Document:

Exhibit 10.1

 

DANVERSBANK

 

SUPPLEMENTAL
EXECUTIVE RETIREMENT PLAN

 

As Amended and Restated
Effective as of April 11, 2008

 

 

TABLE OF CONTENTS

 

	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  
	
  ARTICLE I DEFINITIONS

  	
  1

  
	
  1.1

  	
  BENEFICIARY

  	
  1

  
	
  1.2

  	
  BENEFIT

  	
  1

  
	
  1.3

  	
  BENEFIT COMMENCEMENT DATE

  	
  1

  
	
  1.4

  	
  BOARD

  	
  2

  
	
  1.5

  	
  CAUSE

  	
  2

  
	
  1.6

  	
  CHANGE IN CONTROL

  	
  2

  
	
  1.7

  	
  CODE

  	
  2

  
	
  1.8

  	
  DISABILITY

  	
  2

  
	
  1.9

  	
  EARLY RETIREMENT AGE

  	
  3

  
	
  1.10

  	
  EFFECTIVE DATE

  	
  3

  
	
  1.11

  	
  EMPLOYER

  	
  3

  
	
  1.12

  	
  ERISA

  	
  3

  
	
  1.13

  	
  FINAL AVERAGE COMPENSATION

  	
  3

  
	
  1.14

  	
  401(k) PLAN

  	
  3

  
	
  1.15

  	
  NORMAL RETIREMENT AGE

  	
  3

  
	
  1.16

  	
  PARTICIPANT

  	
  3

  
	
  1.17

  	
  PENSION PLAN

  	
  3

  
	
  1.18

  	
  PIA

  	
  3

  
	
  1.19

  	
  PLAN

  	
  4

  
	
  1.20

  	
  SEPARATION FROM SERVICE

  	
  4

  
	
   

  	
   

  	
   

  
	
  ARTICLE II BENEFITS

  	
  4

  
	
  2.1

  	
  RETIREMENT BENEFIT

  	
  4

  
	
  2.2

  	
  PRE-RETIREMENT INVOLUNTARY
  TERMINATION BENEFIT

  	
  4

  
	
  2.3

  	
  DISABILITY BENEFITS

  	
  5

  
	
  2.4

  	
  DEATH BENEFITS

  	
  5

  
	
  2.5

  	
  CHANGE IN CONTROL BENEFITS

  	
  5

  
	
  2.6

  	
  ACTUARIAL ASSUMPTIONS

  	
  5

  
	
   

  	
   

  	
   

  
	
  ARTICLE III ENTITLEMENT TO
  BENEFITS

  	
  5

  
	
  3.1

  	
  RETIREMENT

  	
  5

  
	
  3.2

  	
  DEATH

  	
  6

  
	
  3.3

  	
  CERTAIN TERMINATIONS PRIOR
  TO RETIREMENT

  	
  6

  
	
  3.4

  	
  FORFEITURE

  	
  6

  
	
   

  	
   

  	
   

  
	
  ARTICLE IV DISTRIBUTION OF
  BENEFITS

  	
  6

  
	
  4.1

  	
  AMOUNT

  	
  6

  
	
  4.2

  	
  METHOD OF PAYMENT

  	
  6

  
	
   

  	
   

  	
   

  
	
  ARTICLE V BENEFICIARIES;
  PARTICIPANT DATA

  	
  7

  
	
  5.1

  	
  DESIGNATION OF
  BENEFICIARIES

  	
  7

  

 

i

 

	
  5.2

  	
  INFORMATION TO BE
  FURNISHED BY PARTICIPANT AND BENEFICIARIES; INABILITY TO LOCATE PARTICIPANT
  OR BENEFICIARIES

  	
  7

  
	
   

  	
   

  	
   

  
	
  ARTICLE VI ADMINISTRATION
  AND RECORDKEEPING

  	
  8

  
	
  6.1

  	
  ADMINISTRATIVE AND
  RECORDKEEPING AUTHORITY

  	
  8

  
	
  6.2

  	
  UNIFORMITY OF
  DISCRETIONARY ACTS

  	
  8

  
	
  6.3

  	
  LITIGATION

  	
  8

  
	
  6.4

  	
  CLAIMS PROCEDURE

  	
  8

  
	
   

  	
   

  	
   

  
	
  ARTICLE VII AMENDMENT

  	
  10

  
	
  7.1

  	
  RIGHT TO AMEND

  	
  10

  
	
  7.2

  	
  AMENDMENT REQUIRED BY LAW

  	
  10

  
	
   

  	
   

  	
   

  
	
  ARTICLE VIII TERMINATION

  	
  11

  
	
  8.1

  	
  EMPLOYER’S RIGHT TO
  TERMINATE PLAN

  	
  11

  
	
  8.2

  	
  AUTOMATIC TERMINATION OF
  PLAN

  	
  11

  
	
  8.3

  	
  SUCCESSOR TO EMPLOYER

  	
  11

  
	
   

  	
   

  	
   

  
	
  ARTICLE IX MISCELLANEOUS

  	
  11

  
	
  9.1

  	
  LIMITATIONS ON LIABILITY
  OF EMPLOYER

  	
  11

  
	
  9.2

  	
  CONSTRUCTION

  	
  12

  
	
  9.3

  	
  SPENDTHRIFT PROVISION

  	
  12

  

 

ii

 

DANVERSBANK

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

 

Amended and Restated
Effective as of April 11, 2008

 

RECITALS

 

This Danversbank Supplemental Executive Retirement
Plan (the “Plan”) as adopted by Danversbank, formerly known as Danvers Savings
Bank (the “Employer”), effective August 1, 2003, as previously
amended, is hereby further amended and restated as follows:

 

The Plan has been established and will be maintained
for the benefit of certain select management or highly compensated employees of
the Employer.  The purpose of the Plan is
to offer eligible employees retirement benefits to supplement their retirement
benefits under the Employer’s tax-qualified retirement plan(s).

 

The Plan is intended to be a “top hat plan” (i.e., an
unfunded deferred compensation plan maintained for members of a select group of
management or highly compensated employees of the Employer), pursuant to
sections 201(2), 301(a)(3) and 401(a)(1) of the Employee Retirement
Income Security Act of 1974, as amended (“ERISA”).

 

ARTICLE I

DEFINITIONS

 

The following terms, as used herein, unless a
different meaning clearly is implied by the context, have the following
meanings:

 

1.1                                 BENEFICIARY
means any individual or individuals so designated in accordance with the
provisions of Article V.

 

1.2                                 BENEFIT
means the amount accrued by a Participant as determined under Article II.

 

1.3                                 BENEFIT
COMMENCEMENT DATE means generally the date on which benefits under the Plan
are to be made or commence, which shall be as soon as administratively
practicable following the end of the calendar year in which occurs the
Participant’s Separation from Service with the Employer, as provided herein;
provided, however, that if benefits are payable on account of the Participant’s
Separation from Service within one (1) year following a Change in Control
that also constitutes a “change in control event” within the meaning of Section 409A
of the Code and the regulations promulgated thereunder, the Benefit
Commencement Date shall be within 30 days of the Participant’s Separation from
Service.  The preceding notwithstanding,
if a Participant’s Benefit is payable pursuant to Section 2.2 on account
of the Participant’s involuntary termination by the Employer without Cause
occurring prior to attainment of Early Retirement Age or Normal Retirement Age
and prior to a Change in Control, the Participant’s Benefit Commencement Date
shall be as soon as administratively practicable following the end of the
calendar year in which occurs the later of (i) the Participant’s sixtieth
(60th) birthday, or (ii) the
Participant’s Separation from Service. 
In the event the

 

 

Participant is
considered a “specified employee” within the meaning of Section 409A of
the Code, in no event may the Benefit Commencement Date be earlier than six
months after the Participant’s Separation from Service.

 

1.4                                 BOARD
means the Board of Directors of the Employer.

 

1.5                                 CAUSE
means the occurrence, as reasonably determined by the Board, of the willful and
continued failure of a Participant to perform his or her duties, and/or of the
willful action, or failure to act, by a Participant that results in actual or
expected injury to the Employer, financial or otherwise.

 

1.6                                 CHANGE
IN CONTROL means the earliest date upon which one of the following events
is consummated: the sale of all or substantially all of the assets of the
Danvers Bancorp, Inc. (the “Company”) or the Employer; a merger of the
Company or the Employer into another banking institution or entity where the
Company or the Employer is not the surviving entity; any “person” as such term
is used in Section 13(d) and 14(d) of the Securities Exchange
Act of 1934 (the “Act”) (other than the Company or an entity controlled by the
Company (an “Intermediate Holding Company”)), together with all “affiliates”
and “associates” (as such terms are defined in Rule 12b-2 under the Act)
of such person, shall become the “beneficial owner” (as such term is defined in
Rule 13d-3 under the Act), directly or indirectly, of securities of the
Company, an Intermediate Holding Company or of the Employer, as the case may
be, representing twenty percent (20%) or more of the combined voting power of
the Company’s, the Intermediate Holding Company’s or the Employer’s, as the
case may be, then outstanding securities having the right to vote in an
election of the Board of Directors of the Company, the Intermediate Holding
Company or the Employer, as the case may be, in each case other than as a result
of an acquisition of securities directly from the Company, the Intermediate
Holding Company or the Employer; or, whenever individuals who are Continuing
Directors of the Company or of the Employer (as defined hereafter) cease for
any reason to constitute at least a majority of the Board of Directors of the
Company or the Employer, respectively. 
For this purpose, a “Continuing Director” shall mean (i) an
individual who was a Director of the Company or the Employer as of January 1, 2000,
and (ii) any new Director whose election after January 1, 2000 to the
Board of Trustees or Directors of the Company or the Employer, as the case may
be, was approved by a vote of at least two-thirds (2/3) of the
Trustees/Directors of the Company or the Employer, as applicable, who were
either Trustees or Directors as of January 1, 2000 or whose election was
previously so approved by two-thirds of the Continuing Directors.

 

1.7                                 CODE
means the Internal Revenue Code of 1986 and the regulations thereunder, as
amended from time to time.

 

1.8                                 DISABILITY
means the Participant is unable to engage in any substantial gainful activity
by reason of any medically determinable physical or mental impairment that can
be expected to result in death or can be expected to last for a continuous
period of not less than 12 months, or the Participant is, by reason of any
medically determinable physical or mental impairment that can be expected to
result in death or can be expected to last for a continuous period of not less
than 12 months, receiving income replacement benefits for a period of not less
than three months under an accident and health plan of the Employer.  If the Participant qualifies to receive
Social Security disability benefits, he or she is deemed to have incurred a
Disability.

 

2

 

1.9                                EARLY
RETIREMENT AGE means the later of a Participant’s sixtieth (60th) birthday or the date on which the
Participant has completed ten (10) years of service with the Employer, as
reasonably determined by the Board.

 

1.10                          EFFECTIVE
DATE means the effective date of this Plan, which shall be August 1,
2003.  The effective date of the
amendment and restatement of this Plan is as of April 11, 2008.

 

1.11                          EMPLOYER
means Danversbank, its successors and assigns unless otherwise herein provided,
or any other corporation or business organization which, with the consent of
Danversbank, or its successors or assigns, assumes the Employer’s obligations
hereunder.

 

1.12                          ERISA
means the Employee Retirement Income Security Act of 1974 and the regulations
thereunder, as amended from time to time.

 

1.13                          FINAL
AVERAGE COMPENSATION means the Participant’s average annual base salary and
bonus, unreduced by any voluntary salary reduction contributions made by the
Participant to any Employer-sponsored employee benefit or welfare plan, paid by
the Employer to the Participant during the three (3) calendar years within
the Participant’s last five (5) calendar years of employment with the
Employer which yield the largest total. 
A Participant’s Final Average Compensation shall be annualized or
pro-rated, as appropriate, in the case of

 

(a)                                 partial
calendar years of employment, using the Participant’s actual number of years of
base salary and bonus if the Participant had been employed for less than the
three (3) prior calendar years, or

 

(b)                                a
multi-year bonus or similarly extraordinary item of compensation which is
attributable to multiple calendar years, in such manner as the Board shall
reasonably determine.

 

1.14                           401(k) PLAN
means the SBERA 401(k) Plan as Adopted by Danversbank.

 

1.15                           NORMAL
RETIREMENT AGE means a Participant’s sixty-fifth (65th) birthday.

 

1.16                           PARTICIPANT
means Kevin T. Bottomley, James McCarthy, John J. O’Neil, L. Mark Panella and
any other individual who is designated by the Board to be a Participant under
the Plan, provided such individual is a member of a select group of the
Employer’s management or highly compensated employees, within the meaning of
sections 201(2), 301(a)(3), and 401(a)(1) of ERISA.

 

1.17                           PENSION
PLAN means the SBERA Pension Plan as Adopted by Danversbank.

 

1.18                           PIA
means the Primary Insurance Amount under Social Security.  When determined at an age other than Social
Security retirement age, PIA reflects future compensation (from age at determination
to Social Security retirement age) equal to compensation in the last calendar
year before the determination date.  For
the year of determination, PIA reflects the greater of actual compensation or
compensation in the calendar year before the determination date.

 

3

 

1.19                           PLAN
means this Danversbank Supplemental Executive Retirement Plan, as amended from
time to time.

 

1.20                           SEPARATION
FROM SERVICE is deemed to occur when the Employer and the Participant
reasonably anticipate that no further services would be performed by the
Participant for the Employer after a certain date or that the level of bona
fide service the Participant would perform for the Employer after such date
(whether as an employee or as an independent contractor) would permanently
decrease to no more than 20 percent of the average level of bona fide services
performed by the Participant for the Employer over the immediately preceding
36-month period (or period of employment, if less than 36 months).

 

ARTICLE II

BENEFITS

 

2.1                                 RETIREMENT
BENEFIT.  Upon a Participant’s
Separation from Service with the Employer after having attained Early
Retirement Age or Normal Retirement Age, the Participant’s Benefit hereunder,
when calculated in the form of annual installments beginning at the Benefit
Commencement Date, shall consist of fifteen (15) annual payments, each equal to
a “designated percentage” of (a) minus (b) minus (c) minus (d),
where:

 

(a)                                 equals
the Participant’s Final Average Compensation;

 

(b)                                equals
the portion of the Participant’s accrued benefit under the Pension Plan which
is attributable to the Employer contributions made thereto, expressed as a
single life annuity payable at Early Retirement Age or Normal Retirement Age,
as applicable;

 

(c)                                 equals
the portion of the Participant’s account under the 401(k) Plan which is
attributable to Employer contributions (whether matching or discretionary) made
thereto, expressed as a single life annuity payable at Early Retirement Age or
Normal Retirement Age, as applicable; and

 

(d)                                equals
one-half (1⁄2) of the amount the Participant would receive annually in PIA
beginning at age sixty-five (65) (or beginning at the actual commencement of
PIA, if earlier).

 

Each Participant’s “designated percentage” is set
forth in Schedule I, attached hereto.

 

The above notwithstanding, if the Participant
terminates employment with the Employer prior to attaining Normal Retirement
Age, the Participant’s Benefit, calculated as provided above, shall be reduced
(unless the Participant’s Separation from Service with the Employer is caused
by the Participant’s death or Disability or happens at any time following a
Change in Control) by three percent (3%) of the Participant’s Benefit
multiplied by the number of full years by which the date of the Participant’s
Separation from Service with the Employer precedes the Participant’s Normal
Retirement Age.

 

2.2                                 PRE-RETIREMENT
INVOLUNTARY TERMINATION BENEFIT. 
Subject to Section 2.5, if the Participant terminates employment
with the Employer prior to attaining Early Retirement Age or Normal Retirement
Age, and the termination is due to the Participant’s

 

4

 

involuntary
termination by the Employer without Cause, the Participant’s Benefit shall be
determined under Section 2.1 as though the Participant had terminated
employment voluntarily upon attaining Early Retirement Age (i.e., the
Participant shall receive a Benefit with an appropriate early retirement
reduction), but using the Participant’s Final Average Compensation, Pension
Plan and 401(k) Plan benefits, and PIA as of his or her actual date of
Separation from Service with the Employer.

 

2.3                                 DISABILITY
BENEFITS.  The Participant’s Benefit
payable hereunder in the event of the Participant’s Disability during
employment with the Employer but prior to attaining Normal Retirement Age,
shall be determined under Section 2.1 as though the Participant had
terminated employment upon attaining Normal Retirement Age (i.e., the Benefit
shall not decreased by an early retirement reduction), but using the
Participant’s Final Average Compensation, Pension Plan and 401(k) Plan
benefits, and PIA as of his or her date of Disability.

 

2.4                                 DEATH
BENEFITS.  In the event of a
Participant’s Separation from Service with the Employer on account of the
Participant’s death, the Beneficiary’s Benefit hereunder, when calculated in
the form of annual installments beginning at the Benefit Commencement Date,
shall consist of fifteen (15) annual payments, each equal to a “designated
percentage” of the Participant’s Final Average Compensation.  Each Participant’s “designated percentage” is
set forth in Schedule I, attached hereto.

 

2.5                                 CHANGE
IN CONTROL BENEFITS.  In the event of
a Participant’s Separation from Service with the Employer at any time following
a Change in Control but prior to attaining Normal Retirement Age, other than a
termination by reason of death or Disability, the Participant’s Benefit
hereunder shall be determined under Section 2.1 as though the Participant
had terminated employment upon attaining Normal Retirement Age (i.e., the
Benefit shall not decreased by an early retirement reduction), but using the
Participant’s Final Average Compensation, Pension Plan and 401(k) Plan
benefits, and PIA as of his or her date of Separation from Service.

 

2.6                                 ACTUARIAL
ASSUMPTIONS.  All calculations
concerning the Participant’s Benefit hereunder, including calculations of the
life annuity value of the Participant’s benefits under the Pension Plan or the
401(k) Plan, lump sum equivalence of the Benefit or any other calculations
that require the utilization of actuarial assumptions, shall be calculated
using an interest rate of 6 percent and the mortality table prescribed by Section 417(e) of
the Code for qualified retirement plans.

 

ARTICLE III

ENTITLEMENT TO BENEFITS

 

3.1                                 RETIREMENT.  If the Participant terminates employment with
the Employer on or subsequent to the Participant’s attainment of Early
Retirement Age or Normal Retirement Age for reasons other than death, the
Participant’s Benefit, as determined pursuant to Section 2.1, shall become
payable to the Participant according to the provisions of Article IV.

 

5

 

3.2                                DEATH.  If a Participant dies prior to his or her
Separation from Service with the Employer, the Beneficiary’s Benefit, as
determined pursuant to Section 2.4, shall become payable to the
Participant’s designated Beneficiary according to the provisions of Article IV.

 

3.3                                CERTAIN
TERMINATIONS PRIOR TO RETIREMENT.  If
the Participant terminates employment with the Employer prior to the
Participant’s attainment of Normal Retirement Age as a result of the
Participant’s Disability or at any time following a Change in Control, or if
the Participant terminates employment with the Employer prior to the
Participant’s attainment of Early Retirement Age or Normal Retirement Age as a
result of an involuntary termination by the Employer without Cause that does
not follow a Change in Control, the Participant’s Benefit, as determined
pursuant to Section 2.2, Section 2.3 or Section 2.5, as
applicable, shall become payable to the Participant (or to the Participant’s
legal representative, in the case of incapacity) according to the provisions of
Article IV.

 

3.4                                FORFEITURE.
 The Participant and his or her
Beneficiary shall forfeit any Benefit accrued under the Plan upon the
Participant’s Separation from Service with the Employer prior to the
Participant’s Early Retirement Age or Normal Retirement Age, unless the
Participant’s Separation from Service with the Employer was caused by the
Participant’s death, Disability or involuntary termination by the Employer
without Cause, or happens at any time following a Change in Control or
termination of the Plan.

 

ARTICLE IV

DISTRIBUTION OF BENEFITS

 

4.1                                AMOUNT.  The amount of Benefits payable to a
Participant (or his or her Beneficiary or Beneficiaries) shall be determined
under Article II.

 

4.2                                METHOD
OF PAYMENT.

 

(a)                                  Cash
Distributions.  All distributions
under the Plan shall be made in cash.

 

(b)                                 Timing
of Distribution.  A Participant or a
Participant’s Beneficiary, as applicable, shall receive or commence to receive
his or her Benefit on the Benefit Commencement Date.

 

(c)                                  Forms
of Distribution.  The Participant’s
Benefit shall be paid in fifteen (15) equal annual installments unless the
Participant has elected to receive his or her Benefit in a lump sum.  Such election may only be made at the
commencement of his or her participation in the Plan or during 2008 without
restriction if the Participant does not have a Separation from Service in
2008.  Beginning in 2009, a Participant
may change his or her election to an allowable alternative form of distribution
by submitting a new election to the Employer, provided that (i) such new
election must be submitted at least one (1) year prior to his or her
Benefit Commencement Date, (ii) such new election cannot take effect for
at least 12 months, and (iii) the new Benefit Commencement Date must be
delayed by at least five (5) years from the original Benefit Commencement
Date.

 

The preceding notwithstanding, in the case of a
Participant whose employment with the Employer terminates for any reason upon
or within one (1) year following a Change in Control

 

6

 

that also constitutes a “change in control event” within the meaning of
Section 409A of the Code and the regulations promulgated thereunder, the
form of his or her Benefit shall be a single lump sum.

 

If the Participant dies prior to his or her Separation
from Service with the Employer, or after Separation from Service but prior to
the completion of the Participant’s Benefit distribution, the Participant’s
Beneficiary shall receive the Benefit, or the unpaid portion of the Benefit, in
the same form as the Benefit was being, or was to be, distributed prior to the
Participant’s death.

 

ARTICLE V

BENEFICIARIES; PARTICIPANT DATA

 

5.1                                 DESIGNATION
OF BENEFICIARIES.  The Participant
from time to time may designate any person or persons (who may be named contingently
or successively) to receive such Benefits as may be payable under the Plan upon
or after the Participant’s death, and such designation may be changed from time
to time by the Participant by filing a new designation with the Employer.  Each designation by the Participant will
revoke all prior designations by the Participant, shall be in the form
prescribed by the Employer and will be effective only when filed in writing
with the Employer during the Participant’s lifetime.

 

In the absence of a valid Beneficiary designation, or
if, at the time any Benefit payment is due to a Beneficiary, there is no living
Beneficiary validly named by the Participant, the Employer shall pay any such
Benefit payment to the Participant’s next of kin.

 

5.2                                 INFORMATION
TO BE FURNISHED BY PARTICIPANT AND BENEFICIARIES; INABILITY TO LOCATE
PARTICIPANT OR BENEFICIARIES.  Any
communication, statement or notice addressed to the Participant or to a
Beneficiary at his or her last post office address as shown on the Employer’s
records shall be binding on the Participant or Beneficiary for all purposes of
the Plan.  The Employer shall not be
obliged to search for the Participant or any Beneficiary beyond the sending of
a registered letter to such last known address. 
If the Employer notifies the Participant or any Beneficiary that he or
she is entitled to an amount under the Plan and the Participant or Beneficiary
fails to claim such amount or make his or her location known to the Employer
within three (3) years thereafter, then, except as otherwise required by
law, if the location of one or more of the next of kin of the Participant is
known to the Employer, the Employer may direct distribution of such amounts to
any one or more or all of such next of kin, and in such proportions as the
Employer determines.  If the location of
none of the foregoing persons can be determined, the Employer shall have the
right to direct that the amount payable shall be deemed to be a forfeiture and
paid to the Employer, except that the dollar amount of the forfeiture,
unadjusted for imputed interest in the interim, shall be paid by the Employer
if a claim for the Benefit subsequently is made by the Participant or
Beneficiary to whom it was payable.  If a
Benefit payable to the Participant or Beneficiary is subject to escheat
pursuant to applicable state law, the Employer shall not be liable to any
person for any payment made in accordance with such law.

 

7

 

ARTICLE VI

ADMINISTRATION AND RECORDKEEPING

 

6.1                                ADMINISTRATIVE
AND RECORDKEEPING AUTHORITY.  Except
as otherwise specifically provided herein, the Board shall have the sole
responsibility for and the sole control of the operation, administration and
recordkeeping of the Plan, and shall have the power and authority to take all
action and to make all decisions and interpretations which may be necessary or
appropriate in order to administer and operate the Plan, including, without
limiting the generality of the foregoing, the power, duty and responsibility to:

 

(a)                                  Resolve
and determine all disputes or questions arising under the Plan, including the
power to determine the rights of the Participant and Beneficiaries, and their
respective Benefits, and to remedy any ambiguities, inconsistencies or
omissions, in the Plan.

 

(b)                                 Adopt
such rules of procedure and regulations as in its opinion may be necessary
for the proper and efficient administration of the Plan and as are consistent
with the Plan.

 

(c)                                  Implement
the Plan in accordance with its terms and the rules and regulations
adopted as above.

 

(d)                                 Make
determinations concerning the crediting and distribution of the Participant’s
Benefits.

 

6.2                                UNIFORMITY
OF DISCRETIONARY ACTS.  Whenever in
the administration or operation of the Plan discretionary actions by the
Employer are required or permitted, such action shall be consistently and
uniformly applied to all persons similarly situated, and no such action shall
be taken which shall discriminate in favor of any particular person or group of
persons.

 

6.3                                LITIGATION.  In any action or judicial proceeding
affecting the Plan, it shall be necessary to join as a party only the
Employer.  Except as may be otherwise
required by law, neither the Participant nor any Beneficiary shall be entitled
to any notice or service of process, and any final judgment entered in such
action shall be binding on all persons interested in, or claiming under, the
Plan.

 

6.4                                CLAIMS
PROCEDURE.  This Section 6.4 is
based on final regulations issued by the Department of Labor and published in
the Federal Register on November 21, 2000 and codified at 29 C.F.R.
section 2560.503-1.  If any provision of
this Section 6.4 conflicts with the requirements of those regulations, the
requirements of those regulations will prevail.

 

(a)                                  Initial
Claim.  A Participant or Beneficiary
(hereinafter referred to as a “Claimant”) who believes he or she is entitled to
any Benefit under this Plan may file a claim with the Board.  The Board shall review the claim itself or
appoint an individual or an entity to review the claim.

 

The Claimant shall be notified within ninety (90) days
after the claim is filed whether the claim is allowed or denied, unless the
Claimant receives written notice from the Board or 

 

8

 

appointee of the Board prior to the end of the ninety (90) day period
stating that special circumstances require an extension of the time for
decision, such extension not to extend beyond the day which is one hundred
eighty (180) days after the day the claim is filed.

 

If the Board denies a claim, it must provide to the
Claimant, in writing or by electronic communication:

 

(i)                                     The
specific reasons for the denial;

 

(ii)                                  A
reference to the Plan provision upon which the denial is based;

 

(iii)                               A
description of any additional information or material that the Claimant must
provide in order to perfect the claim;

 

(iv)                              An
explanation of why such additional material or information is necessary;

 

(v)                                 Notice
that the Claimant has a right to request a review of the claim denial and
information on the steps to be taken if the Claimant wishes to request a review
of the claim denial; and

 

(vi)                              A
statement of the Claimant’s right to bring a civil action under ERISA section
502(a) following a denial on review of the initial denial.

 

(b)                                Review
Procedures.  A request for review of
a denied claim must be made in writing to the Board within sixty (60) days
after receiving notice of denial.  The
decision upon review will be made within sixty (60) days after the Board’s
receipt of a request for review, unless special circumstances require an
extension of time for processing, in which case a decision will be rendered not
later than one hundred twenty (120) days after receipt of a request for
review.  A notice of such an extension
must be provided to the Claimant within the initial sixty (60) day period and
must explain the special circumstances and provide an expected date of
decision.

 

The reviewer shall afford the Claimant an opportunity
to review and receive, without charge, all relevant documents, information and
records and to submit issues and comments in writing to the Board.  The reviewer shall take into account all
comments, documents, records and other information submitted by the Claimant
relating to the claim regardless of whether the information was submitted or
considered in the initial benefit determination.

 

Upon completion of its review of an adverse initial
claim determination, the Board will give the Claimant, in writing or by
electronic notification, a notice containing:

 

(i)                                     its
decision;

 

(ii)                                  the
specific reasons for the decision;

 

(iii)                               the
relevant Plan provisions on which its decision is based;

 

9

 

(iv)                              a
statement that the Claimant is entitled to receive, upon request and without
charge, reasonable access to, and copies of, all documents, records and other
information in the Plan’s files which is relevant to the Claimant’s claim for
Benefits;

 

(v)                                 a
statement describing the Claimant’s right to bring an action for judicial review
under ERISA section 502(a); and

 

(vi)                              if
an internal rule, guideline, protocol or other similar criterion was relied
upon in making the adverse determination on review, a statement that a copy of
the rule, guideline, protocol or other similar criterion will be provided
without charge to the Claimant upon request.

 

(c)                                 Calculation
of Time Periods.  For purposes of the
time periods specified in this Section, the period of time during which a
benefit determination is required to be made begins at the time a claim is
filed in accordance with the Plan procedures without regard to whether all the
information necessary to make a decision accompanies the claim.  If a period of time is extended due to a
Claimant’s failure to submit all information necessary, the period for making
the determination shall be tolled from the date the notification is sent to the
Claimant until the date the Claimant responds.

 

(d)                                Failure
of Plan to Follow Procedures.  If the
Plan fails to follow the claims procedures required by this Section, a Claimant
shall be deemed to have exhausted the administrative remedies available under
the Plan and shall be entitled to pursue any available remedy under ERISA
section 502(a) on the basis that the Plan has failed to provide a
reasonable claims procedure that would yield a decision on the merits of the
claim.

 

(e)                                 Failure
of Claimant to Follow Procedures.  A
Claimant’s compliance with the foregoing provisions of this Article VI is
a mandatory prerequisite to the Claimant’s right to commence any legal action
with respect to any claim for Benefits under the Plan.

 

ARTICLE VII

AMENDMENT

 

7.1                                RIGHT
TO AMEND.  The Board, by written
instrument, shall have the right to amend the Plan at any time and with respect
to any provisions hereof, and all parties hereto or claiming any interest
hereunder shall be bound by such amendment; provided, however, that no such
amendment shall deprive the Participant or any Beneficiary of a right accrued
hereunder prior to the date of the amendment, including the right to receive
the payment of his or her Benefit upon a Benefit entitlement event, or earlier
as provided herein.

 

7.2                                AMENDMENT
REQUIRED BY LAW.  Notwithstanding the
provisions of Section 7.1, the Plan may be amended at any time,
retroactively if required, if found necessary, in the opinion of the Board, in
order to ensure that the Plan is characterized as a non-tax-qualified plan of
deferred compensation maintained for members of a select group of management or
highly compensated employees as described under Code section 451 and ERISA
sections 201(2), 301(a)(3) and 401(a)(1), to conform the Plan to the
provisions and requirements of any applicable law (including ERISA and the
Code).

 

10

 

ARTICLE VIII

TERMINATION

 

8.1                                 EMPLOYER’S
RIGHT TO TERMINATE PLAN.  The Board
may not terminate the Plan without the written consent of the
Participants.  No such termination shall
deprive the Participant or any Beneficiary of a right accrued hereunder prior
to the date of termination and provided that, upon termination, the Participant
shall become fully and immediately vested in his or her Benefit.  The manner of calculation and timing of
distribution of such Benefit shall depend upon which Section of Article II
is applicable to the Participant (i.e., they shall depend upon the reason for
the Participant’s ultimate Separation from Service with the Employer), except
that a Participant’s voluntary Separation from Service shall be considered an
involuntary termination without Cause for these purposes and the Participant’s
Final Average Compensation, Pension Plan and 401(k) Plan benefits, and PIA
as of the date of Plan termination shall apply. 
Benefits payment to the Participants shall not be accelerated as a
result of a Plan termination except to the extent permitted by Section 409A
of the Code.

 

8.2                                 AUTOMATIC
TERMINATION OF PLAN.  Except in the
case of an adoption by a successor to the Employer as provided in Section 8.3,
the Plan shall terminate automatically upon the dissolution of the Employer or
upon the Employer’s merger into or consolidation with any other corporation or
business organization which does not specifically adopt and agree to continue
the Plan; provided, however, that no such termination shall deprive the
Participant or any Beneficiary of a right accrued hereunder prior to the date
of termination and provided that, upon termination, the Participant shall
become fully and immediately vested in his or her Benefit.  The manner of calculation and timing of
distribution of such Benefit shall depend upon which Section of Article II
is applicable to the Participant (i.e., they shall depend upon the reason for
the Participant’s ultimate Separation from Service with the Employer), except
that a Participant’s voluntary Separation from Service shall be considered an
involuntary termination without Cause for these purposes and the Participant’s
Final Average Compensation, Pension Plan and 401(k) Plan benefits, and PIA
as of the date of Plan termination shall apply).

 

8.3                                 SUCCESSOR
TO EMPLOYER.  Any corporation or
other business organization which is a successor to the Employer by reason of a
consolidation, merger or purchase of substantially all of the assets of the
Employer shall have the right to become a party to the Plan by adopting the
same by resolution of the entity’s board of directors or other appropriate
governing body.  If, within thirty (30)
days from the effective date of such consolidation, merger or sale of assets,
such new entity does not become a party hereto, as above provided, the Plan
shall be terminated automatically, and the provisions of the foregoing Sections
shall become operative.

 

ARTICLE IX

MISCELLANEOUS

 

9.1                                 LIMITATIONS
ON LIABILITY OF EMPLOYER.  Neither
the establishment of the Plan nor any modification thereof, nor the creation of
any account under the Plan, nor the payment of any benefits under the Plan,
shall be construed as giving to the Participant or any other person any legal
or equitable right against the Employer or any officer or employee thereof, except
as provided by law or by any Plan provision.

 

11

 

9.2                                 CONSTRUCTION.  If any provision of the Plan is held to be
illegal or void, such illegality or invalidity shall not affect the remaining
provisions of the Plan, but shall be fully severable, and the Plan shall be
construed and enforced as if said illegal or invalid provisions had never been
inserted herein.  For all purposes of the
Plan, where the context permits, the singular shall include the plural, and the
plural shall include the singular. 
Headings of Articles and Sections herein are inserted only for
convenience of reference and are not to be considered in the construction of
the Plan.  The laws of the Commonwealth
of Massachusetts shall govern, control and determine all questions of law
arising with respect to the Plan and the interpretation and validity of its
respective provisions, except where those laws are preempted by the laws of the
United States.  Participation under the
Plan will not give a Participant the right to be retained in the service of the
Employer nor any right or claim to any benefit under the Plan unless such right
or claim has specifically accrued hereunder.

 

The Plan is intended to be and at all times shall be
interpreted and administered so as to qualify as an unfunded plan of deferred
compensation, and no provision of this Plan shall be interpreted so as to give
any individual any right in any assets of the Employer which right is greater
than the rights of any general unsecured creditor of the Employer.

 

9.3                                 SPENDTHRIFT
PROVISION.  No amount payable to a
Participant or any Beneficiary under the Plan will, except as otherwise
specifically provided by law, be subject in any manner to anticipation,
alienation, attachment, garnishment, sale, transfer, assignment (either at law
or in equity), levy, execution, pledge, encumbrance, charge or any other legal
or equitable process, and any attempt to do so will be void; nor will any
Benefit hereunder be in any manner liable for or subject to the debts,
contracts, liabilities, engagements or torts of the person entitled
thereto.  Further, (i) the
withholding of taxes from Plan Benefit payments, (ii) the recovery under
the Plan of overpayment of Benefits previously made to the Participant or any
Beneficiary, (iii) if applicable, the transfer of benefit rights from the
Plan to another plan, or (iv) the direct deposit of Plan Benefit payments
to an account in a banking institution (if not actually part of an arrangement
constituting an assignment or alienation) shall not be construed as an
assignment or alienation.

 

In the event that the Participant’s or any Beneficiary’s
Benefits hereunder are garnished or attached by order of any court, the
Employer may bring an action for a declaratory judgment in a court of competent
jurisdiction to determine the proper recipient of the benefits to be paid under
the Plan.  During the pendency of said
action, any Benefits that become payable shall be held as credits to the
Participant or Beneficiary or, if the Employer prefers, paid into the court as
they become payable, to be distributed by the court to the recipient as it
deems proper at the close of said action.

 

12

 

IN WITNESS WHEREOF,
the Employer has caused this Plan to be executed and its seal to be affixed
hereto, effective as of April 11, 2008.

 

	
  ATTEST/WITNESS:

  	
   

  	
  DANVERSBANK 

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/
  Becky Skerry 

  	
   

  	
  By:

  	
  /s/ John R. Ferris

  	
  (SEAL)

  
	
   

  	
   

  	
   

  
	
  Print Name:

  	
  Becky Skerry

  	
   

  	
  Print Name:

  	
  John R. Ferris

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
  Chairman of the
  Compensation Committee

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Date:

  	
  April 15, 2008

  
									

 

13

 

SCHEDULE I

 

	
  Name of Participant

  	
   

  	
  Designated Percentage

  
	
   

  	
   

  	
   

  
	
  Kevin T. Bottomley

  	
   

  	
  75%

  

 

14

 

SCHEDULE I

 

	
  Name of Participant

  	
   

  	
  Designated Percentage

  
	
   

  	
   

  	
   

  
	
  James McCarthy

  	
   

  	
  65%

  

 

 

SCHEDULE I

 

	
  Name of Participant

  	
   

  	
  Designated Percentage

  
	
   

  	
   

  	
   

  
	
  John J. O’Neil

  	
   

  	
  65%

  

 

 

SCHEDULE I

 

	
  Name of Participant

  	
   

  	
  Designated Percentage

  
	
   

  	
   

  	
   

  
	
  L. Mark Panella

  	
   

  	
  60%

  

 

 

PAYMENT
ELECTION FORM

 

I.                                        Pursuant
to Article IV of the Danversbank Supplemental Executive Retirement Plan
(the “SERP”), the undersigned elects the following optional form of benefit
which will be actuarially equivalent to the 15 annual payments provided by the
SERP:

 

o            Lump Sum

 

II.                                    I
understand that if this election is revised after December 31, 2008, I
will be subject to restrictions set forth in Article IV of the SERP,
including a delayed benefit commencement date of at least five years.

 

Executed this                          
day of
                            ,
200  .Exhibit 10.1

 

Employment Contract

 

Supreme
Corporation

 

(Robert
W. Wilson)

 

This Contract is entered into
between Supreme Corporation, a
Texas corporation (hereafter called “Company”),
and Robert W. Wilson (hereafter
called “Employee”).

 

Company is engaged in the
business of manufacturing and selling specialized truck bodies.  Company desires to retain the services of
Employee as one of its key executives, and Employee is willing and able to
perform in that capacity.

 

This Contract renews and extends an earlier Employment Contract between
the parties dated to be effective January 1, 2006.

 

Accordingly, in consideration of the mutual
covenants herein contained, the parties to this Contract agree as follows:

 

1.   Employment.  Company hereby continues the employment of
Employee, and Employee hereby accepts such employment from Company, pursuant to
those provisions herein contained.

 

2.   Term of Employment.  Subject to the provisions for termination
hereafter provided, the term of this Contract shall be for a term of three (3) years
beginning on May 1, 2008, and
ending on April 30, 2011.

 

3.   Duties of Employee.  Employee is employed as President and Chief
Executive Officer of Company.  It is
understood and agreed that Employee is subject to the direction and control of
Company’s Board of Directors, as required by the Texas Business Corporation
Act, and as a result Employee shall, if required by Company’s Board of
Directors during the term of this Contract, serve in any other executive
capacity considering his experience and performance record to date with
Company.  Employee also agrees to serve
as President, Chief Operating Officer, and a director of the Company’s
wholly-owning parent, Supreme Industries, Inc.  Employee shall devote substantially all of
his time, attention, best efforts, and energy to the business of Company and
its wholly-owning parent, and may not, during the term of this Contract, be
engaged in any other material business activities which interfere with his
ability to carry out his obligations hereunder. 
However, such restriction shall not be construed as preventing Employee
from making investments in (non-competitive) business enterprises so long as
Employee will not be required to render personal services to any such business
enterprises during Employee’s normal business hours with Company and its
wholly-owning parent.

 

 

4.   Compensation.  To the extent Employee continues to comply
with all of the provisions of this Contract (including the covenants referenced
in paragraph 9 below and contained in Exhibits
“B” and “C” attached hereto):

 

a.   Base Salary.  Company shall pay to Employee a minimum base
salary of $200,000 per year
payable in twenty-six (26) equal payments of $7,692.31
(or in accordance with such other sequence of payments as determined by Company’s
then existing payroll policies), from which federal withholding and social
security taxes will be deducted;

 

b.   Pre-Tax Bonus.  It is anticipated that at the end of each
calendar year, approval of the Board of Directors will be requested by the
Chairman of the Board of Company for distributions from Company’s Bonus Payment
Plan, the amount of which will be dependent upon the operating results of
Company for that year. In such event (and assuming approval by the Chairman of
the Board of the portion of the bonus recommended to be distributed to
Employee), Employee shall be entitled to receive, in addition to the base
salary referred to above, a pre-tax bonus in the amount so approved by the
Board of Directors which amount will be paid to Employee no later than March 15
following the calendar year to which such pre-tax bonus relates; and

 

c.   Increases.  The Board of Directors of Company may, at any
time, elect to increase Employee’s base salary above the amount referred to in
subparagraph “a” above.

 

5.   Fringe Benefits.  During the period that Employee continues to
comply with all of the provisions of this Contract, Employee shall receive the
following fringe benefits:

 

a.   Medical Benefits.  Employee and his dependent family members shall
be covered under the same group hospitalization, accident and major medical
plans as the Company shall provide from time to time for other officers;
provided, however, that Employee shall pay the same portion of the cost thereof
as may be required from the Company’s officers generally.  However, in the event that, at any
time during the Term of this Contract, Executive’s medical expenses exceed any
ceiling amounts provided for in any of Company’s medical benefit plans, Company
shall nevertheless be obligated (without any additional expense to Executive)
to pay all of such excess amounts (and may, if Company elects to do so, obtain
supplemental insurance to provide third party funding of such excess
amounts).  But the payment obligation of
Company, provided for in the preceding sentence, following termination of
employment will be limited to: (1) amounts that otherwise would be
deductible to Executive under IRS Code Sec. 213; and (2) excess medical
expenses incurred only within the period ending on the last 

 

2

 

day of the second calendar year after the calendar year in which
Executive separates from service;

 

b.  Insurance.  As reimbursement for insurance owned by
Employee (and/or his wife), Company shall pay to Employee, each year, the
lesser of $40,000 or the actual amount of premiums paid on insurance of any
kind covering Employee or “last to die” insurance covering the lives of
Employee and his wife (the “Reimbursement Amount”).

 

In addition to
the Reimbursement Amount, Company shall also pay to Employee, each year, such
amount which, after taking into consideration the income tax effect of the “deemed
income” (such “deemed income” in no event to exceed $40,000) to Employee (for
the Reimbursement Amount and the federal and state tax offset payments) will
offset such additional taxes (the “Gross-Up Amount”).  In making the determination of the Gross-Up
Amount, the following formula shall be used: 
Reimbursement Amount/(1 – Employee’s marginal tax bracket + .014
[Medicare] + Employee’s marginal tax bracket for state income taxes, if any, +
city taxes, if any) minus the Reimbursement Amount.  For example, assuming that:  (i) the annual premium is $40,000.00
(Reimbursement Amount = $40,000);  (ii) Employee
is in the 35% marginal tax bracket;  (iii) the
Reimbursement Amount is not subject to social security taxes;  (iv) Employee is in the 10% state income
tax bracket;  and (v) the
Reimbursement Amount is not subject to city taxes;  the Gross-Up Amount would be:  $40,000/(1 – [.35 + .014 + .1]) minus $40,000
= $34,626.87;

 

c.  Dental Benefits.  Company shall pay or reimburse Employee for
all family dental and eye care expenses up to a maximum of $5,000 per year;

 

d.  Paid Vacation.  Each calendar year (or proportion thereof),
Employee may take a vacation of four (4) weeks during which time his
compensation shall be paid in full;

 

e.  Automobile.  Company shall provide an automobile for
Employee’s use in connection with the services to be rendered by Employee to Company.  Company shall pay or reimburse Employee for
maintenance and repair expenses of the automobile upon submission of vouchers
or itemized lists of such expenses prepared in compliance with Company’s
policy.  For so long as Company owns (or
leases) the automobile, Company shall insure the automobile with the same
automobile insurance company coverage that is provided for executive officers
of Company.  Company agrees that Employee
shall be designated as an additional insured on any Company provided policy
providing liability insurance coverage. 
In the event the automobile is damaged or destroyed by reason of
accident, theft, vandalism, or otherwise, Employee will not have any liability
to Company for any such loss or damage (including out-of-pocket deductibles);
and

 

3

 

f.  Other Benefits.  No provision of this Contract shall preclude
Employee from participating in any fringe benefit plan now in effect or
hereafter adopted by Company, but Company shall be under no obligation to
provide for his participation in, or to institute, any such plan or to make any
contribution under any such plan, unless such opportunities are provided to all
Company employees as a group, or to all of Company’s senior officers as a group.

 

6.   Business Expenses.  Employee may incur reasonable expenses, as
determined by Company’s Chairman of the Board, in connection with the promotion
of Company’s business including expenses for entertainment, travel, and similar
items.  Company agrees to reimburse
Employee for all such reasonable expenses upon the presentation by Employee,
from time to time as required by Company, of an itemized account of such
expenditures; provided, however, Employee shall not expend any sums in excess
of those amounts permitted by the Internal Revenue Code of 1986, as amended,
without prior written approval from the Chairman of the Board of Company.

 

7.   Key-Man Insurance.  Company may, at any time during the term of
this Contract, apply for and procure as owner, and for its sole benefit, life
insurance on Employee’s life in such amounts and in such forms as Company may
select.  Employee hereby acknowledges the
fact that he will have no interest whatsoever in any such insurance
policy.  However, Employee agrees that he
shall, at Company’s request, submit to such medical examinations, supply such
information, and execute such documents as may be requested by the insuring
companies.

 

8.   Termination of Employment.

 

a.   By Company.

 

(1)   Date of Termination.  Company may at any time terminate this
Contract, in which event Employee shall leave the premises on such date (the “Date of Termination”) as is specified by
Company in the notice of termination (which date can be as early as the date of
such notice).

 

(2)   For Cause.  If such termination is “for cause,” Company will have no
obligation to pay to Employee any compensation or fringe benefits following the
Date of Termination.  For purposes of the
preceding sentence, the phrase “for cause”
will be deemed to mean:

 

(a)  absence from Company’s
offices, physical or mental illness, or any other reason, for any successive
period of forty-five (45) days, or for a total period of ninety (90) days in
any one of Company’s fiscal years (except that any vacation periods, travel on
Company business, or leaves of absence specifically granted by Company’s Board
of Directors shall not be considered as periods of absence from employment);

 

4

 

(b)  Employee’s commission
of an act of gross negligence in the performance of his duties or obligations
hereunder;

 

(c)  Employee’s commission
of any act of fraud, malfeasance, disloyalty, or breach of trust against the
Company, or Employee fails to observe any covenant referenced in
paragraph 9 below or contained in Exhibits
“B” or “C” hereto;

 

(d)  Employee’s refusal,
or substantial inability, to perform the duties assigned in good faith to him
pursuant to paragraph 3 hereof;

 

(e)  Employee dies or
gives affirmative indication, in the opinion of a majority of Company’s Board
of Directors, that he no longer intends to abide by the terms of this Contract;
or

 

(f)  Employee is guilty of
acts of moral turpitude or dishonesty in Company’s affairs, gross
insubordination or the equivalent, or Employee violates, or fails to comply
with, any of the provisions of this Contract.

 

(3)   Not For Cause.  If such termination is based on any reason
other than “for cause,” Company
shall be obligated to pay to Employee his base salary during the remainder of
the term of this Contract (on a monthly basis at the same rate as payable
immediately before the Date of Termination). 
In addition, no later than March 15 following the calendar year
during which occurred the event triggering such Date of Termination, Company shall
pay to Employee his Proportionate Share of the pre-tax bonus referred to in
paragraph 4.b. above.  For this
purpose, Employee’s “Proportionate Share”
will be a fraction the numerator of which is the number of days in such
calendar year ending with such Date of Termination and the denominator of which
is the total number of days in such calendar year.

 

(a)  Included within the
definition of a termination of Employee other than “for cause” will be a “Change
in Control of Company.”  For
purposes of this Contract, the term “Change
in Ownership or Control of Company” is defined in Exhibit “A” attached hereto.

 

(b)  If, at the time of
termination, Company was providing an automobile to Employee under paragraph
5.e. above, then, for a consideration of Ten Dollars ($10.00) cash paid by
Employee to Company, the following shall apply: 
(i) if Company owned the 

 

5

 

automobile, Company shall transfer the title
(free and clear of any liens or other encumbrances) to Employee (along with any
insurance coverage [if assignable]); and (ii) if Company was leasing such
automobile, Company shall assign to employee all of its right, title, and
interest in and to such lease.  Such
transfer or assignment shall be completed by the Company not later than two and
one-half (2 1⁄2 ) months after the end of the calendar year in which the Date of
Termination occurs.  EMPLOYEE
ACKNOWLEDGES THAT THE DIFFERENCE IN THE FAIR MARKET VALUE OF THE AUTOMOBILE ON
THE DATE OF TRANSFER OVER THE CONSIDERATION PAID BY THE EMPLOYEE SHALL BE
TAXABLE TO EMPLOYEE AS COMPENSATION INCOME AND BE SUBJECT TO EMPLOYMENT TAX
WITHHOLDING REQUIREMENTS.

 

(c)  Sec. 416(i) of
the Code defines “key employee” as meaning an employee who, at any time during
the year, is:  (i) an officer having
an annual compensation greater than $130,000; (ii) a five percent owner of
the employer; or (iii) a one percent owner of the employer having an
annual compensation from the employer of more than $150,000.  Sec. 409A of the Code provides that deferred
compensation benefits payable as a result of termination of employment cannot
be made to “key employees” of publicly-traded corporations or their
subsidiaries prior to the date that is six (6) months after the employee’s
separation from service.  Accordingly,
notwithstanding what is stated in this subparagraph (3), in the event any of
such payments are to be made as a result of Employee’s termination of
employment at a time when Employee is a “key employee” (as defined above) of
Company, then the amount so owing shall accrue but shall not be physically paid
until at least six (6) months following Employee’s separation from
service, but only to the extent required under Sec. 409A of the Code and
authoritative guidance thereunder.

 

(d)  Notwithstanding what
is stated in this subparagraph (3), in the event any of such payments under
this subparagraph (3) are subject to Sec. 409A of the Code, the payment of
such amounts will be modified in order to be exempt from Sec. 409A to the
extent possible, otherwise to be in compliance with Sec. 409A, and that the
parties understand and agree that the Contract will be amended as needed in
order to specify the particular payment’s requirements and limitations as
modified.  For example, in the event
that, at the time of Employee’s termination of employment, he is deemed to be a
“key employee” (see subparagraph “(3)(c)” above), then the full amounts of
deferred compensation which 

 

6

 

could not be paid during the first six (6) months
following the Date of Termination shall be paid in the seventh (7th)
month following the Date of Termination. 
However, in the event of any such modification and/or amendment which
has the effect of reducing the economic benefit receivable by Employee under
this Contract, Company shall pay to Employee a reimbursement amount which will
have the effect of offsetting (on an after-tax basis) the amount of such
economic benefit lost.

 

(e)  Employee shall not be
required to mitigate the amount of any payment provided for in this
subparagraph (3) by seeking other employment or otherwise, nor shall
the amount of any payment provided for in this subparagraph (3) be
reduced by any compensation earned by Employee as the result of self-employment
or employment by another employer.

 

b.   By Employee.  If such termination is caused by Employee for
any reason, Company will have no obligation to pay to Employee any compensation
or fringe benefits following the Date of Termination.

 

9.   Disclosure of Confidential Information; Covenant Not To
Compete.  Company
possesses secret and confidential equipment, techniques, processes, procedures,
technical data and information, and customer lists used or intended for
utilization in its operations of which Employee has obtained or may obtain
knowledge, and Company would suffer serious harm if this confidential
information were disclosed or if Employee used this information to compete
against Company.  Further, Employee in
the performance of services hereunder may develop or conceive new and
additional inventions and improvements with respect to such matters.  Accordingly, Employee hereby agrees that
simultaneously with the execution of this Contract he shall execute and deliver
to Company and thereafter abide by the terms of a “Confidentiality Agreement and Covenant Not to Compete” and “Disclosure and Invention Agreement,”
copies of each of which are attached hereto respectively as Exhibits “B” and “C” and incorporated herein by reference.

 

10.   Remedies. 
Employee agrees that in the event of his breach of his covenants and
agreements contained or referenced in this Contract, Company shall be entitled
to obtain injunctive or similar relief from a court of competent
jurisdiction.  The covenants contained in
Exhibits “B” and “C” hereof shall
be construed as agreements independent of any other agreements between Company
and Employee, and the existence of any claim or cause of action of Employee
against Company, whether predicated on this Contract or otherwise, shall not
constitute a defense to the enforcement by Company of those conveyances.  Company shall be entitled to reasonable
attorneys’ fees and related legal costs in the event of a breach, or attempted
breach, of such covenants by the Employee. 
The remedies of Company and Employee under this Contract are cumulative
and will not 

 

7

 

exclude any other remedies to which any party
may be entitled hereunder, including a right of offset, whether at law or in
equity.

 

11.   Notices. 
All notices allowed or required to be given hereunder must be in writing
and dispatched by United States certified mail, return receipt requested, to
the address of the party entitled to such notice shown at the end of this
Contract.  Either party hereto may change
the address to which any such notice is to be addressed by giving notice in
writing to the other party of such change. 
Any time limitation provided for in this Contract shall commence with
the date that the party actually receives such written notice, and the date or
postmark of any return receipt indicating the date of delivery of such notice
to the addressee shall be conclusive evidence of such receipt.  In addition to the parties hereto, copies of
all notices should be sent to:

 

Mr. Herbert M. Gardner

Chairman of the Board

Supreme Corporation

c/o Barrett-Gardner Associates, Inc.

636 River Road

Fair Haven, NJ 07704

 

Haynes and Boone, LLP

201 Main Street, Suite 201

Fort Worth, Texas 76102

Attn:  
Rice M. Tilley, Jr., Esq.

 

12.   Assignment.  Neither Employee nor anyone claiming under
him may commute, encumber, or dispose of the right to receive benefits
hereunder.  Such right to receive
benefits hereunder is expressly declared to be non-assignable and
non-transferable by Employee, and in the event of any attempted assignment or
transfer, Company shall have no further liability hereunder; provided, however,
the foregoing shall not apply to assignments by operation of law, such as to a
guardian or to an executor of Employee’s estate.

 

13.   Waiver. 
The waiver by Company of Employee’s breach of any provision hereof shall
not operate or be construed as a waiver of any subsequent breach by Employee.

 

14.   Binding Effect.  This Contract shall be binding upon the
parties hereto and their heirs, successors, executors, administrators, personal
representatives, and except as provided in paragraph 12, assigns.

 

15.   Survival of Provisions.  All provisions of this Contract, including
all representations, warranties, covenants, and agreements contained or
referenced herein, will survive the execution and delivery hereof and any
investigation of the parties with 

 

8

 

respect thereto.  The provisions of paragraphs 9 and 10,
and Exhibits “B” and “C,”
will survive the termination or amendment of this Contract.

 

16.   Validity. 
If any provision of this Contract is held by a court of law to be
illegal or unenforceable, the remaining provisions of the Contract will remain
in full force and effect.  In lieu of
such illegal or unenforceable provision, there shall be added automatically as
a part of this Contract a provision as similar in terms to such illegal or
unenforceable provision as may be possible and be legal and enforceable.

 

17.   Amendments.  This Contract may be amended at any time and
from time to time in whole or in part by an instrument in writing setting forth
the particulars of such amendment and duly executed by Company and the
Employee.

 

18.   Duplicate Originals.  This Contract has been executed in duplicate
originals, each of which for all purposes is to be deemed an original, and all
of which constitute, collectively, one agreement; but in making proof of this
Contract, it will not be necessary to produce or account for more than one such
duplicate.

 

19.   Captions. 
The captions or section headings of this Contract are provided for
convenience and shall not limit or affect the interpretation of this Contract.

 

20.   Governing Law.  This Agreement has been made in, and its
validity, interpretation, construction, and performance shall be governed by
and be in accordance with, the laws of the State of Indiana, without reference
to its laws governing conflicts of law. 
Each party hereby irrevocably agrees that any legal action or
proceedings with respect to this Agreement may be brought in the courts of the
State of Indiana, or in any United States District Court of Indiana, and, by
its execution and delivery of this Agreement, each party hereby irrevocably
submits to each such jurisdiction and hereby irrevocably waives any and all
objections which it may have as to venue in any of the above courts.  Each party further consents and agrees that
any process or notice of motion or other application to either of said Courts
or any judge thereof, or any notice in connection with any proceedings
hereunder, may be served inside or outside the State of Indiana by registered
or certified mail, return receipt requested, postage prepaid, and be effective
as of the receipt thereof, or in such other manner as may be permissible under
the rules of said Courts.

 

21.   Complete Understanding.  This Contract constitutes the complete
understanding between the parties hereto, except as otherwise expressly
provided or referenced herein, with respect to the employment of Employee.  This Contract supersedes all prior agreements
and understandings between the parties with respect to the subject matter
hereof.

 

9

 

IN WITNESS WHEREOF,
the parties have executed this Contract to be effective May 1, 2008.

 

	
  COMPANY:

  	
  EMPLOYEE:

  
	
   

  	
   

  	
   

  
	
  SUPREME CORPORATION

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Herbert
  M. Gardner

  	
   

  	
  /s/ Robert
  W. Wilson

  
	
   

  	
    Herbert
  M. Gardner,

  	
   

  	
  Robert W.
  Wilson

  
	
   

  	
    Chairman
  of the Board

  	
   

  	
  518 Carter
  Road

  
	
   

  	
   

  	
   

  	
  Goshen,
  Indiana 46526

  
						

 

10

 

Exhibit “A”

to

Employment
Contract

 

I.                                         Change in the ownership of a corporation

 

(A)  In general.  A change in the ownership of a corporation
occurs on the date that any one person, or more than one person acting as a
group, acquires ownership of stock of the corporation that, together with stock
held by such person or group, constitutes more than 50 percent of the total
fair market value or total voting power of the stock of such corporation.  However, if any one person, or more than one
person acting as a group, is considered to own more than 50 percent of the
total fair market value or total voting power of the stock of a corporation,
the acquisition of additional stock by the same person or persons is not
considered to cause a change in the ownership of the corporation (or to cause a
change in the effective control of the corporation).    An increase in the percentage of stock
owned by any one person, or persons acting as a group, as a result of a
transaction in which the corporation acquires its stock in exchange for
property will be treated as an acquisition of stock.  This applies only when there is a transfer of
stock of a corporation (or issuance of stock of a corporation) and stock in
such corporation remains outstanding after the transaction.

 

(B)                                Persons acting as a group.  Persons will not be considered to be acting
as a group solely because they purchase or own stock of the same corporation at
the same time, or as a result of the same public offering.  However, persons will be considered to be acting
as a group if they are owners of a corporation that enters into a merger,
consolidation, purchase, or acquisition of stock, or similar business
transaction with the corporation.  If a
person, including an entity, owns stock in both corporations that enter into a
merger, consolidation, purchase, or acquisition of stock, or similar
transaction, such shareholder is considered to be acting as a group with other
shareholders in a corporation prior to the transaction giving rise to the
change and not with respect to the ownership interest in the other corporation.

 

II.                                     Change in the effective control of a
corporation.

 

(A)                              In general. 
Notwithstanding that a corporation has not undergone a change in
ownership, (see above), a change in the effective control of a corporation
occurs only on the date that either –

 

(1)                                  Any one person, or more than one person
acting as a group, acquires (or has acquired during the 12-month period ending
on the date of the most recent acquisition by such person or persons) ownership
of stock of the 

 

1

 

corporation possessing 35 percent or more of
the total voting power of the stock of such corporation; or

 

(2)                                  A majority of members of the corporation’s
board of directors is replaced during any 12-month period by directors whose
appointment or election is not endorsed by a majority of the members of the
corporation’s board of directors prior to the election, provided that for
purposes of this paragraph  the term
corporation refers solely to the relevant corporation for which no other
corporation is a majority shareholder for purposes of that paragraph (for
example, if Corporation A is a publicly held corporation with no majority
shareholder, and Corporation A is the majority shareholder of Corporation B,
which is the majority shareholder of Corporation C, the term corporation for
purposes of this paragraph would refer solely to Corporation A).

 

(B)                                Multiple change in control events.  A change in effective control also may occur
in any transaction in which either of the two corporations involved in the
transaction has a change in control event. 
Thus, for example, assume Corporation P transfers more than 40 percent
of the total gross fair market value of its assets to Corporation O in exchange
for 35 percent of O’s stock.  P has
undergone a change in ownership of a substantial portion of its asset, and O
has a change in effective control.

 

(C)                                Acquisition of additional control.  If any one person, or more than one person
acting as a group, is considered to effectively control a corporation, the
acquisition of additional control of the corporation by the same person or
persons is not considered to cause a change in the effective control of the
corporation (or to cause a change in the ownership of the corporation).

 

(D)                               Persons acting as a group.  Persons will not be considered to be acting
as a group solely because they purchase or own stock of the same corporation at
the same time, or as a result of the same public offering.  However, persons will be considered to be
acting as a group if they are owners of a corporation that enters into a
merger, consolidation, purchase, or acquisition of stock, or similar business
transaction with the corporation.  If a
person, including an entity, owns stock in both corporations that enter into a
merger, consolidation, purchase, or acquisition of stock, or similar
transaction, such shareholder is considered to be acting as a group with other
shareholders in a corporation only with respect to the ownership in that
corporation prior to the transaction giving rise to the change and not with
respect to the ownership interest in the other corporation.

 

III.                                 Change in the ownership of a substantial
portion of a corporation’s assets.

 

(A)                              In general. 
Change in the ownership of a substantial portion of a corporation’s
assets.  A change in the ownership of a
substantial portion of a corporation’s assets occurs on the date that any one
person, or more than one person acting as a group, acquires (or has acquired
during the 12-month period ending on the 

 

2

 

date of the most recent acquisition by such
person or person) assets from the corporation that have a total gross fair
market value equal to or more than 40 percent of the total gross fair market
value of all of the assets of the corporation immediately prior to such
acquisition or acquisitions.  For this
purpose, gross fair market value means the value of the assets of the corporation,
or the value of the assets being disposed of, determined without regard to any
liabilities associated with such assets.

 

(B)                                Transfers to a related person.

 

(1)                                  There is no change in control event when
there is a transfer to an entity that is controlled by the shareholders of the
transferring corporation immediately after the transfer.  A transfer of assets by a corporation is not
treated as a change in the ownership of such assets if the assets are
transferred to –

 

(i)  A shareholder of
the corporation (immediately before the asset transfer) in exchange for or with
respect to its stock;

 

(ii)  An entity, 50
percent or more of the total value or voting power of which is owned, directly
or indirectly, by the corporation;

 

(iii)  A person, or
more than one person acting as a group, that owns, directly or indirectly, 50
percent or more of the total value or voting power of all the outstanding stock
of the corporation; or

 

(iv)  An entity, at
least 50 percent of the total value or voting power of which is owned, directly
or indirectly, by a person described in “(iii)” immediately preceding.

 

(2)                                  A person’s status is determined immediately
after the transfer of the assets.  For
example, a transfer to a corporation in which the transferor corporation has no
ownership interest before the transaction, but which is a majority-owned
subsidiary of the transferor corporation after the transaction is not treated
as a change in the ownership of the assets of the transferor corporation.

 

(C)                                Persons acting as a group. 
Persons will not be considered to be acting as a group solely because
they purchase assets of the same corporation at the same time.  However, persons will be considered to be
acting as a group if they are owners of a corporation that enters into a
merger, consolidation, purchase, or acquisition of assets, or similar business
transaction with the corporation.  If a
person, including an entity shareholder, owns stock in both corporations that
enter into a merger, consolidation, purchase, or acquisition of assets, or
similar transaction, such shareholder is considered to be acting as a group
with other shareholders in a corporation only to the extent of the ownership in
that corporation prior to the transaction giving rise to the change and not
with respect to the ownership interest in the other corporation.

 

3

 

Exhibit “B”

to

Employment
Contract

 

Confidentiality
Agreement and

Covenant
Not To Compete

 

Robert
W. Wilson (hereafter called “Employee”) has entered into an Employment
Contract with Supreme Corporation,
a Texas corporation (hereafter called “Company”),
which is in the business of manufacturing and selling specialized truck bodies.

 

By signing this Agreement,
Employee acknowledges his understanding of the following:

 

A.                                   All
companies have information, generally not known outside the company, called “confidential information.” All companies
must conduct their businesses through their employees, and consequently many
employees must have access to confidential information.  At times the employee himself may generate
confidential information as a part of his job;

 

B.                                     The
phrase “confidential information”
as used in this Agreement includes information known as, referred to, or
considered to be, trade secrets, and comprises, without limitation, any technical,
economic, financial marketing, computer program, computer software, computer
data (regardless of the medium on which they are stored), computer source and
object programs or codes,  job operating
control language procedures, data entry utility programs, sorts, and
miscellaneous utilities, disk record layouts, flow charts, data entry input
forms, operations and installation instructions, report samples, data files,
printouts, or other information about the Company or its business which is not
common knowledge among competitors or other companies who might like to possess
such confidential information or might find it useful.  Some examples of confidential information
include customer lists, price lists, items in research or development, methods
of manufacture, scientific studies or analyses, details of training methods,
new products or new uses for old products, refining technology, merchandising
and selling techniques, contracts, and licenses, purchasing, accounting,
long-range planning, financial plans and results, computer programs and
operating manuals, computer source codes, and any other information affecting
or relating to the business of the Company, its manner of operation, its plans
or processes.  This list is merely
illustrative and the confidential information covered by this Agreement is not
limited to such illustrations; and

 

C.                                     Company’s
confidential information, including information referred to as, known as, or
considered to be, trade secrets, represents the most important, valuable, and 

 

1

 

unique aspect of Company’s
business, and it would be seriously damaged if Employee breached the position
of confidential trust in which Company has placed him by disclosing such
confidential information to others or by departing and taking with him the
aforesaid unique information compiled over a period of time for the purpose of
himself competing against Company or disclosing such information to Company’s
competitors, now existing or hereafter formed.

 

Accordingly, in consideration
of TEN DOLLARS ($10.00) paid to Employee by Company, the receipt and
sufficiency of which are hereby acknowledged, and Company’s agreement to employ
him, Employee agrees as follows (which will constitute an agreement ancillary
to Employee’s Employment Contract with Company):

 

1.                                       Confidential
information, including information referred to as, known as, or considered to
be, trade secrets, is proprietary to Company. 
Employee agrees to hold such information in strictest confidence, and
not to make use thereof except in performance of duties under the Employment
Contract.  Whether during or after his
employment with Company, Employee may not disclose to others (excepting Company
officers or employees having a need to know who have also signed a written
agreement expressly binding themselves not to use or disclose it) any
confidential information originated, known to, or acquired by Employee while
employed by Company.  Employee further
agrees during such period not to remove from the premises any of Company’s
records or other written or tangible materials, including without limitation
computer programs and floppy disks (whether prepared by Employee or others)
containing any confidential information, except as required for Employee to properly
perform his duties as an employee of the Company.  Exceptions to these restrictions may be made
only by means of Company’s permission given in writing signed by the Chairman
of the Board of Directors of Company’s parent, Supreme Industries, Inc., pursuant
to an affirmative approval by a majority of Supreme Industries, Inc.’s
Board of Directors granting permission to disclose.

 

2.                                       During
a period of two (2) years following the cessation of Employee’s employment
with Company, Employee covenants that Employee, either individually or in any
capacity, including without limitation, as an agent, consultant, officer,
shareholder, or employee of any business enterprises or person with which he
may become associated or in which Employee may have a direct or indirect
interest, shall not, directly or indirectly for himself or on behalf of any
other person or business entity, engage in any business venture or other
undertaking which is directly or indirectly competitive with the business or
operations of Company (and/or any of its subsidiaries) as generally conducted
at, or prior to, the cessation of Employee’s employment with Company.  Without limiting the generality of the
foregoing, Employee shall not (i) so compete with the Company or its
subsidiaries, (ii) be employed by, (iii) be an affiliate (as defined
by Securities and Exchange Commission Rule 405 under the Securities Act of
1933), (iv) perform any services for, or (v) have an equity or
ownership interest in, any person, firm, partnership, joint venture, or
corporation that so competes, directly or indirectly, with the Company or any
of its subsidiaries.  Further, Employee
will not solicit for employment or advise or 

 

2

 

recommend to any other person
that such person employ, or solicit for employment, any employee of the Company
or any of its subsidiaries who was an employee at, or prior to, the cessation
of Employee’s employment with Company. 
The foregoing covenant not to compete shall be limited to a territory
consisting of those states in which the Company had manufacturing facilities as
of the time of cessation of Employee’s employment with Company.  If for any reason any court of competent
jurisdiction finds these covenants to be unreasonable in duration or geographic
scope, the prohibitions herein contained shall be restricted to such time and
geographic areas as such court determines to be reasonable and
enforceable.  However, the restrictions
stated above will not apply if Company liquidates or if Employee becomes
employed by a company (or its affiliate) which acquires (in a voluntary
transaction) the stock or business assets of Company.

 

3.                                       Employee
understands and agrees that his violation of any of the provisions of this
Agreement will constitute irreparable injury to Company immediately authorizing
it to enjoin Employee or the business enterprise with which he may have become
associated from further violations, in addition to all other rights and
remedies which Company may have under law and equity, including recovery of
damages from Employee and a right of offset.

 

4.                                       Each
party shall be entitled to receive from the other party reimbursement of
attorney’s fees and related legal costs to the extent incurred in connection
with the successful enforcement or defense, as the case may be, of the terms
and conditions hereof.

 

5.                                       The
waiver by Company of Employee’s breach of any provision hereof shall not
operate or be construed as a waiver of any subsequent breach by Employee.  This Agreement shall be binding upon the
parties hereto and their heirs, successors, executors, administrators, personal
representatives, and assigns.  Employee
may not assign to any person his covenants, obligations and duties hereunder.  All provisions of this Agreement shall
survive the termination or amendment of Employee’s Employment Contract.

 

6.                                       If
any provision of this Agreement is held by a court of law to be illegal or
unenforceable, the remaining provisions of the Agreement shall remain in full
force and effect.  In lieu of such
illegal or unenforceable provision, there shall be added automatically as a
part of this Agreement a provision as similar in terms to such illegal or
unenforceable provision as may be possible and be legal and enforceable.

 

7.                                       This
Agreement has been made in, and its validity, interpretation, construction, and
performance shall be governed by and be in accordance with, the laws of the
State of Indiana, without reference to its laws governing conflicts of
law.  Each party hereby irrevocably
agrees that any legal action or proceedings with respect to this Agreement may
be brought in the courts of the State of Indiana, or in any United States
District Court of Indiana, and, by its execution and delivery of this
Agreement, each party hereby irrevocably submits to each such jurisdiction and
hereby irrevocably waives any 

 

3

 

and all objections which it may
have as to venue in any of the above courts. 
Each party further consents and agrees that any process or notice of
motion or other application to either of said Courts or any judge thereof, or
any notice in connection with any proceedings hereunder, may be served inside
or outside the State of Indiana by registered or certified mail, return receipt
requested, postage prepaid, and be effective as of the receipt thereof, or in
such other manner as may be permissible under the rules of said Courts.

 

IN WITNESS WHEREOF, the parties
have executed this Agreement to be effective May 1, 2008.

 

	
   

  	
   

  	
  /s/ Robert W. Wilson

  
	
   

  	
   

  	
  Robert W.
  Wilson

  
	
   

  	
   

  	
  518 Carter
  Road

  
	
   

  	
   

  	
  Goshen,
  Indiana 46526

  
	
   

  	
   

  	
   

  
	
  ACCEPTED:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  SUPREME CORPORATION

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Herbert
  M. Gardner

  	
   

  	
   

  
	
   

  	
  Herbert M. Gardner,

  	
   

  	
   

  
	
   

  	
  Chairman of the Board

  	
   

  	
   

  

 

4

 

Exhibit “C”

to

Employment
Contract

 

Disclosure
and Invention Agreement

 

Robert
W. Wilson (hereafter called “Employee”) has entered into an Employment
Contract with Supreme Corporation,
a Texas corporation (hereafter called “Company”),
which is in the business of manufacturing and selling specialized truck bodies.

 

In consideration of TEN DOLLARS
($10.00) paid to Employee by Company, the receipt and sufficiency of which are
hereby acknowledged, and Company’s agreement to employ him pursuant to an
Employment Contract (to which this Exhibit “C”
is attached) between Company and Employee the provisions of which are herein
fully incorporated by reference for all purposes, Employee agrees as follows:

 

1.                                       Employee
shall communicate to Company promptly and fully all ideas and the expressions
thereof, conceptions, improvements, discoveries, methods, techniques,
processes, adaptations, creations, and inventions (whether patentable or
copyrightable or not) conceived or made by Employee (whether solely by Employee
or jointly with others) (“Ideas”)
from the time of entering Company’s employment until one year after Employee’s
employment is terminated for any reason, or Employee resigns or retires for any
reason, (a) which involve or pertain to, directly or indirectly, the
business, assets, activities, computers or computer programs, or investigations
of Company as existed at or prior to the cessation of Employee’s employment by
Company, or (b) which result from or are suggested by any work which
Employee or other employees or independent contractors perform for or on behalf
of Company, in whole or in part, as existed at or prior to the cessation of
Employee’s employment by Company.

 

2.                                       Employee
shall assist Company during and subsequent to Employee’s employment in every
proper way (solely at Company’s expense) to obtain patents and/or copyrights
for its own benefit in any or all countries of the world, and to sign all
proper papers, patent applications, assignments, and other documents necessary
for this purpose, it being understood that such Ideas will remain the sole and
exclusive property of Company, and shall not be disclosed to any person, nor
used by Employee, except as expressly permitted herein.

 

3.                                       Written
records of Employee’s Ideas in the form of notebook records, sketches, drawings
or reports, will remain the property of and be available to Company at all
times.

 

1

 

4.                                       Employee
represents that Employee has no agreements with or obligations to others in
conflict with the foregoing.

 

5.                                       Employee
understands that this Agreement may not be modified or released except in
writing signed by all members of the Company’s Board of Directors.

 

6.                                       Employee
understands and agrees that his violation of any of the provisions of this
Agreement will constitute irreparable injury to Company immediately authorizing
it to enjoin Employee or the business enterprise with which he may have become
associated from further violations, in addition to all other rights and
remedies which Company may have at law and equity, including recovery of
damages from Employee and a right of offset. 
Each party shall be entitled to recover from the other party
reimbursement of attorney’s fees and related legal costs to the extent incurred
in connection with the successful enforcement or defense, as the case may be,
of the terms of conditions hereof.

 

7.                                       This
Agreement shall be binding upon the parties hereto and their respective heirs,
successors, executors, administrators, personal representatives, and
assigns.  Employee may not assign his
covenants, duties, or obligations hereunder to any other person.  The waiver by Company of Employee’s breach of
any provision hereof shall not operate or be construed as a waiver of any
subsequent breach by Employee.

 

8.                                       If
any provision of this Agreement is held by a court of law to be illegal or
unenforceable, the remaining provisions of the Agreement shall remain in full
force and effect.  In lieu of such
illegal or unenforceable provision, there shall be added automatically as a
part of this Agreement a provision as similar in terms to such illegal or
unenforceable provision as may be possible and be legal and enforceable.

 

9.                                       This
Agreement has been made in, and its validity, interpretation, construction, and
performance shall be governed by and be in accordance with, the laws of the
State of Indiana, without reference to its laws governing conflicts of
law.  Each party hereby irrevocably
agrees that any legal action or proceedings with respect to this Agreement may
be brought in the courts of the State of Indiana, or in any United States
District Court of Indiana, and, by its execution and delivery of this
Agreement, each party hereby irrevocably waives any and all objections which it
may have as to venue in any of the above courts.  Each party further consents and agrees that
any process or notice of motion or other application to either of said Courts
or any judge thereof or any notice in connection with any proceedings
hereunder, may be served inside or outside the State of Indiana by registered
or certified mail, return receipt requested, postage prepaid, and be effective
as of the receipt thereof, or in such other manner as may be permissible under
the rules of said Courts.

 

2

 

IN WITNESS
WHEREOF, the parties have executed this Agreement to be effective May 1,
2008.

 

 

	
   

  	
   

  	
  /s/  Robert
  W. Wilson

  
	
   

  	
   

  	
  Robert W. Wilson

  
	
   

  	
   

  	
  518 Carter Road

  
	
   

  	
   

  	
  Goshen, Indiana 46526

  
	
   

  	
   

  	
   

  
	
  ACCEPTED:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  SUPREME CORPORATION

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ 
  Herbert M. Gardner

  	
   

  	
   

  
	
   

  	
  Herbert M. Gardner,

  	
   

  	
   

  
	
   

  	
  Chairman of the Board

  	
   

  	
   

  

 

3

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