. "Environmental Laws" means any or
all of the laws and regulations now in effect or hereafter enacted by any
governmental authority or other regulatory body having jurisdiction over the
Premises that deal with the regulation or protection of the environment,
including ambient air, ground water, surface water and land use, including
sub-strata land. Tenant shall comply with all Environmental Laws affecting the
Premises during the Term. Provided however, that any liability of the Tenant to
Landlord related to Environmental Laws shall be subject to the limits set forth
in the Purchase Agreement.

                  15. Default. It is expressly agreed that if Tenant shall not
fully and faithfully perform all of its material obligations hereunder, or if
the Tenant shall be adjudicated a bankrupt or insolvent according to law or if a
receiver is appointed for Tenant or if Tenant shall make an assignment for the
benefit of creditors, then Tenant shall be deemed to be in default hereunder. In
such event, Landlord may pay such amounts Tenant is obligated to pay and invoice
Tenant for such amounts plus interest at the rate of 10% per annum. Tenant
hereby pledges and assigns to Landlord all improvements, fixtures, furnishings,
equipment, and other property of Tenant which may be placed on or become a part
of the Premises as security for the payment of all obligations of Tenant under
this Agreement, and the lien created by such pledge and assignment shall be in
addition to all other rights and remedies to which Landlord may otherwise be
entitled.

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<PAGE>   4

                  16. Conveyance, Assignment, or Subletting. Tenant may not
sublease the Premises or any part thereof or assign this Agreement or any part
hereof unless Tenant has obtained the prior consent of Landlord, which consent
shall not be unreasonably withheld provided, that any such assignee assumes all
of Tenant's obligations under this Agreement, and provided that this Agreement
shall be assignable by any party to a successor who acquires substantially all
of the assets of that party. Landlord shall not convey or transfer ownership of
the Premises or assign or transfer this Agreement or any part hereof.

                  17. Conveyance of Premises at End of Term. Upon the
termination or expiration of this Agreement, and upon satisfaction of the
conditions to the obligation to close set forth below, Landlord agrees to convey
the Premises to Tenant and Tenant agrees to accept such conveyance from Landlord
as set forth below.

                  18.      Conditions to Obligation to Close.

                  (a) Conditions to Obligation of the Tenant. The obligation of
the Tenant to consummate the transactions to be performed by it in connection
with the Closing is subject to satisfaction of the following conditions:

                  (i)  the Environmental Remediation Release Date has occurred;

                 (ii)  there shall not be an injunction, judgment, order,
decree, ruling or charge in effect preventing consummation of any of the
transactions contemplated by this Agreement, and no action, suit, claim or
proceeding by a third party unaffiliated with Tenant shall be pending before any
Authority which seeks to prohibit or enjoin the consummation of the transactions
contemplated by this Agreement;

                (iii) the Premises shall be free and clear of any and all
liens and encumbrances of Landlord, except as set forth on Exhibit B, attached
hereto.

The Tenant may waive any condition specified in this Section if it executes and
delivers a writing so stating at or prior to the Closing.

                  (b) Conditions to Obligation of the Landlord. The obligation
of the Landlord to consummate the transactions to be performed by it in
connection with the Closing is subject to satisfaction of the following
conditions:

                  (i) the Tenant shall have delivered to the Landlord a
certificate to the effect that all currently due and payable real estate taxes
and levied special assessments related to the Premises have been paid;

                 (ii) there shall not be any injunction, judgment, order,
decree, ruling or charge in effect preventing consummation of any of the
transactions contemplated by this Agreement, and no action, suit, claim or
proceeding by a third party unaffiliated with Landlord shall be pending before
any Authority which seeks to prohibit or enjoin the consummation of the
transactions contemplated by this Agreement; and

                (iii) the Environmental Remediation Release Date has occurred.

The Landlord may waive any condition specified in this Section if it executes
and delivers a writing so stating at or prior to the Closing.

                  19. Sale and Purchase of Premises.

                  (a) Basic Transaction. On the terms and subject to the
conditions set forth in this Agreement, on a date 15 days after the termination
of the Environmental Remediation Release Date or such other

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date as shall be agreed to in writing by the Tenant and the Landlord (the "Real
Estate Closing Date") the Landlord will convey, assign and transfer to the
Tenant, and the Tenant will acquire and accept conveyance of the Premises.

                  (b) Purchase Price. The aggregate purchase price to be paid by
the Tenant to the Landlord for the conveyance, assignment and transfer to the
Tenant of the Premises shall be One Dollar ($1.00).

                  20. Closing.

                  (a) Date and Place of Real Estate Closing. The closing of the
transactions contemplated hereby (the "Closing") will take place at the offices
of Maslon Edelman Borman & Brand, LLP, 3300 Norwest Center, 90 South Seventh
Street, Minneapolis, Minnesota, at 10:00 a.m. (local time) or at such other
place as mutually agreed to by the parties on the Real Estate Closing Date.
Except as otherwise provided herein, all proceedings to be taken and all
documents to be executed at the Closing will be deemed to have been taken,
delivered and executed simultaneously, and no proceeding will be deemed taken
nor documents deemed executed or delivered until all have been taken, delivered
and executed.

                  (b) Deliveries by Landlord at the Closing. At the Closing, the
Landlord will deliver to the Tenant:

                  (i) the Warranty Deed for the Premises, duly executed by the
Landlord in the form attached hereto as Exhibit C;

                 (ii) a copy of the resolution or resolutions duly adopted by
the board of directors of the Landlord authorizing the execution and delivery of
the Warranty Deed;

                (iii) a certificate of the Secretary or an Assistant Secretary
of the Landlord as to the incumbency and signatures of the officers of the
Landlord executing the Warranty Deed on behalf of the Landlord;

                 (iv) a certificate issued by the Secretary of State of the
State of Minnesota as to the change of Landlord's corporate name to "GTH, Inc. "

                  (v) such other instruments of sale, transfer, and conveyance
as shall be reasonably required by the Tenant.

                  (c) Deliveries by the Tenant at the Closing. At the Closing,
the Tenant will deliver to the Landlord:

                  (i) a certificate issued by the Secretary of State of the
Tenant's state of incorporation, as of a recent date, as to the good standing of
the Tenant in such state;

                 (ii) such other instruments of assumption, assignment and
transfer as shall be reasonably required by the Landlord.

                  21. Waiver; Entire Agreement; Binding Effect. It is expressly
agreed that no waiver or apparent waiver of failure of Landlord or Tenant to
require strict performance of any condition, covenant, or agreement herein
contained shall constitute a waiver or shall estop Landlord from enforcing such
condition, covenant, or agreement at a later time; it is further expressly
agreed that, other than the Purchase Agreement, this instrument contains the
entire agreement of Landlord and Tenant relating to the Premises, and no other
condition, covenant, or agreement shall be implied at any time; and it is
further expressly agreed by Landlord and Tenant that the conditions, covenants
and agreements herein contained shall apply and inure to and be binding upon
their

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<PAGE>   6

respective heirs, executors, administrators, successors, and assigns and
that the terms "Landlord" and "Tenant" shall embrace all of the parties hereto
irrespective of number or gender.

                  22. Applicable Law.  This Agreement shall be governed by the
laws of the State of Minnesota.

                  23. Guaranty of Parent. Parent hereby absolutely and
unconditionally guarantees the complete performance of each and every
obligation, covenant, representation and warranty of the Tenant contained in
this Agreement as if such obligations, covenants, representations and warranties
were those of the Parent.

                  24. Guaranty of Shareholder. Shareholder hereby absolutely and
unconditionally guarantees the complete performance of each and every
obligation, covenant, representation and warranty of the Landlord contained in
this Agreement as if such obligations, covenants, representations and warranties
were those of the Shareholder.

                  25. Memorandum of Lease. Landlord and Tenant acknowledge and
agree that, simultaneously with the execution of this Lease, they shall execute
and record in the public records a memorandum of this Lease which shall include
reference, among other things, to the term hereof and Tenant's right and
obligation to purchase the Premises.

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

LANDLORD                          TENANT

GLASSTITE INC.,                   PENDA GLASSTITE, INC.,
                                  A Florida corporation
a Minnesota corporation

By: /s/ Ronald M. Moquist         By: /s/ Leo E. Waner
    Ronald M. Moquist             Leo E. Waner
    President                         Vice President and Chief Financial Officer

SHAREHOLDER                       PARENT

RAVEN INDUSTRIES, INC.,           PENDA CORPORATION,
                                                           a Florida corporation
a South Dakota corporation

By: /s/ Ronald M. Moquist          By:/s/ Leo E. Waner
    Ronald M. Moquist              Leo E. Waner

    Executive Vice President          Vice President and Chief Financial Officer

                                       65

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