Document:

EXHIBIT
10.4

 

ACCO BRANDS CORPORATION

RETIREMENT AGREEMENT FOR NEAL V. FENWICK

 

This
Retirement Agreement (“Agreement”) is made, entered into, and is
effective as of May 1, 2008 (the “Effective Date”), by and
between ACCO Brands Corporation, a Delaware corporation, and Neal V. Fenwick
(the “Executive”).

 

WHEREAS,
from and after October 1, 1984 until March 31, 2006, the participated
in a foreign pension plans of one or more affiliates of the Company  (“Former Employer Pension”);

 

WHEREAS,
since April 1, 2006, the Executive has participated in the Company’s
tax-qualified Pension Plan for Salaried and Certain Hourly-Paid Employees (“Pension”)
and its non-qualified Supplemental Retirement Plan (“SRP”)
(collectively, both such plans are sometimes referred to herein as the “ACCO
Pensions”);

 

WHEREAS,
due to those separate periods of service, the sum of Executive’s accrued
benefit under the Former Employer Pension plus his accrued benefits under the
ACCO Pensions is materially less than the accrued benefit the Executive would
have accrued under the ACCO Pensions in the absence of such separate periods of
service; and

 

WHEREAS,
the Company desires to provide the Executive with a non-qualified supplemental
retirement benefit hereunder to compensate the Executive, in part, for the
adverse effects of such break in service, as provided herein.

 

NOW,
THEREFORE, in consideration of the foregoing and of the mutual covenants and
agreements of the parties set forth in this Retirement Agreement, and of other
good and valuable consideration the receipt and sufficiency of which are hereby
acknowledged, the parties hereto, intending to be legally bound, agree as
follows:

 

1.             Definitions. 
Any term not defined herein shall have the meaning set forth in the SRP
or, if not defined under the SRP, as defined under the Pension and applicable
under the SRP.

 

2.             Supplemental Executive Retirement Benefit.

 

(a)           The Company shall provide the Executive
with a non-qualified supplemental retirement benefit (“Supplemental
Retirement Benefit”) payable as of the first day of the month coincident
with or next following the later of Executive’s attainment of age 55 and his
Separation from Service with the Company and all Affiliated Employers (“Commencement
Date”) in the amount equal to the positive difference (if any) between (x) the
Tentative Benefit minus (y) the Offset Benefit.  For this purpose:

 

(i)            The Tentative
Benefit, the ACCO Pension Benefit and the Former Employer Benefit each will be
expressed in the normal form of benefit set forth under the Pension upon the
attainment of normal retirement age.  For
the avoidance of doubt, as of 

 

 

the date hereof,
the normal form of benefit payable upon attainment of normal retirement age is
a Life Annuity payable at age 65.

 

(ii)           The “Tentative
Benefit” is the amount of benefit that the Executive would have accrued
under the ACCO Pensions had the Executive been credited with eligibility,
benefit and vesting service thereunder equal to the sum of the number of whole
and partial years of service that were credited to the Executive under the
Former Employer Pensions plus his whole and partial years of service credited
to the Executive under the ACCO Pensions, but for such purpose (1) for
such deemed benefit service accrued through March 31, 2006 under the Former
Employer Pension, by applying the formula for accrual of benefits under the
Pension as in effect on January 1, 2007 and (2) for such benefit
service accrued under the ACCO Pensions, by applying the benefit formula as in
effect under the Pension from time to time after March 31, 2006, in each
case applying such formula as is set forth in Article IV of the Pension
(or any successor provision).  For the
avoidance of doubt, through December 31, 2007, for purposes of the
Executive’s Tentative Benefit the Executive is credited with 23 years and 3
months of benefit service and with sufficient eligibility service and vesting
service to be fully vested in his Tentative Benefit.

 

(iii)          The “Offset
Benefit” is the sum of the ACCO Pension Benefit plus the Former Employer
Benefit as hereinafter defined.

 

(iv)          The “ACCO Pension
Benefit” is the sum of the Pension Benefit plus the SRP Benefit accrued
from and after April 1, 2006.  The “Pension
Benefit” is the accrued and vested benefit payable to the Executive under
the Pension as is determined as of the Commencement Date, based on the terms
thereof as in effect from time to time after March 31, 2006.  The “SRP Benefit” is the accrued and
vested benefit payable to the Executive under the SRP as is determined as of
the Commencement Date, based on the terms thereof as in effect from time to
time after March 31, 2006.

 

(v)           The “Former
Employer Benefit” is the amount of $7,153.80 per month.

 

(b)           The Supplemental Retirement Benefit shall
be fully vested at all times and shall be paid out in any form for which
benefits may be payable under the SRP on the Commencement Date, in accordance
with the terms of the SRP as then in effect, (and may differ from the form of
benefit elected or deemed elected by the Executive under the SRP) as if the
Supplemental Retirement Benefit were paid thereunder (incorporating by
reference such terms into this Agreement, including any conditions on electing
a form of payment of the Supplemental Retirement Benefit thereunder in
compliance with Section 409A of the Code); provided, on the date
hereof, the Executive hereby elects to receive his benefit in the form of a
joint and 100% survivor annuity if he is married on the Commencement Date and
as a single life annuity if he is not then married; provided further,
the foregoing to the contrary notwithstanding, if the Commencement Date is
based on the date of Executive’s Separation from Service with the Company and
all Affiliated Employers, commencement of the Supplemental Retirement Benefit
shall be postponed until the earlier of (i) the date that is six months
after the date of the Executive’s Separation from Service and (ii) the
date of the Executive’s death following such 

 

2

 

Separation from Service, in which case the amount of
Supplemental Retirement Benefit that is determined and postponed for six months
(or such shorter period due to the death of the Executive) shall be paid to the
Executive (or, if applicable, the Executive’s Surviving Spouse or beneficiary)
in a lump sum, together with interest, accrued thereon (not compounded) at the
applicable interest rate (within the meaning provided under the definition of
Actuarial Equivalent as in effect at such time under the Pension) less 200
basis points on the date payment of the benefit hereunder commences.

 

(c)           In
the event of the Executive’s death before his Separation from Service, the date
of the Executive’s death shall be deemed to be his Commencement Date and his
Supplemental Retirement Benefit shall be paid to his Surviving Spouse (if any)
in a lump sum that is the Actuarial Equivalent of the normal form of his
benefit determined as of such Commencement Date.

 

(d)           The
Supplemental Retirement Benefit shall commence (or, if applicable, the survivor’s
benefit under Section 2(c) shall be paid) as soon as may be
practicable, but not later than two and one-half months, after the Commencement
Date, except as may be postponed under clause (i) or (ii) under Section 2(b).

 

(e)           Anything
herein to the contrary notwithstanding, upon the occurrence of a Change of
Control, the date of such Change of Control shall be deemed to be the “Commencement
Date” and the Supplemental Retirement Benefit shall be paid to the Executive in
a lump sum that is the Actuarial Equivalent of the normal form of his benefit,
determined as of such Commencement Date, as soon as may be practicable
thereafter, but not later than two and one-half months after such deemed
Commencement Date.

 

3.             Miscellaneous.

 

(a)           Anything
herein to the contrary notwithstanding, the Executive, his Surviving Spouse and
other beneficiary shall be an unsecured creditor, with no secured or
preferential rights to any assets of the Company or any other party for payment
of the Supplemental Retirement Benefit. 
The Company’s obligation hereunder shall be an unfunded and unsecured
promise to pay money in the future. 
Anything herein to the contrary notwithstanding, at no time shall any
asset of the Company or any Affiliate be restricted, set aside, reserved or
transferred in trust for the benefit of the Executive as a result of a change
in the financial health of the Company or any Affiliate at any time during a
restricted period respecting any tax-qualified defined benefit plan sponsored
by the Company or any Affiliate (other than a multi-employer defined benefit
plan for employees covered by a collective bargaining agreement with the
Company or any Affiliate).  For such
purpose, “applicable covered employee” and “restricted period” shall have the
meanings set forth in section 409A(b)(3) of the Code.

 

(b)           Nothing
herein shall be construed as giving the Executive the right to be retained in
the employ of the Company.

 

(c)           This
Agreement may be amended only in a writing entered into by the Company and the
Executive (or his Surviving Spouse or beneficiary following the death of the
Executive).

 

3

 

(d)           The
Executive shall make appropriate arrangements for the satisfaction of any
applicable federal, state or local taxes respecting his Supplemental Retirement
Benefit. The Company shall be authorized to take such action as may be
appropriate, including withholding from amounts due to the Executive or his
Surviving Spouse or beneficiary hereunder, compensation to the Executive from
the Company or otherwise in order to assure tax compliance.

 

(e)           This
Agreement shall bind and inure to the benefit of the Company and its successors
and assigns.  The term successors as used
herein shall include any corporate or other business entity which shall, whether
by merger, consolidation, purchase or otherwise acquire all or substantially
all of the business and assets of the Company, and successors of any such
corporation or other business entity. 
The Supplemental Retirement Benefit may not be voluntarily or
involuntarily assigned or alienated by the Executive, or his Surviving Spouse
or beneficiary.

 

(f)            Except
to the extent preempted by the law of the United States, this Agreement shall
be construed and administered in accordance with the laws of the State of
Illinois.

 

IN WITNESS WHEREOF, the Executive and Company, by its
duly authorized representatives, have executed this Agreement effective as of
the Effective Date.

 

	
   

  	
  Executive:

  
	
   

  	
   

  
	
   

  	
  /s/Neal V. Fenwick

  
	
   

  	
  Neal
  V. Fenwick

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  ACCO Brands Corporation

  
	
   

  	
   

  
	
   

  	
  /s/David D. Campbell

  
	
   

  	
  Chairman and CEO

  

 

4Exhibit 10.1

 

PROMISSORY
NOTE

 

	
  $400,000.00

  	
   

  	
  May 1, 2008

  

 

FOR VALUE RECEIVED, the undersigned, Crdentia
Corp., a Delaware corporation, (herein called “Maker”), hereby promises to pay
to the order of C. Fred Toney, an individual, (herein together with all subsequent
holders hereof called “Holder”), in lawful money of the United States of
America, the principal sum of Four Hundred Thousand and No/100 Dollars
($400,000.00), together with interest on the principal balance at the rate
hereinafter provided.

 

The interest rate will be eighteen percent (18%)
per annum.  Interest on past-due
principal and, to the extent permitted by law, on past-due interest, shall
accrue at the rate of twenty-four percent (24%) per annum, and shall be payable
from time to time on demand.

 

The Note shall mature and be finally due and
payable on the earlier of: (i) July 15, 2008; or (ii) the date
of the closing of any term loan or other financing by Maker; at which time all
outstanding and unpaid principal and accrued and unpaid interest shall be
finally due and payable.

 

Any document now or hereafter securing,
guaranteeing or executed in connection with the indebtedness evidenced by this
Note, is, as the same may be amended from time to time, herein referred to
collectively as the “Loan Documents” and individually as a “Loan Document”.  Holder acknowledges receipt of a five percent
(5 %) commitment fee for this extension of credit.

 

This Note shall be governed by and construed in
accordance with Delaware law and applicable federal law.  The parties hereto intend to conform strictly
to the applicable usury laws.  In no
event, whether by reason of acceleration of the maturity hereof or otherwise,
shall the amount paid or agreed to be paid to Holder for the use, forbearance
or detention of money hereunder or otherwise exceed the maximum amount
permissible under applicable law.  If
fulfillment of any provision hereof or of any mortgage, loan agreement or other
document now or hereafter evidencing, securing or pertaining to the
indebtedness evidenced hereby, at the time performance of such provision shall
be due, would involve transcending the limit of validity prescribed by law,
then the obligation to be fulfilled shall be reduced automatically to the limit
of such validity.  If Holder shall ever
receive anything of value deemed interest under applicable law which would
exceed interest at the highest lawful rate, an amount equal to any amount which
would have been excessive interest shall be applied to the reduction of the
principal amount owing hereunder in the inverse order of its maturity and not
to the payment of interest, or if such amount which would have been excessive
interest exceeds the unpaid balance of principal hereof, such excess shall be
refunded to Maker.  All sums paid or
agreed to be paid to Holder for the use, forbearance or detention of the
indebtedness of Maker to Holder shall, to the extent permitted by applicable
law, be amortized, prorated, allocated, and spread throughout the full stated
term (including any renewal and/or extension) of such indebtedness so that the
amount of interest on account of such indebtedness does not exceed the maximum
amount permitted by applicable law.  The
provisions of this paragraph shall control all existing and future agreements
between Maker and Holder.

 

 

1

 

Maker may prepay this Note in full at any time or
in part from time to time, without premium or penalty.

 

If default is made (i) in the payment of any
sum due hereunder, promptly when the same shall be due and payable hereunder,
or (ii) if there is any default under any Loan Document, then Holder shall
have the right and option, without notice or demand, to declare the unpaid
balance of principal and accrued interest on this Note at once due and
payable.  If this Note is not paid at its
maturity, regardless of how such maturity may be brought about, Holder may
foreclose the liens and security interests securing payment hereof or exercise
any of its other rights hereunder or under any Loan Document or at law or in
equity.  Failure to exercise any of such
rights upon default shall not constitute a waiver of the right to exercise any
of them at any time.  Maker hereby agrees
that all rights, remedies and recourses afforded to Holder by reason of this
Note or otherwise are separate and cumulative and may be pursued separately,
successively or concurrently, as occasion therefor shall arise, and are
nonexclusive and shall in no way limit or prejudice any other legal or
equitable right, remedy or recourse which Holder may have.

 

If after default this Note is placed in the hands
of an attorney for collection, or if collected through judicial proceedings,
Maker shall pay, in addition to the sums referred to above, reasonable
attorneys’ fees and all other reasonable costs incurred by Holder in collection
of the unpaid amounts due hereunder.

 

If more than one person or entity executes this
Note as Maker, all of said parties shall be jointly and severally liable for
the repayment of the indebtedness evidenced hereby.  Maker and all sureties, endorsers, guarantors
and any other party now or hereafter liable for the payment of this Note in
whole or in part, hereby severally (i) waive demand, presentment for
payment, notice of nonpayment, protest, notice of protest, notice of intent to
accelerate, notice of acceleration and all other notice, filing of suit and
diligence in collecting this Note or enforcing any of the security herefor, (ii) agree
to any substitution, subordination, exchange or release of any such security or
the release of any party primarily or secondarily liable hereon, (iii) agree
that Holder shall not be required first to institute suit or exhaust its
remedies hereon against Maker or others liable or to become liable hereon or to
enforce its rights against them or any security herefor, and (iv) consent
to any extension or postponement of time of payment of this Note and to any
other indulgence with respect hereto without notice thereof to any of them.

 

This Note shall be governed by and construed in
accordance with the laws of the State of Delaware, and is intended to be
performed in accordance with, and only to the extent permitted by, such
laws.  If any provision of this Note or
the application thereof to any extent, be invalid or unenforceable, neither the
remainder of this Note nor the application of such provision to any other
person or circumstances shall be affected thereby, but rather the same shall be
enforced to the greatest extent permitted by law.

 

THIS NOTE AND THE LOAN DOCUMENTS REPRESENT THE
FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY
EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE
PARTIES.  THERE ARE NO UNWRITTEN ORAL
AGREEMENTS BETWEEN THE PARTIES.

 

 

2

 

IN WITNESS WHEREOF, Maker has duly executed this
Note as of the date first above written.

 

 

	
   

  	
  CRDENTIA CORP., a Delaware corporation

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /S/ James J.
  TerBeest

  
	
   

  	
  Name:

  	
   James J.
  TerBeest

  
	
   

  	
  Title:

  	
   Chief Financial
  Officer

  

 

 

3

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