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exh10_68.htm

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NUMBERS REFER TO PAPER DOCUMENT ONLY)

    

    EXHIBIT
10.68

    

    RELEASE
AND SETTLEMENT AGREEMENT

    

    THIS RELEASE AND SETTLEMENT AGREEMENT
by and between CONSUMER PROGRAMS INCORPORATED (the “Corporation”) and GARY W.
DOUGLASS (the “Executive”) is entered into as of this 31st day of December
2008.

    

    WHEREAS, the Corporation and the
Executive entered into an Employment Agreement dated as of April 8, 2002, as
amended by that  certain Amendment to Exhibit C dated as
of  October 1, 2003,  the Second Amendment to Employment
Agreement dated as of July 3, 2007 and the Second Amendment to Exhibit C dated
as of April 10, 2008 (as amended, the “Employment Agreement”); and

    

    WHEREAS, Subsections 4(a)(relating to
death benefits), 4(b)(relating to disability benefits), 4(c)(relating to
supplemental retirement benefits), and 4(d)(relating to survivability of death
and supplemental retirement benefits) of  Exhibit C to the Employment
Agreement provide Executive with certain Death Benefits, Disability Benefits and
Supplemental Retirement Benefits (collectively referred to herein as the “SERP
Benefits”) that provides for monthly payments to Executive or his beneficiaries
for a period of at least two hundred forty (240) months in the event of death or
retirement and for disability payments until the earlier of death or Executive
reaches age 65 if Executive’s employment terminates as a result of disability;
and

    

    WHEREAS,
Executive is 100% vested in his SERP Benefits; and

    

    WHEREAS,
the Corporation and the Executive have agreed to a lump sum payment of the SERP
Benefits at a negotiated discount in exchange for Executive’s release of the
Corporation from all future obligations to pay Executive SERP Benefits;
and

    

    WHEREAS,
Executive resigned his employment with the Corporation as of April 18,
2008.

    

    NOW, THEREFORE, in consideration of the
covenants set forth herein and for other good and valuable consideration, the
Corporation and Executive hereby agree as follows:

    

       
1.  In consideration of the Corporation’s payment to Executive of the
gross amount of Four Hundred Thousand Dollars ($400,000) (the “Accelerated
Payment”), between January 5, 2009 and January 9, 2009, Subsections 4(a)
relating to death benefits, 4(b) relating to disability benefits, 4(c) relating
to supplemental retirement benefits and 4(d) relating to survivability of death
and supplemental retirement benefits, of Exhibit to the Employment Agreement are
hereby satisfied in their entirety and fully discharged. Executive and the
Corporation further agree that the Accelerated Payment is being made pursuant to
the transitional rules relating to Code Section 409A, as set out in Internal
Revenue Service Notice 2007-86.

    

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    2.  In consideration of the
payment made pursuant to Section 1 of this Agreement, Executive, on his own
behalf and on behalf of his heirs and legal representatives, does hereby release
the Corporation, its affiliated corporations, and its respective directors,
officers, employees and agents of and from any and all claims and causes of
action for money or other damages or relief of any kind whatsoever from the
Corporation, arising directly or indirectly out of the Employment Agreement,
including the SERP benefits.

     

    
             
3.  Executive acknowledges and agrees that
upon his receipt of the payment described in Section 1 of this Agreement for
settlement of his SERP Benefits, all obligations of the Corporation due and
owing to him under Employment Agreement or otherwise relating to his employment
by the Corporation have been satisfied and that he has no other claim relating
to or arising from his employment with the Corporation; provided, however, that
Executive shall not be deemed to waive any of his rights with respect to benefit
plans of the Corporation in which he is or has been a participant, including
without limitation, medical, vision, dental, disability and life insurance
benefit plans, the 401(k) plan and the retirement
plan.

       

    

    4.  Executive hereby
acknowledges that he has read this release and has been advised to consult an
attorney with respect to the terms hereof, and that he fully understands and
voluntarily accepts such terms.

    

    5.  Executive agrees and
acknowledges that the Accelerated Payment shall be net of any taxes that the
Corporation is required to withhold thereon, including but not limited to
federal and state income and employment taxes.

    

    6.  This Agreement shall be
governed and construed in accordance with the substantive laws of the State of
Missouri.

    

    

    REMAINDER
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    IN WITNESS WHEREOF, the parties have
executed this Agreement as of the date first written above.

    

    

    CONSUMER PROGRAMS
INCORPORATED

    

    

    By:/s/Renato Cataldo

    ______________________________________

    Renatdo Cataldo

    

    Its: Chief Executive Officer,
President

    ______________________________________

                          the
“Corporation”

    

                
  /s/Gary W. Douglass

                 
____________________________________

                                                         
Executivetie8k081231-101.htm

    STOCK
PURCHASE AGREEMENT

    

    This
Stock Purchase Agreement (the “Agreement”) is made and
entered into as of December 31, 2008 between Titanium Metals Corporation, a
Delaware corporation (“Seller”), and Contran
Corporation, a Delaware corporation (“Contran”).

    

    Recitals

    

    Seller
wishes to sell all of its interest in Whitney International University System
Ltd. (“WIUS”) comprised of 2,352,942 shares (the “Shares”) of the common stock,
$0.01 par value per share, of WIUS to Contran, and Contran wishes to purchase
the Shares, on the terms and subject to the conditions of this Agreement (the
“Transaction”).

    

    Agreement

    

    The
parties agree as follows:

    

    ARTICLE I.

    THE
TRANSACTION

    

    Section 1.1.  Purchase and Sale
of Shares.  Against payment of the purchase price therefor as
specified in Section
1.2, Seller hereby sells, transfers, assigns and delivers to Contran the
Shares.  Certificates representing the Shares are hereby delivered
accompanied by stock powers duly endorsed in blank.

    

    Section 1.2.  Purchase Price
and Payment.  Contran hereby purchases all of the Shares for a
purchase price of SIXTEEN MILLION SEVEN HUNDRED THOUSAND DOLLARS ($16,700,000)
payment for which is hereby made by means of a promissory note (the “Note”) from
Contran as maker in the original principal amount of $16,700,000 payable to
Seller.  In addition to the Note, Contran shall also deliver an
executed Pledge and Security Agreement securing the Shares as collateral for the
Note.

    

    ARTICLE II.

    REPRESENTATIONS
AND WARRANTIES OF THE SELLER

    

    Seller
hereby represents and warrants to Contran as of the date of this Agreement as
follows:

    

    Section 2.1.  Authority.  It
is a corporation validly existing and in good standing under the laws of the
state of its incorporation.  It has full corporate power and
authority, without the consent or approval of any other person, to execute and
deliver this Agreement and to consummate the Transaction.  All
corporate action required to be taken by or on behalf of it to authorize the
execution, delivery and performance of this Agreement has been duly and properly
taken.

    

    Section 2.2.  Validity.  This
Agreement is duly executed and delivered by it and constitutes its lawful, valid
and binding obligation, enforceable in accordance with its terms.  The
execution and delivery of this Agreement and the consummation of the Transaction
by it are not prohibited by, do not violate or conflict with any provision of,
and do not result in a default under (a) its charter or bylaws; (b) any material
contract, agreement or other instrument to which it is a party or by which it is
bound; (c) any order, writ, injunction, decree or judgment of any court or
governmental agency applicable to it; or (d) any law, rule or regulation
applicable to it, except in each case for such prohibitions, violations,
conflicts or defaults that would not have a material adverse consequence to the
Transaction.

    

    Section 2.3.  Ownership of
Shares.  It is the record and beneficial owner of the Shares
and upon consummation of the transactions contemplated by this Agreement,
Contran will acquire good and marketable title to the Shares, free and clear of
any liens, encumbrances, security interests, restrictive agreements, claims or
imperfections of any nature whatsoever, other than restrictions on transfer
imposed by applicable securities laws.

    

    ARTICLE III.

    REPRESENTATIONS
AND WARRANTIES OF THE PURCHASER

    

    Contran
hereby represents and warrants to the Seller as of the date of this Agreement as
follows:

    

    Section 3.1.  Authority.  It
is a corporation validly existing and in good standing under the laws of the
state of its incorporation.  It has full corporate power and
authority, without the consent or approval of any other person, to execute and
deliver this Agreement and to consummate the Transaction.  All
corporate and other actions required to be taken by or on behalf of it to
authorize the execution, delivery and performance of this Agreement have been
duly and properly taken.

    

    Section 3.2.  Validity.  This
Agreement is duly executed and delivered by it and constitutes its lawful, valid
and binding obligation, enforceable in accordance with its terms.  The
execution and delivery of this Agreement and the consummation of the Transaction
by it are not prohibited by, do not violate or conflict with any provision of,
and do not result in a default under (a) its charter or bylaws; (b) any material
contract, agreement or other instrument to which it is a party or by which it is
bound; (c) any order, writ, injunction, decree or judgment of any court or
governmental agency applicable to it; or (d) any law, rule or regulation
applicable to it, except in each case for such prohibitions, violations,
conflicts or defaults that would not have a material adverse consequence to the
Transaction.

    

    Section 3.3.  Purchase for
Investment.  It is purchasing the Shares sold and delivered to
it hereunder for investment solely for its own account and not with a view to,
or for resale in connection with, the distribution thereof.  It
understands that such Shares are restricted securities under the Securities Act
of 1933, as amended (the “Securities Act”), and that
such Shares must be held indefinitely unless they are registered under the
Securities Act and any applicable state securities or blue sky laws or an
exemption from such registration is available.

    

    Section 3.4.  Nature of
Purchaser.  It has such knowledge and experience in financial
and business matters that it is capable of evaluating the merits and risks of
the purchase of the Shares.

    

    ARTICLE IV.

    GENERAL
PROVISIONS

    

    Section 4.1.  
Survival.  The representations and warranties set forth in this
Agreement shall survive the execution of this Agreement and the consummation of
the transactions contemplated herein.  The covenants and other
agreements set forth in this Agreement shall terminate on the tenth anniversary
of this Agreement.

     

     

           
Section 4.2.  Amendment and
Waiver.  No amendment or waiver of any provision of this
Agreement shall in any event be effective unless the same shall be in a writing
referring to this Agreement and signed by the parties hereto, and then such
amendment, waiver or consent shall be effective only in the specific instance
and for the specific purpose for which given.

    

    Section 4.3.  Parties and
Interest.  This Agreement shall bind and inure to the benefit
of the parties named herein and their respective heirs, successors and
assigns.

    

    Section 4.4.  Entire
Transaction.  This Agreement contains the entire understanding
among the parties with respect to the transactions contemplated hereby and
supersedes all other agreements and understandings among the parties with
respect to the subject matter of this Agreement.

    

    Section 4.5.  Applicable
Law.  This Agreement shall be governed by and construed in
accordance with the domestic laws of the state of Delaware, without giving
effect to any choice of law or conflict of law provision or rule (whether of the
state of Delaware or any other jurisdiction) that would cause the application of
the laws of any jurisdiction other than the state of Delaware.

    

    Section 4.6.  Severability.  If
any provision of this Agreement is found to violate any statute, regulation,
rule, order or decree of any governmental authority, court, agency or exchange,
such invalidity shall not be deemed to effect any other provision hereof or the
validity of the remainder of this Agreement and such invalid provision shall be
deemed deleted to the minimum extent necessary to cure such
violation.

    

    Section 4.7.  Notice.  All
notices, requests, demands and other communications hereunder shall be in
writing and shall be sent by registered or certified mail, postage prepaid as
follows:

     

    If to the
Seller:                                       Titanium
Metals Corporation

    5430 LBJ
Freeway

    Three
Lincoln Centre, Suite 1700

    Dallas,
Texas 75240-2697

    Attention:  Secretary

    

    If to the
Purchaser:                               Contran
Corporation

    5430 LBJ
Freeway

    Three
Lincoln Centre, Suite 1700

    Dallas,
Texas 75240-2697

    Attention:  General
Counsel

    

    Section 4.8.  Headings.  The
sections and other headings contained in this Agreement are for reference
purposes only and shall not effect in any way the meaning or interpretation of
this Agreement.

    

    Section 4.9.  Expenses.  Except
as otherwise expressly provided herein, each party to this Agreement shall pay
its own costs and expenses in connection with the transactions contemplated
hereby.

    

    The
parties hereto have caused this Agreement to be executed by their duly
authorized officers as of the date first written above.

    

    

    
      	
               
      

            	
              TITANIUM
      METALS CORPORATION

            

    

    

    

    

    
      	
               
      

            	
              By:

            	
              /s/ Robert D.
      Graham

            	 

    

    
      	
               
      

            	
              Robert
      D. Graham, Executive Vice President

            

    

    

    

    

    
      	
               
      

            	
              CONTRAN
      CORPORATION

            

    

    

    

    

    
      	
               
      

            	
              By:

            	
              /s/ William J.
      Lindquist

            	 

    

    
      	
               
      

            	
              William
      J. Lindquist, Senior Vice
President

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