Document:

EXHIBIT 10.1
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                         EXECUTIVE EMPLOYMENT AGREEMENT

     This Executive Employment Agreement ("Agreement") is entered into by and
between North American Galvanizing & Coatings, Inc., a Delaware corporation
("Employer"), and Ronald J. Evans ("Employee"), to be effective on April 1, 2007
(the "Effective Date").

                                   WITNESSETH:

     WHEREAS, Employer is desirous of employing Employee pursuant to the terms
and conditions and for the consideration set forth in this Agreement, and
Employee is desirous of continuing in the employ of Employer pursuant to such
terms and conditions and for such consideration.

     NOW, THEREFORE, for and in consideration of the mutual promises, covenants,
and obligations contained herein, Employer and Employee agree as follows:

ARTICLE 1: EMPLOYMENT AND DUTIES

     1.1. Employer agrees to employ Employee, and Employee agrees to be employed
by Employer, beginning as of the Effective Date and continuing for three (3)
years or until March 31, 2010 (the "Term"), subject to the terms and conditions
of this Agreement.

     1.2. Employee shall continue to be employed as Chief Executive Officer and
President of Employer. Employee will continue to serve in the assigned position
and to perform diligently and to the best of Employee's abilities the duties and
services pertaining to such position as he has done in the past. Employee also
agrees to continue to serve as a Director on Employer's Board of Directors and
to stand for reelection at the request of the Nominating Committee throughout
the Term.

ARTICLE 2: COMPENSATION AND BENEFITS

     2.1. During the Term, Employer shall pay Employee a base salary at an
annual rate of Three Hundred Twenty-five Thousand Dollars ($325,00.00). The base
salary may not be decreased at any time during the Term and may be increased by
Employer's Board of Directors at anytime. The base salary shall be paid in
accordance with Employer's standard payroll practice for its executives or
senior managers.

     2.2. Employee shall be eligible to receive incentive bonuses as may be
provided from time to time by Employer's Board of Directors.

     2.3. As a Director, Employee shall be eligible to participate in and
receive benefits or compensation pursuant to the Director Stock Unit Program and
to receive any other benefits or compensation that are or may become available
to Directors of Employer's Board of Directors.

     2.4. Employee shall be eligible to receive stock options and stock
appreciation rights as provided under the North American Galvanizing & Coatings,
Inc. 2004 Incentive Stock Plan, as amended and restated ("the Incentive Stock
Plan"), pursuant to the terms of the Incentive Stock Plan and as determined by
Employer's Board of Directors.

     2.5. Employee shall be entitled to twenty (20) days of paid vacation per
year at the reasonable and mutual convenience of Employer and Employee.

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     2.6. From and after the Effective Date, Employer shall pay, or reimburse
Employee, for all ordinary, reasonable and necessary expenses which Employee
incurs in performing his duties under this Agreement including, but not limited
to, travel, entertainment, professional dues and subscriptions, and all dues,
fees an expenses associated with membership in various professional, business
and civic associations and societies of which Employee's participation is in the
best interest of Employer.

     2.7. During the Term and while Employee is employed by Employer, and in
addition to any group term life insurance otherwise generally provided to
executives or senior managers of Employer, Employer may purchase and maintain at
its expense term life insurance on the life of Employee payable to Employer as a
beneficiary.

     2.8. While employed by Employer, Employee shall be allowed to participate,
on the same basis generally as other employees of Employer, in all general
employee benefit plans and programs, including improvements or modifications of
the same, which on the Effective Date or thereafter are made available by
Employer to all or substantially all of Employer's executives or senior
managers. Such benefits, plans, and programs may include, without limitation,
medical health, and dental care, life insurance, disability protection, and
qualified retirement plans. Except as specifically provided herein, nothing in
this Agreement is to be construed or interpreted to provide greater rights,
participation, coverage, or benefits under such benefit plans or programs than
provided to executives or senior managers pursuant to the terms and conditions
of such benefit plans and programs.

     2.9. Employer may withhold from any compensation, benefits, or amounts
payable under this Agreement all federal, state, city, or other taxes as may be
required pursuant to any law or governmental regulation or ruling.

ARTICLE 3: TERMINATION PRIOR TO EXPIRATION OF TERM AND EFFECTS OF SUCH
TERMINATION:

     3.1. Employee's employment with Employer shall be terminated (i) upon the
death of Employee, (ii) upon Employee's permanent disability (permanent
disability being defined as Employee's physical or mental incapacity to perform
his usual duties with such condition likely to remain continuously and
permanently); provided, however, that in such event, Employee's employment shall
be continued hereunder for a period of not less than one year from the date of
such disability with Employee's base salary during such period to be reduced by
any Employer-financed disability benefits.

     3.2. If Employee's employment is terminated by reason of a "Voluntary
Termination" (as hereinafter defined) or by the Employer for "Cause" (as
hereinafter defined), all future compensation to which Employee is otherwise
entitled and all future benefits for which Employee is eligible shall cease and
terminate as of the date of termination. If Employee's employment is terminated
by reason of a Voluntary Termination or for Cause, Employee shall be entitled to
pro rata base salary through the date of such termination and shall be entitled
to any individual bonuses or individual incentive compensation not yet paid but
due under Employer's plans but shall not be entitled to any other payments by or
on behalf of Employer except for those which may be payable pursuant to the
terms of Employer's employee benefit plans. For purposes of this Section 3.2, a
"Voluntary Termination" of the employment relationship by Employee prior to
expiration of the Term shall be a termination of Employment in the sole
discretion of and at the election of Employee, other than (i) a termination of
Employee's employment because of a breach by Employer of any material provision
of this Agreement which remains uncorrected for thirty (30)

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days following written notice of such breach by Employee to employer; (ii) a
termination by either Employer or Employee of Employee's employment within six
(6) months of a reduction in Employee's rank or responsibility with Employer or
a "Change in Control" (as hereinafter defined); or (iii) a termination by
Employee of Employee's employment due to Employer's request or demand that
Employee relocate his business office or residence to a location more than
fifteen (15) miles from Employee's current business office. For purposes of this
Section 3.2, the term "Cause" shall mean any of (i) Employee's gross negligence
or willful misconduct in the performance of the duties and services required of
Employee pursuant to this Agreement; (ii) Employee's final conviction of a
felony; or (iii) Employee's material breach of any material provision of this
Agreement which remains uncorrected for thirty (30) days following written
notice to Employee by Employer of such breach.

     3.3. If Employee's employment is terminated for any reason other than for
Cause, permanent disability (as described in Sections 3.1 and 3.2 above) or a
Change in Control, Employer shall pay to Employee (or his estate) 1.0 times his
annual base salary, as it exists at the time of termination of employment.
Nothing contained in this Section 3.3 shall be construed to be a waiver by
Employee of any benefits accrued for or due Employee under any employee benefit
plan (as such term is defined in the Employee's Retirement Income Security Act
of 1974, as amended) maintained by Employer.

     3.4. Should Employee or Employer decide to end the employment relationship
due to a Change in Control, Employer shall pay Employee 2.99 times his annual
base salary, as it exists at the time of termination of employment. A Change of
Control means a change in control of Employer of a nature that would be required
to be reported in response to item 6(e) of Schedule 14A of Regulation 14A
promulgated under the Securities Exchange Act of 1934, as amended ("the 1934
Act"), as in effect at the time of such "Change in Control", provided that such
a Change in Control shall be deemed to have occurred at such time as:

     (i) any "person" (as that term is used in Sections 13(d) and 14(d)(2) of
     the 1934 Act), is or becomes the beneficial owner (as defined in Rule 13d-3
     under the 1934 Act) directly or indirectly, of securities representing 30%
     or more of the combined voting power for election of Directors of the then
     outstanding securities of Employer or any successor to Employer;

     (ii) during any period of two consecutive years or less, individuals who at
     the beginning of such period constitute the Board of Directors of Employer
     cease, for any reason, to constitute at least a majority of the Board of
     Directors, unless the election or nomination for election of each new
     Director was approved by a vote of at least two-thirds of the Directors
     then still in office who were Directors at the beginning of the period; or

     (iii) the shareholders or the Board of Directors of Employer approve any
     reorganization, merger, consolidation or share exchange as a result of
     which the common stock of Employer shall be sold, changed, converted or
     exchanged into or for securities of another corporation or any dissolution
     or liquidation of Employer or any sale or the disposition of 50% or more of
     the assets or business of Employer.

     3.5. Termination of the employment relationship does not terminate those
obligations imposed by this Agreement which are continuing obligations,
including, without limitation, Employee's obligations under Articles 4 and 5.

ARTICLE 4: OWNERSHIP AND PROTECTION OF INTELLECTUAL PROPERTY AND CONFIDENTIAL
INFORMATION:

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     4.1. All information, ideas, concepts, improvements, discoveries, and
inventions, whether patentable or not, which are conceived, made developed or
acquired by Employee, individually or in conjunction with others, during
Employee's employment by Employer (whether during business hours or otherwise
and whether on Employer's premises or otherwise) which relate to Employer's
business, products or services (including, without limitation, all such
information relating to corporate opportunities, research, financial and sales
data, pricing and training terms, evaluations, opinions, interpretations,
acquisition prospects, the identity of customers or their requirements, the
identity of key contacts within the customer's organizations or within the
organization of acquisition prospects, or marketing and merchandising
techniques, prospective names, and marks), and all writings or materials of any
type embodying any of such items, shall be disclosed to Employer and are and
shall be the sole and exclusive property of Employer.

     4.2. Employee acknowledges that the businesses of Employer and its
affiliates are highly competitive and that their strategies, methods, books,
records, and documents, their technical information concerning their products,
equipment, services and processes, procurement procedures and pricing
techniques, the names of an other information (such as credit and financial
data) concerning their customers and business affiliates, all comprise
confidential business information and trade secrets which are valuable, special,
and unique assets which Employer, or its affiliates use in their business to
obtain a competitive advantage over their competitors. Employee further
acknowledges that protection of such confidential business information and trade
secrets against unauthorized disclosure and use is of critical importance to
Employer, and its affiliates in maintaining their competitive position. Employee
hereby agrees that Employee will not at any time during or after his employment
by Employer, make any unauthorized disclosure of any confidential business
information or trade secretes of Employer, or its affiliates, or make any use
thereof, except in the carrying out of his employment responsibilities
hereunder. The above notwithstanding, a disclosure shall not be unauthorized if
(i) it is required by law or by a court of competent jurisdiction or (ii) it is
in connection with any judicial or other legal proceeding in which Employee's
legal rights and obligations as an employee or under this Agreement are at
issue; provided, however, that Employee shall, to the extend practicable and
lawful in any such events, give prior notice to employer of his intent to
disclose any such confidential business information in such context so as to
allow Employer an opportunity (which Employee will not oppose) to obtain such
protective order or similar relief with respect thereto as it may deem
appropriate.

     4.3. All written materials, records, and other document made by, or coming
into the possession of, Employee during the period of Employee's employment by
Employer which contain or disclose confidential business information or trade
secretes of employer, or its affiliates shall be and remain the property of
Employer, or its affiliates, as the case may be. Upon termination of Employee's
employment by Employer, for any reason, Employee promptly shall deliver the
same, and all copies thereof, to Employer.

ARTICLE 5: POST-EMPLOYMENT AND NON-COMPETITION OBLIGATIONS:

     5.1. As part of the consideration of the compensation and benefits to be
paid to Employee hereunder, and as an additional incentive for Employer to enter
into this Agreement, Employer and Employee agree to the non-competition
provisions of this Article 5. Employee agrees that during the period of
Employee's non-competition obligations hereunder, Employee will not, directly or
indirectly for Employee or for others, in any geographic area or market where
Employer or any of their affiliated companies are conducting any business (other
than de minimis business operations) as of the date of

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termination of the Employment relationship or have during the previous twelve
months conducted any business (other than de minimis business operations):

     (i)    Engage in any business directly competitive with any business (other
            than de minimis business operations) conducted by Employer or any of
            Employer's affiliates;

     (ii)   render advice or services to, or otherwise assist, any other person,
            association, or entity who is engaged, directly or indirectly, in
            any business directly competitive with any business (other than de
            minimis business operations) conducted by Employer or any of
            Employer

     (iii)  induce any employee of Employer or any of its affiliates (other than
            Employee's person secretary or administrative assistant) to
            terminate his employment with Employer, or its affiliates, or hire
            or assist in the hiring of any such induced employee by any person,
            association, or entity not affiliated with Employer.

These non-competition obligations shall extend until 12 months after termination
of the employment relationship between Employer and Employee. The above
notwithstanding, nothing in this Section 5.1 shall prohibit Employee from
engaging in or being employed by any entity that engages in the provision of
management consulting or other consulting services to third parties, even where
such entity on occasion renders advice or services to, or otherwise assists, any
other person, association, or entity who is engaged, directly or indirectly, in
any business directly competitive with any business conducted by Employer or any
of Employer's affiliates, so long as Employee does not personally, directly or
indirectly (A) participate in rendering such advice, services or assistance to
any such competing person, association or entity, (B) provide any information or
other assistance to any other person employed by Employee or by any such
consulting entity for use, directly or indirectly, in rendering such assistance
to any competing person, association or entity or (C) engage in any conduct
which would be violative of the provisions of Article 4 hereof.

ARTICLE 6: MISCELLANEOUS:

     6.1. For purposes of this Agreement, (i) the terms "affiliates" or
"affiliated" means an entity who directly, or indirectly through one or more
intermediaries, controls, is controlled by, or is under common control with
Employer or in which Employer has a 50% or more equity interest, and (ii) any
action or omission permitted to be taken or omitted by Employer hereunder shall
only be taken or omitted by Employer or of any committee of the Board of
Directors to which authority over such matters may have been delegated.

     6.2. For purposes of this Agreement, notices and all other communications
provided for herein shall be in writing and shall be deemed to have been duly
given when received by or tendered to Employee or Employer, as applicable, by
pre-paid courier or by United States registered or certified mail, return
receipt requested, postage prepaid addressed as follows:

     If to Employer, to North American Galvanizing & Coatings, Inc.

     at its corporate headquarters to the attention of the Board of Directors of
     North American Galvanizing & Coatings, Inc.

     If to Employee, to his last known personal residence.

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     6.3. This Agreement shall be governed in all respects by the laws of the
State of Florida, excluding any conflict-of-law rule or principle that might
refer to the laws of another State or country.

     6.4. No failure by either party hereto at any time to give notice of any
breach by the other party of, or to require compliance with, any condition or
provision of this Agreement shall be deemed a waiver of similar or dissimilar
provisions or conditions at the same or at any prior or subsequent time.

     6.5. It is a desire and intent of the parties that the terms, provisions,
covenants, and remedies contained in this Agreement shall be enforceable to the
fullest extent permitted by law. If any such term, provision, covenant, or
remedy of this Agreement or the application thereof to any person, association,
or entity or circumstances shall, to any extent, be construed to be invalid or
unenforceable in whole or in part, then such term, provision, covenant, or
remedy shall be construed in a manner so as to permit its enforceability under
the applicable law to the fullest extent permitted by law. In any case, the
remaining provisions of this Agreement or the application thereof to any person,
association, or entity or circumstances other than those to which they have been
held invalid or unenforceable, shall remain in full force and effect.

     6.6. This Agreement shall be binding upon and inure to the benefit of
Employer and any other person, association, or entity which may hereafter
acquire or succeed to all or substantially all of the business or assets of
Employer by any means whether direct or indirect, by purchase, merger,
consolidation, or otherwise. Employee's rights and obligations of Employee shall
not be voluntarily or involuntarily assigned, alienated, or transferred, whether
by operation of law or otherwise, without the prior written consent of Employer,
other than in the case of death or incompetence of Employee.

     6.7. This Agreement replaces and merges any previous agreements and
discussions pertaining to the subject matter covered herein. This Agreement
constitutes the entire agreement of the parties with regard to such subject
matter, and contains all of the covenants, promises, representations,
warranties, and agreements between the parties with respect such subject matter.
Each party to this Agreement acknowledges that no representation, inducement,
promise, or agreement, oral or written, has been made by either party with
respect to such subject matter, which is not embodied herein, and that no
agreement, statement, or promise relating to the employment of Employee by
Employer that is not contained in this Agreement shall be valid or binding. Any
modification of this Agreement will be effective only if it is in writing and
signed by each party whose rights hereunder are affected thereby.

     IN WITNESS WHEREOF, Employer and Employee have duly executed this Agreement
at Greenwich, Connecticut in multiple originals to be effective on the date
first stated above.

                                     NORTH AMERICAN GALVANIZING & COATINGS, INC.

                                            By: /s/ Joseph J. Morrow
                                                ----------------------------
                                                Chairman of Board of Directors

                                                /s/ Ronald J. Evans
                                                ----------------------------
                                                Employee

                                        6EXHIBIT 10.2
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Lake River Terminals Site Mediation
Metropolitan Water Reclamation District v. North American Galvanizing &
Coatings, Inc. No. 03-C-0754 (U.S.D.C.N.D. IL)

AGREEMENT IN PRINCIPLE

The parties are the Metropolitan Water Reclamation District of Greater Chicago
(MWRD) and North American Galvanizing and Coatings, Inc. (NAGC). The party
representatives attending the mediation session held January 31, 2007 in
Chicago, IL concerning the above-captioned matter agreed to recommend to their
respective principals and clients the following terms for a settlement.

1. The parties agree that their common objective, expectation and desire is to
enroll the Lake River Terminals Site (Site) into the Illinois Environmental
Protection Agency (Illinois EPA) Voluntary Site Remediation Program (VSRP) (Cf.
35 I.A.C. Part 740), and to fund an investigation, study, remedy design and
report process (the Investigation) as required under the VSRP. The parties agree
to fund an Investigation to delineate the presence and extent of contaminants of
concern at the site and enable identification of what, if any, response action
appears necessary and appropriate at the Site in order to obtain a No Further
Remediation (NFR) determination from Illinois EPA allowing commercial or
industrial reuse of the Site and taking into consideration any semi-volatile
organic compounds (SVOCs), volatile organic compounds (VOCs), pesticides,
herbicides, poly-chlorinated biphenyls (PCBs) or metals that may be present at
the Site.

Funding Commitments

2. Funding Commitment

a) NAGC will contribute fifty percent (50%) of the costs of the Investigation
and enrollment of the Site (including Illinois EPA oversight fees), through and
including the approval or disapproval of a Remediation Action Plan by Illinois
EPA, up to a maximum of $350,000 in funding from NAGC.

b) NAGC has also agreed to fund 50% of the cost of the Remedial Action Work
(Work) required by the approved Site Remedial Action Plan, or by such other Work
as the parties may otherwise in writing hereafter agree upon, subject to a
maximum commitment of $1,000,000;

c) NAGC additionally commits to expend the funds needed to pay for the removal
of the Piping on Parcel 3, as per Paragraph 8 hereof.

3. The parties have had their respective consultants confer and have essentially
agreed on the basic elements of the Initial Minimum Investigation, which
consists of soil and groundwater sampling as delineated in plats and tables
separately initialed by the parties. The view of the consultants is that the
performance of the Initial Minimum Investigation should provide the basis for a
Remedial Investigation Report that is approvable by Illinois EPA. However, it is
possible that the actual investigation may turn up results that require
additional and more investigation, or that the Illinois EPA will not approve the
Remedial Investigation Report.

<PAGE>

4. MWRD will have responsibility for contracting out and supervising the
Investigation. NAGC will be kept apprised of the Investigation work and results.
NAGC will have the right to review and consent to any and all reports submitted
to Illinois EPA, including specifically the final Remedial Investigation Report,
Remedial Action Objectives Report, and Site Remedial Action Plan or equivalent
documents under the Illinois VSRP. MWRD will require that the Investigation
contractor prepare a remediation cost estimate and cash flow projection prior to
enrollment and submittal of the Remediation Investigation Report, and will share
that projection with NAGC. Cost overruns for the Investigation and submittal
process in excess of $700,000 ($350,000 from each party) will be the
responsibility of MWRD. Each party will bear its own internal personnel and
administrative costs and expenses for the Investigation, including legal fees,
and such costs shall not count towards the shared Investigation funding.

5. The MWRD reserves the right to decline to enroll the property in the VSRP if
further study, remediation and VSRP costs after performance of the Initial
Minimum Investigation are reasonably anticipated to exceed $2,150,000.
Additionally, within 45 days of a disapproval (if any) by Illinois EPA of the
Remediation Investigation Report, the Remediation Objectives Report or the
Remediation Action Plan (as the case and stage of work may be), MWRD may elect
to reject the NAGC fifty percent Work commitment, provided it has the written
advice of an independent environmental consultant that the cost of the future
work entailed in likely receiving an NFR letter will exceed Two Million Dollars
($ 2,000,000). If MWRD declines or elects to reject as provided in this
Paragraph, the parties shall confer under Paragraph 7 below.

6. If MWRD elects to accept NAGC's fifty percent (50%) commitment to fund the
Work up to a $1,000,000 maximum, MWRD will be responsible for all Work costs in
excess of $2,000,0000 ($1,000,000 from each party). MWRD will have
responsibility for contracting out and supervising the Work. NAGC will be kept
apprised of the progress and results of the Work. MWRD will require that the
Work contractor prepare a remediation cost estimate and cash flow projection, to
be updated at least every six (6) months, and will share those projections with
NAGC upon receipt. MWRD will include NAGC as a Remediation Applicant on
correspondence with Illinois EPA, and will name NAGC as a party to be included
in the releases and protections of a NFR determination from Illinois EPA. Any
cost overruns for the Work in excess of $2,000,000 ($1,000,000 from each party)
will be the responsibility of MWRD. Each party will bear its own internal
personnel and administrative costs and expenses for the Work, including legal
fees, and such costs shall not count towards the shared Work funding.

7. If the projected cost of carrying out the Remedial Action Plan exceeds
$2,000,000, then MWRD may elect to reject the $1,000,000 maximum funding limit
for NAGC. In that event, MWRD shall so notify NAGC. In the event of such
notification: the parties may, but under this agreement are not required to,
negotiate an alternate agreement specifying how they will fund implementation of
the Remedial Action Plan or equivalent document approved by Illinois EPA for the
Site; and absent such an alternate agreement, neither party is required under
this agreement to implement the Remedial Action Plan or equivalent document
approved by Illinois EPA for the Site, and also absent such an alternate refiled
without any prejudice whatsoever to any party on account of this Agreement, the
passage of time thereunder, or otherwise, nunc pro tunc. Removal of Buildings
and Other Structures Prior to Remediation agreement, the litigation may be
reactivated or refiled without any prejudice whatsoever to any party on account
of this Agreement, the passage of time thereunder, or otherwise, nunc pro tunc.

Removal of Buildings and Other Structures Prior to Remediation

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8. NAGC agrees to remove or fund the removal of any "storage tanks, pumping
equipment, pipelines, boilers, steam lines and appurtenances thereto" (the
Piping) as described by appendix A (quote Conclusion No.2) in accordance with
the non-binding Mediator's Advisory Opinion from Hon. Stephen A. Schiller (Ret.)
dated January 22,2007. The cost of this work is a funding commitment of NAGC
additional to and not included in the shared Investigation or Work costs or
funding limitations of Paragraph 2 (a) and (b). The parties may, but need not,
agree to have MWRD's contractor perform this obligation at NAGC's cost.

9. MWRD agrees to demolish and remove any buildings, tanks and other structures
that are intended to be removed from Parcels 1, 2, 4 and 5, and any buildings or
improvements other than the Piping from Parcel 3. MWRD will remove these
structures at no cost to NAGC and without including the expense of such work in
the shared funding commitments set out herein.

10. NAGC and MWRD will remove the structures identified in Paragraphs 8 and 9
above on a schedule to be included in the Final Remedial Action Plan submitted
to Illinois EPA, but not before MWRD has elected to accept NAGC's 50% funding
commitment. It is understood that such buildings and other structures should be
removed before Response Action Work is commenced to facilitate an efficient and
cost- effective remediation.

Disbursement Schedule and Financial Assurances

11. NAGC will pay 100% of the expenses incurred to implement the Remedial Action
Plan as due, up to $750,0001; subsequent disbursements will be paid at the rate
of 50% until its disbursement is equal to the lower of (1) 50% of the total
projected cost; or (2) $1,000,000.

12. Before any disbursements are made under Paragraph 11, both parties will
provide assurances that each has funds available to complete the Work and to pay
for its own share in a timely manner when due. A letter of credit from a
national bank and trust company with total assets exceeding five billion
dollars, escrow of funds in trust, or other secured financial assurance of the
amount of each party's financial obligations hereunder reasonably acceptable to
the other party shall fulfill this requirement. MWRD will also provide written
assurances to NAGC that MWRD will actually complete the work described in the
Remedial Action Plan, and such assurances will include an indemnity against
liabilities arising from any failure by MWRD to complete the Remedial Action
Plan.

13. If MWRD has accepted the commitment of remedial work funds from NAGC per
Paragraph 6, MWRD will dismiss the above-captioned litigation with prejudice
within 14 days of MWRD's receipt of the final disbursement from NAGC of moneys
owed per its commitment.

1 However, in no event will NAGC pay greater than 50% of the project cost.

Stay of Litigation

14. The parties agree to seek a stay of the above-captioned litigation from the
\ Court until such time as MWRD accepts or rejects the funding commitment
hereunder from NAGC. In the event the Court declines to grant the requested stay
and requires the parties to dismiss the litigation, the parties agree to
negotiate and sign a tolling agreement or other claims-preservation
documentation which will allow them, if necessary, to refile the claims which
they asserted against each other in the above-captioned litigation as a new
action.

     If MWRD elects to accept the NAGC commitment and agrees to complete the
remediation, the

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parties will advise the Court that a full settlement of this litigation has been
achieved covering all persons (including Lake River Corporation, Kinark
Corporation and the Sanitary District of Chicago) and all claims which are,
were, or could have been included or asserted in the litigation, and will draft
and file appropriate settlement or dismissal papers with the Court.

     If MWRD elects to reject the NAGC commitment and the parties are unable to
negotiate an alternate settlement within 60 days or such longer time as they
shall both agree upon, the parties will advise the Court that settlement has
failed and proceed to reactivate the litigation. If the Court required the
parties to dismiss the litigation, then the parties may use the tolling or other
claims-preservation documentation to refile the claims they asserted against
each other in the litigation as a new action.

Drafting. Review and Approval

15. This Agreement in Principle is subject to drafting, negotiation and
execution of a complete Settlement Agreement between the parties which
incorporates the terms set out here and additional standard settlement terms,
including without limitation, disclaimers of liability or admissions,
reservations of rights, confidentiality, enforceability in court, and
applicability to successors and assigns.

16. Any Settlement Agreement between the parties is subject to approval by the
Board of Commissioners of the Metropolitan Water District of Greater Chicago and
the Board of Directors for North American Galvanizing and Coatings, Inc. The
representatives signing this Agreement in Principle agree to recommend this
agreement and a full settlement to their respective clients and Boards, but the
parties acknowledge that the representatives signing below cannot bind their
organizations to a complete Settlement Agreement absent approval by their
respective Boards.

     FOR METROPOLITAN WATER RECLAMATION DISTRICT OF GREATER CHICAGO

     PHILIP R. KUYAWA

     APRIL 11, 2007

     FOR NORTH AMERICAN GALVANIZING & COATINGS, INC.

     RONALD J. EVANS

     APRIL 11, 2007

                                        4

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