Document:

Exhibit
10.2

 

Separation
and Consulting Agreement and Release

 

This Separation and Consulting Agreement with
attached Release (the “Agreement”) is entered into by Nash Finch Company, a
Delaware corporation, with such reference to include all Nash Finch successors,
assigns, agents, officers, directors, benefit plans and plan administrators and
employees (the “Company” or “Nash Finch”) and Robert B. Dimond (“Dimond” or “Executive”),
as follows:

 

WHEREAS, the Company and Executive have
agreed that it is in their mutual best interests to terminate Executive’s
employment and to provide for a reasonable and amicable transition of Executive’s
duties and responsibilities, and to arrange for Executive to provide certain
consulting services over a defined period of time;

 

WHEREAS, the parties have had full and
adequate time to consider their rights, options and alternatives under this
Agreement, and have chosen to freely and voluntarily enter into this Agreement;

 

NOW, THEREFORE, in consideration of the
mutual agreements contained herein, the parties hereto hereby agree as follows:

 

1.                                       Termination
of Employment and Resignation of Offices. 
Executive will remain as Executive Vice President and CFO of Nash Finch
until a date in the fourth quarter of 2004 that is mutually convenient for the
Executive and the Company, whereupon Executive shall resign from his positions
as Executive Vice President and CFO of Nash Finch but shall not resign from his
employment with Nash Finch.  Executive’s
employment with the Company will continue until a subsequent mutually
convenient date in that quarter, but in no event later than November 5,
2004 (the “Employment Period”). 
Executive shall, effective on the date of his termination from
employment with the Company, resign from any other positions he may then hold
with Nash Finch.

 

2.                                       Employment
Period.

 

a)                                      Duties and
Responsibilities. During the Employment Period, Executive will not be
expected to work set hours or days, but will provide advice and counsel to the
Company and perform those duties and responsibilities reasonably assigned by
the Company during the Employment period (it being understood that all such
duties and responsibilities shall be consistent with Executive’s prior
experience with, and level of responsibility at, the Company).  Any travel or other incidental expenses
resulting from such services will be reimbursed as provided by Company
policies.  All actions taken or decisions
made by Executive during the Employment Period in respect of the business of
Nash Finch shall be in the ordinary course of business, in good faith and
reflect the best interests of Nash Finch.  Executive shall not enter into any material
contracts, commitments, arrangements or obligations, or compromise or settle
any material rights or obligations accruing to the benefit of Nash Finch,
without the express written consent of Nash Finch during the Employment Period.
 The parties will use their joint, good
faith efforts (a) to transition Executive’s duties and responsibilities to a
successor(s) or such other parties selected by the Company, (b) to make the
transition as amicable, efficient

 

 

and effective as possible, not only for Executive and Nash Finch, but
also for any existing employees and customers of Nash Finch, and (c) to assist
Executive in going forward with his business career.

 

b)                                     Compensation.  During the Employment Period, Executive will
continue to receive his weekly Base Salary at his current rate of $325,000.00
per annum, subject to the usual withholdings. 
Within ten (10) days of the last day of the Employment Period, Executive
shall be paid any amounts due for accrued and unpaid vacation days.

 

c)                                      Employee
Benefits.  During the Employment
Period, Executive will continue to be eligible to participate in the Company’s
health and welfare benefits, to the full extent of his participation
immediately prior to the inception of the Employment Period.  The payment of benefits, including the
amounts and the timing thereof, will be governed by the terms of the employee
benefit plans.

 

d)                                     Non-Exercise of
Stock Options.  Executive agrees that
he will not exercise any stock options granted to him by the Company until the
earlier of (i) the date on which his resignation from the position of Executive
Vice President and CFO in accordance with Section 1 herein is publicly
announced and (ii) the business day immediately preceding the last day of the
Employment Period.  Executive agrees that
prior to the expiration of the Employment Period, he will abide by the Company’s
Policy and Procedure on Trading in Securities
By Directors, Officers and Employees.

 

e)                                      Release of all
Claims; No Knowledge of Claims. 
Executive shall sign on the last day of the Employment Period, the
Release of Claims attached as Exhibit A (the “Release”).  Executive’s failure to execute that Release,
or any attempt to rescind that Release, shall terminate this Agreement, and the
parties’ respective rights and obligations under this Agreement.  The Company represents and warrants that, as
of the date of this Agreement, it has no knowledge of any claim or potential
claim or cause of action or potential cause of action it has or may have
against Executive.

 

f)                                        Confidentiality.  Prior to the time the Company publicly
announces his resignation from the position of Executive Vice President and
CFO, in accordance with Section 1 herein, Executive agrees not to disclose
his resignation plans to anyone other than his immediate family, attorney,
accountant, tax advisor, other advisors, or as required by law without the
express written consent of Nash Finch. 
In the event Executive discloses his resignation plans to his immediate
family, attorney, accountant, tax advisor, or other advisors prior to the date
the Company announces his resignation, to the public, Executive agrees to
instruct each and every one of them that the fact of his separation is
confidential and may not be disclosed to any other person.

 

3.                                       Consulting
Period.

 

a)                                      During the period
of time commencing immediately upon the close of the Employment Period and for ten
months after that date, Executive will provide consulting services to Nash
Finch as an independent contractor and will not be employed by Nash Finch
during the term of this Consulting Agreement (“Consulting Period”).  Executive will not have an

 

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office, secretary, or other administrative support at the Company, but
shall be reasonably available to provide advice, information, and assistance as
the Company reasonably deems necessary during the Consulting Period.  To the extent that the Company deems
Executive’s advice, information and/or assistance necessary, the Company shall,
at its own expense, make available to Executive the equipment and
administrative assistance necessary to allow Executive to provide that advice,
information and/or assistance.  Nothing
in this Agreement shall be read as limiting the Company’s ability to terminate
the Consulting Period prior to the end of the ten- month period in the event Executive
breaches in any material respect any of his obligations during the Consulting
Period and such breach is not cured within ten (10) days of Executive’s receipt
from the Company of written notice of such breach.

 

b)                                     Duties and
Responsibilities of Executive.  Executive
will not be expected to work set hours or days, but will provide advice and
counsel to the Company and perform those duties and responsibilities reasonably
assigned by the Company during the Consulting period, it being understood that
all such duties and responsibilities shall be consistent with Executive’s prior
experience with, and level of responsibility at, the Company.  Any travel or other incidental expenses
resulting from such services will be reimbursed as provided by Company
policies.  All actions taken by Executive
during the Consulting Period in respect of the business of Nash Finch shall be
in the ordinary course of business, in good faith and reflect the best
interests of Nash Finch.  Executive shall
not enter into any contracts, commitments, arrangements or obligations on
behalf of Nash Finch during the Consulting Period, or any time thereafter.

 

c)                                      Compensation.  The Company agrees to pay Executive at the
rate of $6,250.00 per week for his consulting services, which is equal to his
previous weekly base salary when employed by the Company as its Executive Vice
President and CFO.  This amount will be
paid weekly during his consulting period.  Except as provided herein, Executive will not
be entitled to any other compensation for the consulting services.

 

d)                                     COBRA
Continuation Benefits.  The Company
will pay the cost of Executive’s COBRA benefits continuation premiums for
benefits coverage during the Consulting Period. 
In the event Executive becomes eligible for health insurance coverages
from another source during the Consulting Period, or otherwise becomes
ineligible for COBRA benefits during the Consulting Period, the Company’s
responsibilities to pay the cost of COBRA continuation benefits shall
immediately cease.

 

e)                                      Independent
Contractor.  The parties hereby
acknowledge and agree that during the Consulting Period, Executive will perform
such services in his capacity as an independent contractor and will act
exclusively as an independent contractor and not as an employee of Nash Finch
in performing the duties assigned hereunder.

 

4.                                       Cooperation.  As further consideration for this Agreement,
Executive agrees that if requested by Company, Executive will make himself
available at reasonable times to assist and cooperate with Company in the
investigation and/or litigation of any lawsuits or claims, and agrees to be reasonably
available to Company to testify honestly with regard to such matters or claims
if Executive is determined by Company to be a material witness.  Similarly, Executive agrees that he will
decline to voluntarily aid, assist, or cooperate with any parties who are
involved in claims or lawsuits by or against Company, or with their attorneys
or agents; and will

 

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notify Company when and if the Executive is contacted by other parties
or their attorneys or agents involving claims or lawsuits by or against
Company.  It is understood and intended
that nothing in this paragraph shall prevent Executive from honestly testifying
at a legal proceeding in response to a lawful and properly served subpoena in a
proceeding involving Company or from cooperating with any governmental
investigation.  Executive agrees to
promptly notify Nash Finch if he is contacted by other parties, or in
connection with a governmental investigation or if he is served with a
subpoena.  Such notices shall be
delivered to Kathleen E. McDermott, Senior Vice President and General Counsel,
no later than the earlier of seventy-two (72) hours after his receipt of a
subpoena or a request to provide information to a third party or in connection
with a governmental investigation, or twenty four hours before his response is
due to the request and/or subpoena.  To
the extent Executive is required to incur travel-related expenses in connection
with making himself reasonably available to the Company under this Paragraph,
the Company will promptly reimburse Executive for those travel-related costs
reasonably incurred in accord with Company policies.

 

5.                                       Return of
Property.  Except as otherwise agreed
to by the Company, Executive agrees to return all Nash Finch property currently
in Executive’s possession at the end of the Employment Period, including, but
not limited to, all notes, memoranda, correspondence, files, notebooks,
technical charts or diagrams, customer lists or information, sales and
marketing information, computer recorded information, software, equipment,
materials, keys and credit cards.  Executive
acknowledges that this obligation is continuing and agrees to promptly return
to Nash Finch any subsequently discovered property as described above.

 

6.                                       Agreement to
Repay Monies Owed to Nash Finch.  Executive also agrees to repay to Nash Finch
the amount of any permanent or temporary advances or other monies due and owing
Nash Finch, and to pay off the remaining balance on his corporate credit cards.
 If Executive fails to make such payments
as of the date he signs this Agreement, Executive agrees that Nash Finch may
deduct any monies owed from the payment under this Agreement, if no other
written arrangements are made for repayment by the date this Agreement is
signed.

 

7.                                       Payment of
Reimbursable Expenses.  Executive
will promptly submit requests for reimbursable expenses incurred within the
Employment Period and in no event later than thirty (30) days following the end
of the Employment Period.  Such requests
for reimbursement shall be submitted in conformance with Company policy.  Company will reimburse Executive for all such
promptly submitted and reimbursable expenses incurred during the Employment
Period within thirty (30) days of the Company’s receipt and or verification of
the expenses, whichever is later.  Executive
will promptly submit requests for reimbursable expenses incurred within the
Consulting Period and in no event later than thirty (30) days following the end
of the Consulting Period.  Such requests
for reimbursement shall be submitted in conformance with Company policy.  Company will reimburse Executive for all such
promptly submitted reimbursable expenses incurred during the Consulting Period
within 30 days of the Company’s receipt and or verification of the expenses,
whichever is later.

 

8.                                       Confidentiality. Executive will not comment publicly
about the reasons for his separation from the Company other than to state that
it was a voluntary separation.  It is
understood and agreed that nothing in this Paragraph shall prevent Executive
from testifying

 

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truthfully at a legal proceeding in response to a lawful and properly
served subpoena in a proceeding involving Company or from cooperating in a
governmental investigation.

 

9.                                       Non
Disparagement.  Executive does not
have any basis or reason to issue any disparaging remarks or comments about
Nash Finch and accordingly agrees that he will refrain from making, or
encouraging others to make, any disparaging remarks about Nash Finch.  Nash Finch does not have any basis or reason
to issue any disparaging remarks or comments about Executive and accordingly
agrees that Nash Finch employees acting in their official capacity will refrain
from making, or encouraging others to make, any disparaging remarks about
Executive.  During the Employment Period,
Executive shall be given the opportunity to review and comment on all Company
disclosures and public filings that relate to the Executive, in each case at
least twenty four (24) hours prior to the release of such disclosure or filing.

 

10.                                 Survival of
Provisions Under the Non-Statutory Stock Option Agreement.  The parties acknowledge and agree that certain
provisions of the Non-Statutory Stock Option Agreement shall survive the
termination of Executive’s Employment.  In
particular, and without limitation, the Executive and Nash Finch agree that the
Optionee Covenants section of the Non- Statutory Stock Option Agreement
survives the termination of Executive’s employment and also is incorporated by
reference into this Agreement and as such becomes a part of this Agreement as
though set forth verbatim herein:  Section 6.1
(Competitive Activities); and Section 6.2 (Confidential Information).  Executive acknowledges and agrees that the
covenants set forth in the applicable sections referenced immediately above, as
amended, are reasonable and necessary for the protection of Nash Finch’s
business interests and that irreparable injury will result to Nash Finch if
Executive breaches any of the terms thereof, that in the event of the Executive’s
actual or threatened breach of any such covenants, Nash Finch will have no
adequate remedy at law.  The Executive
agrees that in the event of any actual or threatened breach by him of any of
the foregoing covenants, Nash Finch shall be entitled to immediate temporary
injunctive relief without the necessity of showing actual monetary damages,
subject to hearing as soon thereafter as possible.  Nothing contained herein shall be construed as
prohibiting Nash Finch from pursuing any other remedies available to it for
such breach or threatened breach, including the recovery of any damages which
it is able to prove.  The above
referenced provisions of the Non- Statutory Stock Option Agreement shall
survive the termination of this Agreement in accordance with their terms.

 

11.                                 Confidential
Information.  Executive acknowledges
that during his employment and during the Consulting Period he has and will
have access to and become acquainted with various trade secrets, inventions,
innovations, processes, information, records and specifications owned or
licensed by the Company and/or used by the Company in connection with the
operation of its business including, without limitation, the Company’s business
and product processes, methods, client lists, vendor information, accounts and
procedures.  Executive agrees that he
will not disclose any of the Company’s confidential information, directly or
indirectly, or use any confidential information in any manner, either during
the term of this Agreement or at any time thereafter, except as required in the
course of this engagement with the Company.  All files, records, documents, client lists,
vendor information, blueprints, specifications, information, letters, emails,
faxes, notes, media lists, original artwork/creative, notebooks, and similar
items relating to the business of the Company, whether prepared by Executive or
otherwise coming into his/her possession, shall remain the exclusive property
of the Company.  Executive shall not

 

5

 

retain any copies of the foregoing without the Company’s prior written
permission.  Upon the expiration or
earlier termination of this Agreement, or whenever requested by the Company,
Executive shall immediately deliver to the Company all such files, records,
documents, specifications, information, and other items in his possession or
under his control.  Executive further
agrees that any breach of this provision will result in immediate, irreparable
harm to the Company, and agrees that the Company may seek injunctive relief in
any Minnesota court.

 

12.                                 Other Activities. Executive is free to pursue other
employment or business opportunities or activities during the Employment Period
and the Consulting Period, so long as such pursuit does not materially
adversely affect his ability to perform his obligations under this Agreement
and is not prohibited by the Optionee Covenants provisions of the Non-Statutory
Stock Option Agreement.

 

13.                                 Assignment; Third
Party Beneficiaries.  No party hereto
may assign or delegate any of its rights or obligations hereunder without the
prior written consent of the other parties hereto.  Except as otherwise expressly provided herein,
all covenants and agreements contained in this Agreement by or on behalf of any
of the parties hereto shall bind and inure to the benefit of the respective
successors and assigns of the parties hereto whether so expressed or not.  Nothing contained in this Agreement is
intended to confer upon any person (other than the parties hereto) any rights,
benefits or remedies of any kind or character whatsoever, and no person shall
be deemed a third party beneficiary under or by reason of this Agreement.

 

14.                                 Sufficient
Consideration.  Executive agrees that
the Company’s agreement to enter into this Agreement is not required by law,
contract or under the policies of Employer, and it is provided to Executive in
exchange for his entering into this Agreement, including the attached Release
to be signed at the end of the Employment Period and that the consideration
provided to him under this Agreement is sufficient consideration for the
agreements he has made under this Agreement, including his execution of the Release
to be signed at the end of the Employment Period.

 

15.                                 Voluntary and
Knowing Action.  Executive
acknowledges that he has had sufficient opportunity to review this Agreement and
the attached Release with his attorney, that he has read and understands the
terms of this Agreement and attached Release, and that he has voluntarily and
knowingly entered into this Agreement to, subject to the terms and conditions
hereof, resolve any and all charges, claims, demands or causes of action which
he now has or may have with respect to Employer.

 

16.                                 Legal Counsel and
Fees.  Except as otherwise provided
in this Agreement and the Release, the parties to this Agreement agree to bear
their own costs and attorneys’ fees, if any.  Executive acknowledges that Nash Finch, by
this Agreement, has advised him to consult with an attorney of his choice prior
to executing this Agreement, including the Release.  Executive acknowledges that he has had the
opportunity to be represented by legal counsel during the negotiation and execution
of this Agreement, including the Release, and that he understands he will be
fully bound by this Agreement and Release.  To assist Executive in retaining legal counsel
to assist him with the negotiation and execution of this Agreement, including
the Release, Nash Finch will reimburse Executive for the legal fees incurred in
connection with that negotiation and execution up to a maximum amount of $5,000.00.

 

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17.                                 Compliance with
Securities Laws.  Executive
acknowledges that he is aware that the United States securities laws prohibit
any person who has material nonpublic information about a company from
purchasing or selling securities of such company, or from communicating such
information to any other person under circumstances in which it is reasonably
foreseeable that such person is likely to purchase or sell such securities, and
Executive agrees to comply fully with all securities laws in connection with
the Company’s securities.

 

18.                                 Death or Disability. In the event the Executive dies, or
becomes totally disabled during the Consulting Period, the Company shall
continue to make the payments described in Sections 3c) and d) as if the
Executive was fully performing his obligations under this Agreement.  It is understood and agreed by the Parties,
however, that if the Company has terminated the Consulting Period in accordance
with the last sentence of Section 3a), it shall not owe any such
payments.  During the Employment Period,
Executive shall enjoy the same rights under the Company’s life insurance and
disability insurance plans as apply to other Nash Finch employees.

 

19.                                 Miscellaneous.

 

a)                                      Executive has
twenty-one (21) days to consider whether to accept this Agreement (including
the Release), and he has been advised to consult with legal counsel of his
choice.  If Executive chooses to sign
before twenty-one (21) days have passed, he understands that it is his decision
to execute this Agreement early and that Nash Finch has made the full
twenty-one (21) day period available for him to consider this Agreement.  Executive understands that the offer to accept
this Agreement remains in effect for twenty-one (21) days after October 13,
2004, the date that this Agreement was tendered to him.  After twenty-one (21) days have passed, this
offer expires and Nash Finch will be under no obligation to accept the release
or to provide the benefits contemplated by this Agreement.

 

b)                                     Executive
understands and agrees that the consideration paid by Nash Finch pursuant to
this Agreement for the Release exceeds that which he is legally entitled to and
that his separation from Nash Finch is not part of a decision that affects a
group of employees.

 

c)                                      Executive
acknowledges and agrees that he may cancel this Agreement at any time on or
before the fifteenth (15th) day following the date on which he signs
this Agreement.  Executive further
understands that if he cancels this Agreement, this Agreement shall not become
effective or enforceable and he further understands that Nash Finch shall not
be obligated to pay the consideration set forth in this Agreement.  To be effective, the decision to cancel must
be written and delivered to Nash Finch personally or by certified mail,
directed to the attention of:

 

Mr. Joe R. Eulberg

Senior Vice President, Human Resources

Nash Finch Company

7600 France Avenue South

Edina, MN 55435

 

7

 

d)                                     This Agreement
constitutes the entire agreement among the parties hereto as to the subject
matter hereof and supersedes all other previous written or oral notices,
agreements or understandings as to such subject matter.  No modification, amendment or change of any
kind to this Agreement shall be effective unless it is in writing and signed by
both parties.

 

e)                                      This Agreement
shall be construed and enforced in accordance with, and all questions
concerning the construction, validity, interpretation and performance of this
Agreement shall be governed by, the laws of the State of Minnesota without
giving effect to provisions thereof regarding conflict of laws.

 

f)                                        Nothing in this
Agreement or the Release is intended to be, and nothing will be deemed to be,
an admission of liability by the Company or Employee that either of them has
violated any state or federal statute, local ordinance or principle of common
law, or that either party has engaged in any wrongdoing.

 

g)                                     Nothing in this
Agreement shall be deemed to terminate or reduce in any way any right Executive
may have to indemnification from Nash Finch under the provisions of the
Delaware General Corporation Law and the Company’s Certificate of Incorporation
and Bylaws, and the laws of the State of Minnesota and the Indemnification
Agreement, dated as of October 31, 2000, between the Company and Executive.
 Further, Nash Finch will continue to
indemnify Executive, to the full extent permitted by law, from any losses
incurred during the Consulting Period which are based, in whole or in part, on services
rendered to Nash Finch during the Consulting Period.

 

IN WITNESS WHEREOF, the parties have executed
this Agreement effective as of this 13th day of October, 2004.

 

8

 

	
  Nash Finch, Company

  
	
   

  	
   

  
	
  By:

  	
  /s/ Kathleen E. McDermott

  	
   

  
	
  Title: 

  	
  Senior Vice President, General Counsel
  & Secretary

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  /s/ Robert B. Dimond

  	
   

  
	
  Robert B. Dimond

  	
   

  
					

 

 

Attachments:        Exhibit A —
General Release of All Claims

 

9Exhibit 10.1

 

AMENDED RATE CAP TRANSACTION AGREEMENT

 

This Amended  Rate Cap
Transaction Agreement supersedes the previous Rate Cap Transaction Agreement
dated November 12, 2004 (“ the Trade Date”).

 

This Agreement
is made as of November 15, 2004,
by and among LASALLE BANK NATIONAL ASSOCIATION (the “Floating Rate Payer”) and
STANDARD PARKING CORPORATION (the “Fixed Rate Payer”).

 

WHEREAS, the
Fixed Rate Payer desires to enter into an arrangement for the purpose of
limiting its interest expense on certain existing floating rate liabilities;
and

 

WHEREAS, the
Floating Rate Payer desires to enter into such an arrangement with the Fixed
Rate Payer;

 

NOW,
THEREFORE, the parties hereto agree as follows:

 

1.                                       Payment
of Fixed Amount.  The Fixed Rate
Payer agrees to pay to the Floating Rate Payer a Fixed Amount USD 321,000.00 on
or before November 16, 2004 (the “Fixed Rate Payer Payment Date”), in
consideration of the Floating Rate Payer agreeing to make a payment to the
Fixed Rate Payer for each Calculation Period (as defined below) during which
the Floating Rate (as defined below) exceeds the Cap Rate (as defined below).

 

2.                                       Payment
of Floating Amounts.  The Floating
Rate Payer agrees to make a payment of the Floating Amount (as defined below)
on each Floating Rate Payer Payment Date (as defined below) in immediately
available funds at such location as the Fixed Rate Payer shall direct.  For each Floating Rate Payer Payment Date,
the Floating Rate Payer shall deliver to the Fixed Rate Payer a notice
containing a computation of the Floating Amount payable.

 

3.                                       Definitions.  The applicable definitions and provisions
contained in the 2000 ISDA Definitions (as published by the International Swap
Dealers Association, Inc.) are incorporated by reference into this Agreement.  In the event of any inconsistency between
those definitions and provisions and the provisions of this Agreement, the
provisions of this Agreement shall govern.

 

(a)                                  “Business
Day” shall mean a day on which banks are open in New York for the transaction
of general commercial banking business and on which dealings may be carried on
in the London interbank eurodollar market.

 

(b)                                 “Calculation
Agent” shall mean the Floating Rate Payer.

 

(c)                                  “Calculation
Period” shall mean each period from, and including, one Floating Rate Payer
Payment Date to, but excluding, the next following Floating Rate Payer Payment
Date, except that (i) the initial Calculation Period will commence on, and
include, the Effective Date, and (ii) the final Calculation Period will end on,
but exclude, the Termination Date.

 

(d)                                 “Cap
Rate” shall mean 2.50%.

 

(e)                                  “Designated
Maturity” shall mean 3 Months.

 

(f)                                    “USD”
and the sign “$” mean lawful currency of the United States of America.

 

(g)                                 “Effective
Date” shall mean January 12, 2005.

 

 

(h)                                 “Floating
Amount” with respect to any Calculation Period shall mean an amount equal to
(i) the amount by which the interest earned on the Notional Amount for the
Calculation Period at the Floating Rate would exceed (ii) the amount of
interest which would have been earned on the Notional Amount for the
Calculation Period at the Cap Rate, all said calculations being based on a
Floating Rate Day Count Fraction of Actual/360. 
(If the amount calculated in clause (i) shall be less than the amount
calculated under clause (ii), the Floating Amount for said Calculation Period
shall be zero).

 

(i)                                     “Floating
Rate” means (i) with respect to the initial Calculation Period, the rate
determined for the Floating Rate Option two (2) London and New York Banking
Days prior to the Effective Date for value on the Effective Date; and (ii) with
respect to any subsequent Calculation Period, the rate determined with respect
to such period for the Floating Rate Option.

 

(j)                                     “Floating
Rate Option” shall mean USD-LIBOR-BBA.

 

(k)                                  “Floating
Rate Payer Payment Date” shall mean the 12th day of each April, July, October,
and January, commencing on April 12, 2005 and ending on the Termination Date,
subject to adjustment in accordance with the Modified Following Business Day
Convention.

 

(l)                                     “Notional
Amount” shall mean USD 30,000,000.00.

 

(m)                               “Reset
Date” shall mean each Floating Rate Payer Payment Date to, but not including,
the Termination Date.

 

(n)                                 “Termination
Date” shall mean July 12, 2006.

 

4.                                       Representations
and Warranties - The Fixed Rate Payer. 
The Fixed Rate Payer hereby represents and warrants to the Floating Rate
Payer that:

 

(a)                                  The
Fixed Rate Payer is a corporation validly existing and in good standing under
the laws of the jurisdiction of its organization and such jurisdiction is a
State of the United States of America.

 

(b)                                 The
Fixed Rate Payer has the corporate power and authority to own its property and
assets and to carry on its business as
currently conducted.

 

(c)                                  The
Fixed Rate Payer has the corporate power to execute, deliver and perform this
Agreement.

 

(d)                                 The
execution, delivery and performance of this Agreement (i) have been duly
authorized by all requisite corporate or organizational action on the part of
the Fixed Rate Payer and (ii) will not (A) violate (1) any provision of law,
(2) the constitutional documents of the Fixed Rate Payer, (3) any applicable
order of any court or agency of government or (4) any indenture, agreement
or other instrument to which the Fixed Rate Payer is a party or by which the
Fixed Rate Payer or any of its property or assets is bound, (B) be in conflict
with, result in a breach of or constitute (with due notice or lapse of time or
both) a default under any indenture, agreement or other instrument to which the
Fixed Rate Payer is a party or by which the Fixed Rate Payer or any of its
property or assets is bound or (C) result in the creation or imposition of any
lien, charge or encumbrance of any nature whatsoever upon any property or
assets of the Fixed Rate Payer.

 

(e)                                  This
Agreement has been duly executed and delivered by the Fixed Rate Payer and
constitutes a legal, valid and binding obligation of the Fixed Rate Payer,
enforceable in accordance with its

 

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terms (subject, as to
enforcement of remedies, to applicable bankruptcy, reorganization, insolvency
or similar laws from time to time in effect).

 

(f)                                    No
action, consent or approval of, or registration or filing with, or any other
action by any governmental agency, bureau, commission or court has been
required in connection with the execution, delivery and performance by the
Fixed Rate Payer of this Agreement, or if so required, such registration or
filing has been made, such consent or approval has been given or such other
appropriate action has been taken.

 

5.                                       Representations
and Warranties - The Floating Rate Payer. 
The Floating Rate Payer hereby represents and warrants to the Fixed Rate
Payer that:

 

(a)                                  The
Floating Rate Payer is a bank organized or formed under the laws of the United States
of America.

 

(b)                                 The
Floating Rate Payer has the corporate or organizational power and authority to
own its property and assets and to carry on its business as currently
conducted.

 

(c)                                  The
Floating Rate Payer has the corporate or organizational power to execute,
deliver and perform this Agreement.

 

(d)                                 The
execution, delivery and performance of this Agreement (i) have been duly
authorized by all requisite corporate or organizational action on the part of
the Floating Rate Payer and (ii) will not (A) violate (1) any provision of law,
(2) the constitutional documents of the Floating Rate Payer, (3) any applicable
order of any court or agency of government or (4) any indenture, agreement or
other instrument to which the Floating Rate Payer is a party or by which the
Floating Rate Payer or any of its property or assets is bound, (B) be in
conflict with, result in a breach of or constitute (with due notice or lapse of
time or both) a default under any indenture, agreement or other instrument to
which the Floating Rate Payer is a party or by which the Floating Rate Payer or
any of its property or assets is bound or (C) result in the creation or
imposition of any lien, charge or encumbrance of any nature whatsoever upon any
property or assets of the Floating Rate Payer.

 

(e)                                  This
Agreement has been duly executed and delivered by the Floating Rate Payer and
constitutes a legal, valid and binding obligation of the Floating Rate Payer,
enforceable in accordance with its terms (subject, as to enforcement of remedies,
to applicable bankruptcy, reorganization, insolvency or similar laws from time
to time in effect).

 

(f)                                    No
action, consent or approval of, or registration or filing with, or any other
action by any governmental agency, bureau, commission or court has been
required in connection with the execution, delivery and performance by the
Floating Rate Payer of this Agreement, or if so required, such registration or
filing has been made, such consent or approval has been given or such other
appropriate action has been taken.

 

6.                                       Assignment
and Transfer.  Neither party may
assign or transfer its rights or obligations under this Agreement without the
prior written consent of the other party and any purported assignment in
violation of this Section shall be void; provided, however, that
the consent to transfer shall not be unreasonably withheld.

 

7.                                       Other
Provisions Relating to the Fixed Amount. 
In no event shall the Fixed Amount (or any portion thereof) paid to the
Floating Rate Payer pursuant to Section 1 hereof be refundable, provided that
nothing contained herein shall be deemed to constitute a waiver by the Fixed
Rate Payer of any of its rights to collect

 

3

 

damages from, or to enforce
other remedies against, the Floating Rate Payer in the event that the Floating
Rate Payer fails to perform its obligations hereunder.

 

8.                                       Amendments
and Waivers.  No amendment,
modification or waiver with respect to this Agreement will be effective unless
in writing and executed by each of the parties hereto.

 

9.                                       Notices.  All notices, requests and other
communications to either party hereunder shall be in writing and shall be given
to such party at its address, telex or telecopier number set forth on the
signature page hereof or such other address, telex or telecopier number as such
party may hereafter specify for the purpose of notice to the other party.

 

10.                                 Termination.  This Agreement shall terminate on the
Termination Date, subject to any applicable requirement for payment as set forth
in Section 2 hereof.

 

11.                                 Governing
Law.  THIS AGREEMENT SHALL BE
CONSTRUED IN ACCORDANCE WITH AND SHALL BE GOVERNED BY THE LAWS OF THE STATE OF
NEW YORK WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW.

 

12.                                 Authorization
Documents.  Upon the execution of this
Agreement, the Fixed Rate Payer shall promptly deliver to the Floating Rate
Payer, certified evidence of the authority, incumbency and specimen signature
of each authorized person executing this Agreement on its behalf.

 

13.                                 Account
Details:

 

	
  Payments to the Floating Rate Payer:

  	
  LaSalle Bank National Association, ABA #0710-0050-5, A/C

  2090102-9030, Attn: Derivatives Operations

  
	
  Payments to the Fixed Rate Payer:

  	
   

  
	
   

  	
  Please advise

  

 

14.                                 Relationship
Between the Parties.  Each party
represents to the other party that:

 

(a)                                  Non-Reliance.  It is acting for its own account, and it has
made its own independent decisions to enter into this Transaction and as to
whether this Transaction is appropriate or proper for it based upon its own
judgment and upon advice from such advisors as it has deemed necessary.  It is not relying on any communication
(written or oral) of the other party as investment advice or as a
recommendation to enter into this Transaction; it being understood that
information and explanation related to the terms and conditions of this
Transaction shall not be considered investment advice or a recommendation to
enter into this Transaction.  No
communication (written or oral) received from the other party shall be deemed
to be an assurance or guarantee as to the expected results of this Transaction.

 

(b)                                 Assessment and Understanding.  It is capable of assessing the merits of and
understanding (on its own behalf or through independent professional advice),
and understands and accepts the terms, conditions and risks of this
Transaction.  It is also capable of
assuming, and assumes, the risks of this Transaction.

 

(c)                                  Status of Parties. The other party is not
acting as a fiduciary or an advisor to it in respect of this Transaction.

 

4

 

15.                                 Waiver
of Jury Trial.   Each party
irrevocably waives any and all right to trial by jury in any legal proceeding
instituted in connection with this Agreement or this Transaction to the fullest
extent permitted by law.  As to any
matter for which a jury trial cannot be waived, each party agrees not to assert
any such matter as a cross claim or counterclaim in, nor move to consolidate
the same with, any legal proceeding in which a jury trial is waived.”

 

IN WITNESS WHEREOF,
the parties hereto have caused this Agreement to be duly executed by their
respective authorized officers as of the day and year first above written.

 

LASALLE BANK NATIONAL ASSOCIATION

 

 

	
  By:

  	
  /s/ Doreen Nosek

  	
   

  	
  By:

  	
  /s/ Jennifer Bonifazi

  	
   

  
	
   

  	
  Name: Doreen Nosek

  	
   

  	
  Name: Jennifer Bonifazi

  
	
   

  	
  Title: Treasury Officer

  	
   

  	
  Title: Assistant Vice President of Derivatives Operations

  

 

	
  Address:

  	
  540 West Madison Avenue

  
	
   

  	
  Suite 2132

  
	
   

  	
  Chicago, IL 60661

  
	
   

  	
   

  
	
  Attention:

  	
  Treasury Documentation

  
	
  Facsimile:

  	
  312-992-5847/5852

  
	
  Phone:

  	
  312-992-5844

  

 

 

STANDARD PARKING CORPORATION

 

 

	
  By:

  	
  /s/ G. Marc Baumann

  	
   

  
	
   

  	
  Name: G. Marc Baumann

  
	
   

  	
  Title: Chief Financial Officer

  

 

	
  Address:

  	
  900 N. Michigan Avenue

  
	
   

  	
  Suite 1600

  
	
   

  	
  Chicago, IL 60611

  
	
   

  	
   

  
	
  Attention:

  	
  G. Marc Baumann

  
	
  Facsimile:

  	
  312-640-6165

  
	
  Telephone:

  	
  312-274-2199

  

 

5

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