Document:

agreement.htm

    
       

       

       

      Exhibit
10.1

       ®

      

      This
amended Market Alliance Agreement ("Agreement") is hereby entered
into

      as of
March 24, 2009, (hereinafter the “Effective Date”) by and between

      E. I. du
Pont de Nemours and Company,

      through
its Packaging & Industrial Polymers business,

      Barley
Mill Plaza Building 26

      4417
Lancaster Pike

      Wilmington,
Delaware 19805)

      (hereinafter
known as “DuPont” or “Seller”)

      and PGT
Industries, Inc. (hereinafter known as “PGT” or “Buyer")

      of 1070
Technology Drive, Nokomis, FL 34275

      

      DuPont
and Buyer are hereinafter collectively referred to as the “Parties” and
individually as a “Party.”  Intending to be legally bound, Buyer
agrees to purchase from DuPont and DuPont agrees to sell to Buyer pursuant to
the following conditions:

      

      1.  DEFINITIONS. The Parties agree
that following terms shall have the meanings ascribed below:

      

      “Product” – means SentryGlas®
Plus, ionoplast structural interlayer produced by DuPont and sold pursuant to
this Agreement.

      

      “Total Interlayer” – means
rolls or sheets of polyvinyl butyral produced by any entity (including DuPont)
and ionoplast structural interlayer produced by DuPont.

      

      2.  SCOPE.  The Parties
agree and acknowledge that the sale of Product to Buyer pursuant to this
Agreement is strictly for usage and production at its glass laminating
facilities within the United States.  The Parties also agree to review
aspects of this agreement on a quarterly basis.

      

      3. 
PRODUCTS/QUANTITY.  DuPont shall sell and Buyer shall purchase
the following amounts of Product in accordance with the terms and conditions set
forth in Attachment A, Section 1.

      

      4.  PRICE.  Buyer
shall pay DuPont the prices listed in Attachment A, Section 2 for the Products
it purchases from DuPont.

      

      5.  TERM OF
CONTRACT.  Parties agree to the terms of the contract set forth
in Attachment A, Section 3.

      

      6.  TERMS OF
PAYMENT.  Buyer shall pay DuPont for Products within thirty
(30) days of the date of DuPont’s invoice.

      

      7.  PROGRAMS.  Parties
agree to work together and comply with the program provisions set forth in
Attachment A, Section 4.

      

      8.  DELIVERY TERMS. Delivery will
be made within the 48 contiguous United States FOB.  Transportation
will be by method, route and carrier selected by DuPont; Buyer to bear the
excess cost of any alternate method, route, or carrier selected by
Buyer.

      

      9.  USER
PROTECTION.  Buyer acknowledges that it has received and is
familiar with DuPont’s labeling and literature concerning the Products and will
communicate such information to its employees who handle, use, or process such
Products.

      
        
          
            DuPont
CONFIDENTIAL

            Agreement-Page
1 of 3

          

           

        

        
           

          
            

          

        

        
           

        

      

      

      10.   ENTIRE
AGREEMENT.  This Agreement along with DuPont’s terms and
conditions for sale of products constitute the entire contract between the
Parties regarding the subject matter described herein.  The terms and
conditions for sale are attached hereto and marked as Attachment A, Section
6.  There are no other agreements, warranties, terms or conditions,
expressed or implied, between the Parties.

      

      11.  ASSIGNMENT/AMENDMENT/WAIVER/
TRANSFER OF ASSETS.

      (a)The
rights and obligations covered herein are personal to each Party hereto, and for
this reason neither party may assign this Agreement in whole or in part; nor
shall either party subcontract any of its obligations hereunder without the
prior written consent the other.   This Agreement may not be
amended except by in writing signed by both Parties.  No waiver of any
provision of this Agreement by either Party shall be enforceable against that
Party unless it is in writing and signed by both Parties.

      

      (b) PGT shall notify DuPont in writing,
as soon as is legally permissible, if, during the term of this Agreement, either
party reasonably expects to consolidate with or merge with another corporation
or to sell, assign, or otherwise dispose of substantially all of its assets used
to perform under this Agreement;   over twenty percent (20%) of
its ownership or controlling interest (whether in the form of stock or
otherwise); If such occurrence or proposed occurrence is unacceptable to DuPont
because the third party merging or purchasing PGT is an adverse party to
DuPont’s Glass Interlayer Business  , DuPont  may terminate
this Agreement upon written notice to the other party.

      

      12.  BANKRUPTCY/
REORGANIZATION. In the event either
Party is found to be insolvent, has a petition in bankruptcy filed against it,
files a petition in bankruptcy or petitions for reorganization, this Agreement
will automatically terminate as to future obligations.  The party who
is insolvent or who is under bankruptcy will still be obligated to perform all
material obligations under this Agreement.

      

      13.  NOTICES.  All
notices required hereunder shall be sent by United States Postal or a recognized
carrier to the Party to be notified at the addresses specified
above.

      

      14.  HARDSHIP.  The
Parties agree to the hardship conditions set forth in Attachment A, Section
5.

      

      15.  GOVERNING
LAW.  This Agreement shall be governed by the laws of the State
of Delaware.

      

      16. 
CONFIDENTIALITY.  Any knowledge or information disclosed
between Buyer and DuPont which relates in any way to the Products and services
of this Agreement, the prices contained within the Agreement, or the fact of
this Agreement, unless otherwise agreed to in writing, shall be deemed
proprietary and confidential and shall not be disclosed by either Party to any
third party and such shall remain the property of DuPont.  Both
Parties shall keep confidential any technical, process, or economic information
derived from the other in connection with this Agreement and shall not divulge
such information, directly or indirectly, for the benefit of any Party unless
previously agreed to in writing by the other Party.

      

      
        
          
            DuPont
CONFIDENTIAL

            Agreement-Page 2
of 3

          

           

        

        
           

          
            

          

        

        
           

        

      

      PGT’S
ACCEPTANCE:                                                                                     E.
I. DU PONT DE NEMOURS AND COMPANY

      

      PGT
INDUSTRIES                                                                                              
PACKAGING & INDUSTRIAL POLYMERS

      

      

      By: /s/ Brad
Voss                                                                                                 By:
/s/ William F.
Weber

      

      Title:  Director of Strategic
Purchasing                                                            Title:  President, DuPont Packaging
& Industrial Polymers

      

      Printed
Name: Brad
Voss                                                                                    Printed
Name: William F.
Weber

      

      Date:
March 24,
2009                                                                                           Date:
March 24,
2009

      

      

      
        
          
            DuPont
CONFIDENTIAL

            Agreement-Page
3 of 3United States Securities & Exchange Commission EDGAR Filing

EXHIBIT 10.1

FIRST AMENDMENT 

TO EMPLOYMENT AGREEMENT

THIS FIRST AMENDMENT is made this 20th day of March by and among Coastal Banking Company, Inc. (the “Company”), CBC National Bank (formerly known as and currently doing business as First National Bank of Nassau County), a national banking association (the “Bank”) (the Company and the Bank are collectively referred to herein as the “Employer”), and Michael G. Sanchez (the “Executive”). 

RECITALS:

The Employer and the Executive previously entered into an amended and restated employment agreement, effective as of December 31, 2008 (the “Employment Agreement”). The Employer and the Executive now desire to amend the Employment Agreement to revise those severance provisions applicable in the event of a change in control.

In consideration of the foregoing, the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree to amend the Employment Agreement, effective as of December 31, 2008, by deleting Section 5(j) in its entirety and by substituting therefor the following:

“j.

The parties intend that the severance payments and other compensation provided for herein are reasonable compensation for the Executive’s services to the Employer and shall not constitute “excess parachute payments” within the meaning of Code Section 280G(b) and any regulations thereunder. In the event that the Employer’s independent accountants acting as auditors for the Employer on the date of a Change in Control determine that the payments provided for herein and other arrangements among the parties constitute “excess parachute payments,” then the Executive’s compensation payable hereunder shall be decreased, so as to equal an amount that is $1.00 less than three times the Executive’s ‘base amount,’ as that term is defined in Code Section 280G(b), but only if (i) the net amount of such payments, as so reduced (and after subtracting the net amount of federal, state and local income taxes on such reduced payments) is greater than or equal to (ii) the net amount of such payments without such reduction (but after subtracting the net amount of federal, state and local income taxes on such payments and the amount of excise tax under Code Section 4999 to which the Executive would be subject in respect of such unreduced payments). In the event the payments are required to be reduced pursuant to this Section, the payments which are non-cash shall first be reduced, followed, if necessary, by the payments which are cash, in each case beginning with the last payments in time.”

Except as specifically amended hereby, the Employment Agreement will remain in full force and effect as prior to this First Amendment.

IN WITNESS WHEREOF, the Employer has caused this First Amendment to be executed by its officers thereunto duly authorized, and the Executive has signed and sealed this Employment Agreement, effective as of the date first above written. 

			
	 

	EMPLOYER

	 
	 

	 

	COASTAL BANKING COMPANY, INC.

	 
	 
	 

	                                                                       

	By:

	/s/ Suellen Rodeffer Garner

	 

	Name:

	Suellen Rodeffer Garner

	 
	Title: 

	Chairman

	 
	 
	 

	 

	CBC NATIONAL BANK

	 
	 
	 

	 

	By:

	 /s/ Suellen Rodeffer Garner

	 
	Name:

	Suellen Rodeffer Garner

	 
	Title: 

	Chairman

	 
	 
	 

	 

	EXECUTIVE

	 
	 
	 

	 

	 
	/s/ Michael G. Sanchez

	 
	Name:

	Michael G. Sanchez

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