Document:

EX-10.1 VOTING AGREEMENT

 

EXHIBIT 10.1

VOTING AGREEMENT

     VOTING AGREEMENT (this “Agreement”) dated as of April 4, 2007, is by and among KOOSHAREM
CORPORATION, a California corporation (“Parent”), SELECT ACQUISITION, INC., a Delaware
corporation and a wholly-owned subsidiary of Parent (“Merger Sub”), and each Person (as defined in
the Merger Agreement (as defined below)) listed on the signature page hereof as a stockholder
(each, a “Stockholder,” and collectively, the “Stockholders”). For purposes of this
Agreement, capitalized terms used and not defined herein shall have the respective meanings
ascribed to them in the Agreement and Plan of Merger, dated as of the date hereof (the “Merger
Agreement”), by and among Parent, Merger Sub and Ablest Inc., a Delaware corporation (the
“Company”).

RECITALS

     A. Each Stockholder “beneficially owns” (as such term is defined in Rule 13d-3 promulgated
under the Securities Exchange Act of 1934, as amended) and is entitled to dispose of (or to direct
the disposition of) and to vote (or to direct the voting of) the number of shares of common stock,
par value $.05 per share, of the Company (the “Company Common Stock”) set forth opposite
such stockholder’s name on Schedule A hereto (such shares of Company Common Stock, together
with all other shares of capital stock of the Company acquired and beneficially owned by any
Stockholder after the date hereof and during the term of this Agreement, being collectively
referred to herein as the “Subject Shares”).

     B. Concurrently with the execution and delivery of this Agreement, Parent Merger Sub and the
Company have entered into the Merger Agreement providing for the merger of Merger Sub with and into
the Company, with the Company continuing as the surviving corporation in the Merger (the
“Merger”), all upon the terms and subject to the conditions set forth therein.

     C. As a condition to entering into the Merger Agreement, Parent and Merger Sub have required
that the Stockholders enter into this Agreement, and the Stockholders desire to enter into this
Agreement to induce Parent and Merger Sub to enter into the Merger Agreement.

     D. The Board of Directors of the Company has taken all actions necessary and within its
authority such that no restrictive provision of any “fair price,” “moratorium,” “control share
acquisition,” “business combination,” “Stockholder protection,” “interested stockholder” or other
similar anti-takeover statute or regulation, including, without limitation, Section 203 of the
General Corporation Law of the State of Delaware, or any restrictive provision of the Certificate
of Incorporation or By-Laws of the Company is, or at the Effective Time will be, applicable to the
Company, Parent, Merger Sub, the Company Common Stock, the Merger or any other transaction
contemplated by this Agreement or the Merger Agreement.

     NOW, THEREFORE, in consideration of the foregoing and the mutual premises, representations,
warranties, covenants and agreements contained herein, the parties hereto, intending to be legally
bound, hereby agree as follows:

 

 

     1. Representations and Warranties of Each Stockholder.

     Each Stockholder, severally (and not jointly), hereby represents and warrants to Parent as
follows:

          (a) Due Authorization and Organization. With respect to each Stockholder that is not
a natural person, such Stockholder is duly organized, validly existing and in good standing under
the laws of its jurisdiction of incorporation or organization (as applicable) and with respect to
each Stockholder that is a natural person, such Stockholder has the requisite capacity to enter
into this Agreement. Such Stockholder has all requisite legal power (corporate or other) and
authority to execute and deliver this Agreement and to consummate the transactions contemplated
hereby. This Agreement has been duly authorized, executed and delivered by such Stockholder and
constitutes a valid and binding obligation of such Stockholder enforceable in accordance with its
terms subject to (i) bankruptcy, insolvency, moratorium and other similar laws now or hereafter in
effect relating to or affecting creditors’ rights generally, and (ii) general principles of equity
(regardless of whether considered in a proceeding at law or in equity).

          (b) No Conflicts. (i) No filing by such Stockholder with any Governmental Entity
(other than an amended Schedule 13D), and no authorization, consent or approval of any other
Person is necessary for the execution of this Agreement by such Stockholder or the consummation by
such Stockholder of the transactions contemplated hereby and (ii) none of the execution and
delivery of this Agreement by such Stockholder, the consummation by such Stockholder of the
transactions contemplated hereby or compliance by such Stockholder with any of the provisions
hereof shall (A) conflict with or result in any breach of the organizational documents of such
Stockholder (if applicable), (B) result in, or give rise to, a violation or breach of or a default
under (with or without notice or lapse of time, or both) any of the terms of any material
contract, trust agreement, loan or credit agreement, note, bond, mortgage, indenture, lease,
permit, understanding, agreement or other instrument or obligation to which such Stockholder is a
party or by which such Stockholder or any of its Subject Shares may be bound, or (C) violate any
order, writ, injunction, decree, judgment, statute, rule or regulation applicable to such
Stockholder, except for any of the foregoing as would not reasonably be expected to prevent such
Stockholder from performing its obligations under this Agreement.

          (c) The Subject Shares. Schedule A sets forth opposite such Stockholder’s
name the number of Subject Shares beneficially owned (as defined in Recital A above) by such
Stockholder as of the date hereof. Except as set forth on Schedule A hereto, as of the
date hereof, such Stockholder has the sole power to vote (or cause to be voted) such Subject
Shares. Except as set forth on such Schedule A, such Stockholder does not own or hold any
right to acquire any additional shares of any class of capital stock of the Company or any voting
rights with respect to any shares of any class of capital stock of the Company. Such Stockholder
has good and valid title to the Subject Shares denoted as being owned by such Stockholder on
Schedule A, free and clear of any and all pledges, mortgages, liens, charges, proxies,
voting agreements, encumbrances, adverse claims, options, security interests and demands of any
nature or kind whatsoever, other than those created by this Agreement, as disclosed on
Schedule A, or as would not prevent such Stockholder from performing its obligations under
Section 3 of this Agreement.

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          (d) Reliance By Parent. Such Stockholder understands and acknowledges that Parent is
entering into the Merger Agreement in reliance upon such Stockholder’s execution and delivery of
this Agreement.

          (e) Litigation. Except as set forth on Schedule A, as of the date hereof,
there is no action, proceeding or investigation pending or, to such Stockholder’s knowledge,
threatened against such Stockholder that questions the validity of this Agreement or any action
taken or to be taken by such Stockholder in connection with this Agreement.

     2. Representations and Warranties of Parent and Merger Sub. 

     Parent and Merger Sub, jointly and severally, hereby represent and warrant to each of the
Stockholders as follows:

          (a) Due Organization, etc. Parent and Merger Sub are each duly organized, validly
existing and in good standing under the laws of their respective jurisdictions of incorporation.
Parent and Merger Sub have all requisite corporate power and authority to execute and deliver this
Agreement and to consummate the transactions contemplated hereby. This Agreement has been duly
authorized, executed and delivered by Parent and Merger Sub and constitutes a valid and binding
obligation of Parent and Merger Sub enforceable in accordance with its terms subject to (i)
bankruptcy, insolvency, moratorium and other similar laws now or hereafter in effect relating to
or affecting creditors’ rights generally, and (ii) general principles of equity (regardless of
whether considered in a proceeding at law or in equity).

          (b) Conflicts. (i) No filing by Parent or Merger Sub with any Governmental Entity,
and no authorization, consent or approval of any other Person is necessary for the execution of
this Agreement by Parent or Merger Sub or the consummation by Parent or Merger Sub of the
transactions contemplated hereby and (ii) none of the execution and delivery of this Agreement by
Parent or Merger Sub, the consummation by Parent or Merger Sub of the transactions contemplated
hereby or compliance by Parent or Merger Sub with any of the provisions hereof shall (A) conflict
with or result in any breach of the respective Certificate of Incorporation or By-Laws of Parent
or Merger Sub, (B) result in, or give rise to, a violation or breach of or a default under (with
or without notice or lapse of time, or both) any of the terms of any contract, loan or credit
agreement, note, bond, mortgage, indenture, lease, permit, understanding, agreement or other
instrument or obligation to which Parent or Merger Sub is a party or by which Parent or Merger Sub
or any of their respective assets may be bound, or (C) violate any order, writ, injunction,
decree, judgment, statute, rule or regulation applicable to Parent or Merger Sub, except for any
of the foregoing as would not prevent Parent or Merger Sub from performing their respective
obligations under this Agreement.

     3. Covenants of Each Stockholder. 

     Until the termination of this Agreement in accordance with Section 5, each Stockholder, in its
capacity as such, agrees as follows:

          (a) At the Company Stockholders’ Meeting or at any adjournment, postponement or continuation
thereof or in any other circumstance occurring prior to the

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Company Stockholders’ Meeting upon which a stockholder vote or other stockholder approval
with respect to the Merger and the Merger Agreement is sought, each Stockholder shall vote (or
cause to be voted) the Subject Shares beneficially owned (as defined in Recital A above) by such
Stockholder (i) in favor of the approval of the Merger and the approval and adoption of the Merger
Agreement; and (ii) except with the written consent of Parent and Merger Sub, against any Company
Acquisition Proposal. Any such vote shall be cast in accordance with such procedures relating
thereto so as to ensure that it is duly counted for purposes of determining that a quorum is
present and for purposes of recording the results of such vote. Each Stockholder agrees not to
enter into any agreement or commitment with any Person the effect of which would be inconsistent
with or violative of the provisions and agreements contained in this Section 3(a).

          (b) Each Stockholder agrees not to, directly or indirectly, (i) sell, transfer, tender,
pledge, encumber, assign or otherwise dispose of (collectively, a “Transfer”) or enter
into any agreement, option or other arrangement with respect to, or consent to a Transfer of, or
reduce his, her or its risk in a Constructive Sale (as defined below) with respect to, any or all
of the Subject Shares, other than in accordance with the Merger Agreement, or (ii) grant any
proxies (other than the Company proxy card in connection with the Company Stockholders’ Meeting if
and to the extent such proxy is consistent with such Stockholder’s obligations under Section 3(a)
hereof), deposit any Subject Shares into any voting trust or enter into any voting arrangement,
whether by proxy, voting agreement or otherwise, with respect to any of the Subject Shares, other
than pursuant to this Agreement or in a manner consistent with such Stockholder’s obligations
under Section 3(a) hereof. Such Stockholder further agrees not to commit or agree to take any of
the foregoing actions or take any action that would reasonably be expected to have the effect of
preventing, impeding, interfering with or adversely affecting its ability to perform its
obligations under this Agreement. Notwithstanding the foregoing or anything to the contrary set
forth in this Agreement, each Stockholder may Transfer any or all of the Subject Shares (i) by
will, or by operation of law, in which case this Agreement shall bind the transferee, or (ii) in
connection with estate and charitable planning purposes, including Transfers to relatives, trusts
and charitable organizations or by distribution to partners, members, stockholders or affiliates
of the Stockholder, so long as the transferee, prior to such Transfer, executes a counterpart of
this Agreement (with such modifications as Parent may reasonably request solely to reflect such
transfer). As used herein, the term “Constructive Sale” shall mean a short sale with respect to
any Subject Shares, entering into or acquiring an offsetting derivative contract with respect to
any Subject Shares, entering into or acquiring a futures or forward contract to deliver any
Subject Shares or entering into any other or other derivative transaction that has the effect of
materially changing the economic benefits and risks of ownership.

          (c) Such Stockholder shall not, nor shall such Stockholder act in concert with any Person to
make, or in any manner participate in, directly or indirectly, a “solicitation” (as such term is
used in the rules of the Securities and Exchange Commission) of proxies or powers of attorney or
similar rights to vote.

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     4. Stockholder Capacity.

          No Person executing this Agreement, nor any officer, director, partner, employee, agent or
representative of such Person, who is or becomes during the term of this Agreement a director or
officer of the Company shall be deemed to make any agreement or understanding in this Agreement in
such Person’s capacity as a director or officer. Each Stockholder is entering into this Agreement
solely in his or her capacity as the or beneficial owner of, or the trustee of a trust whose
beneficiaries are the beneficial owners of, such Stockholder’s Subject Shares and nothing herein
shall limit or affect any actions taken by a Stockholder in his or her capacity as a director or
officer of the Company.

     5. Termination.

     This Agreement shall terminate (i) upon the approval and adoption of the Merger Agreement at
the Company Stockholders’ Meeting; (ii) upon the termination of the Merger Agreement in
accordance with its terms; (iii) at any time upon notice by Parent to the Stockholders; or (iv)
upon the nine-month anniversary of the date hereof. No party hereto shall be relieved from any
liability for intentional breach of this Agreement by reason of any such termination.
Notwithstanding the foregoing, this Section 5 and Sections 7 and 8 of this Agreement shall survive
the termination of this Agreement.

     6. Appraisal Rights.

     To the extent permitted by applicable law, each Stockholder hereby waives any rights of
appraisal or rights to dissent from the Merger that it may have under applicable law.

     7. Publication.

     Each Stockholder hereby authorizes Parent and the Company to publish and disclose in the Proxy
Statement (including any and all documents and schedules filed with the Securities and Exchange
Commission relating thereto) its identity and ownership of Subject Shares and the nature of its
commitments, arrangements and understandings pursuant to this Agreement.

     8. Waiver of Jury Trial.

     EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY THAT MAY ARISE UNDER THIS AGREEMENT IS
LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY
AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY
LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY OR THEREBY. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (A) NO REPRESENTATIVE,
AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY
WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (B) EACH SUCH PARTY
UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (C) EACH SUCH PARTY MAKES THIS
WAIVER VOLUNTARILY, AND (D) EACH SUCH

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PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS
AND CERTIFICATIONS IN THIS SECTION 8.

     9. Governing Law; Jurisdiction.

     This Agreement shall be governed by, and construed in accordance with, the laws of the State
of Delaware applicable to contracts executed in and to be performed entirely within that State.
Each party hereby agrees that any suit, action or proceeding seeking to enforce any provision of,
or based on any matter arising out of or in connection with, this Agreement or the transactions
contemplated hereby, shall be brought only in the United States District Court for the Middle
District of Florida, Tampa Division, and consents to be subject to the personal jurisdiction of
that court. Each party further agrees that if the United States District Court for the Middle
District of Florida lacks subject matter jurisdiction over any such suit, action or proceeding, the
suit, action or proceeding then shall be brought only in the Circuit Court of the Thirteenth
Judicial Circuit, in and for Hillsborough County, Florida, and consents to be subject to the
personal jurisdiction of that court. Each party hereby irrevocably consents to the service of any
and all process in any such suit, action or proceeding by the delivery of such process to such
party at the address and in the manner provided in Section 13 hereof. Each of the parties hereto
irrevocably and unconditionally waives any objection to the laying of venue of any action, suit or
proceeding arising out of or in connection with this Agreement or the transactions contemplated
hereby in either the United States District Court for the Middle District of Florida, Tampa
Division, or the Circuit Court of the Thirteenth Judicial Circuit, in and for Hillsborough County,
Florida, and hereby further irrevocably and unconditionally waives and agrees not to plead or claim
in any such court that any such action, suit or proceeding brought in any such court has been
brought in an inconvenient forum, and agrees not to raise any other objection to venue in any such
court.

     10. Specific Performance.

     Each party hereto acknowledges that money damages would be both incalculable and an
insufficient remedy for any breach of this Agreement by such party and that any such breach would
cause the other party hereto irreparable harm. Accordingly, each party hereto also agrees that, in
the event of any breach or threatened breach of the provisions of this Agreement by such party, the
other party hereto shall be entitled to equitable relief without the requirement of posting a bond
or other security, including in the form of injunctions and orders for specific performance.

     11. Amendment, Waivers, Etc.

     This Agreement may be amended by Parent, Merger Sub and the Stockholders at any time before
adoption of the Merger Agreement by the stockholders of the Company; provided, however, that after
such adoption, no amendment shall be made that by law or in accordance with the rules of any
relevant stock exchange or automated inter-dealer quotation system requires further approval by
such Stockholders without such further approval. This Agreement may not be amended except by an
instrument in writing signed by Parent, Merger Sub and the Stockholders. At any time prior to the
Effective Time, Parent, Merger Sub and the Stockholders

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may, to the extent legally allowed, (i) extend the time for the performance of any of the
obligations or acts of the other party; (ii) waive any inaccuracies in the representations and
warranties of the other party contained herein or in any document delivered pursuant to this
Agreement; and (iii) waive compliance with any of the agreements or conditions of the other party
contained herein; provided, however, that no failure or delay by Parent, Merger Sub and the
Stockholders in exercising any right hereunder shall operate as a waiver thereof nor shall any
single or partial exercise thereof preclude any other or further exercise thereof or the exercise
of any other right hereunder. Any agreement on the part of Parent or the Stockholders to any such
extension or waiver shall be valid only if set forth in an instrument in writing signed on behalf
of such party.

     12. Assignment; No Third Party Beneficiaries.

     Neither this Agreement nor any of the rights, benefits or obligations hereunder may be
assigned by any of the parties hereto (whether by operation of law or otherwise) without the prior
written consent of all of the other parties. Subject to the preceding sentence, this Agreement
will be binding upon, inure to the benefit of and be enforceable by the parties hereto and their
respective successors and permitted assigns. Nothing in this Agreement, express or implied, is
intended to or shall confer upon any Person (other than Parent, Merger Sub and the Stockholders and
their respective successors and permitted assigns) any legal or equitable right, benefit or remedy
of any nature whatsoever under or by reason of this Agreement, and no Person (other than as so
specified) shall be deemed a third party beneficiary under or by reason of this Agreement.

     13. Notices. All notices and other communications given or made pursuant hereto shall
be in writing and shall be deemed to have been duly given or made (i) as of the date delivered if
delivered personally or on the date of confirmation of receipt if sent by facsimile and (ii) on the
fifth business day after deposit in the U.S. mail, if mailed by registered or certified mail
(postage prepaid, return receipt requested), in each case to the parties at the following addresses
(or at such other address for a party as shall be specified by like notice, except that notices of
changes of address shall be effective upon receipt):

	 	 	 	 	 
	 	 	if to Parent, to:
	 
	 	 	Koosharem Corporation
	 	 	3820 State Street
	 	 	Santa Barbara, California 93105
	 

	 	Attention:
	 	D. Stephen Sorensen
	 

	 	Telephone:
	 	(805) 882-2202 (not official notice)
	 

	 	Facsimile:
	 	(805) 898-7111

If to any Stockholder, at the address set forth under such Stockholder’s name on Schedule A
hereto or to such other address as the party to whom notice is to be given may have furnished to
the other parties in writing in accordance herewith.

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     14. Severability. 

     If any term or other provision of this Agreement is invalid, illegal or incapable of being
enforced by any rule of law, or public policy, all other conditions and provisions of this
Agreement shall nevertheless remain in full force and effect so long as the economic or legal
substance of the transactions contemplated hereby is not affected in any manner adverse to any
party. Upon such determination that any term or other provision is invalid, illegal or incapable
of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as
to effect the original intent of the parties as closely as possible in an acceptable manner to the
end that transactions contemplated hereby are fulfilled to the maximum extent possible.

     15. Integration.

     This Agreement (together with the Merger Agreement to the extent referenced herein), including
Schedule A hereto, constitutes the full and entire understanding and agreement of the
parties with respect to the subject matter hereof and thereof and supersedes any and all prior
understandings or agreements relating to the subject matter hereof and thereof.

     16. Mutual Drafting.

     Each party hereto has participated in the drafting of this Agreement, which each party
acknowledges is the result of extensive negotiations between the parties.

     17. Section Headings.

     The section headings of this Agreement are for convenience of reference only and are not to be
considered in construing this Agreement.

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     18. Counterparts.

     This Agreement may be executed in one or more counterparts and by different parties hereto in
separate counterparts, and of which when executed shall be deemed to be an original but all which
shall constitute one and the same agreement.

[SIGNATURE PAGES FOLLOWS]

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

	 	 	 	 	 
	 	KOOSHAREM CORPORATION

 	 
	 	By:  	/s/
D. Stephen Sorensen 	 
	 	 	Name:  D. Stephen Sorensen	 
	 	 	Title:  President and
Chief Executive Officer	 
	 

	 	 	 	 	 
	 	SELECT ACQUISITION, INC.

 	 
	 	By:  	/s/
D. Stephen Sorensen	 
	 	 	Name:  D. Stephen Sorensen	 
	 	 	Title:  President, Secretary and
Treasurer	 

10

 

	 	 	 	 	 

	 	 	 
	 

	 	STOCKHOLDERS:
	 
	 	/s/ Charles
H. Heist
	 

	 	 
	 

	 	Charles H. Heist
	 
	 	/s/ Karen L. Heist
	 

	 	 
	 

	 	Karen L. Heist
	 
	 	/s/ Victoria Hall
	 

	 	 
	 

	 	Victoria Hall
	 
	 	/s/ Dixie Lea Clark
	 

	 	 
	 

	 	Dixie Lea Clark
	 
	 	/s/ Kelli Ann Heist
	 

	 	 
	 

	 	Kelli Ann Heist
	 
	 	/s/ Rebecca Lynn Heist
	 

	 	 
	 

	 	Rebecca Lynn Heist

	 	 	 	 	 
	 	C.H. HEIST INVERVIVOS TRUST

Charles H. Heist and Rebecca L. Heist, Trustees

 	 
	 	By:  	/s/ Charles
H. Heist	 
	 	 	Charles H. Heist, Trustee 	 
	 	 	 	 
	 

	 	 	 	 	 
	 	 	 
	 	By:  	
/s/ Rebecca L. Heist	 
	 	 	Rebecca L. Heist, Trustee 	 
	 	 	 	 
	 

	 	 	 	 	 
	 	TRUST FBO GYPSY MARIE CORBETT

Charles H. Heist, Victoria Heist Hall and Dixie

L. Clark, Trustees

 	 
	 	By:  	/s/ Charles
H. Heist	 
	 	 	Charles H. Heist, Trustee 	 
	 	 	 	 

11

 

	 	 	 	 	 

	 	 	 	 	 
	 	 	 
	 	By:  	/s/
Victoria Heist Hall	 
	 	 	Victoria Heist Hall, Trustee 	 
	 	 	 	 
	 

	 	 	 	 	 
	 	 	 
	 	By:  	
/s/ Dixie L. Clark	 
	 	 	Dixie L. Clark, Trustee 	 
	 	 	 	 
	 

	 	 	 	 	 
	 	TRUST FBO LACEY LEA CORBETT

Charles H. Heist, Victoria Heist Hall and Dixie

L. Clark, Trustees

 	 
	 	By:  	/s/
Charles H. Heist	 
	 	 	Charles H. Heist, Trustee 	 
	 	 	 	 
	 

	 	 	 	 	 
	 	 	 
	 	By:  	
/s/ Victoria Heist Hall	 
	 	 	Victoria Heist Hall, Trustee 	 
	 	 	 	 
	 

	 	 	 	 	 
	 	 	 
	 	By:  	
/s/ Dixie L. Clark	 
	 	 	Dixie L. Clark, Trustee 	 
	 	 	 	 
	 

	 	 	 	 	 
	 	TRUST FBO WILLIAM B. HALL III

Charles H. Heist, Victoria Heist Hall and Dixie

L. Clark, Trustees

 	 
	 	By:  	/s/
Charles H. Heist	 
	 	 	Charles H. Heist, Trustee 	 
	 	 	 	 
	 

	 	 	 	 	 
	 	 	 
	 	By:  	
/s/ Victoria Heist Hall	 
	 	 	Victoria Heist Hall, Trustee 	 
	 	 	 	 
	 

	 	 	 	 	 
	 	 	 
	 	By:  	
/s/ Dixie L. Clark	 
	 	 	Dixie L. Clark, Trustee 	 
	 	 	 	 

12

 

	 	 	 	 	 

	 	 	 	 	 
	 	TRUST FBO JAMES HEIST HALL

Charles H. Heist, Victoria Heist Hall and Dixie

L. Clark, Trustees

 	 
	 	By:  	/s/ Charles H. Heist
	 
	 	 	Charles H. Heist, Trustee 	 
	 	 	 	 
	 

	 	 	 	 	 
	 	 	 
	 	By:  	
/s/ Victoria Heist Hall	 
	 	 	Victoria Heist Hall, Trustee 	 
	 	 	 	 
	 

	 	 	 	 	 
	 	 	 
	 	By:  	
/s/ Dixie L. Clark	 
	 	 	Dixie L. Clark, Trustee 	 
	 	 	 	 
	 

	 	 	 	 	 
	 	TRUST FBO THOMAS MORRISON HALL

Charles H. Heist, Victoria Heist Hall and Dixie

L. Clark, Trustees

 	 
	 	By:  	/s/
Charles H. Heist	 
	 	 	Charles H. Heist, Trustee 	 
	 	 	 	 
	 

	 	 	 	 	 
	 	 	 
	 	By:  	/s/ Victoria Heist Hall	 
	 	 	Victoria Heist Hall, Trustee 	 
	 	 	 	 
	 

	 	 	 	 	 
	 	 	 
	 	By:  	
/s/ Dixie L. Clark	 
	 	 	Dixie L. Clark, Trustee 	 
	 	 	 	 

13

 

	 	 	 	 	 

	 	 	 	 	 
	 	TRUST FBO KELLI ANN HEIST

Charles H. Heist, Victoria Heist Hall and Dixie

L. Clark, Trustees

 	 
	 	By:  	/s/
Charles H. Heist	 
	 	 	Charles H. Heist, Trustee 	 
	 	 	 	 
	 

	 	 	 	 	 
	 	 	 
	 	By:  	
/s/ Victoria Heist Hall 	 
	 	 	Victoria Heist Hall, Trustee 	 
	 	 	 	 
	 

	 	 	 	 	 
	 	 	 
	 	By:  	
/s/ Dixie L. Clark 	 
	 	 	Dixie L. Clark, Trustee 	 
	 	 	 	 
	 

	 	 	 	 	 
	 	TRUST FBO REBECCA LYNN HEIST

Charles H. Heist, Victoria Heist Hall and Dixie

L. Clark, Trustees

 	 
	 	By:  	/s/
Charles H. Heist 	 
	 	 	Charles H. Heist, Trustee 	 
	 	 	 	 
	 

	 	 	 	 	 
	 	 	 
	 	By:  	
/s/ Victoria Heist Hall 	 
	 	 	Victoria Heist Hall, Trustee 	 
	 	 	 	 
	 

	 	 	 	 	 
	 	 	 
	 	By:  	
/s/ Dixie L. Clark 	 
	 	 	Dixie L. Clark, Trustee 	 
	 	 	 	 
	 

	 	 	 	 	 
	 	TRUST FBO CHARLES H. HEIST IV

Charles H. Heist, Victoria Heist Hall and Dixie

L. Clark, Trustees

 	 
	 	By:  	/s/
Charles H. Heist 	 
	 	 	Charles H. Heist, Trustee 	 
	 	 	 	 
	 

	 	 	 	 	 
	 	 	 
	 	By:  	
/s/ Victoria Heist Hall 	 
	 	 	Victoria Heist Hall, Trustee 	 
	 	 	 	 
	 

	 	 	 	 	 
	 	 	 
	 	By:  	
/s/ Dixie L. Clark 	 
	 	 	Dixie L. Clark, Trustee 	 
	 	 	 	 
	 

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SCHEDULE
A

STOCKHOLDERS

	 	 	 	 	 
	Stockholder	 	Subject Shares
	Charles H. Heist

c/o Ablest Inc.

1511 N. Westshore Blvd., Suite 900

Tampa, Florida 33607
	 	 	201,915	 
	 
	 	 	 	 
	Karen L. Heist

c/o Ablest Inc.

1511 N. Westshore Blvd., Suite 900

Tampa, Florida 33607
	 	 	127,248	 
	 
	 	 	 	 
	Victoria Hall

c/o Ablest Inc.

1511 N. Westshore Blvd., Suite 900

Tampa, Florida 33607
	 	 	91,941	 
	 
	 	 	 	 
	Dixie Lea Clark

c/o Ablest Inc.

1511 N. Westshore Blvd., Suite 900

Tampa, Florida 33607
	 	 	126,014	 
	 
	 	 	 	 
	C.H. Heist Intervivos Trust

Charles H. Heist and Rebecca L. Heist, Trustees

c/o Ablest Inc.

1511 N. Westshore Blvd., Suite 900

Tampa, Florida 33607
	 	 	454,645	*

 

			
	*	 	Charles H. Heist, as co-trustee of the C.H.
Heist Intervivos Trust and personal representative of the Estate of Clydis D.
Heist (the “Estate”), and Rebecca L. Heist, as co-trustee
of the C. H. Heist Intervivos Trust, are parties to a Commercial Note, dated
March 24, 2006, with SunTrust Bank, a Georgia banking corporation
(“SunTrust”), pursuant to which the Estate borrowed
approximately $1,324,022.89 (the “Loan”). In connection
with the Loan, Charles H. Heist and Rebecca L. Heist, as co-trustees of the
C.H. Heist Intervivos Trust, are parties to a Security Agreement in favor of
SunTrust pursuant to which they have pledged the 454,645 shares held by the
C.H. Heist Trust as collateral for the Loan. Additionally, in connection with
the Loan and Security Agreement, Charles H. Heist, as co-trustee of the C.H.
Heist Intervivos Trust and personal representative of the Estate, and Rebecca
L. Heist, as co-trustee of the C.H. Heist Intervivos Trust, are parties to a
Margin Agreement with SunTrust. The Loan, Security Agreement and Margin
Agreement contain standard default and similar provisions that would permit
SunTrust to take ownership of the 454,645 shares held by the C.H. Heist Trust
upon the occurrence of an event of default.
	 
	 	 	 

A - 1

 

SCHEDULE A

	 	 	 	 	 
	Stockholder	 	Subject Shares
	Trust FBO Gypsy Marie Corbett

Charles H. Heist, Victoria Heist Hall and Dixie L. Clark,
Trustees

c/o Ablest Inc.

1511 N. Westshore Blvd., Suite 900

Tampa, Florida 33607
	 	 	64,806	 
	 
	 	 	 	 
	Trust FBO Lacey Lea Corbett

Charles H. Heist, Victoria Heist Hall and Dixie L. Clark,
Trustees

c/o Ablest Inc.

1511 N. Westshore Blvd., Suite 900

Tampa, Florida 33607
	 	 	63,766	 
	 
	 	 	 	 
	Trust FBO William B. Hall III

Charles H. Heist, Victoria Heist Hall and Dixie L. Clark,
Trustees

c/o Ablest Inc.

1511 N. Westshore Blvd., Suite 900

Tampa, Florida 33607
	 	 	32,215	 
	 
	 	 	 	 
	Trust FBO James Heist Hall

Charles H. Heist, Victoria Heist Hall and Dixie L. Clark,
Trustees

c/o Ablest Inc.

1511 N. Westshore Blvd., Suite 900

Tampa, Florida 33607
	 	 	64,606	 
	 
	 	 	 	 
	Trust FBO Thomas Morrison Hall

Charles H. Heist, Victoria Heist Hall and Dixie L. Clark,
Trustees

c/o Ablest Inc.

1511 N. Westshore Blvd., Suite 900

Tampa, Florida 33607
	 	 	64,806	 
	 
	 	 	 	 
	Trust FBO Kelli Ann Heist

Charles H. Heist, Victoria Heist Hall and Dixie L. Clark,
Trustees

c/o Ablest Inc.

1511 N. Westshore Blvd., Suite 900

Tampa, Florida 33607
	 	 	31,657	 

A - 2

 

SCHEDULE A

	 	 	 	 	 
	Stockholder	 	Subject Shares
	Trust FBO Rebecca Lynn Heist

Charles H. Heist, Victoria Heist Hall and Dixie L. Clark,
Trustees

c/o Ablest Inc.

1511 N. Westshore Blvd., Suite 900

Tampa, Florida 33607
	 	 	64,806	**
	 
	 	 	 	 
	Trust FBO Charles H. Heist IV

Charles H. Heist, Victoria Heist Hall and Dixie L. Clark,
Trustees

c/o Ablest Inc.

1511 N. Westshore Blvd., Suite 900

Tampa, Florida 33607
	 	 	64,431	 
	 
	 	 	 	 
	Kelli Ann Heist

c/o Ablest Inc.

1511 N. Westshore Blvd., Suite 900

Tampa, Florida 33607
	 	 	20,449	 
	 
	 	 	 	 
	 
	 	 	 	 
	Total
	 	 	1,473,305	 
	 
	 	 	 	 

 

			
	**	 	Pursuant to the terms of the relevant trust
agreement, on November 3, 2007, 32,403 shares will be distributed to Rebecca
Lynn Heist from this trust.

A - 3

 

SCHEDULE A

Section 1(e):

On March 5, 2007, David Ryman, an alleged stockholder of the Company, filed a lawsuit against the
Company, certain Company directors and officers, and other parties, on behalf of a putative class
of the Company’s “public stockholders.” The litigation is pending in the Circuit Court of the 13th
Judicial Circuit in and for Hillsborough County, Florida. On March 26, 2007, the Company was
served with the Summons and Complaint. The litigation relates to the Company’s January 23, 2007
announcement that: (i) certain existing investors, including Charles H. Heist, III, the Company’s
Chairman of the Board, Kurt R. Moore, the Company’s President and Chief Executive Officer, and two
partnerships that own Company shares, had presented the Company with a proposal to acquire all of
the Company’s publicly held common stock; and (ii) the Company’s Board of Directors had formed a
Special Committee of four independent directors to review and evaluate the proposal, and as well as
other strategic alternatives for the Company. In his Complaint, the plaintiff seeks: (i) an order
enjoining the defendants from proceeding with, consummating or closing the proposed transaction;
(ii) in the event that the transaction is closed, an order rescinding the transaction or awarding
damages; and (iii) an award of attorney’s fees, expert’s fees and costs.

A - 4EX-10.1 2006 LONG TERM EQUITY INCENTIVE PLAN

 

EXHIBIT 10.1

BlueLinx Holdings Inc. 2006 Long-Term Equity Incentive Plan

Performance Share Award Agreement

Congratulations on your selection as a Participant for an Award of Performance Shares which
is governed by the BlueLinx Holdings Inc. 2006 Long-Term Equity Incentive Plan (the “Plan”). This
Award Agreement (the “Agreement”) and the Plan together govern your rights under this Agreement
with respect to your award of Performance Shares (the “Performance Shares”) and set forth all of
the conditions and limitations affecting such rights. Terms used in this Agreement that are defined
in the Plan shall have the meanings ascribed to them in the Plan. If there is any inconsistency
between the terms of this Agreement and the terms of the Plan, the Plan’s terms shall supersede and
replace the conflicting terms of this Agreement.

Overview of Performance Share Award

	1.	 	Target Number of Performance Shares Granted:                     
	 
	2.	 	Date of Grant: March 29, 2007
	 
	3.	 	Performance Cycle: The Performance Cycle commences on January 1, 2007 and ends on December 31, 2009.
	 
	4.	 	Performance Measure(s):

	 	(a)	 	Return on Net Assets, or “RONA,” means EBIT divided by Average Net Assets.

EBIT means Company earnings before interest and taxes, as calculated for the fiscal
year.

Average Net Assets means total Company assets (current assets plus net plant property
and equipment plus any other long-term assets) minus non-interest-bearing liabilities
(accounts payable plus other current liabilities plus any other long-term liabilities).
	 
	 	(b)	 	Specialty Volume Growth in Excess of End Use Market Growth means the estimated
sales growth rate in the volume of the Company’s Specialty products in excess of the
aggregate market sales growth rate of the Company’s estimated end use markets. For
purposes of this calculation, the Company may use the estimates it provides for Specialty
product growth in connection with its quarterly earnings releases. Acquisitions will be
excluded from this calculation in the first year of the acquisition. The Company
reserves the right to adjust and/or refine the calculation methods used to calculate
these measures at any time in its sole discretion.

Specialty products encompass the following: all products except plywood, OSB, lumber
and rebar/remesh. The Company reserves the right to amend this definition at any time
in its sole discretion.

 

 

	5.	 	Amount of Target Award Earned: Subject to Sections 7 and 8, in calculating the number of
Performance Shares earned for the Performance Cycle, the Committee must certify results for
RONA for fiscal 2009 and the three (3) year growth in Specialty product volume in excess of
end use market volume growth during the Performance Cycle. Awards earned will be determined
based on the following schedule, with straight-line interpolation as necessary for performance
between the levels indicated. In determining awards earned, the definitions set forth in
Section 4 above and results determined as of the end of the Performance Cycle shall apply.

The Performance Measure vesting schedule is as follows:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	2009 RONA*	 	% of Target Award Earned
	___%
	 	 	75	%	 	 	100	%	 	 	125	%	 	 	150	%
	___%
	 	 	50	%	 	 	75	%	 	 	100	%	 	 	125	%
	___%
	 	 	25	%	 	 	50	%	 	 	75	%	 	 	100	%
	Below ___%
	 	 	0	%	 	 	25	%	 	 	50	%	 	 	75	%
	 
	 	 	__	%	 	 	__	%	 	 	__	%	 	 	__	%
	 	 	3-Year Growth in Specialty

Volume in Excess of End Use Market
Volume Growth

(excludes acquisitions in year one)

 

			
	*	 	Assumes housing starts of 1.91 million in 2009.

The Company has sole discretion to adjust the RONA percentages in the performance measure vesting
schedule to properly account for any differences between estimated and actual housing starts in
2009.

	6.	 	Settlement of Award: The Company shall deliver to you one Share for each Performance Share
earned by you, as determined in accordance with the provisions of Sections 5 and 7, subject to
adjustment in accordance with Section 11. Any fractional Shares for Performance Shares payable
to you in accordance with this Section shall be rounded up to the nearest whole Share.

	7.	 	Eligibility for Earned Performance Shares: You will be eligible for payment of earned
Performance Shares only if:

	 	(a)	 	Your employment with the Company continues through the end of the Performance Cycle.
	 
	 	(b)	 	Your employment with the Company is terminated due to death during the Performance
Cycle.
	 
	 	(c)	 	Your employment with the Company is terminated due to your Disability during the
Performance Cycle. For the purposes of this Agreement, Disability means you: (a) are
unable to engage in any substantial gainful activity by reason of any

 

 

	 	 	 	medically determinable physical or mental impairment which can be expected to result in
death or can be expected to last for a continuous period of not less than twelve (12)
months, or (b) are, by reason of any medically determinable physical or mental impairment
which could be expected to result in death or can be expected to last for a continuous
period or not less than twelve (12) months, receiving income replacement benefits for a
period of not less than three (3) months under an accident and health plan covering
employees of the Company.
	 
	 	(d)	 	If there is a Change in Control of the Company during the Performance Cycle.

If your employment with the Company continues through the end of the Performance Cycle, you
shall be eligible for the earned Performance Shares as determined in accordance with Section 5.

If your termination date due to death, Disability, or Change in Control occurs during the
Performance Cycle, you shall be eligible only for a fraction of the number of Performance
Shares. The fraction will be determined using a numerator which equals the number of complete
calendar months that have elapsed since the beginning of the Performance Cycle through the
beginning of the month of termination or Change in Control, as appropriate (unless your date of
termination or date of Change in Control occurs on or after the 15th of such month,
in which case the number of months will be calculated through the end of such month), and a
denominator which is equal to the number of months in the Performance Cycle. This fraction will
then be multiplied by the target number of performance shares granted to you in Section 1 to
provide you with your total Performance Shares earned. In the event such proration results in a
fractional number of Shares, such number will be rounded up to the nearest whole number.

Except as otherwise provided in this Agreement, all Performance Shares that are not earned as a
result of your continued employment through the Performance Cycle, death, Disability, or Change
in Control during the Performance Cycle, shall be forfeited to the Company. In the event of
your death, your beneficiary or estate shall be entitled to the Performance Shares to which you
otherwise would have been entitled under the same conditions as would have been applicable to
you.

All Performance Shares earned under this Section 7 shall be paid in accordance with Section 8.

	8.	 	Manner and Time of Payment: Payment in Shares earned pursuant to this Award Agreement will be
made:

	 	(a)	 	For terminations due to death, Disability, not later than March 15 of the year
after termination.
	 
	 	(b)	 	If your employment continues through the Performance Cycle, not later than March
15, 2010. 
	 
	 	(c)	 	For a Change in Control during the Performance Cycle, as of the date of Change in
Control.

 

 

Upon payment, the Company shall cause to be issued and delivered to you or your legal
representative, as the case may be, certificates for the Shares. The Share certificates shall
be issued in your name (or, at your discretion, jointly in your name and the name of your
spouse). The Company shall maintain a record of all information pertaining to your rights under
this Agreement, including the number of Shares paid to you.

	9.	 	Termination of Employment for Other Reasons: In the event that your employment with the
Company is terminated during the Performance Cycle by the Company or by you for any reason
other than those reasons set forth in Section 7, this entire Award shall forfeit and no
payment shall be made to you.

	10.	 	Nontransferability: During the Performance Cycle, Performance Shares awarded pursuant to this
Award Agreement may not be sold, transferred, pledged, assigned, or otherwise alienated or
hypothecated (“Transfer”), other than by will or by the laws of descent and distribution,
except as provided in the Plan. If any Transfer, whether voluntary or involuntary, of
Performance Shares is made, or if any attachment, execution, garnishment, or lien shall be
issued against or placed upon the Performance Shares, your right to such Performance Shares
shall be immediately forfeited to the Company, and this Award Agreement shall lapse.

	11.	 	Adjustments: In the event that the outstanding Shares of common stock are changed into or
exchanged for a different number or kind of capital stock or other securities of the Company
by reason of merger, consolidation, recapitalization, reclassification, stock split-up, stock
dividend, or combination of shares, the Committee, subject to the provisions of the Plan and
this Agreement, shall make an appropriate and equitable adjustment in accordance with the
provisions of the Plan in the number and kind of Performance Shares, to the end that after
such event your proportionate interest shall be maintained as before the occurrence of such
event. Any such adjustment made by the Committee or the Board shall be final and binding upon
you, the Company, and all other interested persons.

	12.	 	Requirements of Law: The granting of Performance Shares under the Plan shall be subject to
all applicable laws, rules, and regulations, and to such approvals by any governmental
agencies or national securities exchanges as may be required.

	13.	 	Inability to Obtain Authorization: The inability of the Company to obtain authority from any
regulatory body having jurisdiction, which authority is deemed by the Company’s counsel to be
necessary to the lawful issuance and sale of any Shares hereunder, shall relieve the Company
of any liability with respect to the failure to issue or sell such Shares as to which such
requisite authority shall not have been obtained.

	14.	 	Withholding: The Company shall have the power and the right to deduct or withhold, or require
you to remit to the Company, the minimum statutory amount to satisfy federal, state, and local
taxes, domestic or foreign, required by law or regulation to be withheld with respect to any
taxable event arising as a result of the Plan (the “Withholding Taxes”). As you will be
entitled to receive Shares in exchange for your Performance Shares, you shall pay the
Withholding Taxes to the Company in cash prior to the issuance of such Shares or have the
Company withhold Shares having the Fair Market Value of the Withholding Taxes.

 

 

	15.	 	Administration: This Award Agreement and your rights hereunder are subject to all the terms
and conditions of the Plan, as the same may be amended from time to time, as well as to such
rules and regulations as the Committee may adopt for administration of the Plan. It is
expressly understood that the Committee is authorized to administer, construe, and make all
determinations necessary or appropriate to the administration of the Plan and this Award
Agreement, all of which shall be binding upon you, the Participant.

	16.	 	No Right to Future Grants; No Right of Employment or Continued Employment; Extraordinary
Item: In accepting the grant, you acknowledge that: (a) the Plan is established voluntarily by
the Company, it is discretionary in nature and it may be modified, suspended, or terminated by
the Company at any time, as provided in the Plan and this Award Agreement; (b) the grant is
voluntary and occasional and does not create any contractual or other right to receive future
grants; (c) all decisions with respect to future grants, if any, will be at the sole
discretion of the Company; (d) your participation in the Plan is voluntary; (e) the grant is
an extraordinary item that does not constitute compensation of any kind for services of any
kind rendered to the Company and which is outside the scope of your employment contract, if
any; (f) the grant is not part of normal or expected compensation or salary for any purposes,
including, but not limited to, calculating any severance, resignation, termination,
redundancy, end of service payments, bonuses, long-service awards, pension or retirement
benefits or similar payments; (g) in the event that you are an Employee of an Affiliate or
Subsidiary of the Company, the grant will not be interpreted to form an employment contract or
relationship with the Company, and furthermore, the grant will not be interpreted to form an
employment contract with the Affiliate or Subsidiary that is your employer; (h) this grant
shall not confer upon you any right to continuation of employment by the Company, nor shall
this grant interfere in any way with your or the Company’s right to terminate your employment
at any time; (i) the future value of the underlying Shares is unknown and cannot be predicted
with certainty; (j) notwithstanding any terms or conditions of the Plan to the contrary, in
the event of the termination of your employment by the Company for any reason other than those
reasons set forth in Section 7, your right to receive Shares under this Agreement, if any,
will terminate effective as of the date that you are no longer actively employed and will not
be extended by any notice period mandated under any federal, state, provincial, or local law
(including but not limited to the Worker Adjustment and Retraining Notification Act).

	17.	 	Requirements to Become a Stockholder: You shall not be deemed to be the holder of, or to have
any of the rights of a holder with respect to, any Shares subject to this Award until: (a) the
Shares have been paid to you pursuant to the terms of this Award Agreement, and (b) the
Company shall have issued and delivered to you a certificate representing the Shares.

	18.	 	Investment Representation: Unless a registration statement under the Securities Act of 1933,
as amended (and applicable state securities laws), is in effect with respect to the Shares
issued, you, or your designated beneficiary, agree with, and represent to, the Company that
you are acquiring the Shares for the purpose of investment and not with a view to transfer,
sell, or otherwise dispose of the Shares. The Company may require an opinion of counsel
satisfactory to it prior to the transfer of any Shares to assure at all times that it will be
in compliance with applicable federal and state securities laws.

 

 

	19.	 	Amendment to the Plan: The Committee may terminate, amend, or modify the Plan; provided,
however, that no such termination, amendment, or modification of the Plan may in any way
adversely affect your rights under this Award Agreement, without your written approval.

	20.	 	Successor: All obligations of the Company under the Plan and this Award Agreement, with
respect to the Performance Shares, shall be binding on any successor to the Company, whether
the existence of such successor is the result of a direct or indirect purchase, merger,
consolidation, or otherwise, of all or substantially all of the business and/or assets of the
Company.

	21.	 	Applicable Laws and Consent to Jurisdiction: The validity, construction, interpretation, and
enforceability of this Award Agreement shall be determined and governed by the laws of the
State of Delaware without giving effect to the principles of conflicts of law. For the purpose
of litigating any dispute that arises under this Award Agreement, the parties hereby consent
to exclusive jurisdiction and agree that such litigation shall be conducted in the federal or
state courts of the State of Delaware.

	22.	 	Severability: The provisions of this Award Agreement are severable and if any one or more
provisions are determined to be illegal or otherwise unenforceable, in whole or in part, the
remaining provisions shall nevertheless be binding and enforceable.

     IN WITNESS WHEREOF, the parties hereto have executed this Award Agreement as of the date
indicated below.

	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	BlueLinx Holdings Inc.	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	Dated: March 29, 2007	 	 	 	By:	 	 	 	 
	 

	 	 	 	 	 	 	 	 

	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	Accepted:

	 	 	 	 	 	Title:
	 	Chief Executive Officer

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