Document:

Employment Agreement

 Exhibit 10.8 
  
 EMPLOYMENT AGREEMENT 
  
 THIS EMPLOYMENT AGREEMENT (the “Agreement”) dated as of December 2, 2002 (the “Effective Date”), by and between Madison Bank, a
Florida chartered commercial bank (the “Bank”), the Bank’s corporate parent, Madison BancShares, Inc., a Florida corporation (the “Holding Company”) and Martin W. Gladysz, (the “Employee”). 
  
 WITNESSETH: 
  
 WHEREAS, the Bank and the Holding Company desire to employ
Employee as Executive Vice President/Chief Financial Officer of the Bank and as Vice President/Chief Financial Officer of the Holding Company, to perform the duties and responsibilities as are described in this Agreement; and 
  
 WHEREAS, the Bank and the Holding Company wish to assure itself
of the services of Employee for the period provided in this Agreement and Employee is willing to serve in the employ of the Bank and the Holding Company for such period upon the terms and conditions hereinafter set forth. 
  
 NOW, THEREFORE, in consideration of the mutual covenants,
premises, and agreements of the parties hereto and the mutual benefits to be gained by the performance thereof and for other good and valuable consideration, the receipt and sufficiency of which hereby are acknowledged, and as a condition of
Employee’s employment by the Bank, the parties hereto for themselves and their respective heirs, personal representatives, successors and assigns covenant and agree as follows: 
  

	1.	 	DEFINITIONS. 

  

	 	(a)	 	The term “Bank Documentation” shall mean notes, memoranda, reports, lists, records, drawings, sketches, specifications, software programs, books, files, forms, papers,
accounts, data, documentation or other materials of any nature and in any form, whether written, printed, or in digital format or otherwise, whether prepared or paid for by Employee or anyone else, relating to any matter within the scope of the
Bank’s business affairs or concerning any of its dealings or affairs. 

  

	 	(b)	 	 The term “Confidential Information” shall mean any information concerning the organization, business or finances of the Bank or of any third party which
the Bank is under an obligation to keep confidential that is maintained by the Bank as confidential. Such Confidential Information 

  

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shall include, but is not limited to, trade secrets or confidential information respecting inventions, products, designs, market research data or analyses,
development, technical information, pricing policies, methods of operation, marketing activities and procedures, methods, know-how, techniques, systems, processes, software programs, works of authorship, customer lists, projects, plans, proposals,
and corporate strategies, credit and financial and other data concerning the Bank or the Bank’s Customers (as defined below). The term “Confidential Information” does not include information which (i) is or becomes generally available
to the public other than as a result of a disclosure by Employee, (ii) was within Employee’s possession prior to its being furnished to Employee by or on behalf of the Bank pursuant thereto, provided that the source of such information was not
known by Employee to be bound by a confidentiality agreement with or other contractual, legal or fiduciary obligation of confidentiality to the Bank or any other party with respect to such information or (iii) becomes available to Employee on a
non-confidential basis from a source other than the Bank, provided that such source is not bound by a confidentiality agreement with or other contractual, legal or fiduciary obligation of confidentiality to the Bank to such information.

  

	 	(c)	 	The term “Customers” shall mean any natural persons, partnerships, corporations, limited liability companies, professional associations or other organizations or entities
for which the Bank (i) performs banking or related services during the Term (as hereinafter defined); or (iii) anytime during the twelve (12) months preceding the expiration or termination of Employee’s employment has prepared and presented a
specific proposal to provide banking or related services. 

  

	 	(d)	 	The term “Development” shall mean any invention, modification, discovery, design, development, improvement, process, software program, work of authorship, documentation,
formula, data, technique, know-how, trade secret or intellectual property right whatsoever or any interest therein (whether or not patentable or registrable under copyright, trademark or similar statutes) that (a) relates to the business of the Bank
or any Customer of or supplier to the Bank or any of the products or services being developed, manufactured or sold by the Bank or which may be used in relation therewith; or (b) results from tasks assigned to Employee by the Bank; or (c) results
from the use of premises or personal property (whether tangible or intangible) owned, leased or contracted for by the Bank. 

  

	 	(e)	 	 The term “earned and unused vacation pay accrued through date of termination” shall mean the prorated amount of vacation benefit to which Employee is
entitled (either by agreement or, if no agreement, pursuant to the Bank’s personnel manual) for the current year, through the last full day worked. Vacation days used but not earned will be deducted from the 

  

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Employee’s final paycheck. If adequate funds for such deduction are not available, the Employee shall be obligated to reimburse the Bank.

  

	 	(f)	 	The term “Change in Control” shall mean an event where a person: (i) directly or indirectly, or acting through one or more other persons, owns, controls or has power to
vote more than 50% of any class of the then outstanding voting securities of the Bank; or (ii) controls in any manner the election of the directors of the Bank. For purposes of this Agreement, a “Change in Control” shall be deemed not to
have occurred in connection with a reorganization, consolidation, or merger of the Bank where the stockholders of the Bank, immediately before the consummation of the transaction, will own over 50% of the total combined voting power of all classes
of stock entitled to vote of the surviving entity immediately after the transaction. 

  

	2.	 	EMPLOYMENT; DUTIES 

  
 The Bank and the Holding Company hereby agree to employ Employee upon the terms and conditions herein contained, and Employee hereby agrees to accept such
employment for the term described below. Employee agrees to serve as the Bank’s Executive Vice President/Chief Financial Officer and as Vice President/Chief Financial Officer of the Holding Company. In such capacity, Employee shall have such
powers and responsibilities that are of the type and nature normally assigned to an Executive Vice President of a financial institution the size, stature, and nature, and with the growth plans, of the Bank and which the Board of Directors, the
President or the Chief Executive Officer may reasonably assign to him. Throughout the term of this Agreement, Employee shall devote his best efforts and substantially all of his business time and services to the business and affairs of the Bank and
to utilize and develop contacts and customers to enhance the business of the Bank, subject to vacation periods and personal and sick leave in accordance with the Bank’s personnel manual and this Agreement (in the event of a conflict, this
Agreement will supersede the Bank’s personnel manual), the Bank’s policies, and applicable law. Employee shall, at all times, conduct himself in a manner that will reflect positively upon the Bank. Employee shall obtain such licenses,
certificates, accreditation and professional memberships and designations as the Bank may reasonably require. Employee shall join and maintain membership in such social and civic organizations as Employee or the Board deems appropriate to foster the
Bank’s contacts and business network in the community. 
  
 Specifically, Employee shall devote his full business time and attention and use his best efforts to accomplish and fulfill the following duties and responsibilities, as well as other duties assigned to Employee from time to time by the
Board: Employee shall participate in overall planning and management of the Bank. Employee shall also be responsible for/oversee all aspects of financial, accounting, control and reporting, including Compliance and Security Officer. Employee shall
be a member of the Executive Committee of both the Bank and the Holding Company and the primary contact for External Auditors, External/Internal Auditors, Regulators and Shareholder Relations. Employee shall be responsible for pro-active analysis
and recommendations of costs and opportunities. 
  

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 Notwithstanding the foregoing, during Employee’s employment with the Bank he may serve on the boards
of directors of other entities that do not compete with the Bank, charitable organizations and not-for-profit corporations, and may pursue passive investments, provided that such activities do not unreasonably interfere with Employee’s duties
and responsibilities hereunder or create a conflict of interest with the Bank. To the extent that Employee (or any relative or family member of the Employee) establishes, forms, or maintains a relationship (business, personal or otherwise), with any
vendor, Customer, or affiliate of the Bank, or their agent, employee, or representative, or with any person or entity that could be construed, in any manner, to create a conflict of interest with the Bank, Employee shall promptly (within 7 days of
the formation or establishment of the relationship) disclose the same, in writing, to the Board of Directors. 
  

	3.	 	TERM OF AGREEMENT 

  
 The initial term of employment for Employee under this Agreement shall commence as of the “Effective Date” and continue for one (1) full year
(the “Initial Term”). Upon each new day of the twelve (12) month period of employment from the Effective Date until the employee’s 65th birthday, the term of this Agreement shall be automatically extended for one (1) additional day, to be added to the end of the then-existing twelve (12) month term. Accordingly, at all times prior to
(i) the Employee’s attaining age 65, or (ii) a notice of employment termination (or an actual termination), the term of this Agreement shall be twelve (12) full months. However, either party may terminate this Agreement by giving the other
party written notice of intent not to renew. Notice is to be provided as set forth in Paragraph 25, hereafter. The Board of Directors shall review this Agreement and the Employee’s performance each year in order to determine whether to continue
to extend this Agreement automatically for an additional twelve (12) month period. The Board shall provide Employee with notice of its intent to continue to extend or not extend this Agreement by December 31st of each year. The decision to continue to extend the term of this Agreement automatically for an additional twelve (12) month period is within the
sole discretion of the Board. 
  
 Notwithstanding the foregoing,
the Bank shall be entitled to terminate this Agreement immediately, subject to a continuing obligation to make any payments required under Section 6 below, if Employee (i) becomes disabled as described in Section 6(a), (ii) is terminated for Cause,
as defined in Section 6(b), (iii) voluntarily terminates his employment before the current term of this Agreement expires, as described in Section 6(c), (iv) is terminated without Cause, as described in Section 6(d), or (v) terminates his
employment, or is terminated by the Bank, due to a Change in Control of the Bank, as described in Section 6(e). 
  

	4.	 	COMPENSATION 

  
 Employee shall be compensated solely by the Bank under this Agreement in the following manner: 
  

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	 	(a)	 	Salary. The Bank shall pay Employee a base salary at a rate of not less than $110,000.00 per annum (the “Base Salary”), payable in installments consistent with the
Bank’s normal payroll schedule, reduced appropriately by deductions for federal income withholding taxes, social security taxes and other deductions required by applicable laws. The Board of Directors shall review Employee’s Base Salary at
annual intervals and may adjust Employee’s annual Base Salary from time to time as the Board deems to be appropriate; which may include, but not be limited to, Employee’s performance. 

  

	 	(b)	 	Bonus. In addition to Employee’s annual Base Salary, during the term of the Employee’s employment hereunder, Employee shall be entitled to such bonuses as may be
granted to Employee by the Board of Directors, the President or Chief Executive Officer of the Bank, in their sole discretion, and may be entitled to participate in any incentive compensation plans adopted by the Bank. In addition, Employee may be
paid an annual bonus up to 12% of the aggregate of Employee’s Base Salary and signing bonus upon Employee achieving certain performance goals. The initial performance goals shall be mutually agreed upon within ninety (90) days of Effective Date
of this Agreement. Thereafter, such performance goals and percentage of Base Salary shall be mutually agreed upon by the Bank and Employee at the beginning of each fiscal year (presently, the bank’s fiscal year begins on December 31) during
each successive Term following the expiration of the Initial Term. 

  

	 	(c)	 	Stock Options. Employee is entitled to non-qualified options to purchase 10,000 shares of the Bank’s Common Stock, par value at the market price on the Effective Date of
this Agreement, on the terms and subject to the conditions set forth in the Option Agreement pursuant to Madison Bank Amended and Restated 1998 Key Employee Stock Compensation Program by and between the Bank and Employee, dated as of the Effective
Date. 

  

	5.	 	ADDITIONAL COMPENSATION AND BENEFITS 

  
 Employee shall receive the following additional compensation and welfare and fringe benefits: 
  

	 	(a)	 	Medical Benefits. Employee is entitled to participate in all medical and health care benefit plans through health insurance, corporate funds, medical reimbursement plans or
other plans, if any, as offered from time to time by the Bank for its employees, subject to cancellation at the Bank’s discretion. Such health insurance entitlement of Employee shall be subject to and conditioned upon Employee’s
qualification for same in accordance with the terms and conditions of the applicable policy as existing from time to time. 

  

	 	(b)	 	 Sick Leave. Employee is entitled to sick leave consistent with the Bank’s normal 

  

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corporate policy. 

  

	 	(c)	 	Vacation. Employee is entitled to up to three (3) weeks of vacation, each of which shall be paid, during the period of time for one year following the Effective Date, and for
each successive one year term following the anniversary of the Effective Date. Such vacation is non-cumulative, and Employee must be employed by the Bank for six (6) months before being eligible to take any vacation time. All vacation time must be
scheduled with advance notice to and coordination with the President of the Bank. 

  

	 	(d)	 	Business Expenses. The Bank shall reimburse Employee for all reasonable expenses he incurs in promoting the Bank’s business, including expenses for travel, entertainment
of business associates and similar items, upon presentation by Employee from time to time of an itemized account of such expenditures. 

  

	 	(e)	 	Club Memberships and Education. The Bank will reimburse Employee for membership dues for joining service organizations such as the Rotary Club or Kiwanis Club. The Bank will
also reimburse Employee for reasonable admission or attendance fees for educational meetings or seminars offered by such organizations as BAI or FBA. 

  
 In addition to the benefits provided pursuant to the preceding subparagraphs of this Section 5, Employee shall be eligible
to participate in such other executive compensation and retirement plans of the Bank as are applicable generally to other officers, and in such welfare benefit plans, programs, practices and policies of the Bank as are generally applicable to other
key employees, to the extent Employee is otherwise eligible and qualifies to so participate in and receive such benefits or privileges. 
  

	6.	 	TERMINATION; PAYMENTS UPON TERMINATION 

  

	 	(a)	 	 Disability. The Bank shall be entitled to terminate this Agreement, if the Board determines that Employee has been unable to attend to his duties for at
least ninety (90) days because of a medically diagnosable physical or mental condition, and has received a written opinion from a physician reasonably acceptable to the Board that such condition prevents Employee from resuming full performance of
his duties and is likely to continue for an indefinite period. Upon such termination, the Employee shall be entitled to receive his Base Salary accrued through the date of termination, earned and unused vacation pay accrued through the date of
termination, earned but unpaid bonuses from fiscal years prior to the year in which such termination for disability occurs, and unreimbursed business expenses through the date of termination. Upon such termination, the Bank shall also pay Employee a
disability payment as severance equal to Employee’s monthly Base Salary, payable in accordance with the Bank’s standard payroll practices, commencing on the effective date of Employee’s termination and 

  

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ending on the earlier of: 

  
 (i) the date Employee returns to full time employment in his capacity as the Bank’s Executive Vice President/Chief Financial Officer; 
  
 (ii) Employee’s compensation for services from another employer
(including services performed as a consultant, independent contractor, partner or self-employed sole proprietor); 
  
 (iii) three (3) months after the date of such termination, after which Employee may be entitled to receive benefits under any disability insurance plan
provided to Employee by the Bank; or 
  
 (iv) the date of
Employee’s death. 
  
 Any amounts payable to Employee as
severance while he is disabled as set forth in this Section 6(a) shall be reduced by any amounts paid to Employee under any long-term disability plan or other disability program or insurance policies maintained or provided by the Bank. 

 

	 	(b)	 	Termination for Cause. The Bank may, for Cause, terminate Employee’s employment under this Agreement upon written notice to Employee, such notice to be effective
immediately after receipt by Employee (subject to Paragraph 6(e)). Except as otherwise provided by applicable law, if Employee’s employment terminated by the Bank for Cause, the amount Employee shall be entitled to receive from the Bank shall
be limited to his Base Salary accrued through the date of termination, earned but unpaid bonuses from fiscal years prior to the year in which such Termination by Cause occurs and reimbursement for all unreimbursed business expenses through the date
of termination. 

  
 For purposes of this Agreement,
the term “Cause” shall be limited to (i) any action by Employee involving disloyalty or dishonesty to the Bank, such as embezzlement, fraud or misappropriation of corporate assets (the term “dishonesty” shall include, but not be
limited to, intentionally, or through gross negligence, providing false information to the Bank, or its officers or agents, as to any material matter) or (ii) Employee’s conviction of, or plea of guilty or nolo contendere to, a felony or a
crime of falsehood or involving moral turpitude, or any administrative or regulatory determination, the grounds for which Employee would be subject to removal or prohibition from participating in the affairs of the Bank; or (iii) Employee being
convicted of any lesser crime or offense committed in connection with the performance of his duties hereunder; or (iv) the failure by Employee to substantially perform his duties hereunder as directed by the Board, the President or the Chief
Executive Officer (other than any such failure resulting from Employee’s incapacity due to physical or mental disability); or (v) Employee’s attendance at work while under the influence of alcohol or any controlled substance; or (vi)
excessive tardiness or absenteeism, as determined by the Board of Directors, the President or the Chief Executive Officer; or (vii) poor work performance or incompetence of Employee as determined by the Board of Directors, the President or the Chief
Executive Officer; or (viii) the 

  

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breach by Employee of any agreement, promise or covenant made by him to the Bank in this Agreement. 
  

	 	(c)	 	Voluntary Termination by Employee. If Employee resigns or otherwise voluntarily terminates his employment before the end of the Initial Term or the Renewal Term, as the case
may be, the amount Employee shall be entitled to receive from the Bank shall be limited to his Base Salary accrued through the date of termination, earned and unused vacation pay accrued through the date of termination, earned but unpaid bonuses
from fiscal years prior to the years in which such voluntary termination occurs and reimbursement for all unreimbursed business expenses through the date of termination. 

  

	 	(d)	 	Involuntary Termination. The Bank may, without Cause, terminate Employee’s employment under this Agreement upon thirty (30) days written notice to Employee. Except as
otherwise provided by applicable law, if Employee’s employment is terminated by the Bank without Cause, the amount Employee shall be entitled to receive from the Bank shall be limited to his Base Salary accrued through the date of termination,
earned but unpaid bonuses from fiscal years prior to the year in which such termination without Cause occurs, reimbursement for all unreimbursed business expenses through the date of termination, reimbursement for earned and unused vacation pay
accrued through the date of termination, and severance equal to the Employee’s annual Base Salary (in effect on the date of termination) for the unexpired term of the Contract. The Bank’s payment of severance set forth above shall be
subject to Employee’s post-termination cooperation. Such cooperation shall include the following: 

  

	 	(i)	 	Employee shall furnish such information and assistance as may be reasonably required by the Bank in connection with any litigation or settlement of any dispute between the Bank, a
borrower and/or any other third parties (including without limitation serving as a witness in court or other proceedings); 

  

	 	(ii)	 	Employee shall provide such information or assistance to the Bank in connection with any regulatory examination by any state or federal regulatory agency; and

  

	 	(iii)	 	Employee shall not be in default of the terms of Paragraphs 9 through 12 below. 

  
 Upon submission of proper receipts, the Banks shall promptly reimburse Employee for any reasonable expense in current by
Employee in complying with the provisions of this Paragraph. 
  

	 	(e)	 	 Termination Based Upon a Change in Control of Bank. Employee may terminate his employment subsequent to a Change in Control, as defined in Paragraph 1(f),

  

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herein. For ninety (90) days following such Change in Control, neither Employee nor the Bank (nor any of its successors, assigns, or subsequent entities) may
terminate Employee’s employment with the Bank. Upon ninety (90) days following such Change in Control (the “ninety (90) day period”), either Employee or the Bank shall be entitled to terminate Employee’s employment for any
reason, with or without cause. Should either Employee or the Bank elect, at the conclusion of the ninety (90) day period, to terminate Employee’s employment, each shall notify the other, as set forth in Paragraph 25, herein, as of his or its
election to terminate Employee’s employment pursuant to this subparagraph. In such event, the Employee shall be subject to the same rights and obligations set forth in subparagraph 6(d), above, relating to involuntary termination unless such
termination is for cause, as set forth in Paragraph 6(b), in which case such termination shall be effective at the conclusion of the ninety (90) day period. If neither the Bank nor Employee make such election, by the conclusion of the ninety (90)
day period, then the terms of Employee’s employment shall be governed by the remaining provisions of this Agreement. In the event the Employee’s employment is terminated pursuant to this subsection, then any unexpired stock options held by
the Employee, pursuant to this Agreement (or a Stock Option Agreement), shall be considered fully vested and immediately exercisable by Employee. 

  

	 	(f)	 	Any written Notice, as referenced in this section, shall be provided as set forth in Paragraph 25, hereafter. Any such written notice shall also satisfy any requirement to provide
written notice pursuant to Paragraph 3, hereunder. 

  

	7.	 	DEATH 

  
 If Employee dies during the Term, the Bank shall pay to Employee’s estate a lump sum payment equal to Employee’s Base Salary accrued and not yet paid through the date of death, earned and unused vacation pay
through the date of death, earned but unpaid bonuses from fiscal years prior to the year in which the death occurs and reimbursement for all unreimbursed business expenses through the date of termination. In addition, the death benefits payable by
reason of Employee’s death under any retirement, deferred compensation or other employee benefit plan maintained by the Bank shall be paid to the beneficiary designated by Employee in accordance with the terms of the applicable plan or plans.

  

	8.	 	WITHHOLDING 

  
 The Bank shall, to the extent permitted by law, have the right to withhold and deduct from any payment hereunder any federal, state or local taxes of any
kind required by law to be withheld with respect to any such payment. 
  

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	9.	 	NONDISCLOSURE 

  
 Employee acknowledges that the Bank’s Confidential Information is valuable, special and a unique asset of the Bank, access to and knowledge of which
is essential to the performance of Employee hereunder. In light of the highly competitive nature of the industry in which the Bank’s business is conducted, Employee shall not at any time, whether during or after the termination or expiration of
his employment, reveal to any person, firm, corporation, association or other entity any Confidential Information, except to employees of the Bank who need to know such Confidential Information for the purposes of their employment, or as otherwise
authorized by the Bank in writing, and Employee shall keep secret all matters entrusted to Employee and shall not use or attempt to use any Confidential Information except as may be required in the ordinary course of performing his duties as an
employee of the Bank, nor shall Employee use any Confidential Information in any manner which may injure or cause loss or may be calculated to injure or cause loss to the Bank, whether directly or indirectly. 
  
 Furthermore, Employee agrees that during his employment Employee shall not
make, use or permit to be used any Bank Documentation otherwise than for the benefit of the Bank. Employee further agrees that he shall not, after the expiration or termination of his employment, use or permit others to use any such Bank
Documentation, it being agreed that all Bank Documentation shall be and remain the sole and exclusive property of the Bank. Immediately upon the termination of Employee’s employment Employee shall deliver all Bank Documentation in his
possession, and all copies thereof, to the Bank, at its main office. 
  
 Employee recognizes that because his work for the Bank will bring him into contact with confidential and proprietary information of the Bank, the restrictions of this Section 9 are required for the reasonable protection of the Bank and its
investments and for the Bank’s reliance on and confidence in the Employee. 
  

	10.	 	COVENANT NOT TO COMPETE; NONSOLICITATION 

  
 Employee acknowledges and recognizes the highly competitive nature of the Bank’s business. Employee agrees that some restrictions on his activities
during and after the term of his employment by the Bank are necessary to protect the goodwill, Confidential Information and other legitimate interests of the Bank. Accordingly, in consideration of the compensation offered by the Bank herein, during
the Term and for a period of one (1) year after this Agreement with the Bank is terminated (for any reason) or expires, Employee shall not, individually or with others, directly or indirectly: (i) engage in any Business Activities (as hereinafter
defined) in Pinellas, Hillsborough, Pasco, Polk, Sarasota, Manatee, or any other counties in the State of Florida in which the Bank is doing business as of the Effective Date or does business in during the Term (the “Restricted Area”);
(ii) engage in any Business Activities (as hereinafter defined), whether or not in the Restricted Area, with any of the Bank’s Customers, employees, agents or strategic partners, including, but not limited to, accepting a position of employment
or entering into a consulting relationship with any of the same; (iii) solicit, induce or influence any of the Bank’s Customers or strategic partners to discontinue or reduce the extent of their business relationship with the Bank or to conduct
business, directly or indirectly, with Employee, or (iv) 

  

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recruit, solicit or otherwise influence any employee, consultant or agent of the Bank (including, but not limited to any employee, consultant or agent of the
Bank with which Employee had met, or became associated with, while Employee was employed with the Bank) to discontinue such employment, consulting or agency relationship with the Bank. A former employee of the Bank shall be considered an employee
for purposes of the preceding sentence for one (1) year after such employee’s employment with the Bank has ceased. “Business Activities” shall be deemed to include any business activities concerning banking services or any other
services provided by the Bank. 
  

	11.	 	DEVELOPMENTS 

  
 If at any time or times during Employee’s employment, Employee shall, individually or with others, make, conceive, create, discover, invent or reduce
to practice any Development, then all such Developments and the benefits thereof are and shall immediately become the sole and absolute property of the Bank and its assigns, as works made for hire or otherwise. Employee shall promptly disclose to
the Bank (or any persons designated by it) each such Development. Employee hereby assigns all rights (including, but not limited to, rights to inventions, patentable subject matter, copyrights and trademarks) Employee may have or may acquire in the
Developments and all benefits and/or rights resulting therefrom to the Bank and its assigns without further compensation and shall communicate, without cost or delay, and without disclosing to others the same, all available information relating
thereto (with all necessary plans and models) to the Bank. 
  

	12.	 	PROTECTION OF DEVELOPMENTS 

  
 Employee shall, during his employment and at any time thereafter, at the request and cost of the Bank, promptly sign, execute, make and do all such deeds,
documents, acts and things as the Bank and its duly authorized officers may reasonably require: 
  

	 	(a)	 	to apply for, obtain, register and vest in the name of the Bank alone (unless the Bank otherwise directs) patents, copyrights, trademarks or other analogous protection in any
country throughout the world relating to a Development and when so obtained or vested to renew and restore the same; and 

  

	 	(b)	 	to defend any judicial, opposition or other proceedings in respect of such applications and any judicial, opposition or other proceeding, petition or application for revocation of
any such patent, copyright, trademark or other analogous protection. 

  

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	13.	 	POWER OF ATTORNEY 

  
 If the Bank is unable, after reasonable effort, to secure Employee’s signature on any application for patent, copyright, trademark or other analogous
registration or other documents regarding any legal protection relating to a Development, whether because of Employee’s physical or mental incapacity or for any other reason whatsoever, Employee hereby irrevocably designates and appoints the
Bank and its duly authorized officers and agents as Employee’s agent and attorney-in-fact, to act for and in his behalf and stead to execute and file any such application or applications or other documents and to do all other lawfully permitted
acts to further the prosecution and issuance of patent, copyright or trademark registrations or any other legal protection thereon with the same legal force and effect as if executed by Employee. 
  

	14.	 	INJUNCTIVE RELIEF 

  
 Employee acknowledges and agrees that the Bank’s remedy at law for a breach or threatened breach of any of the provisions of Paragraphs 9
through 12 herein would be inadequate and the breach shall be per se deemed as causing irreparable harm to the Bank. Therefore, in the event of a breach by Employee of any of the provisions of Paragraphs 9 through 12, Employee agrees
that, in addition to any remedy at law available to the Bank, including, but not limited to monetary damages, the Bank, without posting any bond, shall be entitled to obtain equitable relief in the form of specific performance, temporary restraining
order, temporary or permanent injunction or any other equitable remedy which may then be available to the Bank. Nothing herein contained shall be construed as prohibiting the Bank from pursuing any other remedies available to it for such breach or
threatened breach. 
  
 It is expressly understood and agreed that
although the parties consider the restrictions contained in this Agreement to be reasonable, if a court or arbitrator determines that the time, territory or any other restriction contained in Paragraphs 9 through 12 are unenforceable restriction(s)
on the activities of the Employee, then this Agreement shall be continued as set forth in Paragraph 18. 
  

	15.	 	REQUIRED PROVISIONS BY REGULATION 

  
 The Bank and Employee acknowledge that the laws and regulations governing the Parties require that certain provisions be provided in each employment
agreement with officers and employees of the Bank. The Parties agree to be bound by the following provisions: 
  
 (a)    Suspension/Temporary Prohibition:    If the Employee is suspended and/or temporarily
prohibited from participating in the conduct of the Bank’s affairs by a notice served under Section 655.037 Florida Statutes or under Section 8(e) or (g)(1) of the Federal Deposit Insurance Act [12 U.S.C. §1818(e)(3) and (g)(1)] the
Bank’s obligations under this Agreement shall be suspended as of the date of such service unless stayed by appropriate proceedings. If the charges and the notice are dismissed, the Bank may in its discretion: 
  

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	 	(i)	 	pay Employee all or part of his compensation withheld while the obligations under this Agreement are suspended; and 

  

	 	(ii)	 	reinstate (in whole or part) any of the Bank’s obligations which were suspended. 

  
 (b)    Permanent Prohibition:    If the Employee is removed and/or
permanently prohibited from participating in the conduct of the Bank’s affairs by an order issued under Section 655.037 Florida Statutes or Section 8(e)(4) or (g)(1) of the Federal Deposit Insurance Act [12 U.S.C. §1818(e)(4) or (g)(1)],
all of the Bank’s obligations under this Agreement shall terminate as of the effective date of the order, but Employee’s vested rights, if any shall not be affected. 
  
 (c)    Default Under FDIA:    If the Bank is in default [as defined in
Section 3(x)(1) of the Federal Deposit Insurance Act], all obligations under this Agreement shall terminate as of the date of default, but this subsection of this Agreement shall not affect the Employee’s vested rights if any. 
  
 (d)    Regulatory
Termination:    All obligations under this Agreement shall be terminated, except to the extent that a determination has been made that continuation of this Agreement is necessary for continued operation of the Bank:

  

	 	(i)	 	by the Director or his or her designee, at the time the Federal Deposit Insurance Corporation (“FDIC”) enters into an agreement to provide assistance to or on behalf of
the Bank under the authority contained in Section 13(c) of the Federal Deposit Insurance Act; or 

  

	 	(ii)	 	by the Department or the Director or his or her designee, at the time the Department or the Director or his or her designee approves a supervisory merger to resolve problems related
to operation of the Bank or when the Bank is determined by the Director to be in unsafe or unsound condition. 

  
 Any of the Employee’s rights that have already vested, however, shall not be affected by such action. For purposes of this subsection of this Agreement, the term
“Director” shall mean the Director of the FDIC. 
  

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	16.	 	MEDIATION 

  
 Except as otherwise provided in Paragraphs 14 and 17, if a dispute arises out of or relates to this Agreement, or the breach thereof, and if said dispute
cannot be settled through negotiation, the parties agree first to try in good faith to settle the dispute by mediation under the Commercial Mediation Rules of the American Arbitration Association, before resorting to arbitration, litigation or some
other dispute resolution procedure. 
  

	17.	 	ARBITRATION 

  
 All controversies, claims, disputes, and matters in question arising out of, or related to, this Agreement or the breach of this Agreement, or the
relations between the signatories to this Agreement, shall be decided by arbitration in accordance with the Commercial Mediation Rules of the American Arbitration Association. The signatories agree that the arbitration shall take place exclusively
in Pinellas County, Florida, and shall be governed by the substantive law of the State of Florida. Any award rendered by the arbitrator shall be final, and final judgment may be entered upon it in accordance with applicable law in any court having
jurisdiction thereof, including a federal district court, pursuant to the Federal Arbitration Act. The arbitrator may grant the Bank injunctive relief, including mandatory injunctive relief, to protect the rights of the Bank, but the arbitrator
shall not be limited to such relief. This arbitration provision shall not preclude the Bank from seeking temporary or preliminary injunctive relief in a court of law to protect its rights, nor shall the filing of such an action constitute any waiver
by the Bank of its right to arbitrate. 
  

	18.	 	SEVERABILITY 

  
 Whenever possible, each provision (or restriction, as the case may be) of this Agreement will be interpreted in such manner as to be effective and valid
under applicable law, but if any provision, or part thereof, of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability will
not affect any other provision (or restriction, as the case may be), in this Agreement, or the enforceability of such provision (or restriction, as the case may be) in any other jurisdiction, but this Agreement will be reformed, construed and
enforced as if such invalid, illegal or unenforceable provision (or restriction, as the case may be) had never been contained herein. If any court or arbitrator determines that any provision hereof is unenforceable because of the duration or scope
of such provision, such court or arbitrator shall have the power to reduce the scope or duration of such provision (or restriction, as the case may be) and, in its reduced form, the remainder of such provision (or restriction) shall then be
enforceable. 
  

	19.	 	COVENANT NOT TO RAISE CERTAIN DEFENSES 

  
 Employee acknowledges the reasonableness of the term of the covenants and agreements set forth in Paragraphs 9 through 12 above and Employee agrees that
he shall not, in any action suit or other proceeding, deny the reasonableness of, or assert the unreasonableness of, the premises or considerations of the covenants as set forth herein. 
  

 14 

	20.	 	INDEBTEDNESS 

  
 If during the term of this Agreement, Employee becomes indebted to the Bank for any reason, the Bank may, at its election, set off and collect any sums
due Employee out of any amounts which the Bank may owe Employee from his Base Salary or other compensation. Furthermore, upon the termination of this Agreement, for any reason, all sums owed by Employee shall become immediately due and payable.
Employee shall pay all expenses and attorney’s fees actually or necessarily incurred by the Bank in connection with any collection proceeding for Employee’s indebtedness to the Bank. Notwithstanding any of the foregoing, any indebtedness
to us secured by a mortgage on Employee’s residence shall not be subject to the foregoing provisions, and shall be governed by the loan documents evidencing such indebtedness. 
  

	21.	 	BINDING EFFECT 

  
 This Agreement shall inure to the benefit of and be binding upon Employee, and to the extent applicable, his heirs, assigns, executors, and personal
representatives, and to the Bank, and to the extent applicable, its successors, and assigns, including, without limitation, any person, partnership, or corporation which may acquire all or substantially all of the Bank’s assets and business, or
with or into which the Bank may be consolidated or merged, and this provision shall apply in the event of any subsequent merger, consolidation, or transfer. 
  

	22.	 	ENTIRE AGREEMENT 

  
 This Agreement represents the entire agreement of the parties and shall supersede any and all previous contracts, arrangements or understandings between
the Bank and Employee. The Agreement may be amended at any time by mutual written agreement of the parties hereto. 
  

	23.	 	WAIVER OF BREACH 

  
 The waiver by either party of a breach of any provision of this Agreement by the other party shall not operate or be construed as a waiver of any
subsequent breach of the same or any other provision by such other party. 
  

	24.	 	NO BREACH OF EXISTING CONTRACTS 

  
 Employee warrants and represents to the Bank that the execution of this Agreement, his employment with the Bank, and the performance of the duties herein
described, does not and will not result in the breach or violation of any employment agreement or any other agreement, written or oral, to which Employee is or has been a party. 
  

 15 

	25.	 	NOTICES 

  
 Any notice or other communication which is required or permitted under this Agreement shall be in writing and shall be deemed to have been given,
delivered, or made, as the case may be (notwithstanding lack of actual receipt by the addressee) (i) on the date sent if delivered personally or by cable, telecopy, telegram, telex, or facsimile (which is confirmed) or (ii) three (3) business days
after having been deposited in the United States mail, certified or registered, return receipt requested, sufficient postage affixed and prepaid, or (iii) one (1) business day after having been deposited with a nationally recognized overnight
courier service (such as by way of example, but not limitation, U.S. Express Mail, Federal Express, or Airborne), to the parties at the following addresses (or at such other address for a party as shall be specified by like notice): 
  
 If to Bank: 
  
 Robert B. McGivney, President/CEO 
 Madison Bank 
 35388 U.S. 19 North 
 Palm Harbor, Florida 34684 
  
 With a copy to: 
  
 A. George Igler, Esquire 
 Igler & Dougherty, P.A. 
 1501 Park Avenue East 
 Tallahassee, Florida 32301 
  
 If to Employee: 
  
 Martin W. Gladysz 
 115 Phillips Way 
 Palm Harbor, Florida 34683 
  

	26.	 	HEADINGS 

  
 Headings in this Agreement are for convenience only and shall not be used to interpret or construe provisions. 
  

 16 

	27.	 	COUNTERPARTS 

  
 This Agreement may be executed in two or more counterparts, each of which shall be deemed an original but all of which together shall constitute one and
the same instrument. 
  

	28.	 	GOVERNING LAW 

  
 This Agreement shall be governed by and construed in accordance with the laws of the State of Florida and shall in all respects be interpreted, enforced
and governed under the internal and domestic laws of such state, without giving effect to the principles of conflicts of laws of such state. Any claims or legal actions by one party against the other arising out of the relationship between the
parties contemplated herein (whether or not arising under this Agreement) shall be governed by the laws of the State of Florida and, notwithstanding the provision of Paragraph 17, above, to the extent that any such dispute is deemed to be not
subject to arbitration under such paragraph (or if the Bank elects not to arbitrate), then both parties submit to the jurisdiction of the U.S. District Court for the Middle District of Florida, and the Circuit Court in and for Pinellas County,
Florida, as the exclusive proper forum in which to adjudicate any case or controversy arising hereunder. 
  

	29.	 	NO PRESUMPTION FROM DRAFTING 

  
 The parties to this Contract further agree that both parties are sophisticated business people who have had the opportunity to retain counsel for the
purpose of reviewing this Agreement. The parties further agree that this Agreement shall not be deemed to be construed more strongly against one party rather than the other by virtue of its drafting or draftmanship. 
  
 IN WITNESS WHEREOF, the Bank has caused this Agreement to be
duly executed, and the Employee has hereunder set his hand, as of the day and year first above written. 
  

			
	 MADISON BANK
	 	 	 	 “EMPLOYEE”

				
	By:	 	 /s/ Robert B. McGivney

	 	 	 	 /s/ Martin W. Gladysz

	 	 	 Robert B. McGivney
 President/CEO
	 	 	 	 Martin W. Gladysz

  

			
	MADISON BANCSHARES, INC.	 	 	 	 
					
	By:	 	 /s/ Robert B. McGivney

	 	 	 	 	 	 
	 	 	 Robert B. McGivney
 President/CEO
	 	 	 	 	 	 

  

 17<PAGE>

                                                                    Exhibit 10.1

                              MMT SUPPLY AGREEMENT

     THIS AGREEMENT entered into as of the 28th day of February, 1994, by and
between Ethyl Corporation, with offices located at 330 South Fourth Street,
Richmond, Virginia 23219 (hereafter "Ethyl"), and Albemarle Corporation, with
offices at 451 Florida Boulevard. Baton Rouge, Louisiana 70801 (hereafter
"Albemarle").

                                   WITNESSETH:

     WHEREAS, Albemarle owns a fuel additives production facility located at
Albemarle's Orangeburg, South Carolina Plant which has the capability of
providing MMT (as defined in section 1.04 of this Agreement); and

     WHEREAS, Ethyl has licensed certain technology to Albemarle related to the
manufacture of MMT fuel additive products; and

     WHEREAS, Ethyl desires to purchase from Albemarle all of the requirements
of Ethyl and its affiliates of MMT fuel additive products and Albemarle, subject
to the terms of this Agreement, is willing to supply such requirements of MMT to
Ethyl.

     NOW, THEREFORE, for due and satisfactory consideration, the parties agree
as follows:

ARTICLE 1 - DEFINITION.

     1.01 "Claims" (and individually a "Claim") shall mean any and all costs,
claims, damages (including punitive damages), suits, losses, deficiencies,
assessments, administrative orders, fines, penalties, causes of action,
proceedings, judgments (including interest), liabilities, obligations, costs of
investigations and cost of litigation, including reasonable attorneys' and
consultants' fees.

     1.02 "Closing Date" shall mean the Distribution Date as defined in the
Reorganization and Distribution Agreement.

     1.03 "Coordinator" is the person designated by Ethyl in accordance with
Article 5.

<PAGE>

     1.04 "MMT" shall mean fuel additive products containing
methylcyclopentadienyl manganese tricarbonyl meeting the finished product
specifications set forth on Exhibit.

     1.05 "MMT Facility" shall mean that part of manufacturing facilities
relating to the manufacture of MMT fuel additives located at Albemarle's
Orangeburg Plant.

     1.06 "Orangeburg Plant" shall mean that real property, the improvements
thereon and the business associated therewith that Albemarle owns and operates
and identifies as its "Orangeburg Plant" as of the Closing Date.

ARTICLE 2 - MMT REQUIREMENTS.

     2.01 During the term of this Agreement Ethyl agrees to purchase from
Albemarle and Albemarle agrees to supply to Ethyl and its affiliates Ethyl's and
its affiliates' requirements of MMT up to [REDACTED]. In no event shall
Albemarle be required to supply more than [REDACTED] pounds ([REDACTED] lbs.) in
any month of MMT unless Albemarle gives its consent to supply such larger
quantity. In the event the capacity of the MMT Facility is increased, Albemarle
agrees to supply Ethyl in any month a maximum of [REDACTED]. If during the term
of this Agreement Ethyl elects to construct its own plant to manufacture MMT,
the quantity of MMT required to be purchased by Ethyl and supplied by Albemarle
pursuant to this Agreement shall be reduced by the quantity of MMT produced by
Ethyl at its manufacturing plant for that year.

     2.02 It is understood that Albemarle's relationship with Ethyl under this
Agreement shall at all times be that of an independent contractor selling
product to Ethyl and that Ethyl's relationship with Albemarle under this
Agreement shall at all times be that of an independent contractor purchasing
product from Albemarle. Neither Ethyl nor Albemarle shall have any authority or
power to act as the agent of the other for any purpose and shall not on behalf
of the other enter into any contract, undertaking or agreement of any kind, or
make any promise,

                                      -2-

<PAGE>

warranty or representations with respect to products or to any other matter.
Albemarle shall have complete control over the manner and methods of
manufacturing and supplying MMT under this Agreement. It is further understood
that Albemarle is solely responsible for the employment, control and conduct of
its employees, who shall be Albemarle's employees and not employees or agents of
Ethyl.

ARTICLE 3 - Term of the Agreement.

     3.01 The term of this Agreement shall begin on the Closing Date and shall
continue for a period of ten (10) years. Ethyl shall have the option to extend
this Agreement for an additional ten (10) year term by giving Albemarle three
(3) years advance written notice prior to expiration of this Agreement. Ethyl
shall have the option to terminate this Agreement for any reason at any time by
giving Albemarle one hundred eighty (180) days advance written notice of
termination.

     3.02 Upon notification by Ethyl of termination of this Agreement as
provided in Section 3.01, Ethyl shall be permitted, without obstruction from
Albemarle, to offer employment to certain of the persons holding the job
descriptions set forth on Exhibit as provided in that exhibit. Further,
Albemarle agrees upon Ethyl's request to provide training services to Ethyl
employees during the interim period prior to termination and for a period up to
sixty (60) days thereafter in the operation and maintenance of the MMT Plant as
well as production methods and techniques in producing MMT. Albemarle's cost of
providing such training services shall be a Reimbursable Cost under Article 12
of this Agreement.

ARTICLE 4 - ETHYL OBLIGATIONS: UPON EXPIRATION OR TERMINATION.

     Upon expiration or termination of this Agreement, Ethyl shall remove all of
Ethyl's inventories of Raw Materials and MMT ordered by Ethyl from Albemarle's
Orangeburg Plant.

ARTICLE 5 - ETHYL COORDINATOR.

                                      -3-

<PAGE>

     5.01 Ethyl will assign one of its employees to act as its coordinator in
the operation of the MMT Facility (the "Coordinator"). The Ethyl Coordinator or
his designee shall provide to Albemarle through Albemarle's Orangeburg Plant
manager and/or operations manager input concerning Ethyl's Raw Material and
finished goods inventory levels and advice and suggestions concerning cost
reduction and other plant improvement programs, product quality, shipment
instructions, deliveries, loading and unloading, procedures and such other areas
of interest that may be reasonably desired by Ethyl.

     5.02 The Ethyl Coordinator or his designee shall be kept advised by
Albemarle's operations manager and/or the Orangeburg Plant manager as to all
significant matters that relate to the operation of the MMT Facility while
producing MMT to be supplied to Ethyl including, without limitation, daily
operating logs and reports, control information (including statistical process
control and statistical quality control data), environmental reporting
requirements, any extraordinary maintenance or other requirements, inventory
data, staffing plans and such other information as the Coordinator may
reasonably request.

     5.03 Albemarle's operations manager and the Orangeburg Plant manager will
give due consideration to suggestions made by the Coordinator or his designee
with respect to the operation of the MMT Facility, provided, however, that
Albemarle shall not be obligated to follow any suggestion of the Coordinator
which Albemarle reasonably believes would create or increase a material health
or safety risk or threat to the environment or which would violate applicable
laws or regulations or cause a material increase in Albemarle's cost of
operating the MMT Facility which is not reimbursed by Ethyl.

     5.04 From time to time, the Coordinator or his designee and Albemarle's
Orangeburg plant manager or Albemarle's operations manager shall meet to review
Albemarle's operation of

                                      -4-

<PAGE>

the MMT Facility hereunder in order to insure that the interests of the parties
are being served to the extent practicable.

     5.05 In addition to the input, suggestions and advice given by the
Coordinator or his designee hereunder, as may be necessary to maintain smooth
coordination, it is expected that communications between other designated
parties representing Ethyl and Albemarle will be arranged to consider any matter
of concern either party wishes to have reviewed.

     5.06 Ethyl and Albemarle shall each consult, cooperate and work with the
other to produce MMT supplied to Ethyl under the terms of this Agreement in a
cost-efficient and effective manner while complying with applicable laws and
regulations.

ARTICLE 6 - ACCESS.

     The Coordinator shall have access to the Orangeburg, Plant facilities to
the extent necessary to utilize his office at the Orangeburg Plant as provided
in the Orangeburg Operating Agreement and the Antioxidant Supply Agreement to
perform his functions under this Agreement as well. The Coordinator shall not
have any right to access to any part of the Orangeburg Plant facilities other
than the MMT Facility and those other facilities to which the Ethyl Coordinator
has been granted access under the provisions of the Orangeburg Operating
Agreement, the Blending Services Agreement and the Antioxidant Supply Agreement
and those additional areas where his job requires his presence, which areas
include without limitation, the loading docks, storage areas, associated
pipelines, quality control laboratory, blending and drumming facilities, without
the prior consent of the Orangeburg Plant manager.

ARTICLE 7 - RAW MATERIALS.

     7.01 Except for specific raw materials which will be purchased by Ethyl
which are listed on Exhibit C attached hereto, all raw materials, chemicals and
other materials used to produce MMT ("Raw Materials") will be provided by
Albemarle in such quantities as will

                                      -5-

<PAGE>

enable Albemarle to sustain a production rate of MMT to meet Ethyl's
requirements. All Raw Materials, whether purchased by Ethyl or Albemarle, shall
meet Ethyls Raw Materials specifications in effect prior to the Closing Date as
modified by mutual agreement. Should Ethyl decide to purchase Raw Materials not
included on Exhibit C. Ethyl shall provide Albemarle not less than ninety (90)
days prior written notice of its intention to purchase such Raw Materials, and
such Raw Materials shall be added to Exhibit C and will thereafter be purchased
by Ethyl. Once Ethyl has elected to add a Raw Material to Exhibit C, Ethyl may
not thereafter remove a Raw Material from Exhibit C (and require Albemarle to
supply the Raw Material) without Albemarle's prior written consent. If in
electing to add a Raw Material to Exhibit C, Albemarle is required to cancel or
terminate any contract for the supply of such Raw Materials, Albemarle shall
notify Ethyl within said ninety (90) day period and Ethyl shall reimburse
Albemarle for such costs directly resulting from such cancellation or
termination, provided, however, that unless Ethyl has previously agreed to
Albemarle entering into such contract, Ethyl's liability for cancellation or
termination costs will be limited to those cancellation and termination costs
which would be applicable if the contract in question was no longer than one (1)
year in duration and requires the purchase of no more than [REDACTED]
([REDACTED] %) percent of Ethyl's annual requirements for such Raw Materials.
For purposes of this Agreement, all contracts for Raw Materials in effect on the
Closing Date, have been agreed to by Ethyl for the term of the contracts without
renewals or extensions. All remaining inventory of Raw Materials dedicated to
the performance of this Agreement purchased by Albemarle prior to the effective
date of Ethyl's decision to purchase Raw Materials shall be used by Albemarle to
make MMT for Ethyl and the cost of these Raw Materials shall be a Reimbursable
Cost until such inventory is depleted. Should Albemarle at any time desire to
purchase from Ethyl certain of the Raw Materials listed

                                      -6-

<PAGE>

on Exhibit C (as may be amended) for its own use, it will provide Ethyl no less
than ninety (90) days written notice of its intent to purchase such Raw
Materials. Ethyl agrees, subject to the terms of its supply contracts for such
Raw Materials and product availability in excess of Ethyl's requirements, to
sell such Raw Materials to Albemarle under its standard terms and conditions of
sale. The price for such Raw Materials shall be Ethyl's cost. Should Albemarle
terminate purchasing of such Raw Materials from Ethyl, Ethyl shall have no
further obligation to supply such materials during the term of this Agreement.
Should Ethyl terminate this Agreement pursuant to Section 3.01, Ethyl's
obligation to supply Raw Materials to Albemarle shall also terminate. Promptly
after notice of Ethyl's termination is received by Albemarle, the parties will
enter good faith negotiations to evaluate alternatives to provide Albemarle with
a source of the Raw Materials previously purchased from Ethyl. In administering
the above Raw Material purchase provisions, Albemarle and Ethyl shall at all
time use their good faith reasonable efforts, consistent with applicable law, to
minimize the effect of Raw Materials purchases and changes therein on both
Albemarle and Ethyl and to minimize Raw Material purchase cost to both Albemarle
and Ethyl.

     7.02 Albemarle will maintain proper inventory level records of each Raw
Material used to manufacture MMT as well as the production of MMT and update
such records on a monthly basis and correct the inventories each quarter by
actual physical count.

     7.03 If the parties disagree on recorded or reported Raw Material or MMT
inventories, the parties shall use their reasonable efforts to resolve promptly
any such disagreement.

Corrections to the accounting records required by such resolution shall be made
in the following month so as not to delay monthly closings.

                                      -7-

<PAGE>

ARTICLE 8 - MANUFACTURE OF MMT.

     8.01 Under the terms of this Agreement, Albemarle shall produce MMT meeting
specifications in effect on the Closing Date or mutually agreed upon as provided
below through good faith negotiations. Such specifications shall be incorporated
into Exhibit A attached hereto. Albemarle shall use its reasonable efforts to
operate processes that are statistically under control with a CPK of 1.3 or
higher on mutually agreed variables. A variability reduction plan will be
prepared annually by Albemarle to bring out of control processes under control.
Albemarle shall use reasonable good faith efforts to operate the MMT Facility
while producing MMT for sale to Ethyl in conformance with ISO 9002 approval
status.

     8.02 The specifications for Raw Materials and MMT manufactured at the MMT
Facility may be revised by Ethyl from time to time subject to concurrence by
Albemarle, which concurrence shall not be unreasonably withheld. Denial of
consent by Albemarle shall be only for the reason(s) set forth in (a) through
(d) in Section 8.04 below.

     8.03 (a) The finished MMT shall become the property of Ethyl upon the
loading of the MMT at the Orangeburg Plant on the transportation equipment of
the carrier delivering the MMT to Ethyl or Ethyl's customer. Except as otherwise
agreed by the parties, all risk of loss of MMT, Raw Materials and packaging
containers while under Albemarle's control shall remain with Albemarle
(regardless of who holds title to said items) until delivered to the carrier as
provided above. Albemarle shall bear the full responsibility of disposing of all
wastes generated from the MMT Facility.

     (b) Albemarle shall deliver MMT into transportation equipment for shipment
to Ethyl or its customers. Ethyl shall arrange for the availability of rail cars
and designate truck carriers to transport additives. Albemarle shall arrange for
required trucking services from Ethyl designated truck carriers. Albemarle shall
load at Ethyl's request MMT into designated rail cars,

                                      -8-

<PAGE>

tank trucks, portable equipment, ISO containers, intermediate bulk containers,
drums or other mutually agreed upon containers and provide such other ancillary
services to ship MMT such as palletizing, containerizing, unitized shipping,
documentation, container inspection, etc.

     (c) Albemarle agrees to furnish Ethyl with a monthly inventory statement of
MMT supplied to Ethyl pursuant to this Agreement indicating the inventory at the
start of the month, quantity of MMT produced during the month, quantity of MMT
shipped during the month, and inventory at the close of the month, as well as a
monthly report of corrective actions taken as a result of Ethyl complaints, and
such other information as may be reasonably requested by Ethyl's Coordinator.
Agreement with the inventory statement by the Coordinator shall be evidenced by
his written approval on a copy of the statement. Failure to reject the statement
and notify Albemarle of a discrepancy within thirty (30) days shall constitute
approval. If a disagreement arises between the parties on the inventory
statement, the parties shall use their reasonable efforts to resolve the
disagreement promptly.

     (d) Albemarle agrees to consider implementation of process or product
improvements requested by Ethyl, including, but not limited to, Ethyl's quality
improvement programs.

     8.04 If Ethyl desires to purchase a new methylcyclopentadienyl manganese
tricarbonyl product ("New MMT Product") from Albemarle, it shall so notify
Albemarle as far in advance of proposed manufacture as practicable but not less
than sixty (60) days prior to the date Ethyl wishes to begin such manufacture,
and Albemarle shall have the first opportunity and right of first refusal to
produce such New MMT Product pursuant to the procedure set forth below. For
purposes of this Agreement, a New MMT Product is one that is substantially
different in composition and/or formulation from any MMT Product described in
Exhibit A. Albemarle shall have the right to refuse to manufacture such New MMT
Product as provided below by giving Ethyl written notice of disapproval no later
than thirty (30) days after the date Ethyl notified

                                      -9-

<PAGE>

Albemarle of its desire to purchase such New MMT Product, provided, however,
that if written notice of refusal is not received by Ethyl within such thirty
(30) day period, Albemarle's approval shall be deemed as having been given.
Albemarle shall have the right to refuse only: a) if such manufacture would
cause Albemarle to use wastewater treatment services in excess of those services
used to manufacture MMT at the design capacity of the MMT Plant and add a
substantial burden to Albemarle's wastewater treatment plant; or b) if such
manufacture would cause a substantial adverse effect on Albemarle's other
Orangeburg Plant operations or facilities; or c) if such manufacture of such New
MMT Product would present an unreasonable health, safety or environmental hazard
or violate applicable laws or regulations; or d) if Albemarle, in its reasonable
judgment, is unable to manufacture the New MMT Product in a skillful manner and
Ethyl cannot supply the training or instruction to satisfy Albemarle training
needs. Notwithstanding anything to the contrary, however, such New MMT Product
will not be supplied pursuant to the terms of this Agreement and the pricing and
other terms for the supply of such New MMT Product shall be negotiated in good
faith by the parties. If the parties cannot agree on pricing and/or other terms
for the supply of such New MMT Product, Ethyl shall be permitted to have the New
MMT Product manufactured by a third party without further obligations under this
Agreement with respect to that New MMT Product provided the price and terms of
the purchase from a third party are not equal to or less favorable to Ethyl than
those offered by Albemarle. Notwithstanding any provision above to the contrary,
Ethyl may manufacture MMT or a New MMT Product at its own manufacturing
facilities as provided in Section 2.01 without obligation to Albemarle under
this Agreement.

     8.05 If Albemarle desires to manufacture or sell a New MMT Product (as
defined in Section 8.04) for use or consumption into Fuel Additive Products or
Lubricant Additive Products

                                      -10-

<PAGE>

(as defined in the MMT License Agreement), it shall so notify Ethyl (subject to
any confidentiality obligations which may be imposed on Albemarle) as far in
advance of proposed manufacture as practicable but not less than sixty (60) days
prior to the date Albemarle wishes to begin such manufacture. Ethyl shall have
the first opportunity to purchase such New MMT Product from Albemarle for use or
sale in Fuel Additive Products and Lubricant Additive Products, provided,
however, such New MMT Product will not be supplied pursuant to the terms of this
Agreement and the pricing and other terms for the supply of such New MMT Product
shall be negotiated in good faith by the parties and Ethyl shall not be
obligated to purchase such New MMT Product from Albemarle. Ethyl shall retain,
however, the right to receive most favored nations pricing on such New MMT
Product for similar quantities for use or sale in Fuel Additive Products and
Lubricant Additive Products in the geographical area where such New MMT Product
is sold. New MMT Products offered by Albemarle to Ethyl pursuant to this Section
8.05 shall not be considered New MMT Products for purposes of Section 8.04.

ARTICLE 9 - PRODUCTION ESTIMATES AND ORDERS.

     No later than fourteen (14) days before the first day of each calendar
quarter, Ethyl will submit to Albemarle a forecast of its requirements for MMT
for the next two calendar quarters. This estimate is for planning purposes only
and does not constitute an order to manufacture. Ethyl shall place product
orders for MMT with Albemarle on a mutually agreed upon schedule providing
sufficient time for Albemarle to manufacture and deliver the MMT order as
required by Ethyl. For purposes of this Agreement, lead times for placing orders
and for production of MMT shall be the same as those existing prior to the
Closing Date or such other times as are mutually agreed upon.

                                      -11-

<PAGE>

ARTICLE 10 - TRADEMARK LICENSE.

     Ethyl extends to Albemarle the right to apply Ethyl's or any of its
subsidiaries' trademarks to drums and other shipping receptacles used for MMT
produced for Ethyl under this Agreement and for that purpose solely.

ARTICLE 11 - BUDGETS.

     11.01 During the term of this Agreement, Albemarle shall prepare for
informational purposes a proposed capital budget for the MMT Facility in order
to perform its obligations under this Agreement for each calendar year or
portion thereof this Agreement is in effect and submit the same to Ethyl at
least ninety (90) days prior to the start of the period to which it applies.

     11.02 During the term of this Agreement, Albemarle shall prepare, on the
basis of Ethyl's forecasted sales, a proposed operating budget including planned
maintenance and turn-arounds for the MMT Facility for each calendar year or
portion thereof during the term of this Agreement and submit same to Ethyl at
least ninety (90) days prior to the start of the period to which it applies.

ARTICLE 12 - REIMBURSABLE COSTS.

     12.01 Except as otherwise provided herein, Ethyl shall reimburse Albemarle
monthly for all of the actual costs and expenses incurred by Albemarle,
including supplying the labor, equipment, Raw Materials, fuel and utilities,
required to operate the MMT Facility to supply MMT for Ethyl as required under
this Agreement ("Reimbursable Costs"); however, such costs and expenses shall
not include costs and expenses for which Albemarle is responsible pursuant to
this Agreement, or MMT Related Claims. Depreciation or amortization expense on
(i) capital expenditures for facilities owned by Ethyl or (ii) capital
expenditures which were reimbursed by Ethyl to Albemarle or (iii) facilities in
place at the MMT Facility as of the Closing Date shall not

                                      -12-

<PAGE>

be considered a Reimbursable Cost under this Agreement. The method of
calculating Reimbursable Costs shall be the accounting policies, procedures and
cost-allocation practices used by Ethyl for the Orangeburg Plant for the 1993
calendar year ("Plant Cost System"). The references to labor, equipment, Raw
Materials, fuel and utilities above shall not be construed to limit the
application of the Plant Cost System, but is for illustrative purposes only.
Albemarle shall promptly notify Ethyl of any and all updates, revisions and/or
interpretations of said policies, procedures and cost-allocation practices if
such a change will cause a material adverse change in the computation of costs
reimbursable by Ethyl to Albemarle under this Agreement. Any such change in
computation of costs reimbursable by Ethyl to Albemarle shall require the
consent of Ethyl prior to implementation. The parties agree to negotiate in good
faith changes in the method of computing costs reimbursable by Ethyl where it is
demonstrated that substantial inequities will result in using the Plant Cost
System.

     12.02 Ethyl shall not be responsible to reimburse Albemarle, for costs of
manufacture, rework or disposal of product prior to shipment to Ethyl or its
customers which fails to meet Ethyl's product specifications set forth in
Exhibit A, as amended, which is in excess of the percentage of the total
off-specification MMT produced at the Orangeburg Plant in relation to the total
MMT meeting specifications produced at the Orangeburg Plant for the calendar
years 1992 and 1993. It is agreed between the parties that Albemarle shall have
no responsibility for MMT returned or rejected by customers for failure to meet
Ethyl specifications if the product sample retained by Albemarle, when tested in
accordance with mutually agreed upon test procedures, establishes the product
met the MMT specifications set forth in Exhibit A, as amended, when loaded for
delivery to Ethyl or its customers.

                                      -13-

<PAGE>

     12.03 As soon as possible after the close of each calendar month, Albemarle
shall submit to the Coordinator its invoice for the Reimbursable Costs incurred
by it during the prior month plus the Operating Fees set forth in Article 13.
Such invoice shall be due and payable without discount twenty (20) days after
the date the invoice is received by Ethyl's finance department at the following
address:

          Original Invoice to:

          Ethyl Corporation
          330 South Fourth Street
          Richmond, VA 23219
          Attn: Accounts Payable

          Copy to:

          Ethyl's Coordinator

     12.04 Albemarle shall maintain for a period of five (5) years from the date
of preparation good and sufficient records in accordance with generally accepted
accounting principles consistently applied to support the costs and expenses
invoiced hereunder and such other records as Ethyl may reasonably request. All
records relating to the equipment, Raw Material, labor, fuel and utilities,
including all inventory balances relating to the MMT Facility maintained by
Albemarle and all accounting, policies, procedures and cost-allocation practices
employed by Albemarle shall be available for audit by Ethyl's representative
during normal hours of business, provided that not more than two (2) such audits
shall be held during any calendar year. In the event an audit determines that an
overcharge or undercharge has occurred, Albemarle or Ethyl, as the case may be,
shall promptly credit the amount of such overcharge or undercharge to the proper
party's account. If the audit reveals an overcharge in excess of three percent
(3%) for the period being audited (which shall in no event be less than one (1)
calendar

                                      -14-

<PAGE>

quarter) Albemarle shall in addition to any credit required above reimburse
Ethyl for its audit costs.

     12.05 In the event there is a disagreement between the parties on any item
or items included in an invoice of which Ethyl has informed Albemarle in writing
within thirty (30) days from receipt of invoice, or as revealed in an audit
report as provided for in Section 12-04, Ethyl shall promptly pay the portion of
the invoice not in dispute and the parties shall meet and in good faith use
their reasonable efforts to resolve the disagreement as promptly as possible and
prior to the issuance of the next invoice. If Ethyl and Albemarle cannot resolve
their disagreement within sixty (60) days from date of receipt of invoice or
audit report said matter shall be referred to a mutually agreeable national
accounting firm ("Dispute Arbitrator") for resolution. The decision of the
Dispute Arbitrator shall be binding on both parties. The fees and costs of the
Dispute Arbitrator shall be allocated to the parties as determined by the
Dispute Arbitrator.

ARTICLE 13 - OPERATING FEE.

     In addition to the Reimbursable Costs to be paid by Ethyl under Article 13,
Ethyl shall lay to Albemarle during the term of this Agreement a monthly
Operating Fee of [REDACTED] percent ([REDACTED] %) of all Reimbursable Costs
excluding the cost of all Raw Materials used to produce MMT whether or not
directly purchased by Ethyl and capital expenditures reimbursed to Albemarle by
Ethyl pursuant to the Agreement.

ARTICLE 14 - ENVIRONMENTAL, HEALTH AND SAFETY MATTERS.

     14.01 It is understood and agreed that Albemarle and not Ethyl is solely
responsible for the operation of the MMT Facility, and Albemarle will not look
to Ethyl for indemnification or reimbursement for liabilities or fines and the
costs or expenses associated with defending such matters relating to health,
safety or environmental concerns arising out of such operation by Albemarle. In
performing its obligations under this Agreement, Albemarle will comply with

                                      -15-

<PAGE>

applicable governmental, health, safety and environmental laws, regulations,
permits, orders and decrees, relating to the operation of the MMT Facility and
the disposal of any and all waste products.

     14.02 Albemarle will continue in effect, or obtain, or cause to be obtained
and maintained, all governmental licenses and permits necessary for the
operation of the MMT Facility to supply MMT as required by this Agreement and to
monitor compliance with applicable local, state or federal regulations as
required, and to maintain such records as may be required thereunder and to
fulfill all, reporting requirements thereunder.

     14.03 If during the term of this Agreement the MMT Facility becomes in
violation of any laws or regulations, including any environmental laws,
regulations, ordinances, permits, orders or decrees, and as a result Albemarle
is required under law to cease or suspend the operation of the MMT Facility,
Albemarle shall have the right to so cease or suspend such operation without
liability until the violation or noncompliance is corrected or until it is
legally permitted to continue such operations provided such violation was not
due to the gross negligence or intentional misconduct of Albemarle. Ethyl shall
have no obligation under Article 12 and 13 of this Agreement to compensate
Albemarle during this period that Albemarle is unable to meet Ethyl's
requirements. Should Albemarle's operations be only partially curtailed, Ethyl
shall continue to purchase MMT that can be produced. However, if Ethyl's
requirements not be met by Albemarle, Ethyl shall be free to purchase MMT
elsewhere until production is restored.

     14.04 Albemarle agrees to keep Ethyl informed of any discussions or
negotiations with any governmental body which is likely to materially affect the
MMT Facility. Additionally,

                                      -16-

<PAGE>

Ethyl reserves the right to conduct, join or participate in any legal
proceedings, administrative, civil or criminal directly pertaining to the
operation of the MMT Facility.

     14.05 Albemarle, shall be responsible for fines and penalties attributable
to the operation by Albemarle of the MMT Facility (including attorney's fees and
consulting fees to defend against such Claims) and such costs shall not be
reimbursed by Ethyl under this Agreement.

ARTICLE 15 - LIABILITY.

     With respect to MMT, a party's liability to the other party for Claims
alleged against said party for damaged or defective MMT, failure to produce MMT,
loss of MMT or off specification MMT shall be limited to damages arising
directly from contractual breach, breach of warranty, strict liability or
tortious conduct (including negligence) of the other, but subject to the
following limitations:

     (i) Each individual claim filed with the other party must exceed
     $[REDACTED], unless the total amount of damages for all Claims, whether or
     not filed with the other party, exceeds $[REDACTED] in a contract year
     (such contract year(s) beginning on the Closing Date (and each anniversary
     thereafter)), in which event the $[REDACTED] threshold for filing a claim
     will no longer be applicable.

     (ii) In no event shall the obligation of either party to the other party
     relating to Claims under this subsection (b) not reimbursed by insurance
     proceeds exceed [REDACTED] Dollars ($[REDACTED]) in any contract year.

     (iii) Neither party shall be liable to the other for lost profits and/or
     consequential damages resulting from such Claims.

                                      -17-

<PAGE>

     It is understood and agreed that Ethyl and not Albemarle is responsible for
the introduction of MMT sold to Ethyl into the stream of commerce, and Ethyl
accepts responsibility for claims by third parties to the extent such claims are
not due to the MMT not meeting specification.

The above limitations do not apply to intentional breaches of contract, reckless
disregard of contract, reckless disregard of a party's obligation as a prudent
operator or intentional tortious conduct.

ARTICLE 16 - SECRECY.

     16.01 Except as otherwise provided in the MMT License Agreement between
Ethyl and Albemarle, Albemarle agrees to hold in confidence for a period of ten
(10) years from the date of disclosure or five (5) years from termination or
expiration of this Agreement, whichever is later, all information relating to
Ethyl's operations, including but not limited to all processes, formulas and
other information and data, equipment, methods of operation, Raw Materials,
sales and marketing information and products of which it had knowledge prior to
the Closing Date or which it becomes aware as a result of the activities of its
employees, agents and representatives at the MMT Facility or Albemarle's
Orangeburg Plant, and Albemarle further agrees that it will not use for any
reason or disclose to others any or all of such information except to the extent
necessary to perform its obligations under this Agreement, and then only after
receiving the written permission of Ethyl's Coordinator and under agreements to
hold such information secret and confidential at least to the same extent that
Albemarle is bound under this Agreement.

     16.02 The provisions of Section 16.01 shall not apply to any information
that either before or after the time of its disclosure to Albemarle is or
becomes public knowledge through no fault of Albemarle; or that Albemarle
receives after the Closing Date from a third party who owes no obligation of
confidence with respect thereto to Ethyl.

                                      -18-

<PAGE>

     16.03 Except as otherwise provided in the MMT License Agreement between
Ethyl and Albemarle Ethyl agrees to hold in confidence for a period often (10)
years from the date of disclosure or five (5) years from date of termination of
this Agreement, whichever is later, and not use for any reason or disclose to
others all information relating to Albemarle's operations at Orangeburg Plant,
including the equipment, methods of operation, processes, raw materials, sales
and marketing information and products of which it had knowledge prior to the
Closing Date or which it becomes aware as a result of the activities of its
employees, agents and representatives at Albemarle's Orangeburg Plant.

     16.04 The provision of Section 16.03 shall not apply to any information
that either before or after the time of its disclosure to Ethyl is or becomes
public knowledge through no fault of Ethyl, or that Ethyl receives from a third
party who owes no obligation of confidence with respect thereto to Albemarle.

ARTICLE 17 - FORCE MAJEURE.

     Neither Albemarle nor Ethyl shall be liable for any failure or delay in its
performance hereunder when such failure or delay is caused, directly or
indirectly, by fires; floods; storms; earthquakes; tidal waves; accidents;
explosion; sabotage; strikes or other labor disturbances (regardless of the
reasonableness of the demands of labor); national emergencies; civil commotions;
riots; invasions; wars; military operations; acts; restraints, requisitions,
regulations, prorations, orders of government, or any officer, department,
agency authority, instrumentality or committee thereof; shortages of labor,
fuel, power or Raw Materials-plant breakdowns; inability to obtain supplies, or
failures of normal sources of supplies; inability to obtain or delays of
transportation facilities; any act of God-or any cause (whether similar or
dissimilar to the foregoing) beyond the reasonable control of Albemarle or
Ethyl, as the case may be. If any of the events in this Article 17 shall have
occurred, the party affected shall promptly notify the

                                      -19-

<PAGE>

other party in writing of the occurrence of such event and the extent and
potential duration of such interruption. Nothing herein shall be construed to
require Albemarle or Ethyl to submit to any demand of labor or labor unions
which it considers unreasonable. The cause of the failure or delay shall be
remedied to the extent reasonably possible without undue delay, and performance
shall be resumed at the earliest practical time after cessation of such
interruption. Ethyl shall have no responsibility to Albemarle under Article 12
and 13 of this Agreement to the extent and for the period of any event of force
majeure invoked by Albemarle.

ARTICLE 18 - TRANSFERS AND ASSIGNABILITY.

     18.01 This Agreement shall be binding upon and shall inure to the benefit
of the parties and their respective successors and permitted assigns, and no
other person shall acquire or have any right under or by virtue of this
Agreement. The rights and obligations of the parties under this Agreement may
not be assigned or delegated except as set forth in this Article 18. It is
agreed that either party may assign its rights and/or delegate its obligations
under this Agreement to an affiliate of the assigning party, provided that the
assigning party shall not be released from its obligations hereunder. It is
further agreed that rights and/or obligations under this Agreement may be
assigned: (i) by Ethyl or Albemarle to another party in connection with its
merger into or sale of substantially all of its assets to such other party; or
(ii) by Ethyl to another party in connection with the sale or other disposition
of substantially all of the business or assets relating to MMT; or (iii) by
Albemarle to another party in connection with the sale or other disposition of
substantially all of Albemarle's Orangeburg Plant, provided such other party
expressly agrees in writing to assume the obligations set forth herein, and
neither Ethyl nor Albemarle, as the case may be, shall thereby be released
therefrom.

     18.02 If during, the term of this Agreement, there is a change in control
of either party or this Agreement is transferred or assigned to another party,
the party undergoing the change of

                                      -20-

<PAGE>

control or initiating an assignment or transfer shall promptly notify in writing
the other party of such anticipated change of control or assignment or transfer,
which notice shall be prior to such event, if possible. Upon such notice, the
other parry may require further written contractual assurances in addition to
this Agreement that the operation of the MMT Facility and the supply of MMT to
Ethyl or the purchase of MMT from Albemarle shall continue without interruption
for the term of this Agreement. In the case of assignment or transfer, failure
to provide such written contractual assurances shall permit the party so
affected to withhold its consent to any such transfer or assignment. In the case
of change of control, failure to provide such contractual assurances within
sixty (60) days from the date of change of control shall constitute a breach of
this Agreement.

     18.03 No provision of this Agreement may be amended, modified or waived
except by written agreement duly executed by an authorized officer of each of
the parties.

ARTICLE 19 - PATENT AND TRADEMARK INFRINGEMENT.

     19.01 Ethyl agrees to indemnify, defend and hold Albemarle harmless from
any Claim that the use or sale by Ethyl of MMT infringes the patent rights of
third parties. Ethyl's obligation is subject to the following conditions:

     (a)  Albemarle promptly notifies Ethyl of any such Claim after receipt
          thereof-

     (b)  Albemarle permits Ethyl to assume sole and complete control of the
          matter including the defenses, compromise or settlement of such a
          Claim-

     (c)  The Claim of infringement did not result from the failure of the
          allegedly infringing MMT to meet the specifications as required by
          this Agreement;

     (d)  Albemarle fully cooperates with Ethyl in resolving the Claim.

     19.02 Albemarle agrees to indemnify, defend and hold Ethyl harmless from
any Claim that the manufacture by Albemarle of MMT sold to Ethyl infringes the
patent rights of third parties. Albemarle's obligation is subject to the
following conditions:

                                      -21-

<PAGE>

     (a)  Ethyl promptly notifies Albemarle of any such Claim after receipt
          thereof;

     (b)  Ethyl permits Albemarle to assume sole and complete control of the
          matter including the defenses, compromise or settlement of such a
          Claim-

     (c)  Ethyl fully cooperates with Albemarle in resolving the Claim.

     19.03 Ethyl agrees to indemnify, defend and hold Albemarle harmless from
any claim that Albemarle's use of any Ethyl trademark, service mark or copyright
in the performance of its obligations under this Agreement infringes the rights
of a third party. Ethyl's obligation is subject to the following conditions:

     (a)  Albemarle promptly notifies Ethyl of any such Claim after receipt
          thereof-

     (b)  Albemarle permits Ethyl to assume sole and complete control of the
          matter, including the defense, compromise or settlement of such a
          claim-

     (c)  Albemarle fully cooperates with Ethyl in resolving the Claim.

ARTICLE 20 - DISPUTE RESOLUTION.

     Any dispute arising hereunder, except for those described in Article 12
hereof, shall be settled and determined by arbitration under the then-current
Commercial Arbitration rules of the American Arbitration Association, by a panel
of three (3) arbitrators, with such arbitration to be held in Richmond,
Virginia. The costs and expenses of the arbitration shall be shared as
determined by the arbitration panel. The decision and award of the panel shall
be final and binding and the award so rendered may be entered in any court
having jurisdiction thereof.

ARTICLE 21 - MISCELLANEOUS.

     21.01 No other terms or conditions, other than those stated herein, and no
agreement or understanding (including purchase orders and order acknowledgments
of the parties) in any way modifying the terms and conditions herein stated,
shall be binding upon either party unless mutually agreed upon in writing and
executed by an authorized officer of both parties. To the extent the
Reorganization Agreement and this Agreement conflict, this Agreement shall
prevail.

                                      -22-

<PAGE>

     21.02 In the event any provision of this Agreement is declared
unenforceable by a recognized court of law, then this Agreement with respect to
the rights and remedies accrued under the remaining enforceable provisions shall
survive any such declaration; provided that this Agreement continues to express
the intent of the parties. In the event the intent of the parties cannot be
preserved, the parties shall use their reasonable efforts to negotiate new terms
for the purchase and sale of MMT. If agreement cannot be reached, the parties
will submit the issue to binding arbitration as provided in Article 20.

     21.03 Any failure of either party at any time or from time to time to
enforce or require the strict keeping and performance by the other party of all
or any of the terms and conditions of this Agreement shall not constitute a
waiver by that party of a breach of any such terms or conditions in any way, or
the right of that party at any time to avail itself of any remedies it may have
against the other party for any such breach or breaches of such terms or
conditions.

ARTICLE 22 - NOTICES.

     22.01 Any notice provided for herein to be given in writing shall be by
facsimile with confirmation of receipt, or delivery by a recognized commercial
carrier or by certified mail addressed to the respective parties at their
addresses set forth below or at such other address or addresses as such parties
may from time to time designate in written notice to the other:

Ethyl:                   Ethyl Corporation
                         330 South Fourth Street
                         Richmond, VA 23219

                         Attention: Director - Manufacturing
                         Facsimile: (804)788-6405

with a copy to:

                         Ethyl Corporation
                         330 South Fourth Street
                         Richmond, VA 23219

                                      -23-

<PAGE>

                         Attention: Law Department
                         Facsimile: (804) 788-5406

Albemarle Corporation:   Albemarle Corporation
                         451 Florida Boulevard
                         Baton Rouge, LA 70801

                         Attention: Vice President - Manufacturing
                         Facsimile: (504)388-7686

with a copy to:

                         Albemarle Corporation
                         451 Florida Boulevard
                         Baton Rouge, LA 70801

                         Attention: Law Department
                         Facsimile: (504) 388-7942

     22.02 The date of service of a notice if given by certified mail shall be
the fifth (5th) day after the day the certified letter is deposited, postage
prepaid, properly addressed, return receipt requested, in a United States Post
Officer if by facsimile, on the date transmitted; and if by commercial courier,
on the date delivered.

ARTICLE 23 - APPLICABLE LAW.

     This Agreement shall be construed and enforced under the laws of the
Commonwealth of Virginia excluding any choice of law rules which may direct the
application of the laws of any other jurisdiction.

     IN WITNESS WHEREOF, the parties have duly executed this Agreement as of the
day and year first above written.

ALBEMARLE CORPORATION                       ETHYL CORPORATION

By: /s/ E. Whitehead Elmore                 By: /s/ C.B. Walker
   ------------------------------------        ---------------------------------
Title: Senior Vice President                Title: Executive Vice President
      ---------------------------------           ------------------------------
Date: 2/28/94                               Date: 2/28/94
     ----------------------------------          -------------------------------

                                      -24-

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