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                                                                    Exhibit 10.2

                                February 23, 2006

CONFIDENTIAL
Board of Directors
LSB Corporation

Dear Members of the Board:

I would be comfortable performing my duties as President and Chief Executive
Officer of LSB Corporation and Lawrence Savings Bank (the "Company") without the
security of an employment agreement. In light of the Boards' action on January
10, 2006, not to renew all other existing employment agreements, I think it
appropriate that we mutually agree to terminate my Employment Agreement, dated
November 1, 2005.

Following such termination, I shall continue to perform the duties of President
and Chief Executive Officer of the Company pursuant to your appointment, and
subject to removal by you at any time.

Until changed by you, my compensation will remain as at present. In all other
respects I will be subject to and governed by the Bank's benefits, policies and
procedures applicable to senior officers and employees generally.

If the foregoing is acceptable to the Company, kindly so indicate by signing and
dating the enclosed duplicate original copy of this letter, which shall be kept
in the permanent records and minute books of the Company to memorialize the
termination of the Employment Agreement.

Very truly yours.

/S/ GERALD T. MULLIGAN
---------------------------------------
Gerald T. Mulligan
President & Chief Executive Officer

Enclosure

Accepted and Agreed

LSB CORPORATION
LAWRENCE SAVINGS BANK

By /S/ THOMAS J. BURKE
   ----------------------------------------
   Thomas J. Burke, Chairman of the Board

Dated: February 23, 2006Exhibit
10.51

FIRST AMENDMENT
 TO
LIMITED LIABILITY
COMPANY AGREEMENT

This First Amendment (the
‘‘Amendment’’) to the
Limited Liability Company Agreement of Nalco LLC (the
‘‘Company’’), dated as of
May  17,  2004 (the
‘‘Agreement’’), is made and
entered into as of December  30,  2005 by and among the
Sponsor Members named in the Agreement. Capitalized terms not otherwise
defined herein shall have the meanings ascribed to such terms in the
Agreement.

WHEREAS, pursuant to Section 3.14 of the Agreement, in
the event that the Company ceases to qualify as an
‘‘operating company’’ (as defined in 29
C.F.R. § 2510.3-101(c)), then the Company and each Member will
cooperate in good faith to take all reasonable action necessary to
provide that the investment (or at least 51% of the investment
valued at cost) of each Member that qualifies as a
‘‘venture capital operating company’’ (as
defined in 29 C.F.R. § 2510.3-101(d)) (a
‘‘VCOC Member’’) shall
continue to qualify as a ‘‘venture capital
investment’’ (as defined in 29 C.F.R. §
2510.3-101(d));

WHEREAS, upon the completion of the sale of
shares of common stock of Nalco Holding Company (the
‘‘Common Shares’’) by the
Company on the date hereof, the Company shall cease to qualify as an
‘‘operating company’’;

WHEREAS, in
connection with such event, the Company, pursuant to the stockholders
agreement dated as of November  16,  2004 by and among the
Company, the Sponsor Members and Nalco Holding Company, is obligated to
distribute to each VCOC Member, through a redemption of its Class A
Units, the Common Shares beneficially owned by such VCOC Member, as
determined by the Board and the pricing committee of the Board (such
redemption, the ‘‘VCOC
Redemption’’);

WHEREAS, in connection with
the VCOC Redemption and in accordance with Section 3.14 of the
Agreement, the parties desire to amend certain provisions of the
agreement to reflect the fact that the VCOC Members will hold Common
Shares directly and will no longer hold Class A Units;
and

WHEREAS, pursuant to Section 13.09 of thereof, the Agreement
may be amended by the agreement of two of the Investor
Groups;

NOW, THEREFORE, in consideration of the mutual covenants
and agreements contained herein and in the Agreement, and in
consideration of other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto,
intending to be legally bound, hereby agree to amend the Agreement as
follows:

1. Ownership Thresholds.    With
respect to any provision of the Agreement which provides for the
determination of an Investor Group’s beneficial ownership
percentage of Class A Units relative to such Investor Group’s
Initial Equity Stake, such Investor Group’s number of
‘‘Class A Units’’ shall be deemed to
include both (a) the number of Class A Units that such Investor Group
owns and (b)a number of Class A Units having a value equivalent to that
of the number of Common Shares owned by such Investor Group (calculated
based on the price per Class A Unit most recently determined by the
Board or the pricing committee of the
Board).

2. Entire Agreement.    The Agreement,
this Amendment, the Management Members Agreement and the Registration
Rights Agreement set forth the entire understanding and agreement of
the parties hereto and supersede any and all other understandings, term
sheets, negotiations or agreements between the parties hereto relating
to the subject matter of this Agreement and the Registration Rights
Agreement. In the event of any conflict between a provision of this
Agreement and a provision of the Management Members Agreement, the
relevant provision of this Agreement, as amended, shall be deemed to
control and shall supersede the conflicting provision of the Management
Members Agreement.

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3. Governing Law.    THIS
AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE
LAWS OF THE STATE OF DELAWARE WITHOUT REGARD TO CONFLICTS OF LAWS
PRINCIPLES WHICH WOULD RESULT IN THE APPLICATION OF THE LAWS OF ANOTHER
JURISDICTION.

4. Severability.    In the event
that any one or more of the provisions contained in this Agreement
shall for any reason be held to be invalid, illegal or unenforceable,
the same shall not affect any other provision of this Agreement, but
this Agreement shall be construed in a manner which, as nearly as
possible, reflects the original intent of the
parties.

5. Counterparts.    This Agreement may
be executed in counterparts, each of which shall be deemed an original,
and all of which together shall constitute a single
agreement.

6. Full Force and Effect of
Agreement.    The Agreement, as modified by this Amendment, and
as this Amendment is made a part thereof, shall remain in full force
and effect.

[The remainder of this page
intentionally left blank]

2

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

		BLACKSTONE CAPITAL PARTNERS IV
L.P.

																			
	 		By:		Blackstone Management Associates IV L.L.C.,
 its General
Partner		 
	 		 		 		 		 
	 		 		By:		/s/ Chinh Chu                

Name:   Chinh
Chu
Title:       Member		 
	

		BLACKSTONE
CAPITAL PARTNERS IV-A
L.P.

																			
	 		By:
		Blackstone Management Associates IV L.L.C.,
 its
General Partner		 
	 		 		 		 		 
	 		 		By:		/s/ Chinh Chu                

Name:   Chinh
Chu
Title:       Member		 
	

		BLACKSTONE
FAMILY INVESTMENT
 PARTNERSHIP IV-A
L.P.

																			
	 		By:		Blackstone Management Associates IV L.L.C.,
 its General
Partner		 
	 		 		 		 		 
	 		 		By:		/s/ Chinh Chu                

Name:   Chinh
Chu
Title:       Member		 
	

3

		APOLLO INVESTMENT
FUND V,
L.P.

																			
	 		By:		Apollo Advisors V, L.P.
Its general partner		 
	 		 		 		 		 
	 		By:		Apollo Capital Management V, Inc.
Its general
partner		 
	 		 		 		 		 
	 		By:		/s/ Joshua
Harris                

Name:    Josh
Harris
Title:       Vice
President
	

		APOLLO/NALCO
ACQUISITION
LLC

																			
	 		By:		Apollo Management V, L.P., its Manager		 
	 		 		 		 		 
	 		By:		AIF V Management, Inc.,
its General Partner		 
	 		 		 		 		 
	 		By:		/s/ Joshua
Harris                

Name:   Josh
Harris
Title:       Vice
President		 
	

		AP NALCO
LP

																			
	 		By:		Apollo Advisors V, L.P., its General Partner		 
	 		 		 		 		 
	 		By:		Apollo Capital Management V, Inc.,
its General
Partner		 
	 		 		 		 		 
	 		By:		/s/ Joshua
Harris                

Name:   Josh
Harris
Title:       Vice
President		 
	

4

		GOLDMAN SACHS DIRECT
INVESTMENT
 FUND 2000,
L.P.

																			
	 		By:		GS Employee Funds 2000 GP, L.L.C.,
its General
Partner		 
	 		 		 		 		 
	 		 		By:		/s/ Sanjeev K.
Mehra                

Name:
Title:		 
	

		GS
CAPITAL PARTNERS 2000,
L.P.

																			
	 		By:		GS Advisors 2000, L.L.C.,
its General Partner		 
	 		 		 		 		 
	 		 		By:		/s/ Sanjeev K.
Mehra                

Name:   Sanjeev K.
Mehra
Title:		 
	

		GS CAPITAL PARTNERS
2000 OFFSHORE, L.P.

				
		 	By:	GS Advisors
2000, L.L.C.,
 its General Partner

			
		 	By:
/s/ Sanjeev K.
Mehra                       

        Name:   Sanjeev
K. Mehra
        Title:

		GS CAPITAL
PARTNERS 2000 GmbH & CO. BETEILIGUNGS
KG

																			
	 		By:		Goldman Sachs Management GP GmbH,
 its General
Partner		 
	 		 		 		 		 
	 		 		By:		/s/ Sanjeev K.
Mehra                    

Name:   Sanjeev K.
Mehra
Title:		 
	

		GS CAPITAL PARTNERS
2000 EMPLOYEE 

FUND,
L.P.

															
	 		By:		GS Employee Funds 2000 GP, L.L.C.,
	 		 		its General
Partner
	 		 		 		 
	 		 		By:		/s/ Sanjeev K.
Mehra                

Name:   Sanjeev K.
Mehra
Title:
	

		NH ACQUISITION
LLC

																			
	 		By:		GS Advisors 2000, L.L.C.,
 its Manager		 
	 		 		 		 		 
	 		 		By:		/s/ Sanjeev K.
Mehra                

Name:   Sanjeev K.
Mehra
Title:		 
	

5Exhibit
10.52

NALCO HOLDING COMPANY
2004 STOCK INCENTIVE
PLAN

RESTRICTED STOCK UNIT AGREEMENT

2006
Grant

THIS AGREEMENT, is made effective as of February
15,  2006 (the ‘‘Grant
Date’’), between Nalco Holding Company (the
"Company’’) and Chinh E. Chu
(the
"Participant’’).

R   E   C   I   T   A   L   S:

WHEREAS,
the Company has adopted the Plan (as defined below), the terms of which
are hereby incorporated by reference and made a part of this Agreement;
and

WHEREAS, the Board of Directors of the Company (the
‘‘Board’’) has determined that the
Participant be granted the Restricted Stock Units provided for herein
pursuant to the Plan and the terms set forth herein.

NOW,
THEREFORE, in consideration of the mutual covenants hereinafter set
forth, the parties agree as
follows:

1. Definitions.    Whenever the
following terms are used in this Agreement, they shall have the
meanings set forth below. Capitalized terms not otherwise defined
herein shall have the same meanings as in the
Plan.

(a)    "Plan’’
means the Nalco Holding Company 2004 Stock Incentive Plan, as the same
may be amended, supplemented or modified from time to
time.

(b)    "Restricted Stock
Unit’’ means the unfunded, unsecured right of
the Participant to receive a share of the Company’s common
stock, par value $0.01 per share (the
‘‘Shares’’).

2. Grant
of Restricted Stock Units.    The Company hereby grants to the
Participant, subject to the terms and conditions of this Agreement and
the Plan, 3,670 Restricted Stock Units. The Participant shall not
possess any incidents of ownership (including, without limitation,
dividend and voting rights) in Shares in respect of the Restricted
Stock Units until such Restricted Stock Units have been distributed to
the Participant in the form of Shares.

3.    Delivery of
Shares Underlying the Restricted Stock
Units.

(a)    In General.    Subject to
Sections 3(b), 3(c) and 3(d), (i) the Company shall issue or cause
there to be transferred to the Participant on January  1,
2008, a number of Shares equal to the aggregate number of Restricted
Stock Units granted to the Participant under this Agreement.

(b)    Change of Control.    Notwithstanding the
foregoing, upon a Change of Control, the Company shall issue or cause
there to be transferred, to the extent not previously cancelled or
forfeited, to the Participant a number of Shares equal to the aggregate
number of Restricted Stock Units granted to the Participant under this
Agreement.

(c)    Cancellation of Restricted Stock
Units.    Upon the issuance or transfer of Shares in accordance
with this Section 3, a number of Restricted Stock Units equal to the
number of Shares issued or transferred to the Participant shall be
cancelled.

(d)    Termination of Service on the Board of
Directors.    If the Participant ceases to be a member of the
Board of Directors of the Company for any reason, the Restricted Stock
Units shall be immediately canceled by the Company without any payment
or other consideration.

(e)    Registration or
Qualification.    Notwithstanding any other provision of the
Plan or this Agreement to the contrary, absent an available exemption
to registration or qualification, a Restricted 

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Stock Unit may not be delivered prior to the
completion of any registration or qualification of the Restricted Stock
Units or the Shares to which they relate under applicable state and
federal securities or other laws, or under any ruling or regulation of
any governmental body or national securities exchange that the Board or
the Company’s Compensation Committee
(‘‘Committee’’) shall in its sole
reasonable discretion determine to be necessary or
advisable.

(f)    Certificates.    As soon as
practicable following the delivery date of the Shares subject to the
Restricted Stock Units, the Company shall issue certificates in the
Participant’s name for such Shares. However, the Company shall
not be liable to the Participant for damages relating to any delays in
issuing the certificates to the Participant, any loss by the
Participant of the certificates, or any mistakes or errors in the
issuance of the certificates or in the certificates themselves

4. Legend on Certificates.    The certificates
representing the Shares issued to the Participant upon the vesting of
the Restricted Stock Units shall be subject to such stop transfer
orders and other restrictions as the Committee may deem reasonably
advisable under the Plan or the rules, regulations, and other
requirements of the Securities and Exchange Commission, any stock
exchange upon which such Shares are listed, any applicable federal or
state laws or the Company’s Certificate of Incorporation and
Bylaws, and the Committee may cause a legend or legends to be put on
any such certificates to make appropriate reference to such
restrictions.

5. Transferability.    Unless
otherwise determined by the Committee, a Restricted Stock Unit may not
be assigned, alienated, pledged, attached, sold or otherwise
transferred or encumbered by the Participant otherwise than by will or
by the laws of descent and distribution, and any such purported
assignment, alienation, pledge, attachment, sale, transfer or
encumbrance shall be void and unenforceable against the Company or any
Affiliate; provided that the designation of a beneficiary shall not
constitute an assignment, alienation, pledge, attachment, sale,
transfer or encumbrance.

6. Withholding.    The Company or its Affiliate
shall have the right to withhold from any payment due or transfer made
with respect to the Restricted Stock Unit, any applicable withholding
taxes in respect of the Restricted Stock Unit or any payment or
transfer with respect to the Restricted Stock Unit or under the Plan
and to take such action as may be necessary in the option of the
Company to satisfy all obligations for the payment of such
taxes.

7. Securities Laws.    Upon the
acquisition of any Shares pursuant to the vesting of the Restricted
Stock Units, the Participant will make or enter into such written
representations, warranties and agreements as the Committee may
reasonably request in order to comply with applicable securities laws
or with this Agreement.

8. Notices.    Any
notice under this Agreement shall be addressed to the Company in care
of its General Counsel at the principal executive office of the Company
and to the Participant at the address appearing in the personnel
records of the Company for the Participant or to either party at such
other address as either party hereto may hereafter designate in writing
to the other. Any such notice shall be deemed effective upon receipt
thereof by the addressee.

9. Governing
Law.    This Agreement shall be governed by and construed in
accordance with the laws of the State of New York, without regard to
conflicts of laws.

10.    Restricted Stock Units Subject to
the Plan.    By entering into this Agreement the Participant
agrees and acknowledges that the Participant has received and read a
copy of the Plan. The Restricted Stock Units and the Shares received
upon vesting are subject to the Plan. The terms and provisions of the
Plan as it may be amended from time to time are hereby incorporated by
reference. In the event of a conflict between any term or provision
contained herein and a term or provision of the Plan, the applicable
terms and provisions of the Plan will govern and
prevail

11.    Counterparts.    This Agreement may
be executed in any number of counterparts, each of which when so
executed shall be deemed to be an original and all of which taken
together shall constitute one and the same agreement. Any counterpart
or other signature hereupon delivered by facsimile shall be deemed for
all purposes as constituting good and valid execution and delivery of
this Agreement by such party.

2

IN WITNESS WHEREOF, this Agreement has been
executed and delivered by the parties hereto.

		NALCO
HOLDING COMPANY

		By: /s/ Stephen N.
Landsman                         
Its Vice
President, General Counsel &
 Corporate
Secretary

		/s/ Chinh E.
Chu                                                
Participant

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