Document:

exhibit10-28.htm

Exhibit 10.28

 

December 13, 2011

 

Shawn K. Poe

122 Westongate Way

Cary, NC 27513

 

 

Re:           Renewal of Amended and Restated Retention Agreement

 

Dear Shawn:

 

This letter is to serve as your notification that Ply Gem Industries, Inc. has elected to execute its Renewal Term right under your current Amended and Restated Retention Agreement dated November 7, 2008 for a period of one year.  As such, all applicable rights and terms as outlined in your Amended and Restated Retention Agreement will remain in effect through December 31, 2012.

 

Please sign this letter in the space provided below as your acknowledgement and agreement of this Renewal Term agreement and return this original to me, and retain a copy for your own records.

 

	  	
Sincerely,

	  	  
	  	
PLY GEM INDUSTRIES, INC.

	  	  
	  	
By:     /s/ Gary E. Robinette                             

	  	
Name:  Gary E. Robinette

	  	
Title:    President and Chief Executive Officer

	  	  
	  	  
	
Acknowledged and Agreed:

	  
	  	  
	
/s/ Shawn K. Poe                  

	  
	
Shawn K. Poeexhibit10-29.htm

Exhibit 10.29

 

Ply Gem Industries, Inc.

5020 Weston Parkway, Suite 400

Cary, N.C. 27513

November 11, 2011

Shawn K. Poe

122 Westongate Way

Cary, NC 27513

Re:           Retention Bonus Award

Dear Shawn:

Ply Gem Industries, Inc. (the “Company”) considers it essential to the best interests of the Company and its stockholders to reinforce and encourage your continued attention and dedication to your duties to the Company as its Chief Financial Officer.  The Company is aware that you will be required to continue to devote a significant amount of time and energy to the performance of such duties over the coming years, prior to your retirement from the Company.  The Board of Directors of the Company (the “Board”) and the Compensation Committee of the Board have determined that it is in the best interests of the Company and its stockholders to pay you a retention bonus award to both reward you for the services you have provided to the Company and to incentivize you to continue to provide your undivided dedication and attention to your duties to the Company.

 

This letter agreement sets forth the terms and conditions of the payment by the Company to you of the retention bonus award described herein.

 

Subject to the terms of this letter agreement, you shall be entitled to receive a one-time, lump-sum cash retention bonus (the “Retention Bonus”) of $700,000.  The Retention Bonus will vest and be paid on December 31, 2014 (the “Payment Date”).  You must be employed by the Company on the Payment Date to receive the Retention Bonus.  Notwithstanding the foregoing, in the event that you die or become Disabled (as defined below) prior to the Payment Date, the Company shall pay you a pro-rated portion of the Retention Bonus (the “Pro-Rated Retention Bonus”), in an amount equal to (x) the Retention Bonus multiplied by (y) a fraction, the denominator of which is 1,096 and the numerator of which is the number of days that you were employed by the Company during the period beginning on January 1, 2012 and ending on the date of termination of your employment due to your death or becoming Disabled.

 

For purposes of this letter agreement, you shall be considered “Disabled” in the event that you suffer any illness or disability, the nature of which as to render you incapable of performing your duties and responsibilities for the Company for a period of six (6) consecutive months or for an aggregate of twelve (12) months within any consecutive eighteen (18) month period.  If there is a dispute as to whether you are or were incapable of performing your duties and responsibilities for the Company, such dispute shall be submitted for resolution to an independent licensed physician chosen by the Company.  If such a dispute arises, you shall submit to such examinations and shall provide such information as such physician may request, and the determination of the physician shall be released to the Company and, as to your physical or mental condition, shall be binding and conclusive.

 

Notwithstanding any of the provisions of this letter agreement, the Company shall not be obligated to pay the Retention Bonus or the Pro-Rated Retention Bonus and may defer the Retention Bonus or the Pro-Rated Retention Bonus, as applicable, if there exists and is continuing a default or an event of default (or, if the Company does not have sufficient cash to consummate the Retention Bonus or the Pro-Rated Retention Bonus, as applicable, causing its subsidiaries to distribute or advance the required funds) on the part of the Company or any of its subsidiaries under any guarantee or other agreement under which the Company or any of its subsidiaries has borrowed money or if such payment would constitute a breach of, or result in a default or an event of default (with or without the giving of notice or passage of time or both) on the part of the Company or any of its subsidiaries under, any such guarantee or agreement, or if the payment of the Retention Bonus or the Pro-Rated Retention Bonus, as applicable (or, if the Company does not have sufficient cash to consummate the payment, causing its subsidiaries to distribute or advance the required funds) would not be permitted under any applicable laws.  If the Company is unable to pay the Retention Bonus or the Pro-Rated Retention Bonus, as applicable, in accordance with the preceding sentence, the Company shall pay the Retention Bonus or the Pro-Rated Retention Bonus, as applicable, as soon as possible, with interest at the prime rate offered by the Company’s principal lending institution, as in effect from time to time.

 

  

  

  

 

You and the Company acknowledge that you intend that the compensation set forth in this letter agreement either is not governed by or is in compliance with Section 409A of the Code; however, owing to the uncertain application of Section 409A of the Code, the Company agrees to use its reasonable best efforts such that no earlier and/or additional taxes will arise under Section 409A of the Code as a result of the compensation payable to you under this letter agreement.

 

The terms of this letter agreement may not be amended or modified other than by a written agreement executed by the parties hereto or their respective successors and legal representatives.

 

This letter agreement may be executed in counterparts, each of which shall constitute an original, but all of which taken together shall constitute one and the same agreement.

 

This letter agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without regard to conflicts of laws principles which could cause the laws of another jurisdiction to apply.

 

The Company may withhold from the Retention Bonus or the Pro-Rated Retention Bonus, as applicable, such federal, state and local income and employment taxes as may be required to be withheld pursuant to any applicable law or regulation.

 

This letter agreement contains the sole and entire agreement between the parties with respect to the subject matter hereof.  The parties acknowledge that any statements or representations that may have been made heretofore regarding the terms and matters dealt with in this letter agreement are void and have no effect and that neither party has relied thereon.

 

Your rights to the Retention Bonus or the Pro-Rated Retention Bonus may not be assigned, transferred, pledged or otherwise alienated, other than by will or the laws of descent and distribution.

 

This letter agreement is binding on a successor to the business of the Company in any change in control transaction, whether by stock purchase, asset purchase, merger or otherwise.  The Company shall use its reasonable best efforts to cause any such successor to expressly agree in writing to assume this letter agreement.

 

Nothing in this letter agreement shall be deemed to entitle you to continued employment with the Company.

 

Neither the Retention Bonus nor the Pro-Rated Retention Bonus shall be counted as compensation for purposes of determining benefits under other benefit plans, programs, policies and agreements of the Company, except to the extent expressly provided therein or herein.

 

This letter agreement is not intended to result in any duplication of payments or benefits to you and does not give you any right to any compensation or benefits from the Company except as specifically stated in this letter agreement.

 

Kindly sign this letter agreement in the space indicated below at which time this letter agreement shall become a binding agreement between you and the Company, enforceable in accordance with its terms.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[signature page follows]

 

  

2

  

 

 

	  	
Ply Gem Industries, Inc.

	  	  
	  	
By:     /s/ Gary E. Robinette                             

	  	
Name:  Gary E. Robinette

	  	
Title:    President and Chief Executive Officer

	  	  
	  	  
	
Accepted and Agreed to:

	  
	  	  
	
By:  /s/ Shawn K. Poe          

	  
	
        Shawn K. Poeexhibit10-30.htm

Exhibit 10.30

REPURCHASE AGREEMENT

 

REPURCHASE AGREEMENT, dated as of November 11, 2011 (this “Agreement”), by and between Gary E. Robinette (the “Seller”) and Ply Gem Prime Holdings, Inc., a Delaware corporation (the “Company”).

 

WHEREAS, the Seller wishes to sell to the Company, and the Company wishes to purchase from the Seller, 125,660 shares of Common Stock, $.01 par value per share, of the Seller (the “Common Stock”) on the terms and subject to the conditions set forth herein (the “Repurchase”); and

 

WHEREAS, the board of directors of the Company has determined it is in the best interests of the Company to consummate the Repurchase.

 

NOW, THEREFORE, in consideration of the mutual representations, warranties, covenants and agreements set forth herein and for other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, the parties hereto agree as follows:

 

ARTICLE 1.

 

PURCHASE AND SALE

 

1.1 Purchase and Sale of Common Stock.  Subject to the terms and conditions set forth herein, the Seller hereby agrees to sell, transfer and convey to the Company, and the Company hereby agrees to purchase and accept from the Seller, all of the Seller’s right, title and interest in and to 125,660 shares of Common Stock (the “Purchased Securities”) for a per share purchase price of $100 and for the aggregate purchase price of $12,566,000 (the “Aggregate Purchase Price”).

 

1.2 Closing; Payment of Purchase Price; Deliverables.  The closing of the transactions contemplated by Section 1.1 (the “Closing”) shall take place on the date hereof (the “Closing Date”) at the offices of Paul, Weiss, Rifkind, Wharton & Garrison LLP, 1285 Avenue of the Americas, New York, New York 10019-6064 or at such other place as the parties may decide.  At the Closing, the Seller shall deliver to the Company stock certificate(s) representing the Purchased Securities, in each case accompanied by stock powers duly executed in blank or other duly executed instruments of transfer in form and substance reasonably acceptable to the Company, against delivery to the Seller by the Company of immediately available funds in the amount of the Aggregate Purchase Price.  Such payment shall be made by the Company to the Seller in accordance with the wire instructions provided to the Company.

 

ARTICLE 2.

 

REPRESENTATIONS AND WARRANTIES OF THE SELLER

 

The Seller hereby represents and warrants to the Company as follows:

 

2.1 Power and Authority.  This Agreement has been duly executed and delivered by the Seller and, assuming the due authorization, execution and delivery by the Company, constitutes the legal, valid and binding obligation of the Seller, enforceable against the Seller in accordance with its terms (subject to applicable bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other laws affecting creditors’ rights generally from time to time in effect).

 

2.2 No Defaults or Conflicts.  The execution and delivery of this Agreement and the consummation of the transactions contemplated hereby by the Seller (a) do not conflict with, or result in a breach of, any of the terms or provisions of, or constitute a default under any indenture, mortgage or loan or any other agreement or instrument to which the Seller is a party or by which he is bound; and (b) do not violate any existing applicable law, rule, regulation, judgment, order or decree or any governmental authority having jurisdiction over the Seller or any of his properties.

 

2.3 Title to the Purchased Securities.  The Seller owns beneficially and of record the Purchased Securities and has good and valid title to the Purchased Securities, free and clear of any liens or other encumbrances.  The Seller has the power and authority to transfer the Purchased Securities to the Company.  Upon consummation of the transactions contemplated hereby and payment for the Purchased Securities, the Company shall acquire good and valid title to the Purchased Securities, free and clear of any liens or other encumbrances.

 

2.4 Exclusivity of Representations.  The representations and warranties made by the Seller in this Agreement are the exclusive representations and warranties made by the Seller.  The Seller hereby disclaims any other express or implied representations or warranties.

 

  

  

  

 

ARTICLE 3.

 

REPRESENTATIONS AND WARRANTIES OF THE COMPANY

 

The Company hereby represents and warrants to the Seller as follows:

 

3.1 Existence.  The Company is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization.

 

3.2 Power and Authority.  The Company has the requisite power and authority to execute and deliver this Agreement and to consummate the transactions contemplated hereby.  The execution and delivery of this Agreement by the Company and the consummation by the Company of the transactions contemplated hereby and thereby have been duly authorized by all necessary action on the part of the Company. This Agreement has been duly executed and delivered by the Company and, assuming the due authorization, execution and delivery by the Seller, constitutes the legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms (subject to applicable bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other laws affecting creditors’ rights generally from time to time in effect).

 

3.3 No Defaults or Conflicts.  The execution and delivery of this Agreement and the consummation of the transactions contemplated hereby by the Company (a) do not conflict with, or result in a breach of, any of the terms or provisions of, or constitute a default under the organizational documents of the Company, any indenture, mortgage or loan or any other agreement or instrument to which the Company is a party; and (b) do not violate any existing applicable law, rule, regulation, judgment, order or decree or any governmental authority having jurisdiction over the Company or any of its properties.

 

3.4 Exclusivity of Representations.  The representations and warranties made by the Company in this Agreement are the exclusive representations and warranties made by the Company.  The Company hereby disclaims any other express or implied representations or warranties.

 

ARTICLE 4.

 

MISCELLANEOUS

 

4.1 Notices.  All notices or other communications required or permitted hereunder shall be in writing and shall be delivered personally, sent by facsimile or sent by certified, registered or express mail, postage prepaid.  Any such notice shall be deemed given when so delivered personally, sent by facsimile or sent by certified, registered or express mail, as follows:

 

	
                         (a)

	
if to the Seller:

	  
	  	  	  
	  	
Gary E. Robinette

	  
	  	
c/o Ply Gem Industries, Inc.

	  
	  	
5020 Weston Parkway

	  
	  	
Suite 400

	  
	  	
Cary, North Carolina 27513

	  
	  	
Facsimile:  (919) 677-3914

	  
	  	  	  
	
                         (b)

	
if to the Company:

	  
	  	  	  
	  	
Ply Gem Prime Holdings, Inc.

	  
	  	
c/o CI Capital Partners LLC

	  
	  	
500 Park Avenue, 8th Floor

	  
	  	
New York, NY 10022

	  
	  	
Attention:  Jordan Bernstein, Esq.

	  
	  	
Facsimile:  (212) 832-9450

	  

Any party may by notice given in accordance with this Section 4.1 designate another address or person for receipt of notices hereunder.

 

4.2 Successors and Assigns.  This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their permitted successors and assigns.

 

4.3 Waiver.  Waiver of any term or condition of this Agreement by any party shall only be effective if in writing and shall not be construed as a waiver of any subsequent breach or failure of the same term or condition, or a waiver of any other term or condition of this Agreement.

 

  

2

  

 

4.4 Amendment.  Any amendment, supplement or modification of or to any provision of this Agreement and any waiver of any provision of this Agreement shall be effective only if it is made or given in writing and signed by the Seller and the Company.

 

4.5 Headings.  The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof.

 

4.6 Governing Law and Jurisdiction.  This Agreement and any claim or controversy hereunder shall be governed by and construed in accordance with the laws of the State of Delaware without giving effect to the principles of conflict of laws thereof.

 

4.7 Consent to Jurisdiction and Service of Process.  Any legal action, suit or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby may only be instituted in any state or federal court in Delaware, and each party waives any objection which such party may now or hereafter have to the laying of the venue of any such action, suit or proceeding, and irrevocably submits to the jurisdiction of any such court in any such action, suit or proceeding.

 

4.8 WAIVER OF JURY TRIAL.  EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).  EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

 

4.9 Entire Agreement.  This Agreement is intended by the parties as a final expression of their agreement and intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein.  There are no restrictions, promises, warranties or undertakings, other than those set forth or referred to herein or therein.  This Agreement supersedes all prior agreements and understandings between the parties with respect to such subject matter.

 

4.10 Counterparts.  This Agreement may be executed in any number of counterparts and by the parties hereto in separate counterparts, all of which when so executed shall be deemed to be an original and both of which taken together shall constitute one and the same agreement.

 

 

 

[Signature page follows]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

3

  

 

 

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

 

	  	
SELLER:

	  	  
	  	  
	  	
­­­­­­­­­­­­­­­­/s/ Gary E. Robinette           

	  	
Gary E. Robinette

	  	  
	  	  
	  	  
	  	
COMPANY:

	  	  
	  	
PLY GEM PRIME HOLDINGS, INC.

	  	  
	  	  
	  	
By:     /s/ Shawn K. Poe            

	  	
Name:  Shawn K. Poe

	  	
Title:  Vice President

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