Document:

exhibit10-1.htm

    
      

    

     

    

      Exhibit
        10.1

      

      

      

      
        

        

      

       

      

       

      

       

      AMENDMENT
        NO. 2

       

      TO
        CREDIT AGREEMENT

       

      dated
        as of

      June
        25, 2007

       

      Among

       

      ICO,
        INC.,

      BAYSHORE
        INDUSTRIAL, L.P. and

      ICO
        POLYMERS NORTH AMERICA, INC.,

      as
        Borrowers,

       

      

      KEYBANK
        NATIONAL ASSOCIATION,

      WELLS
        FARGO BANK, NATIONAL ASSOCIATION,

      AND
        THE OTHER LENDING INSTITUTIONS NAMED HEREIN,

      as
        Lenders,

      

      and

      

      KEYBANK
        NATIONAL ASSOCIATION,

      as
        an LC Issuer, Lead Arranger, Bookrunner,

      Administrative
        Agent and Syndication Agent

      

      and

      

      WELLS
        FARGO BANK, NATIONAL ASSOCIATION,

      as
        Swing Line Lender

      

       

      

      

      
        

        

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      AMENDMENT
        NO. 2 TO CREDIT AGREEMENT

      

      This
        Amendment No. 2 to Credit Agreement (this “Amendment”) is made as of June
        25, 2007, by and among the following:

       

      (i)           ICO,
        INC., a Texas corporation (“ICO”), BAYSHORE INDUSTRIAL, L.P., a Texas
        limited partnership (“Bayshore”), and ICO POLYMERS NORTH AMERICA, INC., a
        New Jersey corporation (“ICO Polymers,” and together with ICO and
        Bayshore, the “Borrowers” and individually, each a
“Borrower”);

       

      (ii)           KEYBANK
        NATIONAL ASSOCIATION, a national banking association, WELLS FARGO BANK, NATIONAL
        ASSOCIATION, a national banking association, and the other lending institutions
        from time to time party hereto (each a “Lender” and collectively, the
“Lenders”);

       

      (iii)           KEYBANK
        NATIONAL ASSOCIATION, a national banking association, as an LC Issuer, lead
        arranger, bookrunner, and administrative agent (in such capacity as
        administrative agent, the “Administrative Agent”); and

       

      (iv)           WELLS
        FARGO BANK, NATIONAL ASSOCIATION, a national banking association, as the
        Swing
        Line Lender.

       

      RECITALS:

      

      A.           The
        Borrowers, the Administrative Agent and the Lenders are parties to the Credit
        Agreement, dated as of October 27, 2006, as amended by Amendment No. 1 and
        Waiver to Credit Agreement, dated April 25, 2007 (as may be further amended,
        restated, supplemented or otherwise modified from time to time, the “Credit
        Agreement”).

       

      B.           The
        Borrowers, the Administrative Agent and the Lenders desire to further amend
        the
        Credit Agreement as more fully set forth herein.

       

      C.           Each
        capitalized term used herein and not otherwise defined herein shall have
        the
        same meaning set forth in the Credit Agreement.

       

      AGREEMENT:

      

      In
        consideration of the premises and mutual covenants herein and for other good
        and
        valuable consideration, the receipt and sufficiency of which are hereby
        acknowledged, the Borrowers, the Administrative Agent and the Lenders agree
        as
        follows:

       

      1.           New
        Definitions.  The following definitions shall be added to Section
        1.01 of the Credit Agreement in the appropriate alphabetical order:

       

      ““Amendment
        No. 2” means Amendment No. 2 to Credit Agreement, dated as of June 25,
        2007.”

       

      ““Amendment
        No. 2 Effective Date” has the meaning provided in Section 31 of Amendment
        No. 2.”

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ““Notice
        of Swing Loan Refunding” has the meaning provided in Section
        2.04(b).”

       

      ““Sweep
        Documentation” means, collectively, the Master Agreement for Treasury
        Service by and between ICO and Wells Fargo Bank, National Association, and
        the
        Acceptance of Service Agreement by and between ICO and Wells Fargo Bank,
        National Association, in each case as in effect from time to time.”

       

      ““Swing
        Line Commitment” means $1,500,000.”

       

      ““Swing
        Line Facility” means the credit facility established under Section 2.04
        pursuant to the Swing Line Commitment of the Swing Line Lender.”

       

      ““Swing
        Line Lender” means Wells Fargo Bank, National Association.”

       

      ““Swing
        Line Note” means a promissory note substantially in the form of Exhibit
        A-3 hereto.”

       

      ““Swing
        Loan” means any loan made by the Swing Line Lender under the Swing Line
        Facility pursuant to Section 2.04.”

       

      ““Swing
        Loan Maturity Date” means, with respect to any Swing Loan, the earlier of
        (i) the 15th
        day of each calendar month, (ii) the last day of each calendar month, and
        (ii)
        the Revolving Facility Termination Date.”

       

      ““Swing
        Loan Participation” has the meaning provided in Section
        2.04(c).”

       

      ““Swing
        Loan Participation Amount” has the meaning provided in Section
        2.04(c).”

       

      ““Wells
        Fargo Base Rate” means , for any day, a fluctuating interest rate per annum
        as shall be in effect from time to time which rate per annum shall at all
        times
        be equal to the greater of (i) the rate of interest established by Wells
        Fargo
        Bank, National Association, from time to time, as its “prime rate,” whether or
        not publicly announced, which interest rate may or may not be the lowest
        rate
        charged by it for commercial loans or other extensions of credit; or (ii)
        the
        Federal Funds Effective Rate in effect from time to time, determined one
        Business Day in arrears, plus 1/2 of 1% per annum.”

       

      2.           Amendments
        to Section 1.01 to the Credit Agreement.  The following
        definitions contained in Section 1.01 of the Credit Agreement shall be amended
        and restated in their entirety to read as follows:

       

      ““Aggregate
        Credit Facility Exposure” means, at any time, the sum of (i) the Aggregate
        Revolving Facility Exposure at such time, (ii) the principal amount of Swing
        Loans outstanding at such time and (iii) the aggregate principal amount of
        the
        Term Loans outstanding at such time.”

       

      ““Borrowing”
        means a Revolving Borrowing, a Term Borrowing or the incurrence of a Swing
        Loan.”

       

      ““Credit
        Facility” means the credit facility established under this Agreement
        pursuant to which (i) the Lenders shall make Revolving Loans to the Borrowers,
        and shall participate in LC

      
        
          
          

        

        
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      Issuances,
        under the Revolving Facility pursuant to the Revolving Commitment of each
        such
        Lender, (ii) each Lender with a Term Commitment shall make a Term Loan to
        the
        Borrowers pursuant to such Term Commitment of such Lender, (iii) the Swing
        Line
        Lender shall make Swing Loans to the Borrowers under the Swing Line Facility
        pursuant to the Swing Line Commitment, and (iv) each  LC Issuer shall
        issue Letters of Credit for the account of the LC Obligors in accordance
        with
        the terms of this Agreement.”

       

      ““Credit
        Facility Exposure” means, for any Lender at any time, the sum of (i) such
        Lender’s Revolving Facility Exposure at such time, (ii) in the case of the
        Swing Line Lender, the principal amount of Swing Loans outstanding at such
        time,
        and (iii) the outstanding aggregate principal amount of the Term Loan made
        by
        such Lender, if any.”

       

      ““Lender”
        and “Lenders” have the meaning provided in the first paragraph of this
        Agreement and includes any other Person that becomes a party hereto pursuant
        to
        an Assignment Agreement, other than any such Person that ceases to be a party
        hereto pursuant to an Assignment Agreement.  Unless the context
        otherwise requires, the term “Lenders” includes the Swing Line
        Lender.”

       

      ““Loan”
        means any Revolving Loan, Term Loan or Swing Loan.”

       

      ““Note”
        means a Revolving Facility Note, a Term Note or a Swing Line Note, as
        applicable.”

       

      ““Obligations”
        means all amounts, indemnities and reimbursement obligations, direct or
        indirect, contingent or absolute, of every type or description, and at any
        time
        existing, owing by the Borrowers or any other Loan Party to the Administrative
        Agent, any Lender, the Swing Line Lender or any LC Issuer pursuant to the
        terms
        of this Agreement or any other Loan Document (including, but not limited
        to,
        interest and fees that accrue after the commencement by or against any Loan
        Party of any insolvency proceeding, regardless of whether allowed or allowable
        in such proceeding or subject to an automatic stay under Section 362(a) of
        the
        Bankruptcy Code).”

       

      ““Term
        Loan Commitment Period” means the period from and including the Closing Date
        through and including the date that is 330 days after the Closing
        Date.”

       

      ““Total
        Term Loan Commitment” means the sum of the Term Commitments of the
        Lenders.  As of the Amendment No. 2 Effective Date, the amount of the
        Total Term Loan Commitment is $14,166,667.”

       

      3.           Amendment
        to Schedule I.  Schedule I to the Credit Agreement shall be
        amended and restated in its entirety as set forth on Exhibit B
        hereto.

       

      4.           Amendment
        to Section 2.01.  Section 2.01 of the Credit Agreement shall be
        amended and restated in its entirety as follows:

       

      “Section
        2.01   Establishment of the Credit Facility.  On the
        Closing Date, and subject to and upon the terms and conditions set forth
        in this
        Agreement and the other Loan Documents, the Administrative Agent, the Lenders,
        the Swing Line Lender and each LC Issuer agree to establish the Credit Facility
        for the benefit of the Borrower; provided, however, that at no
        time will (i) the Aggregate Credit Facility Exposure exceed the Total Credit
        Facility Amount, or (ii) the Credit Facility Exposure of any Lender exceed
        the
        aggregate amount of such Lender’s Commitment.”

       

      
        
          
          

        

        
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      5.           Amendment
        to Section 2.02.  Section 2.02 of the Credit Agreement shall be
        amended and restated in its entirety as follows:

       

      “Section
        2.02   Revolving Facility.  During the Revolving
        Facility Availability Period, each Lender severally agrees, on the terms
        and
        conditions set forth in this Agreement, to make a Revolving Loan or Revolving
        Loans to the Borrowers from time to time pursuant to such Lender’s Revolving
        Commitment, which Revolving Loans (i) may, except as set forth herein, at
        the
        option of the Borrower Representative, be incurred and maintained as, or
        Converted into, Revolving Loans that are Base Rate Loans or Eurodollar Loans,
        provided that all Revolving Loans made as part of the same Revolving
        Borrowing shall consist of Revolving Loans of the same Type; (ii) may be
        repaid
        or prepaid and reborrowed in accordance with the provisions hereof; and (iii)
        shall not be made if, after giving effect to any such Revolving Loan,
        (A) the Revolving Facility Exposure of any Lender would exceed such
        Lender’s Revolving Commitment, (B) the Aggregate Revolving Facility Exposure
plus the principal amount of Swing Loans would exceed the Total
        Revolving Commitment, or (C) the Borrowers would be required to prepay Loans
        or
        cash collateralize Letters of Credit pursuant to Section 2.13(c).  The
        Revolving Loans to be made by each Lender will be made by such Lender on
        a
pro rata basis based upon such Lender’s Revolving Facility Percentage
        of each Revolving Borrowing, in each case in accordance with Section 2.07
        hereof.”

       

      6.           Amendment
        to Section 2.04.  Section 2.04 of the Credit Agreement shall be
        amended and restated in its entirety to read as follows:

       

      “Section
        2.04   Swing Line Facility

       

      (a)           Swing
        Loans.  During the Revolving Facility Availability Period, the
        Swing Line Lender agrees, on the terms and conditions set forth in this
        Agreement and the Sweep Documentation, to make a Swing Loan or Swing Loans
        to
        the Borrowers from time to time, which Swing Loans:  (i) shall be
        payable on the Swing Loan Maturity Date applicable to each such Swing Loan;
        (ii) shall be made only in U.S. Dollars; (iii) may be repaid or
        prepaid and reborrowed in accordance with the provisions hereof; (iv) may
        only be made if after giving effect thereto (A) the aggregate principal amount
        of Swing Loans outstanding does not exceed the Swing Line Commitment, and
        (B) the Aggregate Revolving Facility Exposure plus the principal
        amount of Swing Loans would not exceed the Total Revolving Commitment;
        (v) shall not be made if, after giving effect thereto, the Borrowers would
        be required to prepay Loans or cash collateralize Letters of Credit pursuant
        to
        Section 2.13(c) hereof; and (vi) shall not be made if the proceeds thereof
        would be used to repay, in whole or in part, any outstanding Swing
        Loan.  To the extent the terms of this Agreement and the Sweep
        Documentation conflict, the terms of this Agreement shall control.

       

      (b)           Swing
        Loan Refunding.  The Swing Line Lender may at any time, in its
        sole and absolute discretion, direct that the Swing Loans owing to it be
        refunded by delivering a notice to such effect to the Administrative Agent,
        specifying the aggregate principal amount thereof (a “Notice of Swing Loan
        Refunding”).  Promptly upon receipt of a Notice of Swing Loan
        Refunding, the Administrative Agent shall give notice of the contents thereof
        to
        the Lenders with Revolving Commitments and, unless an Event of Default specified
        in Section 8.01(h) in respect of the Borrowers have occurred, the Borrower
        Representative.  Each such Notice of Swing Loan Refunding shall be
        deemed to constitute delivery by the Borrower Representative of a Notice
        of
        Borrowing requesting Revolving Loans consisting of Base Rate Loans in the
        amount
        of the Swing Loans to which it relates.  Each Lender with a Revolving
        Commitment (including the Swing Line Lender) hereby unconditionally agrees
        (notwithstanding that any of the conditions

       

      
        
          
          

        

        
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      specified
        in Section 4.02 or elsewhere in this Agreement shall not have been satisfied,
        but subject to the provisions of paragraph (d) below) to make a Revolving
        Loan
        to the Borrowers in the amount of such Lender’s Revolving Facility Percentage of
        the aggregate amount of the Swing Loans to which such Notice of Swing Loan
        Refunding relates.  Each such Lender shall make the amount of such
        Revolving Loan available to the Administrative Agent in immediately available
        funds at the Payment Office not later than 2:00 P.M. (local time at the Payment
        Office), if such notice is received by such Lender prior to 11:00 A.M. (local
        time at its domestic lending office), or not later than 2:00 P.M. (local
        time at
        the Payment Office) on the next Business Day, if such notice is received
        by such
        Lender after such time.  The proceeds of such Revolving Loans shall be
        made immediately available to the Swing Line Lender and applied by it to
        repay
        the principal amount of the Swing Loans to which such Notice of Swing Loan
        Refunding relates.

       

      (c)           Swing
        Loan Participation.  If prior to the time a Revolving Loan would
        otherwise have been made as provided above as a consequence of a Notice of
        Swing
        Loan Refunding, any of the events specified in Section 8.01(h) shall have
        occurred in respect of the Borrowers or one or more of the Lenders with
        Revolving Commitments shall determine that it is legally prohibited from
        making
        a Revolving Loan under such circumstances, each Lender (other than the Swing
        Line Lender), or each Lender (other than such Swing Line Lender) so prohibited,
        as the case may be, shall, on the date such Revolving Loan would have been
        made
        by it (the “Purchase Date”), purchase an undivided participating interest
        (a “Swing Loan Participation”) in the outstanding Swing Loans to which
        such Notice of Swing Loan Refunding relates, in an amount (the “Swing Loan
        Participation Amount”) equal to such Lender’s Revolving Facility Percentage
        of such outstanding Swing Loans.  On the Purchase Date, each such
        Lender or each such Lender so prohibited, as the case may be, shall pay to
        the
        Swing Line Lender, in immediately available funds, such Lender’s Swing Loan
        Participation Amount, and promptly upon receipt thereof the Swing Line Lender
        shall, if requested by such other Lender, deliver to such Lender a participation
        certificate, dated the date of the Swing Line Lender’s receipt of the funds
        from, and evidencing such Lender’s Swing Loan Participation in, such Swing Loans
        and its Swing Loan Participation Amount in respect thereof.  If any
        amount required to be paid by a Lender to the Swing Line Lender pursuant
        to the
        above provisions in respect of any Swing Loan Participation is not paid on
        the
        date such payment is due, such Lender shall pay to the Swing Line Lender
        on
        demand interest on the amount not so paid at the overnight Federal Funds
        Effective Rate from the due date until such amount is paid in
        full.  Whenever, at any time after the Swing Line Lender has received
        from any other Lender such Lender’s Swing Loan Participation Amount, the Swing
        Line Lender receives any payment from or on behalf of the Borrowers on account
        of the related Swing Loans, the Swing Line Lender will promptly distribute
        to
        such Lender its ratable share of such amount based on its Revolving Facility
        Percentage of such amount on such date on account of its Swing Loan
        Participation (appropriately adjusted, in the case of interest payments,
        to
        reflect the period of time during which such Lender’s participating interest was
        outstanding and funded); provided, however, that if such payment
        received by the Swing Line Lender is required to be returned, such Lender
        will
        return to the Swing Line Lender any portion thereof previously distributed
        to it
        by the Swing Line Lender.

       

      (d)           Obligations
        Unconditional.  Each Lender’s obligation to make Revolving Loans
        pursuant to Section 2.04(b) and/or to purchase Swing Loan Participations
        in
        connection with a Notice of Swing Loan Refunding shall be subject to the
        conditions that (i) such Lender shall have received a Notice of Swing Loan
        Refunding complying with the provisions hereof and (ii) at the time the
        Swing Loans that are the subject of such Notice of Swing Loan Refunding were
        made, the Swing Line Lender making the same had no actual written notice
        from
        another Lender that an Event of Default had occurred and was continuing,
        but
        otherwise shall be absolute and unconditional, shall be solely for the benefit
        of the Swing Line Lender that gives such Notice of

       

      
        
          
          

        

        
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      Swing
        Loan Refunding, and shall not be affected by any circumstance, including,
        without limitation, (A) any set-off, counterclaim, recoupment, defense or
        other
        right that such Lender may have against any other Lender, any Loan Party,
        or any
        other Person, or any Loan Party may have against any Lender or other Person,
        as
        the case may be, for any reason whatsoever, (B) the occurrence or continuance
        of
        a Default or Event of Default, (C) any event or circumstance involving a
        Material Adverse Effect, (D) any breach of any Loan Document by any party
        thereto, or (E) any other circumstance, happening or event, whether or not
        similar to any of the foregoing.”

       

      7.           Amendment
        to Section 2.05(a).  Section 2.05(a) of the Credit Agreement shall
        be amended and restated as follows:

       

      “(a)         LC
        Issuances.  During the Revolving Facility Availability Period, the
        Borrower Representative may request an LC Issuer at any time and from time
        to
        time to issue, for the account of any Borrower or any Subsidiary Guarantor,
        and
        subject to and upon the terms and conditions herein set forth, each LC Issuer
        agrees to issue from time to time Letters of Credit denominated and payable
        in
        Dollars and in each case in such form as may be approved by such LC Issuer
        and
        the Administrative Agent; provided, however, that
        notwithstanding the foregoing, no LC Issuance shall be made if, after giving
        effect thereto, (i) the LC Outstandings would exceed the LC Commitment Amount,
        (ii) the Revolving Facility Exposure of any Lender would exceed such Lender’s
        Revolving Commitment, (iii) the Aggregate Revolving Facility Exposure
plus the principal amount of Swing Loans outstanding would exceed the
        Total Revolving Commitment, or (iv) the Borrowers would be required to prepay
        Loans or cash collateralize Letters of Credit pursuant to Section 2.13(c)
        hereof.  Subject to Section 2.05(c) below, each Letter of Credit shall
        have an expiry date (including any renewal periods) occurring not later than
        the
        earlier of (y) one year from the date of issuance thereof, or (z) 30 Business
        Days prior to the Revolving Facility Termination Date.”

       

      8.           Amendment
        to Section 2.06(a).  Section 2.06(a) of the Credit Agreement shall
        be amended and restated as follows:

       

      “(a)         Time
        of Notice.  Each Borrowing of a Loan (other than a Continuation or
        Conversion or the incurrence of a Swing Loan) shall be made upon notice in
        the
        form provided for below which shall be provided by the Borrower Representative
        to the Administrative Agent at its Notice Office not later than (i) in the
        case
        of each Borrowing of a Eurodollar Loan, 11:00 A.M. (local time at its Notice
        Office) at least three Business Days’ prior to the date of such Borrowing, and
        (ii) in the case of each Borrowing of a Base Rate Loan, prior to 11:00 A.M.
        (local time at its Notice Office) on the proposed date of such
        Borrowing.”

       

      9.           Amendment
        to Section 2.06(b).  Section 2.06(b) of the Credit Agreement shall
        be amended and restated as follows:

       

      “(b)         Notice
        of Borrowing.  Each request for a Borrowing (other than a
        Continuation or Conversion or the incurrence of a Swing Loan) shall be made
        by
        an Authorized Officer by delivering written notice of such request substantially
        in the form of Exhibit B-1 hereto (each such notice, a “Notice of
        Borrowing”) or by telephone (to be confirmed immediately in writing by
        delivery by an Authorized Officer of a Notice of Borrowing), and in any event
        each such request shall be irrevocable and shall specify (i) the aggregate
        principal amount of the Loans to be made pursuant to such Borrowing, (ii)
        the
        date of the Borrowing (which shall be a Business Day), (iii) the Type of
        Loans such Borrowing will consist of, and (iv) if applicable, the initial
        Interest Period.  Without in any way limiting the obligation of the
        Borrower Representative to confirm in

       

      
        
          
          

        

        
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      writing
        any telephonic notice permitted to be given hereunder, the Administrative
        Agent
        may act prior to receipt of written confirmation without liability upon the
        basis of such telephonic notice believed by the Administrative Agent in good
        faith to be from an Authorized Officer entitled to give telephonic notices
        under
        this Agreement on behalf of the Borrowers.  In each such case, the
        Administrative Agent’s record of the terms of such telephonic notice shall be
        conclusive absent manifest error.”

       

      10.           Amendment
        to Section 2.06(c).  Section 2.06(d) of the Credit Agreement shall
        be amended and restated as follows:

       

      “(c)         Minimum
        Borrowing Amount.  The aggregate principal amount of each
        Borrowing by the Borrowers shall not be less than the Minimum Borrowing Amount,
        if applicable.”

       

      11.           Amendment
        to Section 2.07(a).  Section 2.07(a) of the Credit Agreement shall
        be amended and restated as follows:

       

      “(a)         Several
        Nature of Funding Obligations.  The Commitments of each Lender
        hereunder and the obligation of each Lender to make Loans, acquire and fund
        Swing Loan Participations, and LC Participations, as the case may be, are
        several and not joint obligations.  No Lender shall be responsible for
        any default by any other Lender in its obligation to make Loans or fund any
        participation hereunder and each Lender shall be obligated to make the Loans
        provided to be made by it and fund its participations required to be funded
        by
        it hereunder, regardless of the failure of any other Lender to fulfill any
        of
        its Commitments hereunder.  Nothing herein and no subsequent
        termination of the Commitments pursuant to Section 2.12 shall be deemed to
        relieve any Lender from its obligation to fulfill its commitments hereunder
        and
        in existence from time to time or to prejudice any rights that the Borrowers
        may
        have against any Lender as a result of any default by such Lender
        hereunder.”

       

      12.           Amendment
        to Section 2.07(b).  Section 2.07(b) of the Credit Agreement shall
        be amended and restated as follows:

       

      “(b)         Borrowings
        Pro Rata.  Except with respect to the making of
        Swing Loans by the Swing Line Lender, all Loans hereunder shall be made as
        follows:  (i) all Revolving Loans made, and LC Participations acquired
        by each Lender, shall be made or acquired, as the case may be, on a pro
        rata basis based upon each Lender’s Revolving Facility Percentage of the
        amount of such Revolving Borrowing or Letter of Credit in effect on the date
        the
        applicable Revolving Borrowing is to be made or the Letter of Credit is to
        be
        issued, and (ii) all Term Loans shall be made by the Lenders having Term
        Commitments pro rata on the basis of their respective Term
        Commitments.”

       

      13.           Amendment
        to Section 2.07(c).  Section 2.07(c) of the Credit Agreement shall
        be amended and restated as follows:

       

      “(c)         Notice
        to Lenders. The Administrative Agent shall promptly give each Lender, as
        applicable, written notice (or telephonic notice promptly confirmed in writing)
        of each proposed Borrowing (other than the incurrence of any Swing Loan),
        or
        Conversion or Continuation thereof, and LC Issuance, and of such Lender’s
        proportionate share thereof or participation therein and of the other matters
        covered by the Notice of Borrowing, Notice of Continuation or Conversion,
        or LC
        Request, as the case may be, relating thereto.”

       

      
        
          
          

        

        
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      14.           Amendment
        to Section 2.07(d).  Section 2.07(d) of the Credit Agreement shall
        be amended and restated as follows:

       

      “(d)         Funding
        of Loans.

       

      (i)           Loans
        Generally.  No later than 2:00 P.M. (local time at the
        Payment Office) on the date specified in each Notice of Borrowing, each Lender
        will make available its amount, if any, of each Borrowing requested to be
        made
        on such date to the Administrative Agent at the Payment Office in Dollars
        and in
        immediately available funds and the Administrative Agent promptly will make
        available to the Borrowers by depositing to its account at the Payment Office
        (or such other account as the Borrower Representative shall specify) the
        aggregate of the amounts so made available in the type of funds
        received.

       

      (ii)           Swing
        Loans.  Subject to Section 2.04(a), on each Business Day, the
        Swing Line Lender will make available to the Borrowers by depositing to the
        Operating Account the aggregate amount of Swing Loans, if any, required to
        be
        made pursuant to the Sweep Documentation.”

       

      15.           Amendment
        to Section 2.08(b).  Section 2.08(b) of the Credit Agreement shall
        be amended and restated as follows:

       

      “(b)         Loan
        Accounts of Administrative Agent and Swing Line Lender; Lender
        Register.  Except with respect to Swing Loans, the Administrative
        Agent shall maintain accounts in which it shall record (i) the amount of
        each
        Loan and Borrowing made hereunder, the Type thereof, the currency in which
        such
        Loan is denominated, the Interest Period and applicable interest rate, (ii)
        the
        amount and other details with respect to each Letter of Credit issued hereunder,
        (iii) the amount of any principal due and payable or to become due and payable
        from the Borrowers to each Lender hereunder, (iv) the amount of any sum received
        by the Administrative Agent hereunder for the account of the Lenders and
        each
        Lender’s share thereof, and (v) the other details relating to the Loans, Letters
        of Credit and other Obligations.  In addition, the Administrative
        Agent shall maintain a register (the “Lender Register”) on or in which it
        will record the names and addresses of the Lenders, and the Commitments from
        time to time of each of the Lenders.  The Administrative Agent will
        make the Lender Register available to any Lender or the Borrowers upon
        request.  The Swing Line Lender shall maintain accounts in which it
        shall record the amount of each Swing Loan made hereunder and the applicable
        interest rate.”

       

      16.           Amendment
        to Section 2.08(d).  Section 2.08(d) of the Credit Agreement shall
        be amended and restated as follows:

       

      “(d)         Notes.  Upon
        request of any Lender or the Swing Line Lender, the Borrowers will execute
        and
        deliver to such Lender or the Swing Line Lender, as the case may be, (i)
        a
        Revolving Facility Note with blanks appropriately completed in conformity
        herewith to evidence the Borrowers’ obligation to pay the principal of, and
        interest on, the Revolving Loans made to it by such Lender, (ii) a Term Note
        with blanks appropriately completed in conformity herewith to evidence their
        obligation to pay the principal of, and interest on, the Term Loan made to
        it by
        such Lender, and (iii) a Swing Line Note with blanks appropriately completed
        in
        conformity herewith to evidence the Borrowers’ obligation to pay the principal
        of, and interest on, the Swing Loans made to it by the Swing Line Lender;
        provided, however, that the decision of any Lender or the Swing Line
        Lender to not request a Note shall in no way detract from the
        Borrowers’

       

      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

      

      obligation
        to repay the Loans and other amounts owing by the Borrowers to such Lender
        or
        the Swing Line Lender.”

       

      17.           Amendment
        to Section 2.09(a).  Section 2.09(a) of the Credit Agreement shall
        be amended and restated as follows:

       

      “(a)         Interest
        on Revolving Loans; Interest on Swing Loans.  (i) The outstanding
        principal amount of each Revolving Loan made by each Lender shall bear interest
        at a fluctuating rate per annum that shall at all times be equal to (A) during
        such periods as such Revolving Loan is a Base Rate Loan, the Base Rate
plus the Applicable Margin in effect from time to time, and (B) during
        such periods as such Revolving Loan is a Eurodollar Loan, the relevant Adjusted
        Eurodollar Rate for such Eurodollar Loan for the applicable Interest Period
        plus the Applicable Margin in effect from time to time.  (ii)
        The outstanding principal amount of each Swing Loan shall bear interest from
        the
        date of the Borrowing at a rate per annum that shall be equal to the Wells
        Fargo
        Base Rate in effect at the time of the Borrowing of the applicable Swing
        Loan
minus 1.25%.”

       

      18.           Amendment
        to Section 2.09(d).  Section 2.09(d) of the Credit Agreement shall
        be amended and restated as follows:

       

      “(d)         Accrual
        and Payment of Interest.  Interest shall accrue from and including
        the date of any Borrowing to but excluding the date of any prepayment or
        repayment thereof and shall be payable by the Borrowers: (i) in respect of
        each
        Base Rate Loan, quarterly in arrears on the last Business Day of each March,
        June, September and December, (ii) in respect of each Eurodollar Loan, on
        the
        last day of each Interest Period applicable thereto and, in the case of an
        Interest Period in excess of three months, on the dates that are successively
        three months after the commencement of such Interest Period, (iii) in respect
        of
        any Swing Loan, on the Swing Loan Maturity Date applicable thereto, and (iv)
        in
        respect of all Loans, other than Revolving Loans accruing interest at a Base
        Rate, on any repayment, prepayment or Conversion (on the amount repaid, prepaid
        or Converted), at maturity (whether by acceleration or otherwise), and, after
        such maturity or, in the case of any interest payable pursuant to Section
        2.09(c), on demand.”

       

      19.           Amendment
        to Section 2.09(e).  Section 2.09(e) of the Credit Agreement shall
        be amended and restated as follows:

       

      “(e)         Computations
        of Interest.  All computations of interest on Eurodollar Loans and
        Swing Loans hereunder shall be made on the actual number of days elapsed
        over a
        year of 360 days.  All computations of interest on Base Rate Loans and
        Unpaid Drawings hereunder shall be made on the actual number of days elapsed
        over a year of 365 or 366 days, as applicable.”

       

      20.           Amendment
        to Section 2.13(a)(i).  Section 2.13(a)(i) of the Credit Agreement
        shall be amended and restated as follows:

       

      “(a)(i)    
        each partial prepayment shall be in an aggregate principal amount of at least
        (A) in the case of any prepayment of a Eurodollar Loan, $10,000,000 (or, if
        less, the full amount of such Borrowing), or an integral multiple of $1,000,000
        in excess thereof, (B) in the case of any prepayment of a Base Rate Loan,
        $1,000,000 (or, if less, the full amount of such Borrowing), or an integral
        multiple of $500,000 in excess thereof, and (C) in the case of any prepayment
        of
        a Swing Loan, in the full amount thereof;”

       

      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

      

      

       

      21.           Amendment
        to Section 2.13(c)(ii).  Section 2.13(c)(ii) of the Credit
        Agreement shall be amended and restated as follows:

       

      “(c)(ii)    Loans
        Exceed the Commitments.  If on any date (after giving effect to
        any other payments on such date) (A) the Aggregate Credit Facility Exposure
        exceeds the Total Credit Facility Amount, (B) the Revolving Facility Exposure
        of
        any Lender exceeds such Lender’s Revolving Commitment, (C) the Aggregate
        Revolving Facility Exposure plus the principal amount of Swing Loans
        exceeds the Total Revolving Commitment, or (D) the aggregate principal amount
        of
        Swing Loans outstanding exceeds the Swing Line Commitment, then, in the
        case of each of the foregoing, the Borrowers shall, on such day, prepay on
        such
        date the principal amount of Loans and, after Loans have been paid in full,
        Unpaid Drawings, in an aggregate amount at least equal to such
        excess.”

       

      22.           Amendment
        to Section 2.14(b).  Section 2.14(b) of the Credit Agreement shall
        be amended and restated as follows:

       

      “(b)         Application
        of Payments.  Except as specifically set forth elsewhere in this
        Agreement and subject to Section 8.03, (i) all payments and prepayments of
        Revolving Loans and Unpaid Drawings with respect to Letters of Credit shall
        be
        applied by the Administrative Agent on a pro rata basis based upon each
        Lender’s Revolving Facility Percentage of the amount of such prepayment, (ii)
        all payments and prepayments of Term Loans shall be applied by the
        Administrative Agent to reduce the principal amount of the Term Loans made
        by
        each Lender with a Term Commitment, pro rata on the basis of their
        respective Term Commitments, and (iii) all payments or prepayments of Swing
        Loans shall be applied by the Swing Line Lender to pay or prepay such Swing
        Loans.”

       

      23.           Amendment
        to Section 3.02.  Section 3.02 of the Credit Agreement shall be
        amended and restated as follows:

       

      “Section
        3.02   Breakage Compensation.  The Borrowers
        shall compensate each Lender (including the Swing Line Lender), upon its
        written
        request (which request shall set forth the detailed basis for requesting
        and the
        method of calculating such compensation), for all reasonable losses, costs,
        expenses and liabilities (including, without limitation, any loss, cost,
        expense
        or liability incurred by reason of the liquidation or reemployment of deposits
        or other funds required by such Lender to fund its Eurodollar Loans or Swing
        Loans and costs associated with foreign currency hedging obligations incurred
        by
        such Lender in connection with any Eurodollar Loan) which such Lender may
        sustain in connection with any of the following: (i) if for any reason (other
        than a default by such Lender or the Administrative Agent) a Borrowing of
        Eurodollar Loans or Swing Loans does not occur on a date specified therefor
        in a
        Notice of Borrowing or a Notice of Continuation or Conversion (whether or
        not
        withdrawn by the Borrower Representative or deemed withdrawn pursuant to
        Section
        3.01(a)); (ii) if any repayment, prepayment, Conversion or Continuation of
        any
        Eurodollar Loan occurs on a date that is not the last day of an Interest
        Period
        applicable thereto or any Swing Loan is paid prior to the Swing Loan Maturity
        Date applicable thereto; (iii) if any prepayment of any of its Eurodollar
        Loans
        is not made on any date specified in a notice of prepayment given by the
        Borrower; (iv) as a result of an assignment by a Lender of any Eurodollar
        Loan
        other than on the last day of the Interest Period applicable thereto pursuant
        to
        a request by the Borrower Representative pursuant to Section 3.05(b); or
        (v) as
        a consequence of (y) any other default by the Borrowers to repay or prepay
        any
        Eurodollar Loans when required by the terms of this Agreement or (z) an
        election made pursuant to Section 3.05(b).  The written request of any
        Lender setting forth any amount or amounts that such Lender is entitled to
        receive pursuant to this Section shall be delivered to the Borrower
        Representative and

       

      
        
          
          

        

        
          10

          
            

          

        

        
          
          

        

      

      shall
        be
        conclusive absent manifest error.  The Borrowers shall pay such Lender
        the amount shown as due on any such request within 10 days after receipt
        thereof.”

       

      24.           Amendment
        to Section 4.02.  Section 4.02 of the Credit Agreement shall be
        amended and restated in its entirety as follows:

       

      “Section
        4.02   Conditions Precedent to All Credit
        Events.  The obligations of the Lenders and each LC Issuer to make
        or participate in each Credit Event is subject, at the time thereof, to the
        satisfaction of the following conditions:

       

      (a)           Notice.  The
        Administrative Agent (and in the case of subpart (iii) below, the applicable
        LC
        Issuer) shall have received, as applicable, (i) a Notice of Borrowing meeting
        the requirements of Section 2.06(b) with respect to any Borrowing (other
        than a
        Continuation or Conversion or incurrence of Swing Loan), (ii) a Notice of
        Continuation or Conversion meeting the requirements of Section 2.10(b) with
        respect to a Continuation or Conversion, or (iii) an LC Request meeting the
        requirements of Section 2.05(b) with respect to each LC Issuance.

       

      (b)           No
        Default; Representations and Warranties.  At the time of each
        Credit Event and also after giving effect thereto, (i) there shall exist
        no
        Default or Event of Default and (ii) all representations and warranties of
        the
        Loan Parties contained herein or in the other Loan Documents shall be true
        and
        correct in all material respects with the same effect as though such
        representations and warranties had been made on and as of the date of such
        Credit Event, except to the extent that such representations and warranties
        expressly relate to an earlier specified date, in which case such
        representations and warranties shall have been true and correct in all material
        respects as of the date when made.

       

      The
        acceptance of the benefits of each Credit Event shall constitute a
        representation and warranty by the Borrowers to the Administrative Agent,
        the
        Swing Line Lender, each LC Issuer and each of the Lenders that all of the
        applicable conditions specified in Section 4.01 and Section 4.02 have been
        satisfied as of the times referred to in such Sections.”

       

      25.           Amendment
        to Section 8.03(vi).  Section 8.03(vi) of the Credit Agreement
        shall be amended and restated as follows:

       

      “(vi)        sixth,
        to the payment of all other Obligations of the Loan Parties owing under or
        in
        respect of the Loan Documents that are then due and payable to the
        Administrative Agent, each LC Issuer, the Swing Line Lender, the Lenders
        and the
        Designated Hedge Creditors, ratably based upon the respective aggregate amounts
        of all such Obligations owing to them on such date; and”

       

      26.           Amendment
        to Section 11.04(a).  Section 11.04(a) of the Credit Agreement
        shall be amended and restated as follows:

       

      “(a)         Equalization.
        If at any time any Lender receives any amount hereunder (whether by voluntary
        payment, by realization upon security, by the exercise of the right of setoff
        or
        banker’s lien, by counterclaim or cross action, by the enforcement of any right
        under the Loan Documents, or otherwise) that is applicable to the payment
        of the
        principal of, or interest on, the Loans (other than Swing Loans), LC
        Participations, Swing Loan Participations or Fees (other than Fees that are
        intended to be paid solely to the Administrative Agent or an LC Issuer and
        amounts payable to a Lender under Article III), of a sum that with respect
        to
        the related sum or sums received by other Lenders is in a greater proportion
        than the total of such Obligation then

       

      
        
          
          

        

        
          11

          
            

          

        

        
          
          

        

      

      owed
        and
        due to such Lender bears to the total of such Obligation then owed and due
        to
        all of the Lenders immediately prior to such receipt, then such Lender
        receiving such excess payment shall purchase for cash without recourse or
        warranty from the other Lenders an interest in the Obligations to such Lenders
        in such amount as shall result in a proportional participation by all of
        the
        Lenders in such amount.”

       

      27.           Amendment
        to Section 11.06(c)(i).  Section 11.06(c)(i) of the Credit
        Agreement shall be amended and restated as follows:

       

      “(c)(i)     Any
        Lender may assign all, or if less than all, a fixed portion, of its Loans,
        LC
        Participations, Swing Loan Participations and/or Commitments and its rights
        and
        obligations hereunder to one or more Eligible Assignees, each of which shall
        become a party to this Agreement as a Lender by execution of an Assignment
        Agreement; provided, however, that”

       

      28.           Amendment
        to Section 11.12(c).  Section 11.12(c) of the Credit Agreement
        shall be amended and restated as follows:

       

      “(c)         No
        provision of Article IX may be amended without the consent of the Administrative
        Agent and no provision of Section 2.04 may be amended without the consent
        of the
        Swing Line Lender.”

       

      29.           Exhibit.  A
        new Exhibit A-3 shall be added to the Credit Agreement in the form of the
        attached Exhibit A hereto.

       

      30.           Consent
        to Dissolution of WEDCO Petrochemicals, Inc.  Notwithstanding
        Section 7.02 of the Credit Agreement or any other provision of the Loan
        Documents to the contrary, the Administrative Agent and the Lenders hereby
        consent to the dissolution of WEDCO Petrochemicals, Inc., a Delaware
        corporation, provided that the Borrowers deliver evidence thereof to
        the Administrative Agent as soon as possible and in any event no later than
        45
        days following the Amendment No. 4 Effective Date.

       

      31.           Conditions
        Precedent.  The amendment and waiver set forth above shall become
        effective upon the satisfaction of the following conditions precedent (the
        “Amendment No. 2 Effective Date”):

       

      (a)           this
        Amendment has been executed by each Borrower, the Administrative Agent and
        the
        Lenders, and counterparts hereof as so executed shall have been delivered
        to the
        Administrative Agent;

       

      (b)           the
        Borrowers have paid all reasonable out-of-pocket fees and expenses of the
        Administrative Agent and of special counsel to the Administrative Agent that
        have been invoiced on or prior to such date in connection with the preparation,
        negotiation, execution and delivery of this Amendment;

       

      (c)           all
        representations and warranties of the Loan Parties contained in the Credit
        Agreement or in the other Loan Documents shall be true and correct in all
        material respects with the same effect as though such representations and
        warranties had been made on and as of the date of this Amendment, except
        to the
        extent that such representations and warranties expressly relate to an earlier
        specified date, in which case such representations and warranties shall have
        been true and correct in all material respects as of the date when made;
        and

       

      
        
          
          

        

        
          12

          
            

          

        

        
          
          

        

      

      

       

      (b)           each
        Subsidiary Guarantor has executed and delivered to the Administrative Agent
        the
        Subsidiary Guarantor Acknowledgment and Agreement attached hereto.

       

      32.           Representations
        and Warranties.  Each Borrower hereby represents and warrants to
        the Administrative Agent and the Lenders that:  (a) such Borrower has
        the legal power and authority to execute and deliver this Amendment; (b)
        the
        officials executing this Amendment have been duly authorized to execute and
        deliver the same and bind such Borrower with respect to the provisions hereof;
        (c) the execution and delivery hereof by such Borrower and the performance
        and observance by such Borrower of the provisions hereof do not violate or
        conflict with the organizational documents of such Borrower or any law
        applicable to such Borrower; (d) no Default or Event of Default exists under
        the
        Credit Agreement, nor will any occur immediately after the execution and
        delivery of this Amendment or by the performance or observance of any provision
        hereof; and (e) this Amendment constitutes a valid and binding obligation
        of
        such Borrower in every respect, enforceable in accordance with its
        terms.

       

      33.           Credit
        Agreement Unaffected.  Each reference that is made in the Credit
        Agreement or any other Loan Document shall hereafter be construed as a reference
        to the Credit Agreement as amended hereby.  Except as herein otherwise
        specifically provided, all provisions of the Credit Agreement shall remain
        in
        full force and effect and be unaffected hereby.

       

      34.           Counterparts.  This
        Amendment may be executed in any number of counterparts, by different parties
        hereto in separate counterparts and by facsimile signature, each of which
        when
        so executed and delivered shall be deemed to be an original and all of which
        taken together shall constitute but one and the same agreement.

       

      35.           Entire
        Agreement.  This Amendment is specifically limited to the matters
        expressly set forth herein.  This Amendment and all other instruments,
        agreements and documents executed and delivered in connection with this
        Amendment embody the final, entire agreement among the parties hereto with
        respect to the subject matter hereof and supersede any and all prior
        commitments, agreements, representations and understandings, whether written
        or
        oral, relating to the matters covered by this Amendment, and may not be
        contradicted or varied by evidence of prior, contemporaneous or subsequent
        oral
        agreements or discussions of the parties hereto.  There are no oral
        agreements among the parties hereto relating to the subject matter hereof
        or any
        other subject matter relating to the Credit Agreement.

       

      36.           Governing
        Law; Submission to Jurisdiction; Venue; Waiver of Jury
        Trial.  

       

      (a)           THIS
        AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE
        CONSTRUED IN ACCORDANCE WITH AND BE GOVERNED BY THE LAWS OF THE STATE OF
        TEXAS
        WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES.  TO THE FULLEST EXTENT
        PERMITTED BY LAW, THE BORROWERS HEREBY UNCONDITIONALLY AND IRREVOCABLY WAIVE
        ANY
        CLAIM TO ASSERT THAT THE LAW OF ANY JURISDICTION OTHER THAN THE STATE OF
        TEXAS
        GOVERNS THIS AMENDMENT.  Any legal action or proceeding with respect
        to this Amendment may be brought in any court located in Harris County, Texas
        or
        in any court of the United States for the Southern District of Texas, Houston
        Division, and, by execution and delivery of this Amendment, each Borrower
        hereby
        irrevocably accepts for itself and in respect of its property, generally
        and
        unconditionally, the jurisdiction of the aforesaid courts.  The
        Borrowers hereby further irrevocably consent to the service of process out
        of
        any of the aforementioned courts in any such action or proceeding by the
        mailing
        of copies thereof by registered or certified mail, postage prepaid, to the
        Borrower Representative at its address for notices pursuant to Section 11.05
        of
        the Credit Agreement, such service to become effective 30 days after such
        mailing or at such earlier time as may be provided under applicable
        law.  Nothing

       

      
        
          
          

        

        
          13

          
            

          

        

        
          
          

        

      

      herein
        shall affect the right of the Administrative Agent or any Lender to serve
        process in any other manner permitted by law or to commence legal proceedings
        or
        otherwise proceed against the Borrowers in any other jurisdiction.

       

      (b)           The
        Borrowers hereby irrevocably waive any objection that they may now or hereafter
        have to the laying of venue of any of the aforesaid actions or proceedings
        arising out of or in connection with this Amendment brought in the courts
        referred to in Section 36(a) above and hereby further irrevocably waive and
        agree not to plead or claim in any such court that any such action or proceeding
        brought in any such court has been brought in an inconvenient forum

       

      
        
          
          

        

        
          14

          
            

          

        

        
          
          

        

      

      (c)           EACH
        OF THE PARTIES TO THIS AMENDMENT HEREBY IRREVOCABLY WAIVES ALL RIGHT TO A
        TRIAL
        BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING
        TO
        THIS AMENDMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.  EACH PARTY
        HERETO HEREBY (A) CERTIFIES THAT 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, AND
        (B)
        ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER
        INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND
        CERTIFICATIONS IN THIS PARAGRAPH.

       

      (Signature
        pages follow.)

       

      
        
          
          

        

        
          15

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, this Amendment has been duly executed and delivered as of
        the
        date first above written.

       

      
        	 	
                ICO,
                  INC.

              
	 	 
	 	
                By:

              	
                /s/
                  Jon C. Biro

              
	 	
                Name:

              	
                Jon
                  C. Biro

              
	 	
                Title:

              	
                Chief
                  Financial Officer & Treasurer

              
	 	 
	 	
                BAYSHORE
                  INDUSTRIAL, L.P.

              
	 	 
	 	
                By:

              	
                Bayshore
                  Industrial GP, L.L.C.

              
	 	
                Its:

              	
                General
                  Partner

              
	 	
                By:

              	
                /s/
                  Jon C. Biro

              
	 	
                Name:

              	
                Jon
                  C. Biro

              
	 	
                Title:

              	
                Chief
                  Financial Officer & Treasurer

              
	 	 
	 	
                ICO
                  POLYMERS NORTH AMERICA, INC.

              
	 	 
	 	
                By:

              	/s/
                Jon C. Biro 
	 	
                Name:

              	
                Jon
                  C. Biro

              
	 	
                Title:

              	
                Senior
                  Vice President, Chief Financial Officer

              
	 	 	
                &
                  Treasurer

              

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      
        	 	
                KEYBANK
                  NATIONAL ASSOCIATION, as

              
	 	
                Administrative
                  Agent and as a Lender

              
	 	 
	 	
                By:

              	
                /s/
                  Thomas J. Purcell

              
	 	
                Name:

              	
                Thomas
                  J. Purcell

              
	 	
                Title:

              	
                Senior
                  Vice President

              

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      
        	 	
                WELLS
                  FARGO BANK, NATIONAL

              
	 	
                ASSOCIATION, as
                  a Lender

              
	 	 
	 	
                By:

              	
                /s/
                  Chad D. Johnson

              
	 	
                Name:

              	
                Chad
                  D. Johnson

              
	 	
                Title:

              	
                Vice
                  President

              

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      SUBSIDIARY
        GUARANTOR ACKNOWLEDGMENT AND AGREEMENT

      

      Each
        of
        the undersigned (collectively, the “Subsidiary Guarantors” and,
        individually, “Subsidiary Guarantor”) consents and agrees to and
        acknowledges the terms of the foregoing Amendment No. 2 Credit Agreement,
        dated
        as of June 25, 2007 (the “Amendment”).  Each Subsidiary
        Guarantor specifically acknowledges the terms of and consents to the amendments
        set forth in the Amendment.  Each Subsidiary Guarantor further agrees
        that its obligations pursuant to the Subsidiary Guaranty shall remain in
        full
        force and effect and be unaffected hereby.

       

      Each
        Subsidiary Guarantor hereby waives and releases, to the fullest extent permitted
        by applicable law, the Administrative Agent and each of the Lenders and their
        respective directors, officers, employees, attorneys, affiliates, and
        subsidiaries from any and all claims, offsets, defenses, and counterclaims
        of
        which any of the Subsidiary Guarantors is aware, such waiver and release being
        with full knowledge and understanding of the circumstances and effect thereof
        and after having consulted legal counsel with respect thereto.

       

      EACH
        SUBSIDIARY GUARANTOR HEREBY IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY
        IN
        ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS
        SUBSIDIARY GUARANTOR ACKNOWLEDGMENT AND AGREEMENT OR THE AMENDMENT, OR THE
        TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.  EACH SUBSIDIARY
        GUARANTOR HEREBY CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY
        PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH PERSON WOULD NOT,
        IN
        THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER.

       

      (Signature
        page follows.)

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, this Subsidiary Guarantor Acknowledgment and Agreement has
        been
        duly executed and delivered as of the date of the Amendment.

       

      
        	 	
                ICO
                  GLOBAL SERVICES, INC. 

              
	 	 	 
	 	
                By:

              	
                /s/
                  Donald Eric Parsons

              
	 	
                Name:

              	
                Donald
                  Eric Parsons

              
	 	
                Title:

              	
                President

              
	 	 
	 	
                ICO
                  P&O, INC.

              
	 	 
	 	
                By:

              	
                /s/
                  Jon C. Biro

              
	 	
                Name:

              	
                Jon
                  C. Biro

              
	 	
                Title:

              	
                Treasurer
                  & Chief Financial Officer

              
	 	 
	 	
                ICO
                  TECHNOLOGY, INC.

              
	 	 
	 	
                By:

              	
                /s/
                  Jon C. Biro

              
	 	
                Name:

              	
                Jon
                  C. Biro

              
	 	
                Title:

              	
                Senior
                  V.P., Treasurer & Chief Financial

              
	 	 	
                Officer

              
	 	 
	 	
                WEDCO
                  TECHNOLOGY, INC.

              
	 	 
	 	
                By:

              	
                /s/
                  Jon C. Biro

              
	 	
                Name:

              	
                Jon
                  C. Biro

              
	 	
                Title:

              	
                Treasurer
                  & Chief Financial Officer

              
	 	 
	 	
                WORLDWIDE
                  GP, L.L.C.

              
	 	 
	 	
                By:

              	
                /s/
                  Jon C. Biro

              
	 	
                Name:

              	
                Jon
                  C. Biro

              
	 	
                Title:

              	
                Manager

              
	 	 
	 	
                WORLDWIDE
                  LP, L.L.C.

              
	 	 
	 	
                By:

              	
                ICO
                  Global Services, Inc.

              
	 	 	
                Its
                  Sole Member

              
	 	 	 
	 	
                By:

              	
                /s/
                  Donald E. Parsons

              
	 	
                Name:

              	
                Donald
                  E. Parsons

              
	 	
                Title:

              	
                President

              
	 	 	 
	 	 	 

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      
        	 	
                ICO
                  WORLDWIDE, L.P. 

              
	 	
                By:

              	
                Worldwide
                  GP, L.L.C. 

              
	 	 	
                Its
                  General Partner 

              
	 	   
	 	
                By:

              	
                /s/
                  Jon C. Biro

              
	 	
                Name:

              	
                Jon
                  C. Biro

              
	 	
                Title:

              	
                Manager

              
	 	 
	 	
                BAYSHORE
                  INDUSTRIAL GP, L.L.C.

              
	 	 
	 	
                By:

              	
                /s/
                  Jon C. Biro

              
	 	
                Name:

              	
                Jon
                  C. Biro

              
	 	
                Title:

              	
                Treasurer
                  & Chief Financial Officer

              
	 	 
	 	
                BAYSHORE
                  INDUSTRIAL LP, L.L.C.

              
	 	
                By:

              	
                ICO
                  Global Services, Inc.

              
	 	 	
                Its
                  Sole Member

              
	 	 
	 	
                By:

              	
                /s/
                  Donald Eric Parsons

              
	 	
                Name:

              	
                Donald
                  Eric Parsons

              
	 	
                Title:

              	
                President

              
	 	 	 
	 	
                ICO
                  POLYMERS, INC.

              
	 	 
	 	
                By:

              	
                /s/
                  Jon C. Biro

              
	 	
                Name:

              	
                Jon
                  C. Biro

              
	 	
                Title:

              	
                Treasurer
                  & Chief Financial Officer

              
	 	 
	 	
                BAYSHORE
                  RE HOLDINGS, INC.

              
	 	 
	 	
                By:

              	
                /s/
                  Jon C. Biro

              
	 	
                Name:

              	
                Jon
                  C. Biro

              
	 	
                Title:

              	
                Senior
                  V.P., Treasurer & Chief Financial

              
	 	 	
                Officer

              
	 	 
	 	
                WEDCO
                  PETROCHEMICAL, INC.

              
	 	 
	 	
                By:

              	
                /s/
                  Jon C. Biro

              
	 	
                Name:

              	
                Jon
                  C. Biro

              
	 	
                Title:

              	
                Treasurer
                  & Chief Financial Officer

              
	 	 	 

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      
        	 	
                CHINA
                  RE HOLDINGS, INC.

              
	 	 
	 	
                By:

              	
                /s/
                  Jon C. Biro

              
	 	
                Name:

              	
                Jon
                  C. Biro

              
	 	
                Title:

              	
                Senior
                  V.P., Treasurer & Chief Financial

              
	 	 	
                Officer

              

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Exhibit
        A

      EXHIBIT
        A-3

      

      SWING
        LINE NOTE

       

       

      
        	 $1,500,000.00 	
                 Houston,
                  Texas

              
	 	
                 June
                  25, 2007

              

      

        

       

       

      FOR
        VALUE
        RECEIVED, the undersigned ICO, INC., a Texas corporation (“ICO”),
        BAYSHORE INDUSTRIAL, L.P., a Texas limited partnership (“Bayshore”), and
        ICO POLYMERS NORTH AMERICA, INC., a New Jersey corporation (“ICO
        Polymers,” and together with ICO and Bayshore, the “Borrowers” and
        individually, each a “Borrower”), jointly and severally, hereby promise
        to pay, on the Swing Loan Maturity Date (as defined in the Credit Agreement
        hereinafter referred to), to the order of WELLS FARGO NATIONAL ASSOCIATION,
        a
        national banking association (the “Lender”), the principal sum equal to
        the lesser of (a) $1,500,000.00 (ONE MILLION FIVE HUNDRED THOUSAND DOLLARS)
        or
        (b) the aggregate unpaid principal amount of all Swing Loans made by the
        Lender to the Borrowers pursuant to the Credit Agreement (as defined below),
        together with interest at the rate and on the terms as specified
        herein.

       

      This
        Swing Line Note is one of the Notes referred to in the Credit Agreement,
        dated
        as of December 8, 2005, among the Borrowers, KEYBANK NATIONAL ASSOCIATION,
        a
        national banking association, WELLS FARGO BANK, NATIONAL ASSOCIATION, a national
        banking association, and the other lending institutions from time to time
        party
        thereto (each a “Lender” and collectively, the “Lenders”), KEYBANK
        NATIONAL ASSOCIATION, a national banking association, as an LC Issuer, lead
        arranger, bookrunner, and administrative agent (in such capacity as
        administrative agent, the “Administrative Agent”), and WELLS FARGO BANK,
        NATIONAL ASSOCIATION, a national banking association, as the Swing Line Lender
        (as amended and as the same may be further amended, restated or otherwise
        modified from time to time, the “Credit Agreement”), and is entitled to
        the benefits thereof and of the other Loan Documents.  All capitalized
        terms used in this Note and not otherwise defined shall have the meanings
        set
        forth in the Credit Agreement.

       

      In
        case
        an Event of Default shall occur and be continuing, the principal of and accrued
        interest on this Swing Line Note may be declared to be due and payable in
        the
        manner and with the effect provided in the Credit Agreement.

       

      The
        Borrowers hereby waive presentment, demand, protest or notice of any kind
        in
        connection with this Swing Line Note, except as expressly set forth in the
        Credit Agreement or the other Loan Documents.  No failure to exercise,
        or delay in exercising, any rights hereunder on the part of the holder hereof
        shall operate as a waiver of any such rights.

       

      This
        Swing Line Note shall be construed in accordance with and be governed by
        the
        laws of the State of Texas, without regard to principles of conflict of
        law.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      THE
        UNDERSIGNED HEREBY IRREVOCABLY WAIVE ALL RIGHTS TO A TRIAL BY JURY IN ANY
        ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS REVOLVING
        FACILITY NOTE, THE OTHER LOAN DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED
        HEREBY
        OR THEREBY.

       

      
        	 	
                ICO,
                  INC.

              
	 	 
	 	
                By:

              	
                 

              
	 	
                Name:

              	
                Jon
                  C. Biro

              
	 	
                Title:

              	
                Chief
                  Financial Officer & Treasurer

              
	 	 
	 	
                BAYSHORE
                  INDUSTRIAL, L.P.

              
	 	
                By:

              	
                Bayshore
                  Industrial GP, L.L.C.

              
	 	
                Its:

              	
                General
                  Partner

              
	 	 
	 	
                By:

              	
                 

              
	 	
                Name:

              	
                Jon
                  C. Biro

              
	 	
                Title:

              	
                Chief
                  Financial Officer & Treasurer

              
	 	 
	 	
                ICO
                  POLYMERS NORTH AMERICA, INC.

              
	 	 
	 	
                By:

              	
                 

              
	 	
                Name:

              	
                Jon
                  C. Biro

              
	 	
                Title:

              	
                Senior
                  Vice President, Chief Financial Officer

              
	 	 	
                &
                  Treasurer

              
	 	 

      

      
 

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Exhibit
        B

       

      Schedule
        1

       

      Lenders
        and Commitments

       

      
        	
                Lender

              	
                Revolving

                Commitment

              	
                Revolving
                  Facility

                Percentage
                  as of

                 the
                  Closing Date

              	
                Term

                Commitment

              
	
                KeyBank
                  National Association

              	
                $15,000,000.00

              	
                50.00%

              	
                $7,083,333.50

              
	
                Wells
                  Fargo Bank, National Association

              	
                $15,000,000.00

              	
                50.00%

              	
                $7,083,333.50

              
	
                Total:

              	
                $30,000,000.00

              	
                100.00%

              	
                $14,166,667.00exhibit108.htm

    TECHNOLOGY
      RESEARCH CORPORATION

    INDIVIDUAL
      DIRECTOR INDEMNIFICATION AGREEMENT

    

    This
      Indemnification Agreement (this “Agreement”), made and entered
      into as of June 1, 2005, by and between TECHNOLOGY RESEARCH CORPORATION, a
      Florida corporation (the “Company”), and
      _______________________, in his capacity as an independent member of the
      Company’s Board of Directors (the “Indemnitee”).

     

    BACKGROUND
      INFORMATION

     

    In
      the
      judgment of the Company’s Board of Directors (the “Board”),
      individuals with desired levels of experience and expertise have become more
      reluctant to serve publicly-held corporations as directors or in other
      capacities unless provided with adequate protection through insurance or
      contractual indemnities against liabilities arising from claims brought against
      them as a consequence of such service.

     

    The
      Board
      has previously determined it to be in the best interests of the Company and
      its
      shareholders for the Company to maintain at its expense liability insurance
      to
      protect individuals serving the Company and its subsidiaries from and against
      certain liabilities.  Although the furnishing of such insurance has
      been a customary and widespread practice among United States-based corporations
      and other business enterprises, the Board is concerned that, given current
      market conditions and trends, such insurance may only be available to the
      Company in the future at higher premium cost and with lesser breadth of
      coverage.  It has also noted that directors, officers and other
      individuals in service to business enterprises are being increasingly subjected
      to expensive and time-consuming litigation relating to matters that
      traditionally have been brought only against the enterprise.

     

    The
      Company’s Bylaws provide that the Company shall indemnify and advance expenses
      to each of its directors and officers in the manner set forth therein and to
      the
      fullest extent permitted by applicable law.  Such law is principally
      embodied in Section 607.0850 of the Florida Business Corporation Act, Chapter
      607, Florida Statutes (the “FBCA”).  Each of the
      By-Laws and the FBCA, however, provide that the indemnification provisions
      set
      forth therein are not exclusive, and thereby contemplate that indemnity
      agreements may be entered into between a corporation and individual members
      of
      its board of directors, among others.

     

    The
      Indemnitee has expressed concern that the protection available under the
      Company’s Director and Officer insurance coverage, and as manifested by its
      Bylaws and the FBCA, may be inadequate in the current environment, and that
      without such protection he may not be willing to continue to serve as a Company
      director. The Board desires for Indemnitee to continue to serve in such
      capacity, and therefore believes it to be prudent for the Company to obligate
      itself by means of a direct contractual promise, in the form of this Agreement,
      to indemnify, and to advance expenses on behalf of, the Indemnitee so that
      he
      will hereafter continue to serve the Company free from undue concern that he
      may
      not be so indemnified.

     

    The
      parties understand that this Agreement is intended to supplement the protections
      offered by the FBCA, the Company’s Bylaws or its liability insurance coverage,
      and that any resolutions or written actions heretofore adopted by the Board
      pursuant to any such protection shall not be deemed rescinded or diminished
      in
      scope or content by this Agreement’s execution and delivery, and that none of
      the rights or privileges granted to the Indemnitee under such statutory law,
      insurance protection or resolutions or actions shall be deemed impaired or
      abrogated.

     

    Accordingly,
      in consideration of the premises and the covenants contained herein, the Company
      and Indemnitee hereby covenant and agree as follows:

     

    OPERATIVE
      PROVISIONS

     

    ARTICLE
      1

     

     

    Certain
      Definitions

     

               Section
      1.01                                As
      used in this Agreement:

     

    “Change
      of Control” shall be deemed to have occurred in any one of the
      following circumstances occurring after the date hereof: (i) there shall have
      occurred an event required to be reported with respect to the Company in
      response to Item 6(e) of Schedule 14A of Regulation 14A (or in response to
      any
      similar item or any similar schedule or form) under the Exchange Act, regardless
      of whether the Company is then subject to such reporting requirement; (ii)
      any
      "person" or “group” (as such terms are used in Sections 13(d) and 14(d) of the
      Exchange Act) shall have become the "beneficial owner" (as defined in Rule
      13d-3
      under the Exchange Act), directly or indirectly, of securities of the Company
      representing 15% or more of the combined voting power of the Company's then
      outstanding voting securities; (iii) there occurs a merger or consolidation
      of
      the Company with any other entity, other than a merger or consolidation which
      would result in the voting securities of the Company outstanding immediately
      prior to such merger or consolidation continuing to represent (either by
      remaining outstanding or by being converted into voting securities of the
      surviving entity) more than 51% of the combined voting power of the voting
      securities of the surviving entity outstanding immediately after such merger
      or
      consolidation and with the power to elect at least a majority of the board
      of
      directors or other governing body of such surviving entity; (iv) all or
      substantially all the assets of the Company are sold or disposed of in a
      transaction or series of related transactions; (v) the approval by the
      shareholders of the Company of a complete liquidation of the Company; or (vi)
      the individuals who on the date hereof constitute the Board (including, for
      this
      purpose, any new director whose election or nomination for election by the
      Company's shareholders was approved by a vote of at least a majority of the
      directors then still in office who were directors on the date hereof or whose
      election or nomination was so approved) cease for any reason to constitute
      at
      least a majority of the members of the Board.

     

    “Corporate
      Status” describes the status of the Indemnitee as a current or prior
      director, officer, trustee, general partner, managing member, fiduciary, board
      of directors’ committee member, employee or agent of any other Enterprise (as
      defined below) as long as such service is or was at the request of the
      Company.

     

    “Disinterested
      Director” means a director of the Company who is not and was not a
      party to the Proceeding in respect of which indemnification is sought by
      Indemnitee.

     

    “Enterprise”
      means the Company and any other corporation, limited liability company,
      partnership, joint venture, trust, employee benefit plan or other enterprise
      of
      which Indemnitee is or was serving at the request of the Company as a director,
      officer, trustee, general partner, managing member, fiduciary, board of
      directors’ committee member, employee or agent.

     

    “Exchange
      Act” means the Securities Exchange Act of 1934, as
      amended.

     

    “Expenses”
      shall include all reasonable direct and indirect costs (including, without
      limitation, attorneys' fees, retainers, court costs, transcripts, fees of
      experts, witness fees, travel expenses, duplicating costs, printing and binding
      costs, telephone charges, postage, delivery service fees, and all other
      disbursements or expenses of the types customarily incurred in connection with
      (i) prosecuting, defending, preparing to prosecute or defend, investigating,
      being or preparing to be a witness in, or otherwise participating in, a
      Proceeding, (ii) establishing or enforcing a right to indemnification under
      this
      Agreement, applicable law or otherwise, or (iii) the review and preparation
      of
      this Agreement on behalf of Indemnitee.  Expenses also shall include
      Expenses incurred in connection with any appeal resulting from any Proceeding,
      including without limitation the premium, security for, and other costs relating
      to any cost bond, supersedeas bond, or other appeal bond or its
      equivalent.  Expenses, however, shall not include amounts paid in
      settlement by Indemnitee or the amount of judgments or fines against
      Indemnitee.

     

    “Independent
      Counsel” means a law firm, or a member of a law firm, that is
      experienced in matters of corporate law and neither currently is, nor in the
      five years previous to its selection or appointment has been, retained to
      represent (i) the Company or Indemnitee in any matter material to either such
      party (other than with respect to matters concerning the rights of Indemnitee
      under this Agreement or of other indemnitees under similar indemnification
      agreements) or (ii) any other party to the Proceeding giving rise to a claim
      for
      indemnification hereunder.  Notwithstanding the foregoing, the term
“Independent Counsel” shall not include any person who, under the applicable
      standards of professional conduct then prevailing, would have a conflict of
      interest in representing either the Company or Indemnitee in an action to
      determine Indemnitee’s rights under this Agreement.

     

    “Independent
      Directors” any member of the Company’s board of directors who is not
      (i) an officer or employee of the Company, (ii) an officer, director or employee
      or any affiliate (excluding the Company) thereof, (iii) a person who controls
      or
      is under common control of any affiliate thereof or (iv) a person who otherwise
      would fail to qualify as an “independent director” under the applicable rules of
      the Nasdaq National Market as then in effect.

     

    “Liabilities”
      means any losses or liabilities, including, without limitation, any judgments,
      fines, ERISA excise taxes and penalties, penalties and amounts paid in
      settlement, arising out of or in connection with any Proceeding (including
      all
      interest, assessments and other charges paid or payable in connection with
      or in
      respect of any such judgments, fines, ERISA excise taxes and penalties,
      penalties or amounts paid in settlement).

     

     “person”
      shall have the meaning as set forth in Sections 13(d) and 14(d) of the Exchange
      Act; provided, however, that the term “person” shall exclude (i) the Company,
      (ii) any trustee or other fiduciary holding securities under an employee benefit
      plan of the Company, and (iii) any corporation owned, directly or indirectly,
      by
      the shareholders of the Company in substantially the same proportions as their
      ownership of stock of the Company.

     

    “Proceeding”
      includes any threatened, pending or completed action, derivative action, suit,
      claim, counterclaim, cross claim, arbitration, alternate dispute resolution
      mechanism, investigation, inquiry, administrative hearing or any other actual
      threatened or completed proceeding, whether civil (including intentional and
      unintentional tort claims), criminal, administrative or investigative, including
      any appeal therefrom, and whether instituted by or on behalf of the Company
      or
      any other party, or any inquiry or investigation that Indemnitee in good faith
      believes might lead to the institution of any such action, suit or other
      proceedings hereinabove listed in which Indemnitee was, is or will be involved
      as a party or otherwise by reason of any Corporate Status of Indemnitee, or
      by
      reason of any action taken (or failure to act) by him or of any action (or
      failure to act) on his part while serving in any Corporate Status, in each
      case
      whether or not serving in such capacity at the time any liability or expense
      is
      incurred for which indemnification, reimbursement, or advancement of Expenses
      can be provided under this Agreement.

     

    Section
      1.02                                For
      the purposes of this Agreement:

     

    References
      to “Company” shall include, in addition to the resulting corporation, any
      constituent corporation (including any constituent of a constituent) absorbed
      in
      a consolidation or merger which, if its separate existence had continued, would
      have had power and authority to indemnify its directors, officers, employees
      or
      agents, so that if Indemnitee is or was a director, officer, employee, or agent
      of such constituent corporation or is or was serving at the request of such
      constituent corporation as a director, officer, employee, or agent of another
      corporation, partnership, joint venture, trust or other enterprise, then
      Indemnitee shall stand in the same position under the provisions of this
      Agreement with respect to the resulting or surviving corporation as Indemnitee
      would have with respect to such constituent corporation if its separate
      existence had continued.

     

    Reference
      to “other enterprise” shall include employee benefit plans; references to
“fines” shall include any excise tax assessed with respect to any employee
      benefit plan; references to “serving at the request of the Company” shall
      include any service as a director, officer, employee or agent of the Company
      which imposes duties on, or involves services by, such director, officer,
      employee or agent with respect to an employee benefit plan, its participants
      or
      beneficiaries; and a person who acted in good faith and in a manner he
      reasonably believed to be in the best interests of the participants and
      beneficiaries of an employee benefit plan shall be deemed to have acted in
      a
      manner “not opposed to the best interests of the Company” as referred to in this
      Agreement.

     

     

    ARTICLE
      2

     

     

    Services
      By Indemnitee

     

    Section
      2.01  .  Services
      By Indemnitee.  Indemnitee hereby agrees to continue to serve as
      a director of the Company for so long as Indemnitee is elected or until
      Indemnitee tenders his resignation or is removed.

     

     

    ARTICLE
      3

     

     

    Indemnification

     

    Section
      3.01  .  General.  (a) The
      Company hereby agrees to and shall indemnify Indemnitee and hold him harmless
      from and against any and all Expenses and Liabilities, in either case, actually
      and reasonably incurred by Indemnitee or on Indemnitee’s behalf, to the fullest
      extent permitted by applicable law.

     

    For
      purposes of this Section 3.01, the meaning of the phrase “to the fullest
      extent permitted by applicable law” shall include, but not be limited
      to:

     

    (i)  to
      the
      fullest extent permitted by any provision of the FBCA, or the corresponding
      provision of any amendment to or replacement of the FBCA, and

     

    (ii)  to
      the
      fullest extent authorized or permitted by any amendments to or replacements
      of
      the FBCA adopted after the date of this Agreement that increase the extent
      to
      which a corporation may indemnify its officers and directors.

     

    (b)  Notwithstanding
      any other provision of this Agreement, to the extent that Indemnitee is, by
      reason of his Corporate Status, a witness in any Proceeding to which Indemnitee
      is not a party, he shall be indemnified against all Expenses actually and
      reasonably incurred by him or on his behalf in connection
      therewith.

     

    (c)  Notwithstanding
      any other provision of this Agreement, to the extent that Indemnitee is a party
      to (or a participant in) and is successful, on the merits or otherwise, in
      any
      Proceeding or in defense of any claim, issue or matter therein, in whole or
      in
      part, the Company shall indemnify Indemnitee against all Expenses actually
      and
      reasonably incurred by him in connection therewith. If Indemnitee is not wholly
      successful in such Proceeding, but is successful, on the merits or otherwise,
      as
      to one or more but less than all claims, issues or matters in such Proceeding,
      the Company shall indemnify Indemnitee against all Expenses actually and
      reasonably incurred by him or on his behalf in connection with each successfully
      resolved claim, issue or matter. If the Indemnitee is not wholly successful
      in
      such Proceeding, the Company also shall indemnify Indemnitee against all
      Expenses reasonably incurred in connection with a claim, issue or matter related
      to any claim, issue, or matter on which the Indemnitee was successful. For
      purposes of this Section and without limitation, the termination of any claim,
      issue or matter in such a Proceeding by dismissal, with or without prejudice,
      shall be deemed to be a successful result as to such claim, issue or
      matter.

     

    Section
      3.02  .
      Exclusions.  Notwithstanding any provision of this Agreement, the
      Company shall not be obligated under this Agreement to make any indemnity
      (including any advancement of Expenses) in connection with any claim made
      against Indemnitee:

     

    (a)  for
      an
      accounting of profits made from the purchase and sale (or sale and purchase)
      by
      Indemnitee of securities of the Company within the meaning of Section 16(b)
      of
      the Exchange Act or similar provisions of state statutory law or common law;
      or

     

    (b)  except
      as
      otherwise provided in Sections 6.01(d) or (f) hereof, prior to a Change in
      Control, in connection with any Proceeding (or any part of any Proceeding)
      initiated by Indemnitee, including any Proceeding (or any part of any
      Proceeding) initiated by Indemnitee against the Company or its affiliates or
      their respective directors, officers, employees or other indemnitees, unless
      (i)
      the Proceeding (or any part of any Proceeding) is authorized prior to its
      initiation by a majority of the Independent Directors or (ii) the Company
      provides the indemnification, in its sole discretion, pursuant to the powers
      vested in the Company under applicable law.

     

     

    ARTICLE
      4

     

     

    Advancement
      Of Expenses; Defense of Claims

     

    Section
      4.01  .  Advances.  Notwithstanding
      any provision of this Agreement to the contrary, the Company shall advance
      any
      Expenses incurred by Indemnitee in connection with any Proceeding within ten
      (10) days after the receipt by the Company of a statement or statements
      requesting such advances from time to time, whether prior to or after final
      disposition of any Proceeding.  Any overdue amount of such Expenses to
      be paid by the Company hereunder shall bear interest, compounded monthly, at
      a
      rate equal to the prime annual rate as reported on the last business day of
      each
      calendar month in the Money Rates (or other applicable) section of the Eastern
      Edition of the Wall Street Journal, a publication of Dow Jones & Company,
      Inc., which rate is a composite of the base rate on corporate loans posted
      from
      time to time by at least 75% of the 30 largest commercial banks operating within
      the United States.  Advances shall be made without regard to
      Indemnitee’s ability to repay such amounts and without regard to Indemnitee’s
      ultimate entitlement to indemnification under the other provisions of this
      Agreement.  Advances shall include any and all reasonable Expenses
      incurred pursuing an action to enforce this right of advancement, including
      Expenses incurred preparing and forwarding statements to the Company to support
      the advances claimed.  This Section 4.01 shall not apply to any claim
      made by Indemnitee for which indemnity is excluded pursuant to Section
      3.02.

     

    Section
      4.02  .  Repayment
      of Advances or Other Expenses.  Indemnitee agrees that Indemnitee
      shall reimburse the Company for all Expenses advanced by the Company pursuant
      to
Section 4.01 or 6.01(f), in the event and only to
      the extent that it shall be determined by final judgment or other final
      adjudication under the provisions of any applicable law (as to which all rights
      of appeal therefrom have been exhausted or lapsed) that Indemnitee is not
      entitled to be indemnified by the Company for such Expenses.

     

    Section
      4.03  .  Defense
      of Claims.  The Company will be entitled to participate in the
      Proceeding at its own expense.  The Company shall not settle any
      action, claim or Proceeding (in whole or in part) which would impose any
      Expense, judgment, fine, penalty or limitation on the Indemnitee without the
      Indemnitee’s prior written consent, such consent not to be unreasonably
      withheld.  Indemnitee shall not settle any action, claim or Proceeding
      (in whole or in part) which would impose any Expense, judgment, fine, penalty
      or
      limitation on the Company without the Company’s prior written consent, such
      consent not to be unreasonably withheld.

     

     

    ARTICLE
      5

     

     

    Procedures
      For Notification of and Determination of Entitlement To
      Indemnification

     

    Section
      5.01  .  Request
      For Indemnification. (a) Within 60 days
      after the
      actual receipt by Indemnitee of notice that he is a party to or a participant
      (as a witness or otherwise) in any Proceeding, Indemnitee shall submit to the
      Company a written notice identifying the Proceeding.  The omission by
      the Indemnitee to so notify the Company will not relieve the Company from any
      liability which it may have to Indemnitee (i) otherwise than under this
      Agreement, and (ii) under this Agreement except and only to the extent the
      Company can establish that such omission to notify caused actual material
      prejudice to the Company.

     

    (b)  Indemnitee
      shall thereafter deliver to the Company a written application to indemnify
      Indemnitee in accordance with this Agreement.  Such application(s) may
      be delivered from time to time and at such time(s) as Indemnitee deems
      appropriate in his sole discretion.  Following such a written
      application for indemnification by Indemnitee, the Indemnitee’s entitlement to
      indemnification shall be determined according to Section 5.02 of this
      Agreement.

     

    Section
      5.02  .  Determination
      of Entitlement. (a)
      Upon written request by Indemnitee for indemnification pursuant to Section 5.01, a determination, if required by
      applicable law, with respect to Indemnitee’s entitlement thereto shall be made
      in the specific case:  (i) by a majority vote of the Independent
      Directors who are Disinterested Directors, even though less than a quorum of
      the
      Board; or (ii) if so requested by the Indemnitee in his sole discretion, by
      Independent Counsel in a written opinion to the Board, a copy of which shall
      be
      delivered to Indemnitee.  If it is so determined that Indemnitee is
      entitled to indemnification, payment to Indemnitee shall be made within ten
      days
      after such determination.  Indemnitee shall reasonably cooperate with
      the person, persons or entity making such determination with respect to
      Indemnitee’s entitlement to indemnification, including providing to such person,
      persons or entity upon reasonable advance request any documentation or
      information which is not privileged or otherwise protected from disclosure
      and
      which is reasonably available to Indemnitee and reasonably necessary to such
      determination.  Any costs or expenses (including attorneys’ fees and
      disbursements) incurred by Indemnitee in so cooperating with the person, persons
      or entity making such determination shall be borne by the Company (irrespective
      of the determination as to Indemnitee’s entitlement to indemnification), and the
      Company hereby indemnifies and agrees to hold Indemnitee harmless
      therefrom.

     

    (b)  If
      entitlement to indemnification is to be determined by Independent Counsel
      pursuant to Section 5.02(a), such Independent
      Counsel shall be selected as provided in this Section
      5.02.  If a Change in Control shall not have occurred, the
      Independent Counsel shall be selected by the Independent Directors, and the
      Company shall give written notice to Indemnitee advising him of the identity
      of
      the Independent Counsel so selected.  If a Change in Control shall
      have occurred, the Independent Counsel shall be selected by Indemnitee (unless
      Indemnitee shall request that such selection be made by the Board, in which
      event the preceding sentence shall apply), and Indemnitee shall give written
      notice to the Company advising it of the identity of the Independent Counsel
      so
      selected.  In either event, Indemnitee or the Company, as the case may
      be, may, within ten days after such written notice of selection shall have
      been
      received, deliver to the Company or to Indemnitee, as the case may be, a written
      objection to such selection; provided, however, that such objection may be
      asserted only on the ground that the Independent Counsel so selected does not
      meet the requirements of “Independent Counsel” as defined in Section 1 of this
      Agreement, and the objection shall set forth with particularity the factual
      basis of such assertion.  Absent a proper and timely objection, the
      person so selected shall act as Independent Counsel.  If such written
      objection is so made and substantiated, the Independent Counsel so selected
      may
      not serve as Independent Counsel unless and until such objection is withdrawn
      or
      a court of competent jurisdiction has determined that such objection is without
      merit.  If, within 20 days after submission by Indemnitee of a written
      request for indemnification pursuant to Section 5.01
      hereof, no Independent Counsel shall have been selected and not objected to,
      either the Company or Indemnitee may petition a court of competent jurisdiction
      for resolution of any objection which shall have been made by the Company or
      Indemnitee to the other’s selection of Independent Counsel and/or for the
      appointment as Independent Counsel of a person selected by the court or by
      such
      other person as the court shall designate, and the person with respect to whom
      all objections are so resolved or the person so appointed shall act as
      Independent Counsel under Section 5.02(a) hereof.
      Upon the due commencement of any judicial proceeding or arbitration pursuant
      to
Section 6.01(a) of this Agreement, the Independent
      Counsel shall be discharged and relieved of any further responsibility in such
      capacity (subject to the applicable standards of professional conduct then
      prevailing).

     

    (c)  The
      Company agrees to pay the reasonable fees of any Independent Counsel and to
      fully indemnify such Independent Counsel against any and all Expenses, claims,
      liabilities and damages arising out of or relating to this Agreement or its
      engagement pursuant hereto.

     

    Section
      5.03  .  Presumptions
      and Burdens of Proof; Effect of Certain Proceedings.  (a) In making any
      determination
      with respect to entitlement to indemnification hereunder, the person or persons
      or entity making such determination shall presume that Indemnitee is entitled
      to
      indemnification under this Agreement if Indemnitee has submitted a request
      for
      indemnification in accordance with Section 5.01 of
      this Agreement, and the Company shall have the burdens of coming forward with
      evidence and of persuasion to overcome that presumption in connection with
      the
      making by any person, persons or entity of any determination contrary to that
      presumption.  Neither the failure of any person, persons or entity to
      have made a determination prior to the commencement of any action pursuant
      to
      this Agreement that indemnification is proper in the circumstances because
      Indemnitee has met the applicable standard of conduct, nor an actual
      determination by any person, persons or entity that Indemnitee has not met
      such
      applicable standard of conduct, shall be a defense to the action or create
      a
      presumption that Indemnitee has not met the applicable standard of
      conduct.

     

    (b)  If
      the
      person, persons or entity empowered or selected under Section 5.02 of this Agreement to determine whether
      Indemnitee is entitled to indemnification shall not have made a determination
      within 60 days after receipt by the Company of the request therefor, the
      requisite determination of entitlement to indemnification shall be deemed to
      have been made and Indemnitee shall be entitled to such
      indemnification.

     

    (c)  The
      termination of any Proceeding or of any claim, issue or matter therein, by
      judgment, order, settlement or conviction, or upon a plea of nolo contendere
      or
      its equivalent, shall not (except as otherwise provided in this Agreement)
      of
      itself adversely affect the right of Indemnitee to indemnification or create
      a
      presumption that Indemnitee did not act in good faith and in a manner which
      he
      reasonably believed to be in or not opposed to the best interests of the Company
      or, with respect to any criminal Proceeding, that Indemnitee had reasonable
      cause to believe that his conduct was unlawful.

     

    (d)  For
      purposes of any determination of good faith, Indemnitee shall be deemed to
      have
      acted in good faith if Indemnitee’s action is based on the records or books of
      account of any Enterprise, including financial statements, or on information
      supplied to Indemnitee by the officers of such Enterprise in the course of
      their
      duties, or on the advice of legal counsel for such Enterprise or on information
      or records given or reports made to such Enterprise by an independent certified
      public accountant or by an appraiser or other expert selected by such
      Enterprise.  The provisions of this Section
      5.03(c) shall not be deemed to be exclusive or to limit the other
      circumstances in which Indemnitee may be deemed or found to have met the
      applicable standard of conduct set forth in this Agreement.

     

    (e)  The
      knowledge and/or actions, or failure to act, of any other director, trustee,
      partner, managing member, fiduciary, officer, agent or employee of any
      Enterprise shall not be imputed to Indemnitee for purposes of determining any
      right to indemnification under this Agreement.

     

     

    ARTICLE
      6

     

     

    Remedies
      of Indemnitee

     

    Section
      6.01  .  Adjudication
      or Arbitration.  (a) In the event of
      any dispute
      between Indemnitee and the Company hereunder as to entitlement to
      indemnification or advancement of Expenses (including without limitation where
      (i) a determination is
      made pursuant to Section 5.02 of this Agreement that
      Indemnitee is not entitled to indemnification under this Agreement, (ii) advancement of Expenses
      is
      not timely made pursuant to Section 4.01 of this
      Agreement, (iii) no
      determination of entitlement to indemnification shall have been made pursuant
      to
Section 5.02(a) of this Agreement within 45 days
      after receipt by the Company of the request for indemnification, (iv) payment of indemnification
      is not made pursuant to the last sentence of Section
      5.02(a) of this Agreement within ten days after receipt by the Company of a
      written request therefor, or (v) payment of indemnification
      pursuant to Section 3.01 of this Agreement is not
      made within ten days after a determination has been made that Indemnitee is
      entitled to indemnification), then Indemnitee shall be entitled to an
      adjudication by a court of his entitlement to such indemnification or
      advancement of Expenses. Alternatively, in such case, Indemnitee, at his option,
      may seek an award in arbitration to be conducted by a single arbitrator pursuant
      to the Commercial Arbitration Rules of the American Arbitration
      Association.  The Company shall not oppose Indemnitee’s right to seek
      any such adjudication or award in arbitration.

     

    (b)  In
      the
      event that a determination shall have been made pursuant to Section 5.02(a) of this Agreement that Indemnitee is
      not entitled to indemnification, any judicial proceeding or arbitration
      commenced pursuant to this Section 6.01 shall be
      conducted in all respects as a de novo trial, or arbitration, on the
      merits, and Indemnitee shall not be prejudiced by reason of that adverse
      determination.  In any judicial proceeding or arbitration commenced
      pursuant to this Section 6.01 the Company shall have
      the burden of proving Indemnitee is not entitled to indemnification or
      advancement of Expenses, as the case may be, and the Company may not refer
      to or
      introduce into evidence any determination pursuant to Section 5.02(a) of this Agreement adverse to Indemnitee
      for any purpose.  If Indemnitee commences a judicial proceeding or
      arbitration pursuant to this Section 6.01,
      Indemnitee shall not be required to reimburse the Company for any advances
      pursuant to Section 4.02 until a final determination
      is made with respect to Indemnitee’s entitlement to indemnification (as to which
      all rights of appeal have been exhausted or lapsed).

     

    (c)  If
      a
      determination shall have been made pursuant to Section
      5.02(a) of this Agreement that Indemnitee is entitled to indemnification,
      the Company shall be bound by such determination in any judicial proceeding
      or
      arbitration commenced pursuant to this Section
      6.01.

     

    (d)  In
      the
      event that Indemnitee, pursuant to this Section
      6.01, seeks a judicial adjudication of or an award in arbitration to enforce
      his rights under, or to recover damages for breach of, this Agreement,
      Indemnitee shall be entitled to recover from the Company, and shall be
      indemnified by the Company against, any and all Expenses actually and reasonably
      incurred by him in such judicial adjudication or arbitration.  If it
      shall be determined in said judicial adjudication or arbitration that Indemnitee
      is entitled to receive part but not all of the indemnification or advancement
      of
      Expenses sought, the Indemnitee shall be entitled to recover from the Company,
      and shall be indemnified by the Company against, any and all Expenses reasonably
      incurred by Indemnitee in connection with such judicial adjudication or
      arbitration.

     

    (e)  The
      Company shall be precluded from asserting in any judicial proceeding or
      arbitration commenced pursuant to this Section 6.01
      that the procedures and presumptions of this Agreement are not valid, binding
      and enforceable and shall stipulate in any such court or before any such
      arbitrator that the Company is bound by all the provisions of this
      Agreement.

     

    (f)  The
      Company shall indemnify Indemnitee to the fullest extent permitted by law
      against all Expenses and, if requested by Indemnitee, shall (within ten days
      after the Company’s receipt of each such written request) advance such Expenses
      to Indemnitee, which are incurred by Indemnitee in connection with any judicial
      proceeding or arbitration brought by Indemnitee for (i) indemnification or
      advances of Expenses by the Company under this Agreement or any other agreement
      or provision of the Company’s Articles of Incorporation or By-laws now or
      hereafter in effect, or (ii) recovery or advances under any insurance policy
      maintained by any person for the benefit of Indemnitee in connection with the
      performance of his duties for or on behalf of the Company, regardless of whether
      Indemnitee ultimately is determined to be entitled to such indemnification,
      advance or insurance recovery, as the case may be.

     

     

    ARTICLE
      7

     

     

    Directors'
      and Officers' Liability Insurance

     

    Section
      7.01  .  D&O
      Liability Insurance.  The Company shall obtain and maintain a
      policy or policies of insurance (“D&O Liability Insurance”)
      with reputable insurance companies providing liability insurance for directors
      and officers of the Company in their capacities as such (and for any capacity
      in
      which any director or officer of the Company serves any other Enterprise at
      the
      request of the Company), in respect of acts or omissions occurring while serving
      in such capacity, on terms with respect to coverage and amount (including with
      respect to the payment of Expenses) no less favorable than those of such policy
      in effect on the date hereof.

     

    Section
      7.02  .  Evidence
      of Coverage.  Upon request by Indemnitee, the Company shall
      provide copies of all policies of D&O Liability Insurance obtained and
      maintained in accordance with Section 7.01 of this Agreement.  The
      Company shall promptly notify Indemnitee of any changes in such insurance
      coverage.

     

     

    ARTICLE
      8

     

     

    Miscellaneous

     

    Section
      8.01  .  Nonexclusivity
      of Rights.  The rights of indemnification and advancement of
      Expenses as provided by this Agreement shall not be deemed exclusive of any
      other rights to which Indemnitee may at any time be entitled to under applicable
      law, the Company’s Articles of Incorporation, the Company’s Bylaws, any
      agreement, a vote of shareholders or a resolution of directors, or
      otherwise.  No amendment, alteration or repeal of this Agreement or of
      any provision hereof shall limit or restrict any right of Indemnitee under
      this
      Agreement in respect of any action taken or omitted by such Indemnitee in his
      Corporate Status prior to such amendment, alteration or repeal.  To
      the extent that a change in Florida law, whether by statute or judicial
      decision, permits greater indemnification or advancement of Expenses than would
      be afforded currently under the Company’s Bylaws and this Agreement, it is the
      intent of the parties hereto that Indemnitee shall enjoy by this Agreement
      the
      greater benefits so afforded by such change.  No right or remedy
      herein conferred is intended to be exclusive of any other right or remedy,
      and
      every other right and remedy shall be cumulative and in addition to every other
      right and remedy given hereunder or now or hereafter existing at law or in
      equity or otherwise.  The assertion or employment of any right or
      remedy hereunder, or otherwise, shall not prevent the concurrent assertion
      or
      employment of any other right or remedy.

     

    Section
      8.02  .  Insurance
      and Subrogation. (a)
      To the extent that, pursuant to Section 7.01, the Company maintains a policy
      or
      policies providing D&O Liability Insurance, Indemnitee shall be covered by
      such policy or policies in accordance with its or their terms to the maximum
      extent of the coverage available for any such director, trustee, partner,
      managing member, fiduciary, officer, employee or agent under such policy or
      policies.  If, at the time the Company receives notice from any source
      of a Proceeding as to which Indemnitee is a party or a participant (as a witness
      or otherwise), the Company has director and officer liability insurance in
      effect, the Company shall give prompt notice of such Proceeding to the insurers
      in accordance with the procedures set forth in the respective
      policies.  The Company shall thereafter take all necessary or
      desirable action to cause such insurers to pay, on behalf of the Indemnitee,
      all
      amounts payable as a result of such Proceeding in accordance with the terms
      of
      such policies.  The failure or refusal of any such insurer to pay any
      such amount shall not affect or impair the obligations of the Company under
      this
      Agreement.

     

    (b)  In
      the
      event of any payment under this Agreement, the Company shall be subrogated
      to
      the extent of such payment to all of the rights of recovery of Indemnitee,
      who
      shall execute all papers required and take all action necessary to secure such
      rights, including execution of such documents as are necessary to enable the
      Company to bring suit to enforce such rights.

     

    (c)  The
      Company shall not be liable under this Agreement to make any payment of amounts
      otherwise indemnifiable (or for which advancement is provided hereunder)
      hereunder if and to the extent that Indemnitee has otherwise actually received
      such payment under any insurance policy, contract, agreement or
      otherwise.

     

    (d)  The
      Company’s obligation to indemnify or advance Expenses hereunder to Indemnitee
      who is or was serving at the request of the Company as a director, officer,
      trustee, partner, managing member, fiduciary, board of directors’ committee
      member, employee or agent of any other Enterprise shall be reduced by any amount
      Indemnitee has actually received as indemnification or advancement of Expenses
      from such Enterprise.

     

    Section
      8.03  .  Contribution.  To
      the fullest extent permissible under applicable law, if the indemnification
      provided for in this Agreement is unavailable to Indemnitee for any reason,
      the
      Company, in lieu of indemnifying Indemnitee, shall contribute to the amount
      incurred by Indemnitee, whether for judgments, fines, penalties, excise taxes,
      amounts paid or to be paid in settlement and/or for Expenses, in connection
      with
      any claim relating to an indemnifiable event under this Agreement, in such
      proportion as the Board deems fair and reasonable in light of all of the
      circumstances of such Proceeding in order to reflect (i) the relative benefits
      received by the Company and Indemnitee as a result of the event(s) and/or
      transaction(s) giving rise to such Proceeding; and/or (ii) the relative fault
      of the
      Company (inclusive of any of its directors, officers, employees and agents)
      and
      Indemnitee in connection with such event(s) and/or transaction(s).

     

    Section
      8.04  .  Amendment.  This
      Agreement may not be modified or amended except by a written instrument executed
      by or on behalf of each of the parties hereto.

     

    Section
      8.05  .  Waivers.  The
      observance of any term of this Agreement may be waived (either generally or
      in a
      particular instance and either retroactively or prospectively) by the party
      entitled to enforce such term only by a writing signed by the party against
      which such waiver is to be asserted. Unless otherwise provided herein, no delay
      on the part of any party hereto in exercising any right, power or privilege
      hereunder shall operate as a waiver thereof, nor shall any waiver on the part
      of
      any party hereto of any right, power or privilege hereunder operate as a waiver
      of any other right, power or privilege hereunder nor shall any single or partial
      exercise of any right, power or privilege hereunder preclude any other or
      further exercise thereof or the exercise of any other right, power or privilege
      hereunder.

     

    Section
      8.06  .  Entire
      Agreement.  This Agreement and the documents referred to herein
      constitute the entire agreement between the parties hereto with respect to
      the
      matters covered hereby, and any other prior or contemporaneous oral or written
      understandings or agreements with respect to the matters covered hereby are
      superseded by this Agreement.

     

    Section
      8.07  .  Severability.  If
      any provision of this Agreement shall be held to be invalid, illegal or
      unenforceable for any reason:  (a) the validity, legality
      and
      enforceability of the remaining provisions of this Agreement (including without
      limitation, each portion of any Section of this Agreement containing any such
      provision held to be invalid, illegal or unenforceable, that is not itself
      invalid, illegal or unenforceable) shall not be affected or impaired thereby
      and
      shall remain enforceable to the fullest extent permitted by law; (b) such provision shall
      be
      deemed reformed to the extent necessary to conform to applicable law and to
      give
      the maximum effect to the intent of the parties hereto; and (c) to the fullest extent
      possible, the provisions of this Agreement (including, without limitation,
      each
      portion of any Section of this Agreement containing any such provision held
      to
      be invalid, illegal or unenforceable, that is not itself invalid, illegal or
      unenforceable) shall be construed so as to give effect to the intent manifested
      thereby.

     

    Section
      8.08  .  Notice
      Of Proceedings.  Indemnitee agrees promptly to notify the Company
      in writing upon being served with any summons, citation, subpoena, complaint,
      indictment, information or other document relating to any Proceeding or matter
      which may be subject to indemnification or advancement of Expenses covered
      hereunder.  The failure of Indemnitee to so notify the Company shall
      not relieve the Company of any obligation which it may have to the Indemnitee
      under this Agreement or otherwise.

     

    Section
      8.09  .  Notices.  All
      notices, requests, demands and other communications required or permitted under
      this Agreement shall be in writing and shall be deemed to have been furnished
      (a) if delivered by hand
      or by courier and receipted for by the party to whom such notice or other
      communication shall have been directed, (b) mailed by certified
      or
      registered mail with postage prepaid, on the third business day after the date
      on which it is so mailed or (c) if sent by facsimile
      transmission and fax confirmation is received, on the next business day
      following the date on which such facsimile transmission was sent. Addresses
      for
      notice to either party shall be those maintained in the Company’s records on the
      date of this Agreement, or such other address as either party shall have
      furnished by written notice to the other party as provided above.

     

    Section
      8.10  .  Binding
      Effect.  (a) The Company confirms
      and
      agrees that it has entered into this Agreement and assumed the obligations
      imposed on it hereby to induce Indemnitee to serve as a director of the Company,
      and the Company acknowledges that Indemnitee is relying upon this Agreement
      in
      serving as a director of the Company.

     

    (b)  This
      Agreement shall be binding upon and inure to the benefit of and be enforceable
      by the parties hereto and their respective successors, assigns, including any
      direct or indirect successor by purchase, merger, consolidation or otherwise
      to
      all or substantially all of the business and/or assets of the Company, spouses,
      heirs, and executors, administrators, personal and legal
      representatives.  The Company shall require and cause any successor
      (whether direct or indirect by purchase, merger, consolidation or otherwise)
      to
      all or substantially all, or a substantial part of the business or assets of
      the
      Company, by written agreement in the form and substance satisfactory to
      Indemnitee, to assume and agree to perform this Agreement in the manner and
      to
      the same extent that the Company would be required to perform if no such
      succession had taken place.

     

    (c)  The
      indemnification and advancement of Expenses provided by, or granted pursuant
      to
      this Agreement shall continue as to a person who has ceased to be a director,
      officer, employee or agent or is deceased and shall inure to the benefit of
      the
      heirs, executors, administrators, legatees and assigns, of such a
      person.

     

    Section
      8.11  .  Governing
      Law.  This Agreement and the legal relations among the parties
      shall be governed by, and construed and enforced in accordance with, the laws
      of
      the State of Florida, without regard to its conflict of laws rules.

     

    Section
      8.12  .  Consent
      To Jurisdiction.  Except with respect to any arbitration
      commenced by Indemnitee pursuant to Section 6.01(a)
      of this Agreement, the Company and Indemnitee hereby irrevocably and
      unconditionally (i) agree
      that any action or proceeding arising out of or in connection with this
      Agreement shall be brought only in the Circuit Court in and for Pinellas County,
      Florida (the “Circuit Court”), and not in any other state or
      federal court in the United States of America or any court in any other country,
      (ii) consent to submit to the exclusive jurisdiction of the Circuit Court for
      purposes of any action or proceeding arising out of or in connection with this
      Agreement, (iii) waive any objection to the laying of venue of any such action
      or proceeding in the Circuit Court, and (iv) waive, and agree not to plead
      or to
      make, any claim that any such action or proceeding brought in the Circuit Court
      has been brought in an improper or inconvenient forum.

     

    Section
      8.13  .  Headings.  The
      Article and Section headings in this Agreement are for convenience of reference
      only, and shall not be deemed to alter or affect the meaning or interpretation
      of any provisions hereof.

     

    Section
      8.14  .  Counterparts.  This
      Agreement may be executed in one or more counterparts, by means of multiple
      signature pages each containing less than all required signatures, and by means
      of facsimile signatures, each of which shall for all purposes be deemed to
      be an
      original but all of which together shall constitute one and the same
      Agreement.  Only one such counterpart signed by the party against whom
      enforceability is sought needs to be produced to evidence the existence of
      this
      Agreement.

     

    .  Use
      of Certain Terms.  As used in this Agreement, the words “herein,”
“hereof,” and “hereunder” and other words of similar import refer to this
      Agreement as a whole and not to any particular paragraph, subparagraph, section,
      subsection, or other subdivision. Whenever the context may require, any pronoun
      used in this Agreement shall include the corresponding masculine, feminine
      or
      neuter forms, and the singular form of nouns, pronouns and verbs shall include
      the plural and vice versa.

     

    IN
      WITNESS WHEREOF, this Agreement has
      been executed and delivered and shall be deemed effective as of the date first
      above written.

    

    

    TECHNOLOGY
      RESEARCH
      CORPORATION

    

    

    By:                                                                           

    Name:                                                                   
         

    Title:                                                                     
         

    

    

    INDEMNITEE

    

    

    By:                                                                           

    Name:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00125-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00125-of-00352.parquet"}]]