Document:

Exhibit 10.16

 

BUILDING MATERIALS CORPORATION OF
AMERICA

2001 LONG-TERM INCENTIVE PLAN

 

Amended and Restated Effective as of January 1,
2005

 

INTRODUCTION

 

Building Materials Corporation of America, a Delaware corporation
(hereinafter referred to as the “Corporation”) established the “BUILDING
MATERIALS CORPORATION OF AMERICA 2001 LONG-TERM INCENTIVE PLAN” (hereinafter
referred to as the “Plan”) to permit the grant of Incentive Units (as hereafter
defined) to eligible employees of the Corporation and the Subsidiaries (as
hereafter defined).  The Plan provides
for a long term incentive system that supports the Corporation’s business
strategy and emphasizes pay-for performance by tying reward opportunities to
corporate goals.

 

The Plan’s original
effective date was December 31, 2000 (the “Effective Date”).  The Corporation hereby amends and restates
the Plan, effective as of January 1, 2005, to comply with the
provisions of Section 409A of the Code (hereinafter defined) and
regulations and guidance issued thereunder (“Section 409A”).  The Plan shall be interpreted and
administered consistent with this intent and shall apply to all outstanding and
prospective Incentive Unit awards.

 

I.  DEFINITIONS

 

For
purposes of this Plan, the following terms shall be defined as follows unless
the context clearly indicates otherwise:

 

(a)          “Affiliate”
shall mean any member of the group of corporations, trades or businesses
or other organizations comprising the “controlled group” with the
Corporation.  For purposes of the foregoing,
whether an entity is affiliated shall be determined pursuant to the controlled
group rules of Code Section 414; however, a 50% minimum ownership
threshold shall be used when applying the applicable provisions of (A) Code
Section 1563 for determining a controlled group of corporations under Code
Section 414(b), and (B) Treasury Regulation Section 1.414(c)-2
for determining the trades or businesses that are under common control under
Code Section 414(c).

 

(b)          “Beneficiary”
shall mean one or more persons, trusts, estates or other entities designated by
the Employee in accordance with Section V that are entitled to receive
payment of a Gain under this Plan upon the death of an Employee.

 

(c)           “Board of
Directors” or “Board”
shall mean the Board of Directors of the Corporation. All determinations by the
Board shall be made in good faith in its sole discretion and shall be binding
and conclusive.

 

(d)          “Book Value”
shall mean, as of any Valuation Date, the sum of (i) $268,542,680, (ii) the
cumulative consolidated net income or loss of the Corporation for the period January 1,
2001 through the date of determination and (iii) $2,480,625 multiplied by 

 

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the number of full fiscal quarters of the Corporation that have ended
after December 31, 2000 but on or before the date of determination
(such product representing a 15% per annum credit on the aggregate dividends or
distributions made by the Corporation to its stockholders during the period of October 1,
1997 through December 31, 2000), and excluding, to the extent occurring
after December 31, 2000, the impact of (A) nonrecurring operating
losses, nonrecurring operating gains and extraordinary items, each as
determined in accordance with generally accepted accounting principles, (B) any
charge incurred after December 31, 2000 relating to asbestos-related
liabilities, (C) net after-tax gains or losses in respect of dispositions
of assets by the Corporation other than in the ordinary course of business, (D) any
charges relating to amortization of goodwill and other intangibles arising from
the management buy-out of GAF Corporation in March 1989, and (E) such
other items as the Board of Directors may determine to be extraordinary or
unusual and the impact of which should not be included in consolidated net
income or loss, as the case may be, for the purposes of computing Book Value.
There shall be deducted from Book Value an amount equal to a 15% per annum
charge on the aggregate capital contributions made to the Corporation by its
stockholders during the period commencing January 1, 2001 and ending with
the date of determination (the “Period”), amounts actually received by the
Corporation during the Period for shares of its capital stock and, to the
extent not actually charged against the net income of the Corporation, on the
outstanding principal amount of loans and other advances made to the
Corporation by affiliates (excluding Subsidiaries of the Corporation) during
the Period. There shall be added to Book Value a 15% per annum credit on the
aggregate dividends or distributions (including redemption of shares of its
capital stock) made by the Corporation to its stockholders during the Period
and, to the extent interest is not actually imputed to the Corporation in respect
of such amounts, on the outstanding principal amount of loans and other
advances made by the Corporation to affiliates (excluding Subsidiaries of the
Corporation) during the Period. Any adjustments to Book Value (including the
15% charge and credit referred to in the preceding two sentences) shall take
into account the tax effect, if any, associated therewith. If the Corporation’s
common stock is converted into or exchanged for other securities or property
pursuant to a recapitalization, stock split, combination, reorganization,
merger, exchange or similar transaction, or if a sale of all or substantially
all of, the common stock of the Corporation shall occur or be pending, Book
Value, the Incentive Units and the terms hereof shall be modified by the Board
of Directors in such manner as is reasonable under the circumstances. All
determinations by the Board of Directors hereunder shall be made in good faith
and shall be binding and conclusive.

 

(e)           “Change in
Control of the Corporation” shall mean (i) the sale or
disposition, in one or a series of related transactions during a twelve-month
period ending on the date of the most recent transaction, of all or
substantially all of the assets of the Corporation (with assets sold or
disposed having a total gross fair market value equal to or more than 75% of
the total gross fair market value of all assets owned directly and indirectly
by such entity immediately prior to such acquisition or acquisitions), to any “person”
or “group” (as such terms are defined in Sections 13(d)(3) and 14(d)(2) of
The Securities Exchange Act of 1934, as amended (the “Act”)) other than the
Corporation or its Subsidiaries, or (ii) any person or group, other than
an Affiliate, is or becomes the “beneficial owner” (as defined in Rules 13d-3
and 13d-5 under the Act), directly or indirectly, of more than 50% of the total
voting power of the voting stock of the 

 

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Corporation,
including by way of merger, consolidation or otherwise, and an Affiliate of the
Corporation ceases to control the Board.

 

(f)            “Code”
shall mean the Internal Revenue Code of 1986, as amended.

 

(g)          “Corporation”
shall have the meaning set forth in the Introduction.

 

(h)          “Committee”
shall have the meaning set forth in Section II(a) hereof.

 

(i)           “Default Fixed
Exercise Date” shall mean the Incentive Unit award Expiration Date.

 

(j)            “Deferral
Agreement” shall mean the agreement entered into by an Employee in
accordance with Section IV(h) below. 
The Deferral Agreement may be in the form of one or more documents or
electronic media, as prescribed by the Committee.

 

(k)          “Deferred
Compensation Plan” shall mean the GAF Deferred Compensation Plan, as
may be amended from time to time.

 

(l)           “Effective Date”
shall have the meaning set forth in the Introduction.

 

(m)          “Elected Fixed
Exercise Date” shall mean the fixed date an Employee specifies to
exercise his or her Incentive Units pursuant to Section IV(d)(ii).  An Elected Fixed Exercise Date must be on or
after the date the Incentive Units vest and on or prior to the award Expiration
Date.

 

(n)          “Employee”
shall mean a common-law employee of the Corporation or of any Affiliate at a
salary grade of 12 (or its equivalent) or above.

 

(o)          “Exercise and
Payment Agreement” shall mean the agreement entered into by an
Employee in accordance with Section IV(d)(ii).  The Exercise and Payment Agreement may be in
the form of one or more documents or electronic media, as prescribed by the
Committee.

 

(p)          “Expiration Date”
shall mean the date the Incentive Unit award expires in accordance with Section IV(g).

 

(q)          “Final Value”
shall have the meaning set forth in Section IV(e) hereof.

 

(r)           “Gain”
shall mean the excess, if any, of the Final Value of each Incentive Unit over
the Initial Value of such Incentive Unit, reduced by any withholding taxes
under Section VI(b).

 

(s)           “Good Cause”
shall, with respect to any Employee, mean (i) the Employee’s willful or
gross misconduct or willful or gross negligence in the performance of his
duties for the Corporation or for any Affiliate, (ii) the Employee’s
intentional or habitual neglect of his duties for the Corporation or for any
Affiliate, (iii) the Employee’s theft or misappropriation of funds of the
Corporation or of any Affiliate, fraud, criminal misconduct, 

 

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breach of fiduciary duty or dishonesty in the performance of his duties
on behalf of the Corporation or any Affiliate or commission of a felony, or
crime of moral turpitude or any other conduct reflecting adversely upon the
Corporation or any Affiliate or (iv) the Employee’s violation of any
covenant not to compete or not to disclose confidential information with
respect to the Corporation or any Affiliate.

 

(t)           “Good Reason”
shall, with respect to any Employee, mean a change or changes in the terms of
such Employee’s employment that are materially adverse to such Employee,
including changes relating to salary and bonus, level of responsibility or
location of employment.

 

(u)          “Incentive Unit”
shall mean a bookkeeping item equal in value, as of any Valuation Date, to (i) the
Corporation’s Book Value determined as of such Valuation Date divided by (ii) 1,000,010.  The value of each Incentive Unit as of a
Valuation Date and the determination of accumulated comprehensive income and
losses as of a Valuation Date shall each be determined by the Board and may be
adjusted by the Board if the number of outstanding shares of the Corporation’s
common stock increases or decreases at any time after the Effective Date.

 

(v)           “Initial Value”
shall have the meaning set forth in Section IV(a) hereof.

 

(w)          “Plan”
shall have the meaning set forth in the Introduction.

 

(x)           “Retirement”
shall mean an Employee’s Separation from Service after (i) he attains age
fifty-five (55) and (ii) the sum of his age and the number of his years of
service with the Corporation and/or any  Affiliate  equals sixty (60) or more.  For purposes of determining years of service,
service with predecessors to the Corporation and/or Affiliates shall be
considered.

 

(y)           “Section 409A”
shall have the meaning set forth in the Introduction.

 

(z)           “Separation from
Service”  shall mean
the Employee’s termination of employment with the Corporation and all
Affiliates, voluntarily or involuntarily, for any reason other than on account
of death, or as otherwise provided by Treasury Regulation Section 1.409A-1(h).  However, the Employee’s employment
relationship shall be treated as continuing intact while the individual is on a
military leave, sick leave or other bona fide leave of absence if the period of
such leave does not exceed six months (or longer, if required by statute or
contract).  If the period of the leave
exceeds six months and the Employee’s right to reemployment is not provided
either by statute or contract, the employment relationship is deemed to
terminate on the first date immediately following such six-month period for
purposes of this Plan only.

 

(aa)        “Subsidiary”
shall mean a corporation or other entity of which more than fifty percent (50%)
of the aggregate of its outstanding voting securities are owned directly or
indirectly by the Corporation.

 

(bb)        “Valuation Date”
shall mean the last day of business of each fiscal quarter of the Corporation.

 

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(cc)         “Value”
shall mean the value of each Incentive Unit as of a specified date, as
determined on a consistent basis by the Committee in its sole discretion.

 

II.  ADMINISTRATION

 

(a)          Administration; Term of Office; Appointment of
Chairperson.
The Plan shall be administered by a committee (the “Committee”) appointed by
the Board from among the Employees. The Committee shall be comprised, unless
otherwise determined by the Board, of the individuals serving as the
Corporation’s Chief Executive Officer, Chief Financial Officer and Vice
President-Human Resources. Each member of the Committee shall hold office until
the date that he or she resigns from the Committee or is removed from
membership on the Committee by action of the Board. In the event an individual
for any reason ceases to be a member of the Committee, the Board shall appoint
another qualified individual to serve on the Committee. The members of the
Committee shall choose from among themselves one such member to serve as
chairperson of the Committee.

 

(b)          Quorum and Manner of Acting. Except as hereinafter provided, a majority of the
members of the entire Committee shall constitute a quorum for the transaction
of business and the vote of a majority of the Committee members present at the
time of the vote shall be the act of the Committee. In the absence of a quorum
at any meeting of the Committee, a majority of the Committee members present
thereat may adjourn such meeting to another time and place. Notice of the time
and place of any such adjourned meeting shall be given to the Committee members
who were not present at the time of the adjournment and, unless such time and
place were announced at the meeting at which the adjournment was taken, to the
other Committee members. At any adjourned meeting at which a quorum is present,
any business may be transacted which might have been transacted at the meeting
as originally called. In the event any Committee member is disqualified from
acting on a specific matter pursuant to Section II(f) hereof, such
individual shall not be taken into account in determining whether a quorum of
the Committee exists for taking action with respect to such matter. The
Committee members shall act only as a Committee and the individual Committee
members shall have no power as such. All decisions of the Committee or the
Board in the interpretation and administration of the Plan shall lie within its
sole and absolute discretion and shall be final, conclusive and binding on all
parties concerned (including, but not limited to, Employees and their
Beneficiaries or successors).

 

(c)           Action Without a Meeting. Any action required or permitted to be taken by
the Committee at a meeting may be taken without a meeting if all members of the
Committee consent in writing to the adoption of a resolution authorizing such
action. The resolution and written consents thereto by the members of the
Committee shall be filed with the minutes of the proceedings of the Committee.

 

(d)          Telephonic Participation. Any one or more members of the Committee may
participate in a meeting of the Committee by means of a conference telephone or
similar communications equipment allowing all persons participating in the
meeting to hear each other at the same time. Participation by such means shall
constitute presence in person at the meeting.

 

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(e)           Compensation. Members of the Committee shall not be compensated for service as a
Committee member.

 

(f)            Disqualification. Each member of the Committee shall be disqualified from acting as such
with respect to all matters that concern such person individually other than to
the extent all Employees holding Incentive Units are affected uniformly.

 

(g)          Responsibilities of the Committee. Except to the extent specifically reserved herein
for the Board, the Committee shall have all powers, responsibilities and duties
for controlling and administering the Plan, including, but not limited to, the
following:

 

(i)            to establish, amend and
enforce certain rules, regulations, and procedures as it deems necessary or
proper for the efficient administration of the Plan;

 

(ii)           to interpret the Plan,
with its interpretations made in good faith to be final and conclusive, and to
decide all questions concerning the Plan and correct any defect or omission or
reconcile any inconsistency in the Plan in the manner and to the extent the
Committee deems necessary or desirable;

 

(iii)          to determine the ongoing
eligibility of any individual to participate in the Plan, and to require any
person to furnish any information as it may request to properly administer the
Plan as a condition to that person receiving any benefit under the Plan;

 

(iv)          to compute the amount of
benefits that are payable to any Employee or Beneficiary in accordance with the
provisions of the Plan, and to determine the person or persons to whom those
benefits will be paid; and

 

(v)           to authorize the payment
of benefits from the Plan in compliance with Section 409A.

 

(h)          Indemnification.  The
Corporation shall indemnify each Committee member against any liability or loss
sustained by reason of any act or failure to act made in good faith,
including, but not limited to, those in reliance on certificates, reports,
tables, opinions or other communications from any company or agents chosen by
the Committee in good faith, but excluding the gross negligence or willful
misconduct of any member.  Such
indemnification shall include attorneys’ fees and other costs and expenses
reasonably incurred in defense of any action brought by reason of any such act
or failure to act.

 

III.  ELIGIBILITY TO PARTICIPATE

 

Each
individual who is an Employee shall be initially eligible to participate in the
Plan.  No individual shall automatically
be entitled to receive a grant of Incentive Units solely because he is
classified as an Employee.

 

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IV.  INCENTIVE UNITS

 

(a)          Grant of Incentive Units. The
Committee may, in its sole discretion, grant Incentive Units to any one or more
Employees.  The number of Incentive Units
granted to each Employee shall be determined by the Committee in its sole discretion.  Incentive Units may only be granted as of a
Valuation Date.  Unless otherwise
determined by the Committee, in its sole discretion, subject to adjustment as
provided in Section IV(b), the “Initial Value” of any Incentive Unit granted under this Plan shall be equal to the value
of such Incentive Unit determined as of the Valuation Date on which such
Incentive Unit is granted.

 

(b)          Recapitalization, Etc. In the event there is any change in the
outstanding common stock of the Corporation by reason of any merger,
reorganization, recapitalization, stock split, stock dividend, combination of
shares, increase or decrease in the number of outstanding shares or otherwise
(including that a sale of all or substantially all of the assets of its common
stock shall occur or be pending), there shall be substituted for, added to or
subtracted from each Incentive Unit then outstanding under the Plan, the number
of additional or partial Incentive Units that the Board determines accurately
reflects the effect of such merger, reorganization, recapitalization, stock
split, stock dividend, share combination or other such event.  Likewise, the Initial Value of each Incentive
Unit shall also be adjusted by the Board if it determines in its sole
discretion that such adjustment is appropriate. 
In the event that the Corporation enters into a transaction with an
Affiliate of the Corporation, the Board may make an equitable adjustment to the
Incentive Units if, in its sole discretion, the Board determines that such
adjustment is appropriate.

 

(c)           Vesting in Incentive Units. The Incentive Units granted to an Employee shall
vest as determined by the Committee, in its sole discretion.  In the absence of any action by the Committee
to select a different vesting schedule, Incentive Units shall vest
cumulatively, in twenty percent (20%) increments annually and such vesting
shall end upon the Employee’s (i) Separation from Service for any reason
whatsoever or (ii) transfer from the employer to whom he was providing
services as of the date he received an Incentive Unit award to an Affiliate
(other than a Subsidiary). 
Notwithstanding the foregoing, to the extent not previously canceled or
forfeited, Incentive Units shall become immediately vested if, within twelve
(12) months after a Change in Control of the Corporation, an Employee’s
employment is terminated (x) by the Corporation or Affiliate for any
reason other than Good Cause, (y) as a result of death or permanent
disability, or (z) by the Employee for Good Reason.  Notwithstanding any Plan provision to the
contrary, if an Employee separates from service for Good Cause, all Incentive
Units shall be immediately forfeited on the date of the Employee’s Separation
from Service.

 

(d)          Exercise of Incentive Units; Fixed Payment Date.

 

(i)            Default
Fixed Exercise Date.  Subject to Sections IV(d)(ii)-(v), an
Employee’s vested Incentive Units shall be deemed to be exercised on the
Default Fixed Exercise Date.  Resulting
Gains shall be paid in a lump sum in the next fiscal quarter.  Notwithstanding the foregoing, with respect
to any exercise occurring in the last fiscal month of any fiscal year, related
Gains shall be paid 

 

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during the
first fifteen (15) days of the second fiscal quarter following the Default
Fixed Exercise Date.

 

(ii)           Elected Fixed Exercise Date. 
Notwithstanding Section IV(d)(i), the Committee, in its sole
discretion, may permit an Employee to elect an Elected Fixed Exercise Date on
which Incentive Units shall be exercised. 
Gains resulting from such exercise shall be paid in a lump sum in the
next fiscal quarter.  Notwithstanding the
foregoing, with respect to any exercise occurring in the last fiscal month of
any fiscal year, related Gains shall be paid during the first fifteen (15) days
of the second fiscal quarter following the Elected Fixed Exercise Date.  An Elected Fixed Exercise Date must be on or
after the date an Incentive Unit vests and prior to the Default Fixed Exercise
Date.

 

(A)          Process
and Timing.  To select an Elected Fixed Exercise Date, the
Employee must complete and submit an Exercise and Payment Agreement to the
Corporation no later than the end of the calendar year prior to the year in
which an Incentive Unit is granted, or such earlier date specified by the Committee.  The Exercise and Payment Agreement shall
become irrevocable as of the end of such calendar year, or such earlier date as
specified by the Committee. 
Notwithstanding the foregoing, at the discretion of the Committee, an
Employee may select an Elected Fixed Exercise Date within thirty (30) days
after the Incentive Unit is granted, provided that the Exercise and Payment
Agreement is submitted at least twelve (12) months in advance of the Incentive
Unit’s first vesting date.  In such case,
the Exercise and Payment Agreement shall become irrevocable as of the end of
such thirty (30) day period.

 

(B)           Section 409A Transition Relief. 
Notwithstanding paragraph (A), on or before December 31, 2008, the
Committee, in its sole discretion, may permit Employees to select or change an
Elected Fixed Exercise Date for previously awarded Incentive Units by
submitting an Exercise and Payment Agreement to the Corporation consistent with
transition relief provided by the Department of the Treasury in
Notice 2006-79, Notice 2007-86 and proposed regulations promulgated under Section 409A.  If an Employee submits or changes an Exercise
and Payment Agreement pursuant to this paragraph (B), then the last Exercise
and Payment Agreement validly in effect as of December 31, 2008 shall
control and be irrevocable.

 

(iii)          Separation from Service. 
Notwithstanding Sections IV(d)(i) and IV(d)(ii) and subject to
Section IV(d)(iv), a deemed exercise shall occur with respect to vested
Incentive Units on the date an Employee experiences a Separation from
Service.  Resulting Gains shall be paid
in a lump sum in the fiscal quarter following the Employee’s Separation from
Service.  Notwithstanding the foregoing,
with respect to any deemed exercise occurring in the last fiscal month of any
fiscal year, related Gains shall be paid during the first fifteen (15) days of
the second fiscal quarter following the Employee’s Separation from
Service.  If 

 

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an Employee
separates from service for Good Cause, all vested and unvested Incentive Units
shall be immediately forfeited on the date of the Employee’s Separation from
Service.

 

(iv)          Retirement.  Notwithstanding Section IV(d)(iii), in
the event of an Employee’s Retirement, a deemed exercise shall occur with
respect to vested Incentive Units on a date which is the earliest of:  (1) the first anniversary of the
Employee’s Separation from Service, (2) the Employee’s Elected Fixed
Exercise Date or (3) the Default Fixed Exercise Date.  Resulting Gains shall be paid in a lump sum
in the fiscal quarter following the deemed exercise date.  Notwithstanding the foregoing, with respect
to any deemed exercise occurring in the last fiscal month of any fiscal year,
related Gains shall be paid during the first fifteen (15) days of the second
fiscal quarter following the deemed exercise date.

 

(v)           Death.  In the
event of an Employee’s death, a deemed exercise shall occur with respect to
vested Incentive Units on the date of the Employee’s death.  Resulting Gains shall be paid to the Employee’s
Beneficiary in a lump sum in the first fiscal quarter following the Employee’s
death.  Notwithstanding the foregoing,
with respect to any deemed exercise occurring in the last fiscal month of any
fiscal year, related Gains shall be paid to the Employee’s Beneficiary during
the first fifteen (15) days of the second fiscal quarter following the Employee’s
death.

 

(vi)          Forfeiture of Unvested
Incentive Units.  Subject to Section IV(c),
in the event of an Employee’s Separation from Service, death or transfer to an
Affiliate (other than a Subsidiary), all unvested Incentive Units shall be
forfeited immediately on the date of such Separation from Service, death or
transfer.

 

(vii)         Transfer to an Affiliate
(other than a Subsidiary). 
Effective with respect to Incentive Units awarded on or after January 1,
2009, in the event that an Employee transfers from the employer to whom he was
providing services as of the date he received an Incentive Unit Award to an
Affiliate (other than a Subsidiary), a deemed exercise shall occur with respect
to vested Incentive Units on the Employee’s transfer date.  Resulting Gains (including any earnings or
losses, as described below) shall be paid in a lump sum at the earliest time
payment would otherwise have occurred, applying the provisions of Sections
IV(d)(i)-(v).  Until such time as the
Gains are paid, the Committee, in its sole discretion, may permit an Employee
to notionally invest such Gains in accordance with Section IV(f).

 

(e)           Value of Incentive Unit Upon Exercise.  Upon the
exercise or deemed exercise of an Incentive Unit, the Employee (or his
Beneficiary in the event of the Employee’s death) shall receive from the
Corporation a cash payment equal to the Gain.

 

(i)            “Final Value” Generally.  For purposes
of calculating the Gain, the “Final Value” shall equal the Incentive Unit Value as of the Valuation Date immediately preceding the
exercise date or, if applicable, the Value on the Valuation Date 

 

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coinciding
with the date of such exercise; provided that if the date of such exercise or
deemed exercise is within thirty (30) days of the end of the Corporation’s
fiscal quarter, then the “Final Value” shall equal the Incentive Unit Value as
of the Valuation Date immediately following the date of such exercise or deemed
exercise.

 

(ii)           “Final
Value” for Employees Transferred to An Affiliate. 
Notwithstanding any provision to the contrary, for purposes of
calculating the Gain in relation to the deemed exercise of Incentive Units
pursuant to Section IV(d)(vii), the “Final Value” shall equal the
Incentive Unit Value as of the Valuation
Date immediately preceding the Employee’s transfer date or, if applicable, the
Value on the Valuation Date coinciding with the Employee’s transfer date;
provided that if the date of such transfer is within thirty (30) days of the
end of the Corporation’s fiscal quarter, then the “Final Value” shall equal the
Incentive Unit Value as of the Valuation Date immediately following the Employee’s
transfer date.

 

(iii)          “Final Value” Upon Certain
Terminations Following a Change in Control. 
Notwithstanding Section IV(e)(i), in the event an
Employee experiences an involuntary termination of employment other than for
Good Cause or a termination of employment for Good Reason within twelve (12)
months following a Change in Control, for
purposes of calculating the Gain resulting from a deemed exercise, the “Final
Value” shall equal the Value of the Incentive Unit as of the fiscal month ended
immediately preceding the Change in Control, provided that, notwithstanding the
foregoing, in determining such “Final Value”, the Corporation shall exclude any
non-cash charges incurred in connection with the Change in Control which would
otherwise have been included in such calculation.

 

(f)            Investment of Transferred Employees’ Gains.  Upon the
deemed exercise of an Employee’s Incentive Unit pursuant to Section IV(d)(vii),
the Committee, in its sole discretion, may permit the Employee to make a
written election to notionally invest his Gain in investment funds selected by
the Committee.  The Committee may
promulgate rules and procedures governing investment elections under this Section IV(f).  If such an
election is made, the Committee shall establish a bookkeeping account for the
Employee to reflect earnings and losses allocable thereto at such times
and in such manner as shall be determined by the Committee.  Notwithstanding any provision in the Plan to
the contrary, earnings and losses based on an Employee’s investment elections
shall begin to accrue only as of the date such Employee’s Gain is credited to
his account.

 

(g)          Expiration Date.  Outstanding Incentive Units
shall expire at 5:00 p.m. New York City time on the sixth (6th) anniversary of the grant date.

 

(h)          Deferral Election.  Employees eligible to
participate in the Deferred Compensation Plan may elect to contribute up to
100% of the Gain, if any, into the Deferred Compensation Plan on a pre-tax
basis.  To make a deferral election, the
Employee must complete and submit a Deferral Agreement to the Corporation no
later than the end of the calendar year prior to the year in which an Incentive
Unit is granted, or such earlier date specified by the 

 

10

 

Committee.  The Deferral Agreement shall become irrevocable as of the end of such
calendar year, or such earlier date as specified by the Committee.  Notwithstanding the foregoing, at the
discretion of the Committee, an Employee may complete and submit a Deferral Agreement
within thirty (30) days after the date the Incentive Unit is granted, provided
that the Deferral Agreement is submitted at least twelve (12) months in advance
of the Incentive Unit’s first vesting date. 
In such case, the Deferral Agreement shall
become irrevocable as of the end of such thirty (30) day period.

 

V.  BENEFICIARY DESIGNATION

 

(a)          Beneficiary.  Each
Employee may, at any time, designate one or more Beneficiaries (both primary as
well as contingent) to receive any benefits payable under the Plan upon his
death.  The Beneficiary designated under
this Plan may be the same or different from the Beneficiary designation under
any other plan of the Corporation or Subsidiary in which the Employee
participates.

 

(b)          Beneficiary Designation; Change.  An Employee shall designate his
Beneficiary by completing and signing a beneficiary designation form
established by the Committee or its delegate, and returning it to the Committee
or its designated agent.  An Employee may
change his Beneficiary designation by completing, signing and otherwise
complying with the terms of the beneficiary designation form and the Committee’s
rules and procedures, as in effect from time to time.  Upon the acceptance by the Committee of a new
beneficiary designation form, all Beneficiary designations previously filed
shall be canceled.  The Committee shall
rely on the last completed beneficiary designation form filed by the Employee
and accepted by the Committee before his death.

 

(c)           Acknowledgment.  No Beneficiary designation
or change in Beneficiary designation shall be effective until accepted by the
Committee or a Plan representative.

 

(d)          No Beneficiary Designation.  If
an Employee fails to designate a Beneficiary as provided in this Section V
or, if all designated Beneficiaries predecease the Employee, then the Employee’s
designated Beneficiary shall be deemed to be his surviving spouse.  If the Employee leaves no surviving spouse,
payment shall be made to the Employee’s estate.

 

(e)           Discharge of Obligations.  The
complete payment under the Plan to a Beneficiary shall fully and completely
discharge the Corporation and its Subsidiaries from all further obligations
under this Plan with respect to the Employee.

 

VI.  MISCELLANEOUS PROVISIONS

 

(a)          Assignment or Transfer. No right to any accrued but unpaid Incentive Unit
shall be sold, assigned, redeemed, pledged, transferred or otherwise encumbered
by an Employee except by will or the laws of descent and distribution.

 

(b)          Withholding Taxes. The Corporation or the appropriate Subsidiary
shall have the right to deduct from all cash payments hereunder any federal,
state, local or foreign income and employment taxes required by law to be
withheld with respect to such payments.

 

11

 

(c)           Costs and Expenses. The costs and expenses of administering the Plan
shall be borne by the Corporation and shall not be charged against any
particular award nor to any Employee receiving an Incentive Unit but shall be
included in the Corporation’s computation of consolidated net income or loss.

 

(d)          Funding of Plan. The Plan shall be unfunded. The Corporation shall
not be required to segregate any of its assets to assure the payment of any
Incentive Unit under the Plan. Neither the Employees nor any other persons
shall have any interest in any fund or in any specific asset or assets of the
Corporation or any other entity by reason of any accrued but unpaid Incentive
Unit. The interests of each Employee hereunder are unsecured and shall be
subject to the general creditors of the Corporation and the applicable
Subsidiaries.

 

(e)           Other Incentive Plans. The adoption of the Plan does not preclude the
adoption by appropriate means of any other incentive plan for Employees of the
Corporation or any Subsidiary.

 

(f)            Plurals and Gender. Where appearing in this Plan, masculine gender
shall include the feminine and neuter genders, and the singular shall include
the plural, and vice versa, unless the context clearly indicates a different
meaning.

 

(g)          Headings. The headings and sub-headings in this Plan are
inserted for the convenience of reference only and are to be ignored in any
construction of the provisions hereof.

 

(h)          Severability. In case any provision of this Plan shall be held
illegal or void, such illegality or invalidity shall not affect the remaining
provisions of this Plan, but shall be fully severable, and the Plan shall be
construed and enforced as if said illegal or invalid provisions had never been
inserted herein.

 

(i)           Limitations on Liability. Neither the Corporation nor any Subsidiary shall
be responsible in any way for any action or omission of the Board, the
Committee, or any other fiduciaries in the performance of their duties and
obligations as set forth in this Plan. Furthermore, neither the Corporation nor
any Subsidiary shall be responsible for any act or omission of any of their
agents, or with respect to reliance upon advice of their counsel, provided that
the Corporation and/or the appropriate Subsidiary relied in good faith upon the
action of such agent or the advice of such counsel. Neither the Corporation,
any Subsidiary, the Board, the Committee, nor any agents, employees, officers,
directors or stockholders of any of them, nor any other person, shall have any
liability or responsibility with respect to this Plan, except as expressly
provided herein.

 

(j)            Incapacity. If the Committee shall receive evidence satisfactory to it that a
person entitled to receive payment of, or exercise, any Incentive Unit is, at
the time when such benefit becomes payable, a minor, or is physically or
mentally incompetent to receive such Incentive Unit and to give a valid release
thereof, and that another person or an institution is then maintaining or has
custody of such person and that no guardian, committee or other representative
of the estate of such person shall have been duly appointed, the Committee may
make payment of such Incentive Unit otherwise payable to 

 

12

 

such person to such other person or institution, including a custodian
under a Uniform Gifts to Minors Act, or corresponding legislation (who shall be
an adult, a guardian of the minor or a trust company), and the release by such
other person or institution shall be a valid and complete discharge for the
payment or exercise of such Incentive Unit.

 

(k)          Cooperation of Parties. All parties to this Plan and any person claiming
any interest hereunder agree to perform any and all acts and execute any and
all documents and papers which are necessary or desirable for carrying out this
Plan or any of its provisions.

 

(l)           Governing Law. All questions pertaining to the validity,
construction and administration of the Plan shall be determined in accordance
with the laws of the State of New Jersey, without giving effect to conflict of
law principles.

 

(m)          Nonguarantee of Employment. Nothing contained in this Plan shall be construed
as a contract of employment between the Corporation or any Subsidiary and any
Employee, as a right of any Employee to be continued in the employment of the
Corporation or any Subsidiary, or as a limitation on the right of the
Corporation or any Subsidiary to discharge any of its Employees, at any time,
with or without cause.

 

(n)          Notices. Each notice relating to this Plan shall be in writing
and delivered in person, by recognized overnight courier or by certified mail
to the proper address. Except as otherwise provided in any Incentive Unit award
agreement with respect to the exercise thereunder, all notices to the
Corporation or the Committee shall be addressed to it at GAF-Elk Corporation,
14911 Quorum Drive, Suite 600, Dallas, TX 75254, Attn: Senior Vice
President-Human Resources. All notices to Employees, former Employees,
beneficiaries or other persons acting for or on behalf of such persons shall be
addressed to such person at the last address for such person maintained in the
Corporation’s records.

 

VII.  AMENDMENT OR TERMINATION OF PLAN

 

The
Board may amend the Plan from time to time or suspend or terminate the Plan at
any time. In the event the Plan is terminated for any reason, the vesting,
exercise, and expiration provisions, as described in this Plan, for all
Incentive Units granted up to and including the date of the termination of the
Plan, shall remain in effect.

 

*     *    
*

 

IN
WITNESS WHEREOF, the duly authorized officer of Building Materials Corporation
of America has executed the Plan, as amended and restated, by the authority of
its Board of Directors, effective as of January 1, 2005.

 

	
   

  	
  BUILDING MATERIALS CORPORATION OF AMERICA

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Jan Jerger-Stevens

  
	
   

  	
   

  	
   

  
	
   

  	
  Title:

  	
  Senior Vice-President, Human Resources

  
	
   

  	
   

  	
   

  
	
   

  	
  Date:

  	
  December 30, 2008

  

 

13Exhibit 10.38

 

SEPARATION
AGREEMENT AND GENERAL RELEASE

 

This Separation Agreement and General Release (the “Agreement”)
is entered into as of January 30, 2009 by and between Building Materials
Corporation of America (“GAF”, as more fully defined in Paragraph 17 of this
Agreement), and David A. Harrison (“Harrison”), sometimes herein collectively
referred to as “the Parties”.

 

WITNESSETH:

 

WHEREAS, Harrison was employed at-will by GAF or its predecessors or
subsidiaries most recently as Senior Vice President – Chief Marketing Officer
in Wayne, New Jersey and was a member of the Board of Directors of GAF and its
subsidiaries; and

 

WHEREAS, Harrison wishes to voluntarily terminate his at–will
employment with GAF and resign from the Board of Directors of GAF and its
subsidiaries effective the date hereof; and

 

WHEREAS, GAF agrees to provide Harrison with certain consideration as
set forth herein including its agreement to enter into a Consulting Agreement
with Harrison attached hereto as Exhibit A and made a part of this
Agreement, provided he agrees to execute this Agreement;

 

WHEREAS, GAF has determined that Harrison has no days of earned but
unused vacation days; and

 

WHEREAS, Harrison has been advised of his right to consult an attorney
before signing this Agreement.

 

NOW, THEREFORE, in consideration of the covenants herein undertaken,
and the releases herein contained including the general release in Paragraph 5
of this Agreement, and for other good and valuable consideration, receipt of
which is hereby acknowledged by the parties, GAF and Harrison agree as follows:

 

 

1.             Harrison voluntarily terminates his employment with GAF and
resigns from the Board of Directors of GAF and its subsidiaries effective the
date hereof (the “Separation Date”). 
Harrison agrees to execute any paperwork reasonably necessary to
effectuate this separation.  After the
Separation Date, Harrison shall no longer serve as Senior Vice President –
Chief Marketing Officer or in any other position or capacity with GAF except as
otherwise specifically provided in the Consulting Agreement.  Except as otherwise provided herein, Harrison
shall return to GAF all GAF-owned or used property in his possession as soon as
practicable and he will not retain copies of any confidential GAF information or
material.

 

2.             GAF agrees to provide the following pay,
benefits, and other consideration to Harrison:

 

(a)           GAF shall enter into a Consulting Agreement
in the form attached hereto as Exhibit A and made a part of this
Agreement.

 

(b)           Beginning February 1, 2009, Harrison is
eligible to elect the continuation of his group medical and/or dental insurance
coverage provided by GAF as provided by the Consolidated Omnibus Budget
Reconciliation Act (“COBRA”).  After January 31,
2009, Harrison shall no longer be eligible for any other welfare benefit not
included in COBRA continuation coverage or for participation in any pension
benefit including GAF’s 401k plan.

 

(c)           GAF agrees to sell to Harrison the Company-leased
automobile currently in his possession for a total of one dollar ($1.00).  Harrison acknowledges and agrees that he
shall be solely responsible for compliance with any applicable Internal Revenue
Service regulations with respect to any tax consequences or obligations
associated with the purchase of this automobile.  The Parties acknowledge that the automobile
is being sold “as is” without any warranty, express or implied.  GAF makes no representations regarding the
automobile and upon execution of the sale, GAF has no further responsibilities
or liabilities associated with the automobile.

 

2

 

(d)      GAF agrees to sell
to Harrison the Company-owned laptop computer currently in his possession for a
total of one dollar ($1.00).  Harrison
acknowledges and agrees that he shall be solely responsible for compliance with
any applicable Internal Revenue Service regulations with respect to any tax
consequences or obligations associated with the purchase of this computer.  As a condition to the sale, Harrison agrees to
return the computer to GAF to allow GAF to copy or remove all GAF proprietary
information, data and applications and any other information, data or
applications as determined by GAF in its sole discretion.  GAF agrees to remove all GAF-specific
applications, network log-ins and other applications so as to allow
unrestricted use of the computer.  GAF
agrees to use reasonable efforts to return said computer to Harrison within one
(1) business day from the time it is returned to GAF.  The Parties acknowledge that the laptop is
being sold “as is” without any warranty, express or implied.  GAF makes no representations regarding the
computer and upon execution of the sale, GAF has no further responsibilities,
except as provided in this paragraph, or liabilities associated with the
computer.  Upon Harrison completing the
necessary transfer documentation as requested by GAF, GAF will transfer to
Harrison for his personal use the mobile phone number he currently uses and
Harrison shall be responsible thereafter for all costs and fees relating to
that number.

 

(e)       Harrison
acknowledges and agrees that he is waiving his right to, and is not eligible
for, a 2008 bonus under GAF’s Executive Incentive Compensation Plan.  However, GAF agrees to pay him a discretionary
bonus for 2008 performance in the amount of One hundred eighty thousand dollars
($180,000.00), subject to standard withholding and payroll deductions, payable
no later than February 28, 2009. 
This payment shall be transmitted to Harrison by direct deposit or wire
transfer to the account on record with GAF.

 

3.             Harrison agrees not to disclose the contents
of this Agreement to anyone except his attorney and/or financial consultant, if
any, his immediate family, and appropriate governmental agencies which require
this information or as required by law. 
If disclosure is made to any of the foregoing, Harrison shall advise
each of the non-disclosure requirements of this Agreement.

 

3

 

Harrison shall also keep confidential and not disclose to anyone the
circumstances leading to the execution of this Agreement, subject to the
exceptions specified herein and also subject to his right to discuss such
circumstances (but not the contents of this Agreement) with any bona fide
prospective employers of Harrison or as required by law.  GAF agrees not to disclose the contents of
this Agreement or the circumstances leading to its execution except as required
by law or to its attorneys or other advisers, all of whom will be advised of
the non-disclosure requirements of this Agreement.

 

4.               If Harrison discloses the contents of this
Agreement or any other information, the disclosure of which is prohibited by
this Agreement, except as allowed and under the conditions provided herein, or
is otherwise in material breach of this Agreement or the Agreement Regarding
Confidentiality and Competition dated as of July 10, 1998 by and between
GAF and Harrison, as amended by the Employment Security Agreement dated as of June 30,
2001 by and between GAF and Harrison (the “Confidentiality and Competition
Agreement”),  before all amounts, benefits or
other consideration due under this Separation Agreement and General Release are
provided to him, GAF’s obligation to make any remaining payments or to provide
any benefit or other consideration to Harrison under the instant Agreement
shall cease.  The foregoing is in
addition to and without limiting GAF’s rights to any other remedy it may have
by reason of such a breach.

 

5.             In consideration for the benefits and other
consideration provided for in this Agreement, Harrison, on behalf of himself,
his heirs, executors, administrators, successors and assigns, hereby forever
releases and discharges GAF, its parent companies and its and their respective
successors, assigns, subsidiaries, affiliates, directors, officers,
shareholders, representatives, attorneys, insurers, agents and employees
(hereinafter “GAF Releasees”) from any and all causes of action, claims,
losses, damages, costs and/or expenses (including attorney’s fees) and/or other
liabilities (collectively, “Liabilities”), known or unknown, asserted or
unasserted, which Harrison has or may have, from the beginning of time to the
date of the execution of this Agreement, including, but not limited to,
Liabilities arising under any and all

 

4

 

federal, state, or local laws, regulations, or ordinances prohibiting
discrimination in employment on the basis of sex, sexual orientation, race,
age, religion, national origin, mental or physical disability, or any other
form of unlawful discrimination, including but not limited to, Title VII of The
Civil Rights Act of 1964, as amended; the Age Discrimination in Employment Act
of 1967, as amended; the Older Workers Benefit Protection Act; the Family and
Medical Leave Act; the Americans with Disabilities Act; any accrued benefit
under any other GAF Employee welfare benefit plan as that term is defined by Section 3(1) of
the Employment Retirement Income Security Act; any provision of the
Constitution of the United States, the State of New Jersey, or any other state;
any provision of any other law, common or statutory, of the United States, New
Jersey or any other state, including New Jersey’s Law Against Discrimination (“LAD”),
New Jersey’s Conscientious Employee Protection Act (“CEPA”),  any contract of employment, expressed or
implied; as well as any and all claims alleging wrongful termination, or any
other tortious or wrongful conduct or omission, in any way relating to or
arising out of Harrison’s hiring by GAF, his employment with GAF, or his
separation of employment.  Excepted from
this release is any claim or right which cannot be waived by law, including
workers’ compensation claims and claims arising after the date of this
Agreement.  The Parties intend Harrison’s
release as set forth in this paragraph to be general and comprehensive in
nature and to release all claims and potential claims by Harrison to the
maximum extent permitted by law.

 

Nothing
in this Agreement shall be construed to prohibit Harrison from filing any
future charge or complaint with the EEOC or participating in any investigation
or proceeding conducted by the EEOC, nor shall any provision of this Agreement
adversely affect Harrison’s right to engage in such conduct.  Notwithstanding the foregoing, Harrison
waives the right to obtain any relief from the EEOC or to recover any monies or
compensation as a result of filing a charge or complaint.

 

6.             Harrison acknowledges that the only
consideration for signing this Agreement and all that he is ever to receive
from Releasees are expressed in the terms stated in this Agreement and that no
other promises or agreements of any kind have been made to Harrison by any
person or entity whatsoever to cause him to sign this Agreement, and that
Harrison has signed this Agreement 

 

5

 

as a free and voluntary act. 
Harrison further acknowledges that pursuant to the terms of this
Agreement, he is and will be receiving pay, benefits, and other consideration
from GAF which are substantially above and beyond the pay, benefits, or other
consideration to which he, in the absence of this Agreement, would be
entitled.  Harrison further acknowledges
that GAF is providing the payments, benefits, and other consideration set forth
in this Agreement by Harrison’s promises, including the full and comprehensive
release provided in Paragraph 5.  Except
as expressly stated in this Agreement, Harrison shall not receive any other
pay, benefits, or consideration from GAF including any severance pay under GAF’s
Severance Pay Plan for Salaried Employees.  Notwithstanding the foregoing, Harrison’s
rights and obligations with respect to any Long Term Incentive Units shall be
governed by the applicable Long Term Incentive Unit Plan based on his
Separation Date.   Any future vesting of
previously granted but unvested units shall cease on the Separation Date, and
Harrison shall have ninety (90) days to exercise any units vested as of that
date.

 

7.             Harrison hereby waives any and all rights or claims that he may have to
reinstatement, employment or reemployment with GAF.

 

8.             Harrison agrees that this Agreement shall not
be offered, used or considered as evidence in any proceeding against GAF except
to the extent necessary to enforce the terms of this Agreement.  GAF agrees that this Agreement shall not be
offered, used or considered as evidence in any proceeding against Harrison
except to the extent necessary to enforce the terms of this Agreement.

 

9.             This Agreement is not, and shall not, be
construed as an admission by GAF or Harrison of any acts or omissions that
could or might be alleged with respect to any matter concerning Harrison’s
employment or separation of employment with GAF.  Without limiting the foregoing, this
Agreement is not, and shall not be, construed as an admission by GAF of (i) any
violation of any law, regulation, or ordinance; or (ii) any wrongful act
toward Harrison; or (iii) any

 

6

 

liability whatsoever for any
damages or injuries that are or could be claimed by him with respect to his
hiring by GAF, his employment, or the separation of his employment.

 

10.           Harrison represents and warrants that he has
not filed or otherwise initiated any proceeding, complaint, charge, or lawsuit
with any court, government agency, or other entity relating to any claims being
released by him under this Agreement.  In
addition to agreeing herein not to bring suit against GAF, Harrison agrees to
not file a claim or charge with any state or governmental agency wherein he
seeks damages from GAF.

 

11.  After the Separation Date,
upon reasonable notice and without any additional consideration except for
reimbursement of authorized expenses, Harrison agrees to cooperate with GAF and
to meet with GAF representatives in connection with any legal matter in which
Harrison may potentially be called as a witness for GAF.  The foregoing does not create any employment
relationship between him and GAF.  GAF
agrees that it will reimburse Harrison for his time in this regard at One
thousand five hundred dollars ($1,500.00) per day and for any expenses incurred
by him at GAF’s request in connection with his cooperation as provided herein,
provided Harrison submits appropriate and supporting documentation to GAF in a
reasonable and timely manner.  GAF agrees
to cooperate with Harrison to minimize any disruption to Harrison caused by his
cooperation with GAF in such matters as provided herein.

 

12.           Harrison agrees not to make any defamatory or
derogatory statement, written or verbal, to any third parties regarding the
facts or circumstances surrounding this Agreement or any other defamatory or
derogatory statement that may be harmful to GAF or may be injurious to the
goodwill, reputation or business standing of GAF.   GAF agrees not to make any defamatory or
derogatory statement, written or verbal, to any third parties regarding the
facts or circumstances surrounding this Agreement or any other defamatory or
derogatory statement that may be harmful to Harrison or may be injurious to the
goodwill, reputation or business standing of Harrison.  GAF agrees, in response to any and all
inquiries regarding Harrson’s work under the Consulting 

 

7

 

Agreement and/or his previous employment with GAF, to provide Harrison’s
dates of employment and work under the Consulting Agreement, his job title as an
employee of GAF, and a statement that only this information is provided
regarding all GAF employees pursuant to corporate practice.

 

13.           If any one or more of the provisions
contained herein shall for any reason be held to be unenforceable in any
respect under the law of any state or of the United States of America, such
unenforceability shall not affect any other provision of this Agreement, and
said provision shall be ineffective, to the extent of such unenforceability,
with respect only to that jurisdiction holding the provision to be
unenforceable.

 

14.           Any controversy or claim arising from or related
to this Agreement or the breach thereof shall be settled by final and binding
arbitration by a single arbitrator in an arbitration administered by the
American Arbitration Association in Passaic County, New Jersey, in accordance
with the Expedited Procedures of its Commercial Arbitration Rules, and judgment
on the award rendered by the arbitrator may be entered in any court having
jurisdiction thereof.

 

15.           Harrison and GAF hereby consent and submit to the exclusive
jurisdiction of the Federal and state courts located in the State of New Jersey
with regard to any and all disputes arising from or related to Sections 3 or 4
of this Agreement.  Harrison and GAF
waive any objection to personal jurisdiction in New Jersey and any objection
that those courts are inconvenient forums to hear such disputes. Each of
Harrison and GAF hereby consent and agree that service of process by the other
party shall be deemed validly and properly affected against 

 

8

 

them upon the mailing of a copy of such process by certified mail,
postage prepaid, to them at their addresses as provided below or as hereafter
provided to the other party in writing.

 

If to Harrison:

Mr. David A. Harrison

14 Elm Street

Denville, NJ 07834

 

If to GAF:

 

GAF Building Materials Corporation

Chief Executive Officer

1361 Alps Road

Wayne, NJ 07470

 

With a copy to:

GAF Building Materials Corporation

Office of the General Counsel

1361 Alps Road

Wayne, NJ 07470

 

16.           This Agreement contains the entire agreement
between Harrison and GAF and fully supersedes any and all prior agreements,
with the exception of the Confidentiality and Competition Agreement, which
shall continue in full force and effect under its terms, or understandings
pertaining to the subject matter hereof. 
Harrison represents and acknowledges that in executing this Agreement he
has not relied upon any representation or statement not set forth herein, made
by any of the Releasees or by any of the Releasees’ agents, representatives, or
attorneys with regard to the 

 

9

 

subject matter of this Agreement. 
No other promise or agreement shall be binding unless in writing and
signed by the Parties hereto.

 

17.           All references to GAF in this Agreement include:
(a) any affiliated, related, subsidiaries, or parent companies of Building
Materials Corporation of America; (b) any past or present officers,
directors, shareholders, attorneys, insurers, agents, representatives, and/or
employees of GAF and or its parents, subsidiaries, affiliates and related
companies; and (c) any and all respective predecessors, successors and
assigns, and any and all benefit plans, of GAF and/or its affiliated companies
(as well as the past or present officers, directors, shareholders, agents,
representatives, and employees of such entity).

 

18.           Harrison acknowledges that he has been
advised by GAF of his right to consult an attorney before signing this
Agreement, and that he has been provided at least twenty-one (21) days after the
date he received this document to consider the Agreement.  Harrison also understands that he may sign
the Agreement prior to that date. 
Harrison further understands that he may revoke and repudiate this
Agreement within seven (7) days after signing it by delivering written
notification to Scott C. Carroll, Vice President Employment & Labor
Law, GAF Materials Corporation, 1361 Alps Road, Building 8/2, Wayne, New Jersey
07470 and Harrison understands that this Agreement shall not become effective
or enforceable until the seven (7) day revocation period has expired.  Should Harrison revoke and repudiate this
Agreement during the foregoing seven (7) day period, he shall be required
to return or repay the value of any consideration under this Agreement he already
received, except if he challenges the validity of the waiver and release
agreement under the Age Discrimination in Employment Act.

 

10

 

19.           BY SIGNING
THIS SEPARATION AGREEMENT AND GENERAL RELEASE, HARRISON STATES THAT:

 

(a)        HE HAS READ IT;

(b)        HE UNDERSTANDS AND KNOWS THAT HE IS GIVING UP
CERTAIN RIGHTS;

(c)        HE AGREES WITH EVERYTHING IN IT;

(d)        HE IS AWARE OF HIS RIGHT TO CONSULT AN
ATTORNEY BEFORE SIGNING IT; AND

(e)        HE HAS SIGNED IT KNOWINGLY AND VOLUNTARILY.

 

IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be
duly executed.

 

 

	
   

  	
   

  	
  Building Materials Corporation of America

  
	
   

  	
   

  	
   

  
	
  WITNESSED:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/ Scott Carroll

  	
   

  	
  By:

  	
  /s/ Robert B. Tafaro

  
	
   

  	
   

  	
   Robert B. Tafaro

  
	
   

  	
   

  	
   President and CEO

  
	
   

  	
   

  	
   

  
	
  Date:

  	
  1/30/09

  	
   

  	
  Date:

  	
  1/30/09

  
	
   

  	
   

  	
   

  	
   

  
	
  WITNESSED:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/ Victoria Gormley

  	
   

  	
  By:

  	
  /s/ David A. Harrison

  
	
   

  	
   

  	
   David A. Harrison

  
	
   

  	
   

  	
   

  	
   

  
	
  Date:

  	
  1/30/09

  	
   

  	
  Date:

  	
  1/30/09

  
						

 

11

 

CONSULTING AGREEMENT

 

[See Exhibit 10.39 to this Form 10-K]

 

12

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