Document:

EXECUTION COPY

	
  EXHIBIT 10.28

  	
  EXECUTION COPY

  

	
   

	
  CIT GROUP /
  BUSINESS CREDIT, INC.

  11 West 42d Street

  New York, New York
  10036

  Attn: Jeffrey
  Iervese

  
	
   

  

	
  Rock of Ages Corporation 

  Carolina Quarries, Inc. 

  Pennsylvania Granite Corp. 

  Keith Monument Company LLC 

  Rock of Ages Memorials, Inc. 

  Sioux Falls Monument Co. 

  c/o Rock of Ages Corporation 

  772 Granitville Road 

  Barre, Vermont 05654 

  Attn: Chief Executive Officer 

  

  

  

	
  January 17, 2008

  
	

  
	
  Ladies and Gentlemen: 

  
	

  
	
  We refer to that certain
  Amended and Restated Financing Agreement, dated as of October 24, 2007 (as
  renewed, amended, restated or supplemented from time to time, the "Financing
  Agreement"), by and among ROCK OF AGES CORPORATION ("ROA"),
  CAROLINA QUARRIES, INC. ("Carolina"), PENNSYLVANIA GRANITE
  CORP. ("Pennsylvania"), KEITH MONUMENT COMPANY LLC ("Keith"),
  ROCK OF AGES MEMORIALS, INC. ("Memorials"), SIOUX FALLS
  MONUMENT CO. ("Sioux Falls"; and together with ROA,
  Carolina, Pennsylvania, Keith and Memorials, each individually, a "Borrower"
  and collectively the "Borrowers"), each financial
  institution which now is or which hereafter becomes a party thereto as a
  lender (collectively, "Lenders" and each individually, a
  "Lender"), and THE CIT GROUP/BUSINESS CREDIT, INC. ("CIT"),
  as a Lender, and as agent for Lenders (CIT, in such capacity, "Agent").
  Capitalized terms not otherwise defined herein shall have the meanings
  ascribed to such terms in the Financing Agreement. Keith, Memorials and Sioux Falls   are collectively referred to hereunder as the "Sold Subsidiaries",
  and ROA, Carolina and Pennsylvania are collectively referred to hereunder as
  the "Continuing Borrowers").

  
	

  
	
   
	
  The Borrowers have advised
  Agent that ROA intents to enter into (a) that certain stock purchase
  agreement dated as of the date hereof between ROA and PKDM Holdings, Inc.
  (the "Purchaser") (the "Stock Purchase Agreement"),
  pursuant to which ROA will sell and Purchaser will purchase all outstanding
  and issued shares of the capital stock of Memorials (the "Memorials
  Stock") in exchange for the "Purchase Price" as
  defined and specified therein (such sale and purchase, the "Stock
  Sale") and (b) an Authorized Retailer, Supply and License Agreement
  (the "Supply Agreement") with Purchaser pursuant to which
  ROA will appoint the Purchaser and the Sold Subsidiaries (the "Retailers")
  as the authorized retailers of ROA products. The Borrowers have requested
  that Agent and Lenders consent to the entry into, execution and delivery and
  performance of the Stock Purchase Agreement and the Supply Agreement by ROA
  and the performance by ROA of the transactions contemplated thereunder,
  specifically including the Stock Sale, and to the release of the Sold
  Subsidiaries from all Obligations under and liens and security interests
  granted pursuant to the Financing Documents and Agent and Lenders have agreed
  to give their consent to such requests on the terms and conditions set forth
  herein. 

  
	

  
	
   

  Therefore, with the foregoing
  incorporated by reference, in each case for good and sufficient consideration
  (the receipt of which is acknowledged by each), the parties hereto agree as
  follows: 

  
	

  
	
  1.

  	
  Consent to Stock Sale. Notwithstanding anything to the contrary contained in the Financing Agreement or
  any other Financing Document, specifically including Section 10(d) of the
  Financing Agreement, Agent and Lenders hereby consent, subject to the
  satisfaction of the conditions in the following sentence, to the entry into,
  execution and delivery and performance of the Stock Purchase Agreement and
  the Supply Agreement by ROA and the performance by ROA of the transactions
  contemplated thereunder, specifically including the Stock Sale, and agrees
  that the sale of the Memorials Stock to Purchaser shall be free and clear of
  all security interest, pledges and liens in favor of Agent and/or any Lender,
  all of which such securities interests, pledges and liens shall be deemed to
  be automatically terminated and released immediately upon satisfaction of the
  Effectiveness Conditions as defined in the following sentence without the
  necessity of any further action by any party (specifically including Agent or
  any Lender). However, the consents and agreements in the preceding sentence
  shall be effective only upon satisfaction of the following conditions (the
  "Effectiveness Conditions"): (i) title to all "Excluded
  Assets" (as that term is defined in the Stock Purchase Agreement)
  owned or held by the Sold Subsidiaries shall have been transferred to ROA
  and/or one of the other Continuing Borrowers, and executed documentation of
  such transfer has been delivered to the Agent and (ii) Agent shall have
  received immediately available funds in the amount of $7,716,604 representing
  the entire net proceeds of the Purchase Price payable under the Stock
  Purchase Agreement on the date hereof after all adjustments thereto to be
  applied as a payment of the principal balance of the Revolving Loans and/or
  the Term Loans outstanding under the Financing Agreement as provided below.
  For the purposes of the clause (ii) of the preceeding sentence, the "net
  proceeds of the Purchase Price" shall mean an amount equal to (x) the
  entire gross amount of the Purchase Price payable to ROA under the Stock
  Purchase Agreement upon the closing thereunder (as such Purchase Price may
  have been adjusted pursuant to the terms of the Stock Purchase Agreement) minus
  (y) any and all reasonable costs and expenses of ROA and the other Continuing
  Borrowers incurred in connection with the to the entry into, execution and
  delivery and performance of the Stock Purchase Agreement and the Supply
  Agreement by ROA and the performance by ROA of the transactions contemplated
  thereunder as disclosed by ROA to Agent prior to the closing on the Stock
  Purchase Agreement. The payment of the Obligations from the net proceeds of
  the Purchase Price shall be applied as follows: (x) the first $4,500,000 of
  such Purchase Price shall be applied to repayment of the principal balance
  outstanding under those Term Loans representing the Outstanding Term Loans
  with a balance as of the Closing Date with a principal balance of up to
  $17,500,000 on such Closing Date as described in clause (c) of paragraph 2 of
  Section 4 of the Financing Agreement and (y) the remaining $3,216,604 shall
  be applied to repayment of the principal balance outstanding under the
  Revolving Loans (with such proceeds applied first, to the repayment of the
  Revolving Loans accruing interest at a per annum rate based on the Chase Bank
  Rate, and second, after the repayment of all such Revolving Loans, to the
  repayment of the Revolving Loans accruing interests at a per annum rate based
  on Libor).

  
	

  
	
  2.

  	
  Release of Sold Subsidiaries
  and the Assets Thereof. Notwithstanding anything to the contrary
  contained in the Financing Agreement or any other Financing Document, Agent
  and Lenders hereby agree that immediately upon satisfaction of the
  Effectiveness Conditions, the Sold Subsidiaries shall automatically be deemed
  to have been released from any and all indebtedness, obligations,
  liabilities, undertakings and duties of any and every kind and nature under
  the Financing Agreement and the other Financing Documents. Upon the release
  described in the preceding sentence, none of the references to the Borrowers
  or Companies contained in the Financing Documents, specifically including
  without limitation the Financing Agreement, shall be deemed for any purposes
  to refer to or include the Sold Subsidiaries. Without limiting the generality
  of the foregoing, such release provided for in the first sentence of this
  paragraph shall include a release by Agent and Lenders in favor of the Sold
  Subsidiaries from any and all joint or several liability for any Obligations
  (monetary or otherwise), including without limitation all existing and future
  loans (specifically including the Revolving Loans and the Term Loans,
  advances or Letter of Credit liabilities or any other liabilities and
  obligations incurred at any time by anyone or more of the Borrowers under the
  Financing Documents, provided, however, that this release of
  liability shall in no way be interpreted to effectuate a release of any kind
  with respect to any indebtedness, obligations, liabilities, undertakings and
  duties of any kind or nature of any Continuing Borrower with respect to the
  Financing Documents (specifically including the Obligations). Furthermore,
  immediately upon the effectiveness of the release provided for in this
  paragraph, Agent and Lender shall be deemed to have, automatically and
  without the necessity of any further action by any party (specifically
  including Agent or any Lender): (i) released and terminated any and all
  security interests, pledges and liens in any property or assets of the Sold
  Subsidiaries granted by the Sold Subsidiaries in favor of the Agent or Lender
  (specifically including any and all such security interest, pledges and liens
  granted by Memorials in any of the issued and outstanding shares of the
  capital stock of Keith and Sioux Falls, collectively together with the
  Memorials Stock, the "Released Stock") and (ii) authorized
  any Sold Subsidiary, the Purchaser and their respective attorneys and agents
  to file UCC-3 termination statements terminating of record any UCC-l
  financing statements filed of record in any jurisdiction by Agent or any
  Lender as secured party naming such Sold Subsidiary as debtor thereunder.
  However, notwithstanding anything to the contrary contained in the foregoing,
  the parties hereto acknowledge and agree that no liens on or security
  interests in any Excluded Assets (as that term is defined in the Stock
  Purchase Agreement) shall be deemed released by virtue of any other
  provisions of this letter agreement, and that all such Excluded Assets shall
  be deemed to have been transferred by the Sold Subsidiaries to ROA and/or the
  other applicable Continuing Borrowers subject to the liens thereon granted by
  Sold Subsidiaries under the Financing Documents immediately prior to the
  effectiveness of any of the releases provided for in this letter agreement.
  At any time from and after the effectiveness of the release provided for in
  this paragraph, Agent will cause to be executed and/or delivered to the Sold
  Subsidiaries any additional documents or instruments the Sold Subsidiaries
  may reasonably request in order to effectuate or evidence or otherwise give
  public notice of the releases and lien terminations provided for in this
  paragraph, and the Sold Subsidiaries shall be authorized to file any and all
  such releases and/or lien termination documents delivered by Agent hereunder
  with the appropriate filing offices, provided, however, that
  any and all such releases and/or documents shall be prepared, executed, delivered
  and recorded at Purchaser's expense.

  
	

  
	
  3.

  	
  Return of the Released Stock.
  In furtherance of the foregoing, Agent has delivered all of the stock
  certificates representing all of the Released Stock that were delivered to
  Agent on the Closing Date (together with all instruments of transfer and/or
  stock powers relating thereto delivered to Agent on the Closing Date) to
  ROA's outside legal counsel, McLane Graf Raulerson & Middleton,
  Professional Association ("McLane"), in escrow. Immediately upon
  the satisfaction of the Effectiveness Conditions and the effectiveness of the
  releases provided for in Sections 1 and 2 above, McLane shall be authorized
  (automatically and without the necessity of any further action by any party
  (specifically including Agent or any Lender)) to release such stock
  certificates and related instruments of transfer and stock powers from escrow
  and to deliver the same to ROA and/or as ROA may direct, free and clear of
  any security interests, pledges and liens in favor of Agent and/or Lenders as
  provided for in Section 1 and 2 above.

  
	

  
	
  	
  
	
  4.

  	
  Release by Sold Subsidiaries.
  In consideration of Agent's and Lenders' agreements and conditional releases
  contained herein, each Sold Subsidiary hereby forever releases and discharges
  Agent, each Lender and each Issuing Bank, their respective officers,
  directors, employees, agents, affiliates, representatives, successors and
  assigns (collectively, the "Released Parties") from any and
  all claims, causes of actions, damages and liabilities of any nature
  whatsoever, known or unknown, which such Sold Subsidiary ever had, now has or
  might hereafter have against one or more of the Released Parties which
  relates, directly or indirectly, to any of the Financing Documents or the
  transactions relating thereto, to the extent that any such claim, cause of
  action, damage or liability shall be based in whole or in part upon facts,
  circumstances, actions or events existing on or prior to the date hereof.

  
	
   

  
	
  5.	
  Reaffirmation by Continuing
  Borrowers. Each Continuing Borrower hereby acknowledges and agrees that
  all of the terms, conditions and provisions of the Financing Documents are
  ratified and confirmed and continue unchanged and in full force and effect
  and that neither the execution of this letter agreement nor the effectiveness
  of any of the consents and/or the releases with respect to the Sold
  Subsidiaries or the Memorials Stock provided for herein shall in any way
  limit, diminish, modify or otherwise affect (i) any of the respective
  obligations, indebtedness and liabilities of each Continuing Borrower to Agent
  and Lenders under any of Financing Documents, (ii) the joint and several
  nature of the obligations, indebtedness and liabilities of the Continuing
  Borrowers under the Financing Documents, or (iii) the existence, validity,
  enforceability or perfection of any security interests, pledges or liens
  granted by such Continuing Borrowers to secure the Obligations under any of
  the Financing Documents (other than the security interest, pledges and liens
  in the Memorials Stock to the extent such security interest, pledges and liens
  are released in accordance with the provisions hereof), all of which such
  grants are hereby reaffirmed and confirmed and shall continue in full force
  and effect to secure all such Obligations. Continuing Borrowers specifically
  agree and acknowledge that the agreements and conditional releases of Agent
  and Lenders provided for herein shall not be deemed to create a "course of
  conduct"
	

   

   

   

	
   

  	
  or "course of dealing" that
  would be binding on the Agent or any Lender in the future, and that neither
  the Agent nor any Lender shall have any obligations in the future to give
  consent to any waivers of any provision of the Financing Documents, whether
  or not relating to matters similar to those addressed herein. Continuing
  Borrowers represent and warrant that, upon return to ROA of all Excluded
  Assets, no assets (including without limitation any raw materials, machinery
  or equipment, employment contracts, vendor or supplier contracts) used by ROA
  in its manufacturing business continue to be owned by or under the control of
  any Sold Subsidiary.

  
	

  

	
  6.

  	
  Miscellaneous. WITHOUT
  LIMITING THE GENERALITY OF ANY PROVISIONS OF THE FINANCING AGREEMENT, ALL OF
  THE PROVISIONS OF THE FINANCING AGREEMENT PROVIDING FOR INDEMNITIES FROM
  BORROWERS TO AGENT AND LENDERS, OBLIGATIONS OF THE BORROWERS TO REIMBURSE
  AGENT AND LENDERS FOR EXPENSES, SELECTION OF GOVERNING LAW, WAIVERS
  (INCLUDING WAIVERS OF THE RIGHT TO JURY TRIAL) AND CONSENTS TO JURISDICTION
  AND PROCEDURES FOR SERVICE OF PROCESS ARE INCORPORATED HEREIN BY REFERENCE.

  
	
   

  
	
  7.

  	
  Extensions of Deadline.
  Also upon execution hereof, Agent and Lenders agree to extend the deadline
  for satisfaction of the conditions precedent described in Section l(b), (c)
  and (d) of that certain letter dated as of October 24,2007 and executed by
  ROA and agreed to by Agent and Lenders, such deadline to be extended to
  February 29, 2008.

  

  

 

 

 

[Signature Pages
Follow]

 

 

 

 

 

 

 

 

IN WITNESS WHEREOF, and intending to be legally bound, the
parties hereto have caused this letter to be executed and delivered by their
proper and duly authorized officers as of the date set forth above. 

                                                                        Very
Truly Yours, 

                                                                        CIT
GROUP / BUSINESS CREDIT, INC.

                                                                        As
Agent and a Lender 

                                                                        

                                                                        By:
/s/_______________________

                                                                        Name:

                                                                        Title:
Assistant Vice President 

                                                                        CHITTENDEN
TRUST COMPANY,

                                                                        as
a Lender 

                                                                        By:
/s/_______________________

                                                                        Name:

                                                                        Title:

ACCEPTED AND AGREED:

ROCK OF AGES CORPORATION 

CAROLINA QUARRIES, INC. 

PENNSYLVANIA GRANITE CORP. 

KEITH MONUMENT COMPANY LLC 

ROCK OF AGES MEMORIALS, INC. 

SIOUX FALLS MONUMENT CO. 

By: /s/_______________________

Name: Kurt M. Swenson 

Title: Chairman and CEO 

[Signature Page to Consent Letter Re Sale of Retail Business/Stock
of Memorials]EXHIBIT 10.29	
      PROJECT
#3

  

                                                                                                 

 

                                          

 

 

Rock
of Ages Canada Inc.

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental
Retirement Plan for the President (DL)

 

Plan
effective date: January 1, 2007

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

November 21, 2007

 

Table of contents

                                  

  
  	

                                  
1.         Plan summary

                                   2.         Introduction

                                   3.         Definitions

                                   4.         Eligibility

                                   5.         Contributions

                                   6.         Retirement
date

                                   7.         Value
of the Plan

                                   8.         Target
defined benefit pension

                                   9.         Retirement
benefit

                                   10.       Termination
of employment benefit

                                   11.       Death
benefit

                                   12.       Temporary
absences

                                   13.       Termination
for cause

                                   14.       Funding
of the Plan

                                   15.       Future
of the Plan; Termination or Modification

                                   16.       General
provisions

       

	 
	 

  

                               

	
  2

  

  

                        1.         Plan Summary

 

  

	
  Sponsor (Company)

  	
  Rock of Ages Canada Inc.

  
	
  Participant

  	
  Donald Labonté, President

  Born on September 8, 1961

  Employment date: May 12, 1980

  Date of entry: January 1, 2007

  
	
  Company fiscal year end

  	
  December 31

  
	
  Plan effective date

  	
  January 1, 2007

  
	
  Normal retirement age

  	
  65

  
	
  Basic Plan

  	
  The defined contribution plan registered
  with Revenue Canada under the number 584708

  
	
  Employer

  	
  Rock of Ages Canada Inc.

  
	
  Initial contribution

  	
  113 503,53 $

  
	
  Plan type

  	
  Defined benefit plan (target)

  
	
  Plan name

  	
  Supplemental Retirement Plan for the
  President (DL)

  

  

  

 

 

 

	
  3

  

 

 

  
  	2.         Introduction
	
	
	This
supplemental retirement plan (the "Plan") has been established by a
resolution of the Board of Directors of Rock of Ages Canada Inc. (the
"Company" or "Employer") adopted on November 21, 2007. The effective date of the Plan is January 1, 2007.
	
	
	The purpose of
the Plan is to provide benefits on termination of employment, death or
retirement for the Participant over and above the benefits the Participant will
become entitled to under the Company's defined contribution employee pension
plan referred to as the "Basic Plan" in the Plan summary.
	 
	Such benefits
are in respect of the years the Participant has been in the service of the
Employer.
	 
	3.         Definitions
	
	The following
words and expressions will be given the meaning defined in this article and in
the summary of the Plan unless it is obvious from the context that they are
used with their common meaning.
	
	3.01     Actuarially
equivalent
	
	

Defined benefits
for which the commuted values are equal.

      
	
	3.02      Actuary
	
	

A fellow of the Canadian Institute of Actuaries
designated by the Employer.

      
	
	3.03     Benefit
date
	
	

The date the
benefits are required to be calculated under the Plan.

      
	
	3.04     Best
average salary
	
	

The average of
the Participant's annual salaries for the best 3 consecutive years.

      
	
	3.05     Commuted
value
	
	The lump sum
equivalent to the defined benefits provided under the Plan, using the actuarial
bases prescribed by the Canadian Institute of Actuaries, applicable at the time
the lump sum is calculated.
	
	3.06     Custodian
	
	

The financial
institution chosen by the Employer to manage the assets of the trust fund, report
to the authorities and pay the benefits.

 

 

      

  

 	
  4

  

 

 

 

 

  
  	3.07     Employer
	
	The Company whose name is given in the
      summary and who employs the Participant. The Employer is responsible for
      all the aspects of the administration of the Plan.
	
	

3.08     
Normal retirement date

      
	
	

The first day of the month
following normal retirement age specified in the Plan Summary.

      
	
	

3.09     Salary

      
	
	The normal
remuneration paid by the Employer to the Participant. The salary does not
include bonuses or any kind of remuneration in excess of the normal remuneration.
	
	

3.10     Spouse

      
	
	

Same meaning as
given by the Basic Plan.

      
	
	

3.11     Trust
agreement

      
	
	

An agreement
entered into between the Employer and the custodian concerning the investment
of the trust fund and other duties of the custodian.

      
	
	

3.12     Trust
fund

      
	
	

A fund created
and maintained for the purpose of funding and paying the benefits provided by
the Plan.

      
	
	

3.13     Years
of credited service

      
	
	Years of
credited service are all the years the Participant has been in the service of
the Employer from his most recent date of employment. Years of service cease to
accrue on termination of employment, death or on retirement. Periods of
temporary absence without remuneration are not included in the years of
credited service.
	
	

4.         Eligibility

      
	
	

Only the person
referred to in the Plan Summary as the Participant is eligible to join this
pension Plan.

      
	
	

5.         Contributions

      
	
	

5.01     Employee
contributions

      
	
	

No contributions
are required or allowed by the Participant.

      

  

 	
  5

  

 

 

 

  
  	

5.02     Employer
initial contribution

      
	
	The Employer
will pay before one year from the effective date, in respect of services
rendered by the Participant between his employment date and his date of entry
in the Plan an initial contribution in the amount stated in the Plan Summary.
	 
	5.03     Employer
current service contribution
	 
	Commencing on
the effective date of the Plan and continuing each year until the Participant's
termination of employment, death or retirement, the Employer will pay in
respect of the service rendered during the year a contribution in the amount of
the excess, if any, of 13 % of the Participant's salary over the Employer's
required normal contribution for the year to the Basic Plan.
	 
	

The Employer's
current service contributions are paid annually prior to the end of the year.

      
	 
	

5.04     Employer
additional contributions

      
	 
	If the Employer
decides that it is appropriate to do so, it will have the Plan valued by an
actuary to determine by how much the projected benefit at normal retirement
will be off from the target defined benefit pension. Based on the results of
the valuation report, the Employer may, at its sole discretion, make additional
contributions without exceeding the contributions recommended by the actuary's
report. Additional contributions by the Employer are completely voluntary and
the Employer shall not be obligated to make any such additional contributions.
	 
	

6.         Retirement
date

      
	 
	

6.01     Normal
retirement date

      
	 
	

The normal
retirement date is the first day of the month following the normal retirement
age specified in the Plan Summary.

      
	 
	

6.02     Early
retirement date

      
	 
	

The Participant
may retire within 10 years preceding his normal retirement date.

      
	 
	

6.03     Postponed
retirement date

      
	 
	

The Participant
may postpone his retirement if he remains in the service of the Employer beyond
his normal retirement date.

      
	 
	His retirement
date will then be the first day of the month following the date he leaves the
service of the Employer. The postponed retirement date may not be later than
December 1 of the year the Participant reaches age 71.
	 

  

 

	
  6

  

 

  
  	

7.         Value
of the Plan

      
	
       

	The value of the
Plan is equal to the sum of all contributions including, if applicable,
Employer additional contributions made to the Plan from the effective date to
the benefit date together with any investment earnings on the assets of the
Plan, less any expenses paid by the Plan if any and less any amount paid under
the installment option. The value of the Plan includes any tax refundable by
Revenue Canada.
	 
	8.         Target
defined benefit pension
	 
	

The target
defined benefit pension on any given benefit date is a pension the amount of
which is calculated as follows:

      
	 
	

2 % times the best average salary times the number of years of
credited service.

      
	 
	

The type of
pension for the defined benefit pension is as follows:

      
	 
	Level (not
indexed). Joint and last survivor, reducing to 60 % after the Participant's
death and not before the end of the guaranteed period. Guaranteed period of at
least 10 years.
	 
	

The target
defined benefit pension is actuarially reduced on early retirement if the
benefit date is within 10 years of the normal retirement date.

      
	 
	

The target
defined benefit pension includes the pension which is actuarially equivalent to
the value of the amount in the Basic Plan.

      
	 
	9.         Retirement
benefit
	 
	On early, normal
or postponed retirement, the Participant is entitled to receive a lump sum equal
to the value of the Plan or, if he finds it more convenient he may elect the
installment option.
	 
	If the
Participant elects the installment option, instead of paying the value of the
Plan in a lump sum, the Plan will pay each year, for a period of 5 years, a
percentage of the value of the Plan as follows:
	 
	

                             
                
Year

                                                            1                       
20 %

                                                            2                       
25 %

                                                            3                   33
1/3%

                                                            4                       
50 %

                                                            5                      100
%

      
	 
	The first
installment will be payable within one month from the date of retirement and
the following installments will be payable each year on the anniversary of the
first installment.
	 
	

If the
Participant dies prior to the end of the installments, the value of the Plan
will become payable to the Participant's beneficiary in a lump sum.

      

  

                  

	
  7

  

 

 

  
  	

10.       Termination
of employment benefit

      
	 
	If the
Participant ceases to be employed by the Employer for a reason other than
death, before becoming eligible to an early retirement, he is entitled to
receive a lump sum equal to the value of the Plan.
	 
	11.       Death
benefit
	 
	

On death of the Participant
prior to his retirement, a death benefit equal to the value of the Plan becomes
payable to his beneficiary.

      
	 
	

12.       Temporary
absences

      
	 
	If the
Participant is absent from work, with remuneration, the contributions to the
Plan continue. If the Participant is absent from work without remuneration the
contributions to the Plan cease and if after 24 months of such absence the
Participant does not return to work he is deemed to have terminated employment
and the benefits on termination of employment become payable.
	 
	

13.       Termination
for cause

      
	 
	Notwithstanding
the other provisions of this Plan, if the Participant ceases to be employed by
the Employer and if the termination is at the request of the Employer and is
due to gross negligence, wilful misconduct, improper behaviour for the function
occupied or serious professional fault, no benefits will be payable from the
Plan on such termination of employment.
	 
	

14.       Funding
of the Plan

      
	 
	

14.01   RCA

      
	 
	

The Plan is
funded as a retirement compensation arrangement as defined in article 248 of
the Canadian Income Tax Act.

      
	 
	14.02   Expenses
	 
	Expenses for
managing the assets of the Plan and custodian expenses are paid out of the
assets of the Plan. Initial set up expenses are paid by the Employer. Other
expenses, if any, are paid out of the assets of the Plan unless the Employer,
at its sole discretion, elects to pay them.
	 
	

14.03   Management
of the trust fund

      
	 
	

The investment
of assets is done by the custodian according to the instructions provided by
the Employer.

      
	  

  

	
  8

  

 

  
  	

14.04   Appointment
of the Actuary

      
	 
	

The Employer may
appoint an Actuary for the Plan. The role of the Actuary would normally be as
follows:

      
	

 
	

•     value the defined benefit aspects of the Plan and report on the level of
funding;

	

 
	

•     determine the required contributions to reach the target;

      
	

 
	

•     for the defined contribution aspects of the Plan, project the income of the
Participant at retirement and report on the success of the Plan in attaining its
objectives and in meeting the reasonableness criteria of Revenue Canada;

      
	

 
	

•     periodically analyse the performance of the assets of the Plan;

	

 

	

•     update the rules of the Plan if necessary;

	

 

	

•    
provide illustrations to the Participant.

	

 

	
	15.       Future
of the Plan; Termination or Modification
	
	

It is the
intention of the Employer to maintain this Plan in force indefinitely while the
Participant is in the service of Employer. Provided, however, the Employer
reserves the right at all times and in its sole discretion to terminate the
Plan or to modify it in whole or in part.  Such termination or modification may
not reduce the benefits accumulated under the Plan prior to the date of such
termination or modification without the prior written consent of the
Participant.  This provision does not supersede or modify in any respect the
Employer's right to terminate the Plan and the benefits payable hereunder for
cause as provided in section 13 hereof.

      
	
	

16.       General
provisions

      
	
	

16.01   Applicable
law

      
	
	

This Plan is to
be interpreted in accordance with the laws of the province of Quebec.

      
	
	

16.02   Conflicting
provisions

      
	
	

Any provision of
the Trust agreement not compatible with the provisions contained in this
document is void.

      
	
	

16.03   Proof
of age

      
	
	

The Participant
must submit evidence of age for himself and for any other person the pension
payments are conditional on the survival of.

      

  

 

	
  9

  

 

  
  	

16.04   No
guarantee of employment

      
	 
	This Plan may
not be interpreted as conferring to the Participant any guarantee of employment
with the Employer and it may not be used in any way by the Employer to
terminate the employment of the Participant.
	 
	

16.05   Limitation
of financial responsibility of the Employer

      
	 
	

The assets in
the trust fund are not assets of the Employer and the responsibility of the
Employer is limited to the payment of the contributions as they become due.

      
	 
	

16.06   Currency

      
	 
	

All amounts
payable to the Plan or by the Plan are payable in the Canadian legal currency.

      
	 
	16.07   Assignment
or alienation
	 
	

Unless otherwise
stated in the law, the following cannot be assigned or alienated:

      
	 
	

            1.         the
value of the Plan;

            2.         any
amount refunded or benefit paid under the Plan.

      
	 
	

The rights of a
person under the Plan cannot be assigned, charged, anticipated, given as
security or surrendered.

      
	 
	

16.08   Payment
of benefits

      
	 
	The Participant
may name a beneficiary to receive the benefits payable by the Plan after his
death. The nomination of a beneficiary must be done in writing. It must be
signed by the Participant and by a witness and filed with of Employer.
	 
	

The benefits
payable by the Plan while the Participant is alive are payable to the
Participant. The benefits payable by the Plan after the Participant's death are
payable to the beneficiary named by the Participant prior to his death or in
the absence of a named beneficiary they are payable to the Participant's
estate.

      
	 
	IN WITNESS WHEREOF, this
      Supplemental Retirement Plan for the President (DL) has been executed by
      the Employer as of the effective date hereof.
	 	EMPLOYER:
	 	

ROCK
OF AGES CANADA, INC.

      
	______________________	By:
/s/  Kurt M. Swenson          
      
	Witness	Kurt M.
      Swenson, Chairman & CEO

  

 

	
  10

  

 

 

  
  	

The undersigned
Participant has carefully reviewed this Plan and understands and accepts its
terms as written:

      
	 	 
	 	PARTICIPANT
	 	 
	_____________________________                          
      	 /s/  Donald Labonte                                 
      
	Witness	Donald Labonte

  

                                                                                  

 

 

 

 

	
  11

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00139-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00139-of-00352.parquet"}]]