Document:

ex10-2.htm

     

      
        

      

    

    Exhibit
10.2

    

      

      

      March 2, 2010

      

      

      STRICTLY
CONFIDENTIAL

      

      Frank C.
Ingriselli

      President
& CEO

      Pacific
Asia Petroleum, Inc.

      250 East
Hartsdale Ave.

      Hartsdale,
NY 10530

      

      Dear Mr.
Ingriselli:

      

      This
letter (the “Agreement”)
constitutes the agreement between Rodman & Renshaw, LLC (“Rodman” or the “Placement Agent”) and
Pacific Asia Petroleum, Inc. (the “Company”), that
Rodman shall serve as the exclusive placement agent for the Company, on a
“reasonable best efforts” basis, in connection with the proposed placement (the
“Placement”)
of  registered securities (the “Securities”) of the
Company, including 4,739,337 shares (the “Shares”) of the
Company’s common stock, par value $0.001 per share (the “Common Stock” at a
price of $4.22 per Share for aggregate gross proceeds to the Company of
approximately $20,000,000, along with common stock purchase warrants (“Series A Warrants”)
to purchase up to, in the aggregate, an additional $8,000,000  of
Common Stock at a price of $4.50 per share and common stock purchase warrants
(“Series B
Warrants,” and together with the Series A Warrants, the “Warrants”) to
purchase up to, in the aggregate, an additional $8,000,000 of Common Stock at a
price of $4.12 per share.  The terms of such Placement and the
Securities shall be mutually agreed upon by the Company and the purchasers
(each, a “Purchaser” and
collectively, the “Purchasers”) and
nothing herein constitutes that Rodman would have the power or authority to bind
the Company or any Purchaser or an obligation for the Company to issue any
Securities or complete the Placement.  This Agreement and the
documents executed and delivered by the Company and the Purchasers in connection
with the Placement shall be collectively referred to herein as the “Transaction Documents.”  The
date of the closing of the Placement shall be referred to herein as the “Closing
Date.”  The Company expressly acknowledges and agrees that
Rodman’s obligations hereunder are on a reasonable best efforts basis only and
that the execution of this Agreement does not constitute a commitment by Rodman
to purchase the Securities and does not ensure the successful placement of the
Securities or any portion thereof or the success of Rodman with respect to
securing any other financing on behalf of the Company.

      

      SECTION
1.                                COMPENSATION AND OTHER
FEES.

      

      As
compensation for the services provided by Rodman hereunder, the Company agrees
to pay to Rodman:

      
         

        
          
            
            

          

          
            
              Rodman & Renshaw, LLC  1251 Avenue of the Americas, 20th
Floor, New York, NY 10020

              Tel: 212 356 0500  Fax: 212 581 5690  www.rodm.com  Member: FINRA, SIPC

            

            
              

            

          

          
            
            

          

        

         

      

      (A)           The
fees set forth below with respect to the Placement:

      

      
        	
                1.
       

              	
                A
      cash fee payable immediately upon the closing of the Placement and equal
      to 6% of the aggregate gross proceeds raised in the
      Placement.  The Placement Agent’s fee shall be paid at the
      closing of the Offering from the gross proceeds of the Securities
      sold.

              

      

      

      
        	
                 
      2.  

              	
                 Such
      number of warrants (the “Rodman
      Warrants”) to Rodman or its designees at the Closing to purchase
      shares of Common Stock equal to 3% of the aggregate number of Shares sold
      in the Placement, plus any Shares underlying any convertible Securities
      sold in the Placement.  The Rodman Warrants shall have the same
      terms as the warrants (if any) issued to the Purchasers in the Placement
      except that the exercise price shall be 125% of the public offering price
      per share and the expiration date shall be five years from the effective
      date of the shelf registration statement referred to in Section 2(A)
      below.  The Rodman Warrants shall not have antidilution
      protections or be transferable for six months from the date of the
      Offering except as permitted by Financial Industry Regulatory Authority
      (“FINRA”)
      Rule 5110(g), and further, the number of Shares underlying the Rodman
      Warrants shall be reduced if necessary to comply with FINRA rules or
      regulations.

              

      

      

      (B)           Subject
to compliance with FINRA Rule 5110(f)(2)(D), the Company also agrees to
reimburse Rodman’s out-of-pocket accountable expenses actually incurred by
Rodman or persons associated with Rodman (with supporting invoices/receipts) up
to a maximum of 0.8% of the aggregate gross proceeds raised in the placement,
but in no event more than $25,000.  Such reimbursement shall be
payable immediately upon (but only in the event of) the closing of the
Placement.

      

      SECTION
2.                                REGISTRATION
STATEMENT.

      

      The
Company represents and warrants to, and agrees with, the Placement Agent
that:

       

      (A)           The
Company has filed with the Securities and Exchange Commission (the “Commission”) a
registration statement on Form S-3 (Registration File No. 333-163269) under the
Securities Act of 1933, as amended (the “Securities Act”),
which became effective on February 3, 2010, for the registration under the
Securities Act of the Shares and Warrants.  At the time of such
filing, the Company met the requirements of Form S-3 under the Securities
Act.  Such registration statement meets the requirements set forth in
Rule 415(a)(1)(x) under the Securities Act and complies with said Rule. The
Company will file with the Commission pursuant to Rule 424(b) under the
Securities Act, and the rules and regulations (the “Rules and
Regulations”) of the Commission promulgated thereunder, a supplement to
the form of prospectus included in such registration statement relating to the
placement of the Shares and Warrants and the plan of distribution thereof and
has advised the Placement Agent of all further information (financial and other)
with respect to the Company required to be set forth therein. Such registration
statement, including the exhibits thereto, as amended at the date of this
Agreement, is hereinafter called the “Registration
Statement”; such prospectus in the form in which it appears in the
Registration Statement is hereinafter called the “Base Prospectus”; and
the supplemented form 

       

       

      
        
          
          

        

        
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      of
prospectus, in the form in which it will be filed with the Commission pursuant
to Rule 424(b) (including the Base Prospectus as so supplemented) is hereinafter
called the “Prospectus
Supplement.” Any reference in this Agreement to the Registration
Statement, the Base Prospectus or the Prospectus Supplement shall be deemed to
refer to and include the documents incorporated by reference therein (the “Incorporated
Documents”) pursuant to Item 12 of Form S-3 which were filed under the
Securities Exchange Act of 1934, as amended (the “Exchange Act”), on or before
the date of this Agreement, or the issue date of the Base Prospectus or the
Prospectus Supplement, as the case may be; and any reference in this Agreement
to the terms “amend,” “amendment” or “supplement” with respect to the
Registration Statement, the Base Prospectus or the Prospectus Supplement shall
be deemed to refer to and include the filing of any document under the Exchange
Act after the date of this Agreement, or the issue date of the Base Prospectus
or the Prospectus Supplement, as the case may be, deemed to be incorporated
therein by reference. All references in this Agreement to financial statements
and schedules and other information that is “contained,” “included,”
“described,” “referenced,” “set forth” or “stated” in the Registration
Statement, the Base Prospectus or the Prospectus Supplement (and all other
references of like import) shall be deemed to mean and include all such
financial statements and schedules and other information that is or is deemed to
be incorporated by reference in the Registration Statement, the Base Prospectus
or the Prospectus Supplement, as the case may be.  No stop order
suspending the effectiveness of the Registration Statement or the use of the
Base Prospectus or the Prospectus Supplement has been issued, and no proceeding
for any such purpose is pending or has been initiated or, to the Company's
knowledge, is threatened by the Commission. For purposes of this Agreement,
“Time of Sale
Prospectus” means the preliminary prospectus used in connection with the
Placement, including any documents incorporated by reference
therein.

       

      (B)           The
Registration Statement (and any further documents to be filed with the
Commission) contains all exhibits and schedules as required by the Securities
Act. Each of the Registration Statement and any post-effective amendment
thereto, at the time it became effective, complied in all material respects with
the Securities Act and the Exchange Act and the applicable Rules and Regulations
and did not and, as amended or supplemented, if applicable, will not, contain
any untrue statement of a material fact or omit to state a material fact
required to be stated therein or necessary to make the statements therein not
misleading. The Base Prospectus, the Time of Sale Prospectus, if any, and the
Prospectus Supplement, each as of its respective date, comply in all material
respects with the Securities Act and the Exchange Act and the applicable Rules
and Regulations. Each of the Base Prospectus, the Time of Sale Prospectus, if
any, and the Prospectus Supplement, as amended or supplemented, did not and will
not contain as of the date thereof any untrue statement of a material fact or
omit to state a material fact necessary in order to make the statements therein,
in light of the circumstances under which they were made, not misleading. The
Incorporated Documents, when they were filed with the Commission, conformed in
all material respects to the requirements of the Exchange Act and the applicable
Rules and Regulations, and none of such documents, when they were filed with the
Commission, contained any untrue statement of a material fact or omitted to
state a material fact necessary to make the statements therein (with respect to
Incorporated Documents incorporated by reference in the Base Prospectus or
Prospectus Supplement), in light of the circumstances under which they were made
not misleading; and any further documents so filed and incorporated by reference
in the Base 

       

       

      
        
          
          

        

        
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      Prospectus,
the Time of Sale Prospectus, if any, or Prospectus Supplement, when such
documents are filed with the Commission, will conform in all material respects
to the requirements of the Exchange Act and the applicable Rules and
Regulations, as applicable, and will not contain any untrue statement of a
material fact or omit to state a material fact necessary to make the statements
therein, in light of the circumstances under which they were made, not
misleading. No post-effective amendment to the Registration Statement reflecting
any facts or events arising after the date thereof which represent, individually
or in the aggregate, a fundamental change in the information set forth therein
is required to be filed with the Commission.  There are no documents
required to be filed with the Commission in connection with the transaction
contemplated hereby that (x) have not been filed as required pursuant to the
Securities Act or (y) will not be filed within the requisite time period. There
are no contracts or other documents required to be described in the Base
Prospectus, the Time of Sale Prospectus, if any, or Prospectus Supplement, or to
be filed as exhibits or schedules to the Registration Statement, that have not
been described or filed as required.

       

      (C)           The
Company has delivered, or will as promptly as practicable deliver, to the
Placement Agent complete conformed copies of the Registration Statement and of
each consent and certificate of experts, as applicable, filed as a part thereof,
and conformed copies of the Registration Statement (without exhibits), the Base
Prospectus, the Time of Sale Prospectus, if any, and the Prospectus Supplement,
as amended or supplemented, in such quantities and at such places as the
Placement Agent reasonably requests.  Neither the Company nor any of
its directors and officers has distributed and none of them will distribute,
prior to the Closing Date, any offering material in connection with the offering
and sale of the Shares and Warrants other than the Base Prospectus, the Time of
Sale Prospectus, if any, the Prospectus Supplement, the Registration Statement,
copies of the documents incorporated by reference therein and any other
materials permitted by the Securities Act.

       

      SECTION
3.                      REPRESENTATIONS AND
WARRANTIES.

       

      (A) There are
no affiliations with any FINRA member firm among the Company’s officers,
directors or, to the knowledge of the Company, any five percent (5%) or greater
stockholder of the Company, except as set forth in the Base
Prospectus.

       

      (B) Except as
otherwise provided in this Agreement, no brokerage or finder’s fees or
commissions are or will be payable by the Company to any broker, financial
advisor or consultant, finder, placement agent, investment banker, bank or other
Person with respect to the transactions contemplated by the Transaction
Documents.

       

      (C) Rodman
shall be entitled to rely upon any and all representations and warranties of the
Company included in the purchase agreements entered into by the Company and the
Purchasers in connection with the Placement, subject to the qualifications and
limitations therein.

       

      SECTION
4.                      ENGAGEMENT
TERM.  Rodman's engagement hereunder will be for the period of
15 days from the date hereof.  The engagement may be terminated by
either the Company or Rodman at any time upon 2 days' written notice.
Notwithstanding anything to the contrary contained herein, the provisions in
this Agreement concerning confidentiality, indemnification and contribution will
survive any expiration or termination of this Agreement.  Upon any
termination of this Agreement, the Company's 

       

       

      
        
          
          

        

        
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      obligation
to pay Rodman any fees actually earned on closing of the Offering and otherwise
payable under Section 1(A), shall survive any expiration or termination of this
Agreement, as permitted by FINRA Rule 5110(f)(2)(d).  Upon any
termination of this Agreement, the Company's obligation to reimburse Rodman for
out of pocket accountable expenses actually incurred by Rodman and reimbursable
upon closing of the Offering pursuant to Section 1(B), if any are otherwise due
under Section 1(B) hereof, will survive any expiration or termination of this
Agreement, as permitted by FINRA Rule 5110(f)(2)(d).

      

      SECTION
5.                      RODMAN
INFORMATION.  The Company agrees that any information or advice
rendered by Rodman in connection with this engagement is for the confidential
use of the Company only in their evaluation of the Placement and, except as
otherwise required by law, the Company will not disclose or otherwise refer to
the advice or information in any manner without Rodman’s prior written
consent.

      

      SECTION
6.                      NO FIDUCIARY
RELATIONSHIP.  This Agreement does not create, and shall not be
construed as creating rights enforceable by any person or entity not a party
hereto, except those entitled hereto by virtue of the indemnification provisions
hereof.  The Company acknowledges and agrees that Rodman is not and
shall not be construed as a fiduciary of the Company and shall have no duties or
liabilities to the equity holders or the creditors of the Company or any other
person by virtue of this Agreement or the retention of Rodman hereunder, all of
which are hereby expressly waived.

      

      SECTION
7.                      CLOSING.   The
obligations of the Placement Agent and the Purchasers, and the closing of the
sale of the Securities hereunder are subject to the accuracy, when made and on
the Closing Date, of the representations and warranties on the part of the
Company and its Subsidiaries contained herein, to the accuracy of the statements
of the Company and its Subsidiaries made in any certificates pursuant to the
provisions hereof, to the performance by the Company and its Subsidiaries of
their obligations hereunder, and to each of the following additional terms and
conditions:

       

      (A)           No
stop order suspending the effectiveness of the Registration Statement shall have
been issued and no proceedings for that purpose shall have been initiated or
threatened by the Commission, and any request for additional information on the
part of the Commission (to be included in the Registration Statement, the Base
Prospectus or the Prospectus Supplement or otherwise) shall have been complied
with to the reasonable satisfaction of the Placement Agent.

      

      (B)           The
Placement Agent shall not have discovered and disclosed to the Company on or
prior to the Closing Date that the Registration Statement, the Base Prospectus
or the Prospectus Supplement or any amendment or supplement thereto contains an
untrue statement of a fact which, in the opinion of counsel for the Placement
Agent, is material or omits to state any fact which, in the opinion of such
counsel, is material and is required to be stated therein or is necessary to
make the statements therein not misleading.

       

      (C)           All
corporate proceedings and other legal matters incident to the authorization,
form, execution, delivery and validity of each of this Agreement, the
Securities, the Registration Statement, the Base Prospectus and the Prospectus
Supplement and all other legal matters relating to this Agreement and the
transactions contemplated hereby shall be reasonably satisfactory in all
material respects to counsel for the Placement Agent, and the Company shall have
furnished to such counsel all documents and information that they may reasonably
request to enable them to pass upon such matters.

       

       

      
        
          
          

        

        
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      (D)           
The Placement Agent shall have received from outside counsel to the Company such
counsel’s written opinion, addressed to the Placement Agent and the Purchasers
dated as of the Closing Date, in form and substance reasonably satisfactory to
the Placement Agent.

       

      

       

      (E)           Neither
the Company nor any of its Subsidiaries shall have sustained since the date of
the latest audited financial statements included or incorporated by reference in
the Base Prospectus, any loss or interference with its business from fire,
explosion, flood, terrorist act or other calamity, whether or not covered by
insurance, or from any labor dispute or court or governmental action, order or
decree, otherwise than as set forth in or contemplated by the Base Prospectus
and (ii) since such date there shall not have been any change in the capital
stock or long-term debt of the Company or any of its Subsidiaries or any change,
or any development involving a prospective change, in or affecting the business,
general affairs, management, financial position, stockholders’ equity, results
of operations or prospects of the Company and its Subsidiaries, otherwise than
as set forth in or contemplated by the Base Prospectus, the effect of which, in
any such case described in clause (i) or (ii), is, in the judgment of the
Placement Agent, so material and adverse as to make it impracticable or
inadvisable to proceed with the sale or delivery of the Securities on the terms
and in the manner contemplated by the Base Prospectus, the Time of Sale
Prospectus, if any, and the Prospectus Supplement.

       

      (F)           The
Common Stock is registered under the Exchange Act and, as of the Closing Date,
the Shares and shares underlying the Warrants shall be listed and admitted and
authorized for trading on the Trading Market, and satisfactory evidence of such
actions shall have been provided to the Placement Agent.  The Company
shall have taken no action designed to, or likely to have the effect of
terminating the registration of the Common Stock under the Exchange Act or
delisting or suspending from trading the Common Stock from the Trading Market,
nor has the Company received any information suggesting that the Commission or
the Trading Market is contemplating terminating such registration or
listing.

       

      (G)           Subsequent
to the execution and delivery of this Agreement, there shall not have occurred
any of the following: (i) trading in securities generally on the New York Stock
Exchange, the Nasdaq National Market or the NYSE Amex or in the over-the-counter
market, or trading in any securities of the Company on any exchange or in the
over-the-counter market, shall have been suspended or minimum or maximum prices
or maximum ranges for prices shall have been established on any such exchange or
such market by the Commission, by such exchange or by any other regulatory body
or governmental authority having jurisdiction, (ii) a banking moratorium shall
have been declared by federal or state authorities or a material disruption has
occurred in commercial banking or securities settlement or clearance services in
the United States, (iii) the United States shall have become engaged in
hostilities in which it is not currently engaged, the subject of an act of
terrorism, there shall have been an escalation in hostilities involving the
United States, or there shall have been a declaration of a national emergency or
war by the United States, or (iv) there shall have occurred any other calamity
or crisis or any change in general economic, political or financial conditions
in the United States or elsewhere, if the effect of any such event in clause
(iii) or (iv) makes it, in the reasonable judgment of the Placement Agent,
impracticable or inadvisable to proceed with the sale or delivery of the
Securities on the terms and in the manner contemplated by the Base Prospectus
and the Prospectus Supplement.

       

       

      
        
          
          

        

        
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      (H)           No
action shall have been taken and no statute, rule, regulation or order shall
have been enacted, adopted or issued by any governmental agency or body which
would, as of the Closing Date, prevent the issuance or sale of the Securities or
materially and adversely affect or potentially and adversely affect the business
or operations of the Company; and no injunction, restraining order or order of
any other nature by any federal or state court of competent jurisdiction shall
have been issued as of the Closing Date which would prevent the issuance or sale
of the Securities or materially and adversely affect or potentially and
adversely affect the business or operations of the Company.

       

      (I)           The
Company shall have prepared and filed with the Commission a Current Report on
Form 8-K with respect to the Placement, including as an exhibit thereto this
Agreement.

       

      (J)           The
Company shall have entered into subscription agreements with each of the
Purchasers and such agreements shall be in full force and effect and shall
contain representations and warranties of the Company as agreed between the
Company and the Purchasers.

       

      (K)           FINRA
shall have raised no objection to the fairness and reasonableness of the terms
and arrangements of this Agreement.  In addition, the Company shall,
if requested by the Placement Agent, make or authorize Placement Agent’s counsel
to make on the Company’s behalf, an Issuer Filing with FINRA pursuant to FINRA
Rule 5110 with respect to the Registration Statement and pay all filing fees
required in connection therewith.

        

      (L)           Prior
to the Closing Date, the Company shall have furnished to the Placement Agent
such further information, certificates and documents as the Placement Agent may
reasonably request

       

      All
opinions, letters, evidence and certificates mentioned above or elsewhere in
this Agreement shall be deemed to be in compliance with the provisions hereof
only if they are in form and substance reasonably satisfactory to counsel for
the Placement Agent.

       

      SECTION 8.       INDEMNIFICATION. (A)  To
the extent permitted by law, the Company will indemnify Rodman and its
affiliates, stockholders, directors, officers, employees and controlling persons
(within the meaning of Section 15 of the Securities Act or Section 20 of the
Exchange Act) against all losses, claims, damages, expenses and liabilities, as
the same are incurred (including the reasonable fees and expenses of counsel),
relating to or arising out of its activities hereunder or pursuant to this
engagement letter, except to the extent that any losses, claims, damages,
expenses or liabilities (or actions in respect thereof) are found in a final
judgment (not subject to appeal) by a court of law to have resulted primarily
and directly from Rodman’s willful misconduct or gross negligence in performing
the services described herein.

       

       

      
        
          
          

        

        
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      (B)           Promptly
after receipt by Rodman of notice of any claim or the commencement of any action
or proceeding with respect to which Rodman is entitled to indemnity hereunder,
Rodman will notify the Company in writing of such claim or of the commencement
of such action or proceeding, and the Company will assume the defense of such
action or proceeding and will employ counsel reasonably satisfactory to Rodman
and will pay the fees and expenses of such counsel.  Notwithstanding
the preceding sentence, Rodman will be entitled to employ counsel separate from
counsel for the Company and from any other party in such action if counsel for
Rodman reasonably determines that it would be inappropriate under the applicable
rules of professional responsibility for the same counsel to represent both the
Company and Rodman.  In such event, the reasonable fees and
disbursements of no more than one such separate counsel will be paid by the
Company.  The Company will have the exclusive right to settle the
claim or proceeding provided that the Company will not settle any such claim,
action or proceeding without the prior written consent of Rodman, which will not
be unreasonably withheld.

      

      (C)           The
Company agrees to notify Rodman promptly of the assertion against it or any
other person of any claim or the commencement of any action or proceeding
relating to a transaction contemplated by this engagement letter.

      

      (D)           If
for any reason the foregoing indemnity is unavailable to Rodman or insufficient
to hold Rodman harmless, then the Company shall contribute to the amount paid or
payable by Rodman as a result of such losses, claims, damages or liabilities in
such proportion as is appropriate to reflect not only the relative benefits
received by the Company on the one hand and Rodman on the other, but also the
relative fault of the Company on the one hand and Rodman on the other that
resulted in such losses, claims, damages or liabilities, as well as any relevant
equitable considerations.  The amounts paid or payable by a party in
respect of losses, claims, damages and liabilities referred to above shall be
deemed to include any legal or other fees and expenses incurred in defending any
litigation, proceeding or other action or claim.  Notwithstanding the
provisions hereof, Rodman’s share of the liability hereunder shall not be in
excess of the amount of fees actually received, or to be received, by Rodman
under this engagement letter (excluding any amounts received as reimbursement of
expenses incurred by Rodman).

      

      (E)           These
indemnification provisions shall remain in full force and effect whether or not
the transaction contemplated by this engagement letter is completed and shall
survive the termination of this engagement letter, and shall be in addition to
any liability that the Company might otherwise have to any indemnified party
under this engagement letter or otherwise.

      

      SECTION
9.                      GOVERNING
LAW.  This Agreement will be governed by, and construed in
accordance with, the laws of the State of New York applicable to agreements made
and to be performed entirely in such State.  This Agreement may not be
assigned by either party without the prior written consent of the other
party.  This Agreement shall be binding upon and inure to the benefit
of the parties hereto, and their respective successors and permitted assigns.
Any right to trial by jury with respect to any dispute arising under this
Agreement or any transaction or conduct in connection herewith is
waived.  Any dispute arising under this Agreement may be brought into
the courts of the State of New York or into the Federal Court located in New
York, New York and, by execution and delivery of this Agreement, the Company
hereby accepts for itself and in respect of its property, generally and
unconditionally,

       

       

      
        
          
          

        

        
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      the
jurisdiction of aforesaid courts.  Each party hereto hereby
irrevocably waives personal service of process and consents to process being
served in any such suit, action or proceeding by delivering a copy thereof via
overnight delivery (with evidence of delivery) to such party at the address in
effect for notices to it under this Agreement and agrees that such service shall
constitute good and sufficient service of process and notice
thereof.  Nothing contained herein shall be deemed to limit in any way
any right to serve process in any manner permitted by law. If either party shall
commence an action or proceeding to enforce any provisions of a Transaction
Document, then the prevailing party in such action or proceeding shall be
reimbursed by the other party for its attorneys’ fees and other costs and
expenses incurred with the investigation, preparation and prosecution of such
action or proceeding.

      

      SECTION
10.                                ENTIRE
AGREEMENT/MISC.  This Agreement embodies the entire agreement
and understanding between the parties hereto, and supersedes all prior
agreements and understandings, relating to the subject matter
hereof.  If any provision of this Agreement is determined to be
invalid or unenforceable in any respect, such determination will not affect such
provision in any other respect or any other provision of this Agreement, which
will remain in full force and effect.  This Agreement may not be
amended or otherwise modified or waived except by an instrument in writing
signed by both Rodman and the Company.  The representations,
warranties, agreements and covenants contained herein shall survive the closing
of the Placement and delivery and/or exercise of the Securities, as
applicable.  This Agreement may be executed in two or more
counterparts, all of which when taken together shall be considered one and the
same agreement and shall become effective when counterparts have been signed by
each party and delivered to the other party, it being understood that both
parties need not sign the same counterpart.  In the event that any
signature is delivered by facsimile transmission or a .pdf format file, such
signature shall create a valid and binding obligation of the party executing (or
on whose behalf such signature is executed) with the same force and effect as if
such facsimile or .pdf signature page were an original thereof.

      

      SECTION
11.                                NOTICES.  Any
and all notices or other communications or deliveries required or permitted to
be provided hereunder shall be in writing and shall be deemed given and
effective on the earliest of (a) the date of transmission, if such notice or
communication is delivered via facsimile at the facsimile number specified on
the signature pages attached hereto prior to 6:30 p.m. (New York City time) on a
business day, (b) the next business day after the date of transmission, if such
notice or communication is delivered via facsimile at the facsimile number on
the signature pages attached hereto on a day that is not a business day or later
than 6:30 p.m. (New York City time) on any business day, (c) the business day
following the date of mailing, if sent by U.S. nationally recognized overnight
courier service, or (d) upon actual receipt by the party to whom such notice is
required to be given.  The address for such notices and communications
shall be as set forth on the signature pages hereto.

      

      
        
          
          

           

        

        
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      Please
confirm that the foregoing correctly sets forth our agreement by signing and
returning to Rodman a copy of this Agreement.

      

      

      

      

      Very truly yours,

      

      RODMAN & RENSHAW, LLC

      

      

      By: /s/ John
Borer                                                      

      Name: John Borer

      Title:  Senior Managing
Director

      
 

      Address for
notice:

                1251 Avenue of the Americas,
20th Floor

                                            New York, NY, 10020

                Fax (646) 841-1640

                Attention:  General
Counsel

      

      

      

      Accepted
and Agreed to as of

      the date
first written above:

      

      PACIFIC
ASIA PETROLEUM, INC.

      

      

      By: /s/ Frank C.
Ingriselli                                                                

            Name:  Frank
C. Ingriselli

            Title:  President
and Chief Executive Officer

      

      

      Address for
notice:

      

      250 East
Hartsdale Ave.

      Hartsdale,
NY 10530

      Fax:
(914) 472-6793

      Attention:  President
and Chief Executive Officer

      

      

      
        
           

        

        
          10exhibit10-24_030410.htm

    Exhibit
10.24

    

    

    

    

    

    

    

    

    WENDY'S
INTERNATIONAL, INC.

    AMENDED
AND RESTATED SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN NO. 2

    

    (EFFECTIVE
JANUARY 1, 2010)

    

    

    

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    

 

    WENDY'S
INTERNATIONAL, INC.

    SUPPLEMENTAL
EXECUTIVE RETIREMENT PLAN

    

    Prior to
January 1, 2010, Wendy's International, Inc. maintained the Wendy's
International, Inc. Pension Plan and the Wendy's International, Inc. Profit
Sharing and Savings Plan for the benefit of its non-crew
employees.  Effective December 31, 2009, the Profit Sharing and
Savings Plan merged with and into the Wendy’s/Arby’s Group, Inc. 401(k)
Retirement Plan (the “WAG 401(k) Plan”).  From 1984 to 2004, Wendy’s
International, Inc. also maintained the Supplemental Executive Retirement Plan
to provide benefits in excess of those permitted in the Pension and Profit
Sharing and Savings Plans under the Internal Revenue Code.  Following
the enactment of Code section 409A, Wendy’s International, Inc. froze
contributions credited under the Supplemental Executive Retirement Plan to
maintain the grandfathered status of that plan under Code section
409A.  The Company maintains this Supplemental Executive Retirement
Plan No. 2 (the “SERP”) to provide benefits in compliance with the provisions of
Code section 409A.  This SERP shall be interpreted in conformity with
the requirements of Code section 409A.

    

    

    ARTICLE I - DEFINITIONS

    

    Whenever
used herein with the initial letter capitalized and unless a different meaning
is plainly required by the context, words and phrases shall have (a) the
meanings stated below, or (b) if not stated below, the meanings given to them in
the WAG 401(k) Plan, if defined under that plan.  All masculine terms
shall include the feminine and all singular terms shall include the plural,
unless the context clearly indicates the gender or the number.

    

    
      	
               
      

            	
              1.1

            	
              ACCOUNT means a notional
      account established for each Participant equal to the sum of the
      following: (a) all supplemental contributions and interest credited under
      Section 3.1, (b) all supplemental target contributions and interest
      credited under Section 3.2, and (c) all supplemental profit sharing
      contributions and interest credited under Section
  3.3.

            

    

     

    
      	
               
      

            	
              1.2

            	
              ACTIVE PARTICIPANT means a
      Covered Employee who becomes a Participant and continues to participate in
      the SERP pursuant to Article II.

            

    

     

    
      	
               
      

            	
              1.3

            	
              BENEFICIARY means any
      person or persons designated by a Participant to receive any death
      benefits that may become payable under Article IV after the death of such
      Participant.

            

    

     

    
      	
               
      

            	
              1.4

            	
              BOARD means the Board of
      Directors of the Company, or a committee
  thereof.

            

    

     

    
      	
               
      

            	
              1.5

            	
              CAUSE means the
      termination of a Participant’s employment by reason of the Board’s good
      faith determination that the Participant (a) willfully and continually
      failed to substantially perform his or her duties with the Company or
      Participating Employer (other than a failure resulting from
      the

            

    

     

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    
      	
               
      

            	
              Participant’s
      incapacity due to physical or mental illness) after a written demand for
      substantial performance is delivered to the Participant by the Board which
      specifically identifies the manner in which the Board believes that the
      Participant has not substantially performed his or her duties and such
      failure substantially to perform continues for at least fourteen (14)
      days, or (b) has willfully engaged in conduct which is demonstrably and
      materially injurious to the Company or Participating Employer, monetarily
      or otherwise, or (c) has otherwise materially breached the terms of his or
      her employment agreement with the Company or Participating Employer, if
      applicable (each, an “Employment Agreement”) (including, without
      limitation, a voluntary termination of the Participant’s employment
      by the Participant during the term of such Employment
      Agreement).  No act, nor failure to act, on the Participant’s
      part, shall be considered “willful” unless he or she has acted, or failed
      to act, with an absence of good faith and without a reasonable belief that
      his or her action or failure to act was in the best interest of the
      Company.  Notwithstanding the foregoing, the Participant’s
      employment shall not be deemed to have been terminated for Cause
      unless and until (1) there shall have been delivered to the Participant a
      copy of a written notice setting forth that the Participant was guilty of
      conduct set forth above in clause (a), (b) or (c) of the first sentence of
      this definition and specifying the particulars thereof in detail, and (2)
      the Participant shall have been provided an opportunity to be heard by the
      Board (with the assistance of Participant’s
  counsel).

            

    

     

    
      	
               
      

            	
              1.6

            	
              CHANGE IN CONTROL means
      the occurrence during the Plan Year
of:

            

    

     

    
      	
               
      

            	
              a)

            	
              An
      acquisition (other than directly from the Company) of any common stock or
      other voting securities of the Company entitled to vote generally for the
      election of directors (the "Voting Securities") by any "Person" (as
      the term person is used for purposes of Section 13(d) or 14(d) of the
      Securities Exchange Act of 1934, as amended (the "Exchange Act")),
      immediately after which such Person has "Beneficial Ownership" (within the
      meaning of Rule 13d-3 promulgated under the Exchange Act) of thirty
      percent (30%) or more of the then outstanding shares of the Company's
      common stock or the combined voting power of the Company's then
      outstanding Voting Securities; provided, however, in
      determining whether a Change in Control has occurred, Voting Securities
      which are acquired in a "Non-Control Acquisition" (as hereinafter defined)
      shall not constitute an acquisition which would cause a Change in
      Control.  A "Non-Control Acquisition" shall mean an acquisition
      by (i) an employee benefit plan (or a trust forming a part thereof)
      maintained by (A) the Company or (B) any corporation or other Person
      of which a majority of its voting power or its voting equity securities or
      equity interest is owned, directly or indirectly, by the Company (for
      purposes of this definition, a "Subsidiary") (ii) the Company or its
      Subsidiaries, or (iii) any Person in connection with a "Non-Control
      Transaction" (as hereinafter
defined);

            

    

     

    

    
      
        
           

        

        
          2

          
            

          

        

        
           

        

      

    

    

    
      	
               
      

            	
              b)

            	
              The
      individuals who, as of January 1, 2003, are members of the Board (the
      "Incumbent Board"), cease for any reason to constitute at least seventy
      percent (70%) of the members of the Board; provided, however, that
      if the election, or nomination for election by the Company's common
      stockholders, of any new director was approved by a vote of at least
      two-thirds of the Incumbent Board, such new director shall, for purposes
      of this SERP, be considered as a member of the Incumbent Board; provided further, however, that
      no individual shall be considered a member of the Incumbent Board if such
      individual initially assumed office as a result of an actual or threatened
      solicitation of proxies or consents by or on behalf of a Person other than
      the Board (a "Proxy Contest") including by reason of any agreement
      intended to avoid or settle any Proxy Contest;
  or

            

    

     

    
      	
               
      

            	
              c)

            	
              The
      consummation of:

            

    

     

    
      	
               
      

            	
              1)

            	
              A
      merger, consolidation or reorganization with or into the Company, or in
      which securities of the Company are issued (a "Merger"), unless such
      Merger is a "Non-Control Transaction."  A "Non-Control
      Transaction" shall mean a Merger
if:

            

    

     

    
      	
               
      

            	
              A)

            	
              the
      stockholders of the Company, immediately before such Merger own directly
      or indirectly immediately following such Merger at least seventy percent
      (70%) of the combined voting power of the outstanding voting securities of
      the corporation resulting from such Merger (the "Surviving Company") in
      substantially the same proportion as their ownership of the Voting
      Securities immediately before such
Merger,

            

    

     

    
      	
               
      

            	
              B)

            	
              the
      individuals who were members of the Incumbent Board immediately prior to
      the execution of the agreement providing for such Merger constitute at
      least two-thirds of the members of the board of directors of the Surviving
      Company, or a corporation beneficially directly or indirectly owning a
      majority of the Voting Securities of the Surviving Company,
      and

            

    

     

    
      	
               
      

            	
              C)

            	
              no
      Person other than (i) the Company, (ii) any Subsidiary, (iii) any employee
      benefit plan (or any trust forming a part thereof) that, immediately prior
      to such Merger was maintained by the Company or any Subsidiary, or (iv)
      any Person who, immediately prior to such Merger had Beneficial Ownership
      of thirty percent (30%) or more of the then outstanding Voting Securities
      or common stock of the Company, has Beneficial Ownership of thirty percent
      (30%) or more of the combined voting power of the Surviving Company then
      outstanding voting securities or its common
  stock;

            

    

     

    

    
      
        
           

        

        
          3

        

        
           

        

      

    

    

    
      	
               
      

            	
              2)

            	
              A
      complete liquidation or dissolution of the Company;
  or

            

    

     

    
      	
               
      

            	
              3)

            	
              The
      sale or other disposition of all or substantially all of the assets of the
      Company to any Person (other than a transfer to a
    Subsidiary).

            

    

     

    Notwithstanding
the foregoing, a Change in Control shall not be deemed to occur solely because
any Person (the "Subject Person") acquired Beneficial Ownership of more than the
permitted amount of the then outstanding common stock or Voting Securities as a
result of the acquisition of common stock or Voting Securities by the Company
which, by reducing the number of shares of common stock or Voting Securities
then outstanding, increases the proportional number of shares Beneficially Owned
by the Subject Persons, provided that if a Change in Control would occur (but
for the operation of this sentence) as a result of the acquisition of common
stock or Voting Securities by the Company, and after such share acquisition by
the Company, the Subject Person becomes the Beneficial Owner of any additional
common stock or Voting Securities which increase the percentage of the then
outstanding Voting Securities Beneficially Owned by the Subject Person, then a
Change in Control shall occur.

     

    
      	
               
      

            	
              1.7

            	
              CODE means the Internal
      Revenue Code of 1986, as amended from time to
  time.

            

    

     

    
      	
               
      

            	
              1.8

            	
              COMMITTEE means the
      Administrative Committee established in
  Article V.

            

    

     

    
      	
               
      

            	
              1.9

            	
              COMPANY means , prior to
      January 1, 2010, Wendy's International, Inc.  Effective January
      1, 2010, Company means Wendy’s/Arby’s Group,
  Inc.

            

    

     

    
      	
               
      

            	
              1.10

            	
              COMPENSATION means a
      Participant's annual Compensation, as that term is defined in the WAG
      401(k) Plan, except that there shall be no maximum amount of Compensation
      considered.  Compensation paid by the Company or any of its
      Subsidiaries after January 1, 2010 for services performed by a legacy
      Wendy’s brand employee, shall be treated as Compensation even though it is
      not paid by a Participating
Employer.

            

    

     

    
      	
               
      

            	
              1.11

            	
              CONTRIBUTIONS means the
      amounts credited to a Participant's Account during a Plan Year, other than
      interest, pursuant to Article III.

            

    

     

    
      	
               
      

            	
              1.12

            	
              COVERED EMPLOYEE means
      an Employee who, on or before October 26, 2006 has been appointed to
      serve as an officer:

            

    

     

    
      	
               
      

            	
              a)

            	
              For
      Wendy’s International, Inc., with the title of "Vice President" or above;
      or

            

    

     

    
      	
               
      

            	
              b)

            	
              For
      any Participating Employer, with such titles as may be designated for that
      Participating Employer by the Board or a committee
  thereof.

            

    

     

    

    
      
        
           

        

        
          4

        

        
           

        

      

    

    

    
      	
               
      

            	
              1.13

            	
              EFFECTIVE DATE means
      January 1, 2010, the effective date of this
  SERP.

            

    

     

    
      	
               
      

            	
              1.14

            	
              EMPLOYEE means a person
      employed by the Company or a Participating Employer who is a United States
      citizen or resident alien.

            

    

     

    
      	
               
      

            	
              1.15

            	
              FINAL AVERAGE COMPENSATION
      shall mean a Participant's average annual Compensation over the
      five (5) consecutive calendar years while a Covered Employee (or the total
      number of completed calendar years while a Covered Employee if less than
      five (5)) out of the last ten (10) completed calendar years while a
      Covered Employee preceding the Participant's attainment of age sixty (60)
      which will provide him with the highest annual average
      Compensation.

            

    

     

    
      	
               
      

            	
              1.16

            	
              GRANDFATHER ELIGIBLE
      PARTICIPANT shall mean a Participant who was an Active Participant
      in the Wendy’s International, Inc. Supplemental Executive Retirement Plan
      on January 1, 2003, and who had attained age 55 and completed at least
      five (5) Years of Service as of that
date.

            

    

     

    
      	
               
      

            	
              1.17

            	
              INACTIVE PARTICIPANT
      means a former Active Participant who is no longer a Covered Employee but
      who has an Account remaining in the
SERP.

            

    

     

    
      	
               
      

            	
              1.18

            	
              NORMAL RETIREMENT DATE
      and NORMAL RETIREMENT AGE
      both mean the first of the month coincident with or next following
      a Participant's sixty-fifth
birthday.

            

    

     

    
      	
               
      

            	
              1.19

            	
              PARTICIPANT means an
      Active Participant or an Inactive
Participant

            

    

     

    
      	
               
      

            	
              1.20

            	
              PARTICIPATING EMPLOYER
      means an Affiliate, as defined in the WAG 401(k) Plan, that has been
      authorized to participate in the SERP by the Board or a committee
      thereof.

            

    

     

    
      	
               
      

            	
              1.21

            	
              PENSION PLAN means the
      Wendy's International, Inc. Pension
Plan.

            

    

     

    
      	
               
      

            	
              1.22

            	
              PROFIT SHARING AND SAVINGS PLAN
      means the Wendy's International, Inc. Profit Sharing and Savings
      Plan.

            

    

     

    
      	
               
      

            	
              1.23

            	
              PLAN YEAR means the
      calendar year.

            

    

     

    
      	
               
      

            	
              1.24

            	
              SERP means the Wendy's
      International, Inc. Supplemental Executive Retirement Plan No.
      2.

            

    

     

    
      	
               
      

            	
              1.25

            	
              TOTAL AND PERMANENT
      DISABILITY means a physical or mental condition which qualifies a
      Participant for Social Security disability benefits or which qualifies
      such Participant to continue to receive benefits under the Company's
      disability plan, after having received such benefits for twelve (12)
      months.

            

    

     

    

    
      
        
           

        

        
          5

        

        
           

        

      

    

    

    
      	
               
      

            	
              1.26

            	
              WAG 401(k) PLAN means the
      Wendy's/Arby’s Group, Inc. 401(k) Retirement
  Plan.

            

    

     

    
      	
               
      

            	
              1.27

            	
              YEAR OF SERVICE means
      any Plan Year during which an Employee is credited with a Year of Service
      under the WAG 401(k) Plan.

            

    

     

    

    ARTICLE
II - ELIGIBILITY AND PARTICIPATION

     

    
      	
               
      

            	
              2.1

            	
              ELIGIBILITY

            

    

     

    Each
Covered Employee who was an Active Participant in the Wendy’s International,
Inc. Supplemental Executive Retirement Plan on the day prior to the Effective
Date shall be an Active Participant in the SERP on the Effective Date if still a
Covered Employee on that date.

     

    Any other
Covered Employee shall become a Participant in the SERP on the latest of the
Effective Date, the first day of the Plan Year following the date the Employee
became a Covered Employee (the Covered Employee's date of hire or promotion into
eligible employment), or the Entry Date upon which the Covered Employee becomes
a Match Eligible Participant in the WAG 401(k) Plan.

     

    
      	
               
      

            	
              2.2

            	
              REEMPLOYMENT FOLLOWING
      QUALIFIED MILITARY SERVICE

            

    

     

    Notwithstanding
any provision of this SERP to the contrary, a Covered Employee who returns to
employment following qualified military service shall be credited with such
Contributions and Years of Service as required under Chapter 43 of Title 38 of
the United States Code.

    

    ARTICLE
III – AMOUNT OF BENEFIT

     

    
      	
               
      

            	
              3.1

            	
              CREDITS TO SUPPLEMENTAL
      ACCOUNT

            

    

     

    
      	
               
      

            	
              a)

            	
              On
      the last day of each Plan Year commencing after December 31, 2002, for
      each Active Participant who remains employed as a Covered Employee by the
      Company or a Participating Employer on the last day of the Plan Year, or
      who dies, becomes disabled or attains Normal Retirement Age during the
      Plan Year while actively employed, the Company shall credit to the
      Supplemental Account of such Active Participant an amount determined as
      follows:

            

    

     

    
      	
               
      

            	
              1)

            	
              For
      each Active Participant described above who is not a Grandfather Eligible
      Participant, on the last day of each Plan Year commencing after December
      31, 2002 but before January 1, 2007, an amount equal to the net
      supplemental credit described in (b)
below.

            

    

     

    
      	
               
      

            	
              2)

            	
              For
      each Active Participant described above who is not a Grandfather Eligible
      Participant, on the last day of each Plan
Year

            

    

     

    

    
      
        
           

        

        
          6

        

        
           

        

      

    

    

    
      	
               
      

            	
              commencing
      after December 31, 2006, an amount equal to the net supplemental credit
      described in (c) below.

            

    

     

    
      	
               
      

            	
              3)

            	
              For
      each Active Participant described above who is not a Grandfather Eligible
      Participant, on the last day of each Plan Year commencing after December
      31, 2009, an amount equal to the net supplemental credit described in (d)
      below.

            

    

     

    
      	
               
      

            	
              4)

            	
              For
      each Grandfather Eligible Participant described above, an amount equal to
      the greater of the net supplemental credit described in (b), (c) or (d)
      below, as applicable, and the target credit which would have been
      credited to such Participant for such Plan Year under Section
      3.2(b).

            

    

     

    
      	
               
      

            	
              b)

            	
              Net Supplemental
      Credit.  For Plan Years beginning after December 31, 2004
      but before December 31, 2006, the difference between the gross
      supplemental credit amount determined under the table in paragraph (1)
      below and the offsets set forth in paragraph (2)
  below.

            

    

     

    
      	
               
      

            	
              1)

            	
              Gross Supplemental
      Credit.

            

    

     

    
      	
              Participant's
      Age Plus Years of Service as of the first day of the Plan
    Year

            	 
      	
              Supplemental
      Credits as a percentage of prior year Compensation

            
	
              Less
      than 40

            	 
      	
              5%

            
	
              40-49

            	 
      	
              8%

            
	
              50-59

            	 
      	
              11%

            
	
              60-69

            	 
      	
              14%

            
	
              70
      or more

            	 
      	
              18%

            
	 
      	 
      	 
      

    

    
      	
               
      

            	
              2)

            	
              Offsets.  The
      aggregate of (A) the amounts credited during the prior Plan Year to such
      Participant pursuant to Section 1.1(c) of the Pension Plan, (B) the
      amounts that would have been credited during the prior Plan Year to such
      Participant pursuant to Section 3.5 of the Profit Sharing and Savings Plan
      had the Participant elected to make Deferred Income Contributions to
      receive the maximum available Company Safe Harbor Matching Contribution,
      (C) any Company Contributions credited to such Participant during the
      prior Plan Year pursuant to Section 3.1 of the Profit Sharing and Savings
      Plan, and (D) that portion of all "social security" employment (FICA)
      taxes paid during the prior Plan Year by the Company or Participating
      Employer pursuant to Code section
3111(a).

            

    

     

    
      	
               
      

            	
              c)

            	
              Net Supplemental
      Credit.  For Plan Years beginning after December 31, 2006
      but before December 31, 2009, the difference between the gross
      supplemental credit amount determined under the table in paragraph (1)
      below and the offsets set forth in paragraph (2)
  below.

            

    

     

    

    
      
        
           

        

        
          7

        

        
           

        

      

    

    

    
      	
               
      

            	
              1)

            	
              Gross
      Supplemental Credit.

            

    

     

    
      	
              Participant's
      Age Plus Years of Service as of the first day of the Plan
    Year

            	 
      	
              Supplemental
      Credits as a percentage of prior year Compensation

            
	
              Less
      than 40

            	 
      	
              2.5%

            
	
              40-49

            	 
      	
              5%

            
	
              50-59

            	 
      	
              7.5%

            
	
              60
      or more

            	 
      	
              10%

            
	 
      	 
      	 
      

    

     

    
      	
               
      

            	
              2)

            	
              Offsets.  The
      aggregate of (A) the amounts that would have been credited during the
      prior Plan Year to such Participant pursuant to Section 3.5 of the Profit
      Sharing and Savings Plan had the Participant elected to make Deferred
      Income Contributions to receive the maximum available Company Safe Harbor
      Matching Contribution, (B) any Company Contributions credited to such
      Participant during the prior Plan Year pursuant to Section 3.1 of the
      Profit Sharing and Savings Plan, and (C) that portion of all "social
      security" employment (FICA) taxes paid during the prior Plan Year by the
      Company or Participating Employer pursuant to Code section
      3111(a).

            

    

     

    
      	
               
      

            	
              d)

            	
              Net Supplemental
      Credit.  For Plan Years beginning after December 31,
      2009, the difference between the gross supplemental credit amount
      determined under the table in paragraph (1) below and the offsets set
      forth in paragraph (2) below.

            

    

     

    
      	
               
      

            	
              1)

            	
              Gross Supplemental
      Credit.

            

    

     

    
      	
              Participant's
      Age Plus Years of Service as of the first day of the Plan
    Year

            	 
      	
              Supplemental
      Credits as a percentage of prior year Compensation

            
	
              Less
      than 40

            	 
      	
              2.5%

            
	
              40-49

            	 
      	
              5%

            
	
              50-59

            	 
      	
              7.5%

            
	
              60
      or more

            	 
      	
              10%

            
	 
      	 
      	 
      

    

     

    
      	
               
      

            	
              2)

            	
              Offsets.  The
      aggregate of (A) the amounts that would have been credited during the
      prior Plan Year to such Participant pursuant to Section 4.4 of the WAG
      401(k) Plan had the Participant elected to make Deferred Income
      Contributions to receive the maximum available Company Safe Harbor
      Matching Contribution, (B) any Company Contributions credited to such
      Participant during the prior Plan Year pursuant to Section 4.1 of the WAG
      401(k) Plan, and (C) that portion of all "social security" employment
      (FICA) taxes paid during the prior Plan Year by the Company or
      Participating Employer pursuant to Code section
  3111(a).

            

    

     

    

    
      
        
           

        

        
          8

        

        
           

        

      

    

    

    
      	
               
      

            	
              e)

            	
              Interest.  On
      the last day of each Plan Year, interest shall be credited to the
      Supplemental Account as of that date but before crediting the allocation
      for that Plan Year (if any) under this Section, for each Participant at a
      rate equal to:

            

    

     

    
      	
               
      

            	
              1)

            	
              From
      the Effective Date to December 31, 2007, the interest rate applied for
      that Plan Year to the Account Balance Benefit under the Pension
      Plan.

            

    

     

    
      	
               
      

            	
              2)

            	
              From
      January 1, 2008, the 30 year Constant Maturity Treasury Rate (or the next
      longest US government bond rate then available) as of November 30th.

            

    

     

    
      	
               
      

            	
              3.2

            	
              CREDITS TO SUPPLEMENTAL TARGET
      ACCOUNT

            

    

     

    
      	
               
      

            	
              a)

            	
              Except
      as provided in Section 3.4 below, prior to January 1, 2003, the Company
      shall credit to the Supplemental Target Account for each eligible
      Participant the amounts described below and after January 1, 2003, the
      Company shall credit to the Supplemental Target Account the interest
      credits described in (c) below :

            

    

     

    
      	
               
      

            	
              (1)

            	
              For
      each eligible and Active Participant who remains employed by the Company
      on the last day of the Plan Year, the amounts described in (b) below
      calculated as of the last day of the prior Plan Year and the amount
      described in (c) below calculated as of the last day of the Plan
      Year.

            

    

    

    
      	
               
      

            	
              (2)

            	
              For
      each eligible and Active Participant who dies or becomes disabled during
      the Plan Year while actively employed, the amount described in (b) below
      calculated as of the last day of the prior Plan Year.  For each
      eligible and Active Participant who died or became disabled during a Plan
      Year while actively employed and who has not yet received payment of his
      SERP benefits, the amount described in (c) below calculated as of the
      earlier of the last day of the Plan Year or the date as of which benefits
      are paid under the SERP.

            

    

    
      	
               
      

            	 

    

    
      	
               
      

            	
              (3)

            	
              For
      each eligible and Active Participant who attained Normal Retirement Age
      during the Plan Year while actively employed, the amount described in (b)
      below calculated as of such Participant's Normal Retirement Date and the
      amount described in (c) below calculated from the Normal Retirement Date
      to the earlier of the last day of the Plan Year or the date as of which
      benefits are paid under the SERP.

            

    

    

    
      	
               
      

            	
              b)

            	
              An
      amount which will provide each Participant with a targeted annual benefit
      payable as a life annuity at his Normal Retirement Date equal to the
      amount obtained, if any, when the sum of (2), (3), (4) and (5) below is
      subtracted from (1) below:

            

    

     

    

    
      
        
           

        

        
          9

        

        
           

        

      

    

    

    
      	
               
      

            	
              (1)

            	
              Fifty
      percent (50%) of the Participant's Final Average Compensation (determined
      without salary projection) multiplied by a fraction, not exceeding one
      (1), the numerator of which is the number of the Participant's
      expected Years of Service
      at his Normal Retirement Date and the denominator of which is fifteen
      (15).

            

    

     

    

    
      	
               
      

            	
              (2)

            	
              The
      Participant’s expected Accrued Benefit Derived from Company Contributions
      at his Normal Retirement Date under the Pension Plan, assuming that the
      Participant had elected to make Participant Contributions to the Plan in
      each Plan Year such contributions as were permitted and that interest
      credited to the Account Balance Benefit for future years will be at the
      rate of 7.5%, including the Prior Plan Benefit and the Minimum
      Benefit.

            

    

    

    
      	
               
      

            	
              (3)

            	
              With
      regard to the WAG 401(k) Plan, the sum of the
    Participant’s:

            

    

    

    
      	
               
      

            	
              (i)

            	
              Company
      Matched Contribution Account;

            

    

    

    
      	
               
      

            	
              (ii)

            	
              Company
      Contribution Account;

            

    

    

    
      	
               
      

            	
              (iii)

            	
              Company
      Safe Harbor Matching Contribution Account calculated as if the Participant
      had elected to make Deferred Income Contributions to receive the maximum
      available Company Safe Harbor Matching Contribution and as if such
      contributions had earned interest at an annual rate of
    7.5%;

            

    

    

    
      	
               
      

            	
              (iv)

            	
              any
      prior distributions from such Accounts;
and

            

    

    

    
      	
               
      

            	
              (v)

            	
              future
      expected Company Safe Harbor Matching Contributions for each Plan Year
      until the Participant’s Normal Retirement Date equal to the Company Safe
      Harbor Matching Contribution deemed to have been received by the
      Participant for that Plan Year.

            

    

    

    Such
amount shall be projected for the number of years from the earlier of the
distribution of such Accounts to the Participant or the date of this calculation
to the Participant’s Normal Retirement Date at an interest rate of seven and
one-half percent (7.5%) compounded annually.  In the event that such
Profit Sharing and Savings Plan Accounts are distributed to the Participant on
different dates, then this projection shall be applied separately to each
distribution based upon the specific dates of distribution.

    

    The total
projected value shall be converted to a life annuity payable at the
Participant’s Normal Retirement Date, using the interest rate published by the
Pension Benefit Guaranty Corporation for use in calculating immediate annuities
which is in effect on the first day of 

    

    
      
        
           

        

        
          10

        

        
           

        

      

    

    

    the Plan
Year to the extent that such rate continues to be published.  In the
event that such rate is no longer published, the total projected value shall be
converted using the applicable interest rate as defined in Code section
417(e)(3) for the lookback month of November preceding the first day of the Plan
Year.

    

    
      	
               
      

            	
              (4)

            	
              The
      Participant's Supplemental Profit Sharing Account projected and converted
      to a life annuity payable at his Normal Retirement Date in the same manner
      as the WAG 401(k) Plan Accounts in (3)
above.

            

    

    

    
      	
               
      

            	
              (5)

            	
              The
      amount of the retirement income the Participant is entitled to receive
      pursuant to the Supplemental Retirement Agreement under the Nonqualified
      Plan.

            

    

    

    
      	
               
      

            	
              c)

            	
              An
      amount equal to the interest rate described below applied to the amount in
      the Participant's Supplemental Target Account as of the last day of the
      Plan Year or, for purposes of Section 3.2(a)(3), as of the Participant's
      Normal Retirement Date.

            

    

     

    
      	
               
      

            	
              1)

            	
              From
      the Effective Date to December 31, 2007, the interest rate applied for
      that Plan Year to the Account Balance Benefit under the Pension Plan;
      and

            

    

     

    
      	
               
      

            	
              2)

            	
              From
      January 1, 2008, the 30 year Constant Maturity Treasury Rate (or the next
      longest US government bond rate then available) as of November 30th.

            

    

     

    
      	
               
      

            	
              3.3

            	
              CREDITS TO SUPPLEMENTAL PROFIT
      SHARING ACCOUNT

            

    

     

    The
Company shall credit or charge, as applicable, to each Participant's
Supplemental Profit Sharing Accounts the following amounts:

     

    
      	
               
      

            	
              a)

            	
              For
      each Plan Year prior to January 1, 2003 during which the Participant is an
      Active Participant in the Profit Sharing and Savings Plan, the amount by
      which:

            

    

     

    
      	
               
      

            	
              (1)

            	
              The
      amount of Company Contributions which the Company would have allocated to
      the Active Participant’s Accounts under the Profit Sharing and Savings
      Plan without regard to the maximum annual limitations imposed by Section
      415 of the Code or the limitation on compensation imposed by Section
      401(a)(17) of the Code; exceeds

            

    

     

    
      	
               
      

            	
              (2)

            	
              The
      actual amount of Company Contributions which the Company allocates to the
      Active Participant’s Accounts under the Profit Sharing and Savings
      Plan.

            

    

     

    
      

      
        	
                 
      

              	
                b)

              	
                For
      each Plan Year from January 1, 2003 to December 31, 2006,during which the
      Participant is an Active Participant, an Inactive Participant or a
      

              

      

    

    

    
      
        
           

        

        
          11

        

        
           

        

      

    

    

    
      	
               
      

            	
               

            	
              former
      Participant in the Profit Sharing and Savings Plan, an amount equal to the
      net gain (or net loss) that would have been credited (or charged) had the
      amounts allocated to the Participant's Supplemental Plan Accounts been
      invested in a manner similar to the investment of his Accounts under the
      Profit Sharing and Savings Plan during a similar time
    frame.

            

    

     

    If the
Participant does not have any actual Accounts under the Profit Sharing and
Savings Plan, his Supplemental Plan Accounts shall be treated as though they had
been invested in the default investment offered under the Profit Sharing and
Savings Plan (as referenced in Section 16.1 of such plan, or any successor
section thereto).

    

    
      	
               
      

            	
              c)

            	
              On
      the last day of each Plan Year commencing after December 31, 2006,
      interest shall be credited to the Participant’s Supplemental Profit
      Sharing Account as of the last day of the Plan Year at a rate equal
      to:

            

    

     

    
      	
               
      

            	
              1)

            	
              For
      the Plan Year commencing January 1, 2007, the interest rate applied for
      that Plan Year to the Account Balance Benefit under the Pension Plan;
      and

            

    

     

    
      	
               
      

            	
              2)

            	
              For
      Plan Years commencing after December 31, 2007, the 30 year Constant
      Maturity Treasury Rate (or the next longest US government bond rate then
      available) as of November 30th.

            

    

     

    
      	
               
      

            	
              3.4

            	
              CASH
      ELECTION

            

    

     

    Prior to
January 1, 2003, each Active Participant who was projected to have five (5) or
more Years of Service by the end of the Plan Year had been permitted to elect,
prior to notification of the Target Credit (as determined under Section 3.2
above) for such Plan Year, to receive in cash the amount that would otherwise be
credited to his Supplemental Target Account on the last day of such Plan
Year.  Payment of the vested Target Credits, which were elected to be
taken as cash, shall be paid by the end of the month following the last day of
the Plan Year for which the dollars are credited.

     

    
      	
               
      

            	
              3.5

            	
              TERMINATION
      BENEFIT

            

    

     

    If a
Participant's employment terminates for any reason on or after his Normal
Retirement Age, after incurring a Total and Permanent Disability, as a result of
death or after completing five (5) Years of Service, such Participant (or his
Beneficiary in the event of the Participant's death) shall be entitled to
receive a benefit, payable in accordance with Article IV, equal to the balance
of the Participant's Account.  If a Participant's employment is
terminated for any reason prior to the earliest of attaining his Normal
Retirement Age, incurring a Total and Permanent Disability, the date of his
death or completing five (5) Years of Service,
then notwithstanding any contrary provision in this SERP, neither the
Participant nor his Beneficiary shall be entitled to any benefits under this
SERP.

     

    

    
      
        
           

        

        
          12

        

        
           

        

      

    

    

     

    Notwithstanding
the foregoing, the Participant shall be entitled to receive a benefit payable in
accordance with Article IV, equal to the balance of the Participant's Account,
if the Participant’s employment is terminated by the Company without Cause
within two years following a Change in Control or prior to the date of a Change
in Control if the Participant reasonably demonstrates that the termination (a)
was at the request of a third party who has indicated an intention or taken
steps reasonably calculated to effect a Change in Control or (b) otherwise arose
in connection with, or in anticipation of, a Change in Control which has been
threatened or proposed, such termination shall be deemed to have occurred after
a Change in Control for purposes of this Agreement provided a Change in Control
shall actually have occurred.

     

     

    ARTICLE
IV - FORMS OF PAYMENT

     

    
      	
               
      

            	
              4.1

            	
              DISTRIBUTION OF
      BENEFITS

            

    

     

    
      	
               
      

            	
              a)

            	
              Normal
      Form.  Unless a Participant elects one of the
      distribution alternatives described in Section 4.1(b) in the manner set
      forth in Section 4.1(c), upon the Participant’s Termination (other than
      for death, Total and Permanent Disability or a Termination described in
      Section 7.3 or 7.5), the Participant will receive the distribution of his
      or her Accounts in a single lump sum on, or as soon as practicable after,
      the six month anniversary of the date of such
  Termination.

            

    

     

    
      	
               
      

            	
              b)

            	
              Alternative
      Form.  In the alternative, a Participant may elect to
      receive his or her Accounts in quarterly installments payable over no less
      than two years and no more than fifteen (15) years commencing on, or as
      soon as practicable after, the six-month anniversary of the date of such
      Termination, with the amount of each installment equal to the amount of
      the Account on the Valuation Date immediately prior to the payment of such
      installment divided by the number of installments remaining to be
      paid.

            

    

     

    
      	
               
      

            	
              c)

            	
              Timing
      and Manner of Distribution Elections.  Distribution
      elections shall be made in such manner as may be designated by the Plan
      Administrator and communicated to Participants.  Any election
      made within twelve months of the date payment would otherwise commence
      (unless made within 30 days of becoming a Participant) shall be
      disregarded and benefits shall be paid in accordance with the preceding
      distribution election, if any, selected by such Participant or, if no such
      distribution election has been made, in accordance with Section
      4.1.  Effective January 1, 2006, any distribution election made
      more than 30 days after the Participant became an Eligible Individual
      shall delay the commencement of distributions to such Participant by five
      years from the date payments would have commenced in accordance with the
      preceding distribution election, if any, selected by such Participant or,
      if no such distribution election has been made, in accordance with Section
      4.1.

            

    

     

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              4.2

            	
              Distributions on Total
      and Permanent Disability or
Death.

            

    

     

    Notwithstanding
the foregoing, in the event: (i) a Participant incurs a Termination by reason of
such Participant’s Total and Permanent Disability or (ii) a Participant dies,
whether before or after the payment of benefits has commenced hereunder, the
Participant’s total Account Balance shall be paid in a single lump sum as soon
as practicable after such occurrence but not later than the March 15th of
the year following the year in which such Termination occurs.

     

    
      	
               
      

            	
              4.3

            	
              Distributions on
      Change in Control.

            

    

     

    Notwithstanding
the foregoing, if within two years following a Change in Control, a
Participant’s employment with the Company and its Affiliates is involuntarily
terminated without Cause or is terminated by the Participant for Good Reason,
the Participant’s total Account Balance shall be paid in a single lump
sum.  Such lump sum:

     

    
      	
               
      

            	
              (a)

            	
              If
      the Participant is not a “specified employee” or if the Change in Control
      constitutes “a change in ownership or effective control of the Company” or
      a “change in the ownership of a substantial portion of the Company’s
      assets,” in each case within the meaning of Code section 409A, shall be
      paid as soon as practicable after such termination but not later than the
      March 15th
      of the year following the year in which such termination
      occurs.

            

    

     

    
      	
               
      

            	
              (b)

            	
              If
      both the Participant is a “specified employee” and the Change in Control
      does not constitute either “a change in ownership or effective control of
      the Company” or a “change in the ownership of a substantial portion of the
      Company’s assets,” in each case within the meaning of Code section 409A,
      shall be paid as soon as practicable after the first day of the calendar
      month following the date which is six (6) months after the date of the
      Participant’s termination.

            

    

     

    
      	
               
      

            	
              4.4

            	
              DESIGNATION OF
      BENEFICIARY

            

    

     

    Each
Participant shall designate, by giving a designation in approved form to the
Plan Administrator, a Beneficiary to receive any benefits which may become or
continue to be payable upon or after his death under this
Plan.  Successive designations may be made and the last designation
received by the Plan Administrator prior to the death of the Participant shall
be effective and shall revoke all prior designations.

    

    If a
Participant shall fail to designate a Beneficiary, if such designation shall for
any reason be illegal or ineffective or if no Beneficiary so designated survives
the Participant, then his benefits shall be paid to:

    

    
      	
               
      

            	
              a)

            	
              His
      surviving spouse; or

            

    

     

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              b)

            	
              If
      there is no surviving spouse, to the executor or other personal
      representative of the Participant to be distributed in accordance with the
      Participant’s will, or if he has no valid will, in accordance with
      applicable state law.

            

    

     

    

    ARTICLE
V - PLAN ADMINISTRATION

     

    
      	
               
      

            	
              5.1

            	
              PLAN
      ADMINISTRATOR

            

    

     

    
      	
               
      

            	
              a)

            	
              The
      Company shall be the Plan Administrator.  The Company shall
      appoint a Committee to act as its agent or delegate in carrying out its
      administrative duties.

            

    

     

    
      	
               
      

            	
              b)

            	
              The
      Committee shall consist of not fewer than three (3) members who shall be
      appointed by the Company and may include individuals who are not
      Participants in the Plan.  The Company may remove or replace any
      member at any time in its sole discretion, and any member may resign by
      delivering a written resignation to the Company, which resignation shall
      become effective at its delivery or at any later date specified
      therein.

            

    

     

    
      	
               
      

            	
              5.2

            	
              POWERS OF THE PLAN
      ADMINISTRATOR

            

    

     

    The Plan
Administrator shall be charged with the operation and administration of the
SERP in accordance with the terms hereof and shall have all the powers necessary
to carry out the provisions of the SERP.  Any and all determinations,
actions or decisions of the Plan Administrator and Committee with respect to the
administration of the SERP, including without limitation the determination of
benefit eligibility and interpretation of SERP provisions, shall be final and
conclusive and binding upon all parties having an interest in the
SERP.

    

    
      	
               
      

            	
              5.3

            	
              COMMITTEE

            

    

     

    
      	
               
      

            	
              a)

            	
              The
      Committee shall hold meetings upon such notice and at such times and
      places as its members may from time to time deem appropriate, and may
      adopt from time to time such bylaws and regulations for the conduct and
      transaction of its business and affairs consistent with the terms of the
      Plan and the delegation of duties and powers by the Company.  A
      majority of its members at the relevant time shall constitute a quorum for
      the transaction of business.  All action taken by the Committee
      shall be by vote of the majority of its members present at such meeting,
      except that the Committee also may act without a meeting by a written
      consent signed by a majority of its members.  A member shall not
      be disqualified from acting because of any personal interest, benefit or
      advantage, inasmuch as a member may be a director of the Company, an
      Employee or a Participant, but no member shall vote or act in connection
      with an action of the Committee relating exclusively to
      himself.

            

    

     

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              b)

            	
              The
      Committee may allocate among its members such specific responsibilities,
      obligations, powers or duties as shall be deemed
    appropriate.

            

    

     

    
      	
               
      

            	
              5.4

            	
              INDEMNIFICATION

            

    

     

    The
Company shall indemnify and defend each member of the Committee and all officers
or representatives of the Company and Employees assigned fiduciary
responsibility under Federal law to the greatest extent permitted by applicable
law against any and all claims, losses, damages, expenses (including reasonable
attorneys' fees) and liability arising from any action or failure to act in
connection with the SERP.

    

    ARTICLE
VI - CLAIMS PROCEDURES

     

    
      	
               
      

            	
              6.1

            	
              CLAIMS
      REVIEW

            

    

     

    Any
Participant, former Participant or Beneficiary who wishes to request a review of
a claim for benefits or who wishes an explanation of a benefit or its denial may
direct to the Plan Administrator a written request for such review within one
hundred twenty (120) days of the denial.  The Plan Administrator shall
respond to the request by issuing a notice to the claimant as soon as possible,
but in no event later than ninety (90) days (one hundred eighty (180) days in
special cases) from the date of receipt of the request.  This notice
furnished by the Plan Administrator shall be written in a manner calculated to
be understood by the claimant and shall include the following:

    

    
      	
               
      

            	
              a)

            	
              The
      specific reason or reasons for any denial of
  benefits;

            

    

     

    
      	
               
      

            	
              b)

            	
              The
      specific SERP provisions on which any denial is
  based;

            

    

     

    
      	
               
      

            	
              c)

            	
              A
      description of any further material or information which is necessary for
      the claimant to perfect his claim and an explanation of why the material
      or information is needed; and

            

    

     

    
      	
               
      

            	
              d)

            	
              An
      explanation of the SERP's claim appeals
  procedure.

            

    

     

    If the
Plan Administrator denies the claim or fails to respond to the claimant's
written request for a review within one hundred eighty (180) days of its
receipt, the claimant shall be entitled to proceed to the claim appeals
procedure described in Section 6.2.  If the claimant does not respond
to the notice, posted by first-class mail to the address of record of the
claimant, within sixty (60) days from receipt of the notice, the claimant shall
be considered satisfied in all respects.

    

    
      	
               
      

            	
              6.2

            	
              APPEALS
      PROCEDURE

            

    

     

    In the
event that the claimant wishes to appeal the claim review denial, the claimant
or his duly authorized representative may submit to the Plan Administrator,
within sixty (60) days of his receipt of the notice, a written 

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

     

    notification
of appeal of the claim denial.  The notification of appeal of the
claim denial shall permit the claimant or his duly authorized representative to
utilize the following claim appeals procedures:

    

    
      	
               
      

            	
              a)

            	
              To
      review pertinent documents; and

            

    

     

    
      	
               
      

            	
              b)

            	
              To
      submit issues and comments in writing to which the Plan Administrator
      shall respond.

            

    

     

    The Plan
Administrator shall furnish a final written decision on formal review not later
than sixty (60) days after receipt of the notification of appeal, unless special
circumstances require an extension of the time for processing the
appeal.  In no event, however, shall the Plan Administrator respond
later than one hundred twenty (120) days after a request for an
appeal.  The decision on the appeal shall be written in a manner
calculated to be understood by the claimant, shall include specific reasons for
the decision, and shall contain specific references to the pertinent SERP
provisions on which the decision is based.

    

    
      	
               
      

            	
              6.3

            	
              DISCRETION REGARDING CLAIMS AND
      APPEALS

            

    

     

    The Plan
Administrator, or any individual or committee to whom responsibility for claims
and appeals has been delegated, shall have complete discretion in deciding such
claims and appeals and any such decision shall be final, conclusive and binding
upon the claimant.

     

    

    ARTICLE
VII - MISCELLANEOUS

     

    
      	
               
      

            	
              7.1

            	
              AMENDMENT AND
      TERMINATION

            

    

     

    The SERP
may be amended by the Company, by action of its Board or a committee thereof, at
any time in its discretion and without the consent of any
Participant.  However, in the event of the amendment or termination of
the SERP, any benefit accrued to such date shall not be reduced or forfeited
without the consent of each affected Participant.  Further, the SERP
may not be amended or terminated for two years following the end of the Plan
Year in which a Change in Control occurs or, prior to the date of a Change in
Control, if an affected Participant reasonably demonstrates that the amendment
or termination is had been adopted (a) at the request of a third party who has
indicated an intention or taken steps reasonably calculated to effect a Change
in Control or (b) otherwise in connection with, or in anticipation of, a
Change in Control which has been threatened or proposed, in either case provided
a Change in Control shall actually have occurred.

     

    
      	
               
      

            	
              7.2

            	
              NO CONTRACT OF
      EMPLOYMENT

            

    

     

    Nothing
herein contained shall be construed to constitute a contract of employment
between the Company and any Participant.

     

     

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

    
 

    
      	
               
      

            	
              7.3

            	
              UNFUNDED
      PLAN

            

    

     

    The SERP
at all times shall be considered entirely unfunded both for tax purposes and for
purposes of the Employee Retirement Income Security Act of 1974
(ERISA).  Notwithstanding the foregoing, the Company may establish a
benefits protection trust for the benefit of Participants with an independent
bank as trustee.  Prior to a Change in Control, the Company shall
transfer to such trust assets equal to the Accounts of all
Participants.  Any benefits protection trust established to provide
benefits under this SERP shall at all times remain subject to the claims of the
Company's general creditors in the event of insolvency.

    

    
      	
               
      

            	
              7.4

            	
              RESTRICTIONS UPON ASSIGNMENTS
      AND CREDITORS' CLAIMS

            

    

     

    No
benefit payable under this SERP shall be subject in any manner to anticipation,
alienation, sale, transfer, assignment, pledge, encumbrance or charge prior to
actual receipt thereof by the Participant or Beneficiary and any attempt to
anticipate, alienate, sell, transfer, assign, pledge, encumber or charge prior
to such receipt shall be void.  No benefit payable under this SERP
shall be subject to attachment, garnishment, execution, levy or other legal or
equitable proceeding or process, and any attempt to do so shall be
void.  The Company shall not be in any manner liable for or subject to
the debts, contracts, liabilities, engagements or torts of any Participant or
Beneficiary except as may be required by the tax withholding provisions of the
Code or any state's income tax laws.

     

    
      	
               
      

            	
              7.5

            	
              PAYMENT CONSTITUTES
      RELEASE

            

    

     

    Payment
to the Participant or Beneficiary as set forth in Article IV shall completely
discharge the Company's obligations under this SERP, whether paid by a benefits
protection trust established under Section 7.3 or directly by the
Company.

    

    
      	
               
      

            	
              7.6

            	
              APPLICABLE
      LAW

            

    

     

    To the
extent not preempted by Federal law, the SERP shall be construed and
administered in accordance with the laws of the State of Ohio.

    

    IN
WITNESS WHEREOF, the Company has caused this instrument to be executed by its
duly authorized officer this 30th day
of December, 2009.

    

    WENDY'S INTERNATIONAL,
INC.

    

    By: /s/ Wendy Henderson      

    Its: 
SVP              

    

    

    
      
        
           

        

        
          18

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