Document:

exv10w2

 

EXHIBIT 10.2

FOURTH AMENDMENT TO AGREEMENT OF PURCHASE AND SALE AND JOINT
 ESCROW INSTRUCTIONS

          This Fourth Amendment to Agreement of Purchase and Sale and Joint Escrow Instructions (this
“Fourth Amendment”) is entered into by CENTURY PROPERTIES HENDERSON 18 LLC, a Nevada limited
liability company (“Buyer”), and PIONEER AMERICAS LLC, a Delaware limited liability company, as
successor to Pioneer Chlor Alkali Company Inc. (“Seller”), effective July 7, 2006.

RECITALS:

          A.      Marnell Properties, LLC, a Nevada limited liability company (“Marnell”), and Seller
executed an Agreement of Purchase and Sale and Joint Escrow Instructions (“Purchase and Sale
Agreement”) effective as of June 3, 2005; and,

          B.      By an Assignment And First Amendment To Agreement Of Purchase And Sale And Joint Escrow
Instructions effective as of October 31, 2005, Marnell assigned its right, title and interest under
the Purchase and Sale Agreement to CENTURY STEEL, INC., a Nevada corporation (“Century Steel”);
and,

          C.      By a Second Assignment and Second Amendment to Agreement of Purchase and Sale and Joint
Escrow Instructions, Century Steel assigned its right, title and interest under the Purchase and
Sale Agreement to Buyer; and,

          D.      By a Third Amendment To Agreement Of Purchase And Sale And Joint Escrow Instructions
effective June 30, 2006 Buyer and Seller changed the last two sentences of Section 9(b) of the
Purchase and Sale Agreement to state that the Closing shall be extended to July 7, 2006 and,

          E.      Buyer and Seller wish to amend the Purchase and Sale Agreement.

          NOW, THEREFORE, Buyer and Seller agree as follows:

          1.      Recital A of the Sale Agreement is removed and replaced with the following:

         “Seller is the owner of certain real estate located in Clark
County, Nevada being “Parcel 1-A,” “Parcel 2-A” and “Parcel 3-A” on
the Amended Parcel Map attached hereto as Exhibit “A” (the “Amended
Parcel Map”) (Parcel 1-A, Parcel 2-A and Parcel 3-A on the Amended
Parcel Map are referred to collectively as the “Property”).”

 

 

          AND in Recital A of the Purchase and Sale Agreement, Exhibit “A,” the Amended Parcel
Map is removed and replaced with Exhibit “A” to this Fourth Amendment.

         2.     
Paragraph 5(e)(v) of the Sale Agreement is removed and replaced with the following:

            v.      A lease agreement dated as of April 26, 2005 a memorandum
thereof having been recorded December 28, 2005 in Book 20051228 as
Instrument 00946 of Official Records in the Office of the County
Recorder, Clark County, Nevada for billboard locations on the
Property with Peckman Sign Company, LLC, as amended by an amendment
thereto dated September 7, 2005, concerning the lease of billboard
locations at the Property, with a second amendment to be executed to
reflect the locations of five billboards to be built on the Property
and corresponding amendment to the recorded lease memorandum (the
lease agreement dated as of April 26, 2005, the memorandum thereof
recorded December 28, 2005 in Book 20051228 as Instrument 00946, the
amendment thereto dated September 7, 2005, the second amendment to
be executed to reflect the locations of five billboards to be built
on the Property and corresponding amendment to the recorded lease
memorandum are attached as Exhibit B and incorporated by reference
and are hereinafter referred to collectively as the “Peckman Sign
Company Billboard Lease”).

         AND in Paragraph 5(e)(v) of the Sale Agreement, Exhibit B is removed and replaced with
Exhibit B to this Fourth Amendment.

         3.      Paragraph 5(e)(vi) is removed and replaced with the following:

         vi.      Miscellaneous dedications and easements (not herein
detailed) including, without limitation, the locations of the five
billboards to be built on the Property to be constructed under the
Peckman Sign Company Billboard Lease, an easement for water
pipelines to be granted in favor of the City of Henderson, an
easement for electrical lines for the signs to be constructed under
the Peckman Sign Company Billboard Lease and any other dedications
and easements shown, or required to be shown by various governmental
agencies, on the Amended Parcel Map;

         4.      In Paragraph 5(e)(vii) of the Sale Agreement, Exhibit “C,” the Declaration of
Covenants Conditions and Restrictions is removed and replaced with the form attached as
Exhibit “C” to this Fourth Amendment.

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         5.      Paragraph 5(e)(viii) is removed and replaced with the following:

         viii. The dedication of Eastgate Road within a portion of the
land shown on the Amended Parcel Map, and the grant of easements
related to the construction and use of Eastgate Road, the imposition
on some of the land shown on the Amended Parcel Map with the
obligation to construct certain improvements related to Eastgate
Road through a recorded document (the “Restrictive Covenant Running
With the Land”), and the vacation and abandonment of an access
easement shown on a parcel map recorded in File 100, Page 24 of
Parcel Maps, Office of the County Recorder, of Clark County, Nevada;
and

         6.      The last word in Paragraph 6(c) of the Sale Agreement is removed and replaced with
the “Agreement.”

         7.      Paragraph 6(e) of the Sale Agreement is removed and replaced with the following:

         e.      The dedication on the Amended Parcel Map of a portion of the
land shown thereon for Eastgate Road together with the grant of
various easements related to Eastgate Road, the imposition of a
“Restrictive Covenant Running With the Land” a document burdening
Parcel 1-A, Parcel 2-A, Parcel 3-A and Parcel 4-A as shown on the
Amended Parcel Map with an obligation to construct certain
improvements related to Eastgate Road, the vacation and abandonment
of an access easement shown on a parcel map recorded in File 100,
Page 24 of Parcel Maps, Office of the County Recorder, Clark County,
Nevada;

         8.      Paragraph 6(g) of the Sale Agreement is removed and replaced with the following:

         g.      Miscellaneous dedications and easements (not herein
detailed) and any other matters shown on the Amended Parcel Map

         9.      The second sentence of Paragraph 7(a) of the Agreement is amended by changing the
punctuation of the phrase (“Permitted Exceptions”) by removing the parentheses and adding
the word “as” so as to read “as Permitted Exceptions.”

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         10.      The words “the Property” in Paragraph 8(e) of the Sale Agreement are removed and
replaced with “some of the land shown on the Amended Parcel Map.”

         11.      The last two sentences of Section 9(b) of the Purchase and Sale Agreement shall be
replaced with the following sentence:

The Closing shall be extended to a date that must occur

before September 30, 2006.

         12.      Paragraph 9(c) of the Sale Agreement is removed and replaced with the following:

         c.       Recordation of the Amended Parcel Map and the Restrictive
Covenant Running With the Land, and the Declaration of Covenants
Conditions and Restrictions. On June 20, 2006, Seller submitted
the Amended Parcel Map for review by Clark County, Nevada. Upon
approval of the Amended Parcel Map as so submitted by Clark County,
Nevada, Seller agrees to be contractually obligated to record the
Amended Parcel Map before title to the Property is transferred or
possession is delivered. At the Closing, Seller will record (or
cause to be recorded) in the appropriate order in the records of the
Office of the County Recorder, Clark County, Nevada, the Amended
Parcel Map, the Restrictive Covenant Running With the Land and the
Declaration of Covenants Conditions and Restrictions.

         13.      Paragraph 9(e) is amended by adding the word “and” to the defined term “Grant
Bargain Sale Deed” in clause (i); adding “The Declaration of Covenants Conditions and
Restrictions;” as new clause (ii) thereof, then renumbering the remaining clause and finally
removing the words “and any condemnation damages to be paid by the City of Henderson for
condemnation of a portion of the Property for Eastgate Road” from clause (iv) thereof.

         14.      The following phrase is added as a new Paragraph 9(g):

         g.       Deposits by Others. Prior to the Closing, others may deposit
the Amended Parcel Map, releases of the lien of the indenture
securing certain of Seller’s debt, the Restrictive Covenant Running
with Land.

     And the remaining paragraphs of Section 9 are appropriately renumbered.

         14.      Paragraph 9(h) is amended by adding:

If so instructed, cause the Amended Parcel Map, any releases of the
lien of the indenture securing certain of Seller’s debt, the

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Restrictive Covenant Running with Land and the Declaration of
Covenants Conditions and Restrictions to be recorded in the Official
Records of Clark County, Nevada in such order as the parties
depositing same may direct;

As a new clause (ii) thereof and renumbering the remaining clauses.

AND by inserting the word “and” in clause (iii) and (iv) thereof so that the defined
term is corrected to read: “Grant Bargain and Sale Deed.”

         15.      The words “and any condemnation damages to be paid by the City of Henderson for
condemnation of a portion of the Property for Eastgate Road” are removed from the end of
Paragraph 9(e)(iv) of the Sale Agreement.

         16.      Paragraph 11(a) is amended by removing the words “or is” in the first line thereof
and adding in their place the phrase “because the Closing did not occur on or before
September 30, 2006 or is otherwise”

         17.      Section 16 is amended by replacing the name “Kent Stephenson” with name “Michael
McGovern” in the notice address for Seller.

         18.      Section 20 is amended by adding the word “and” so that the defined term is
corrected to read: “Grant Bargain and Sale Deed.”

          The parties may sign this Agreement in counterparts. The signature pages from the
counterparts may be attached to one counterpart to form a single document.

SAVE AND EXCEPT as amended by this Agreement, the Purchase and Sale Agreement remains unmodified
and in full force and effect

	 	 	 	 	 	 	 
	SELLER:	 	BUYER:
	 
	 	 	 	 	 	 
	PIONEER AMERICAS LLC,

a Delaware limited liability company,

as successor to Pioneer Chlor Alkali

Company Inc.	 	CENTURY PROPERTIES HENDERSON 18 LLC,

a Nevada limited liability company

	   

	 	 	 	By:
	 	/s/ Todd Leany

 

Its Manager
	By:

	 	/s/ Michael Y. McGovern

 

Michael Y. McGovern

Its President and CEO	 	 	 	 

	 	 	 	 	 
	 	

AGREED AND APPROVED:

CENTURY STEEL, INC., a Nevada corporation 

 	 
	 	By:  	
/s/ Todd Leany
 	 
	 	 	Title: President 	 
	 	 	 	 
	 

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EXHIBIT 10.2

Exhibit A to

Fourth Amendment to Agreement of Purchase and Sale and Joint Escrow
 Instructions

Amended Parcel Map as Submitted to Clark County, Nevada on June 20, 2006

[omitted]

 

 

EXHIBIT 10.2

Exhibit B to

Fourth Amendment to Agreement of Purchase and Sale and Joint Escrow 
Instructions

Lease Agreement between Pioneer Companies, Inc. and Peckman Sign Company, Inc.

[omitted]

 

 

EXHIBIT
10.2

Exhibit C to

Fourth Amendment to Agreement of Purchase and Sale and Joint Escrow
 Instructions

Creation of Easement and Declaration of Covenant made by Pioneer Americas LLC

[omitted]exv10w3

 

Exhibit 10.3

July 5, 2006

Mr. Philip A. Marineau

1155 Battery Street

San Francisco, CA 94111

Re:     Retirement and Transition Planning

Dear Phil:

     I want to thank you very much for all you have done for Levi Strauss & Co. in your 6-1/2 years
as CEO and, in advance, for the additional contributions I know you will make before your intended
retirement at the end of this year. As we plan together for the process of selecting LS&CO.’s next
CEO and transitioning leadership of the company to him or her, I thought it would be useful to
confirm the arrangements we have discussed regarding your retirement.

     Your existing employment agreement will continue in effect until the completion of your
service with the company. Your receipt of post-retirement benefits and payments under the company’s
retirement, retiree medical and deferred compensation plans in which you are a participant will be
governed by the terms of those plans and, to the extent applicable, your employment agreement.

     Effective on your retirement on November 26, 2006, you will become fully vested in your
existing awards under the 2005 MIP, 2006 AIP and SELTIP on that date. In addition, you will be
granted a new award under the 2006 Equity Incentive Plan that is currently being considered by the
board. If the new plan is adopted substantially in its current form, your stock appreciation rights
grant award will be at the 150,000-share level, appropriately adjusted to reflect any modifications
that may be made to the plan. The terms of your award under the new plan will be consistent with
those of other WLT members, except that, in recognition of your impending retirement, (1) your
grant award of 150,000 stock appreciation rights will vest evenly over an eleven-month period
commencing on January 1, 2008 and ending on November 30, 2008; and (2) you will be treated for
purposes of this grant award as if you had continued your employment with the company through
November 30, 2008. We have also discussed the fact that, upon your retirement, you will become
entitled to receive a special payment of $7,750,000 in recognition of your service through November
26, 2006. This payment will be made no later than January 15, 2007.

 

 

Philip A. Marineau

July 5, 2006

Page Two

     As is customary, you will provide a standard release (which will be effective on your
retirement date) in the form you have previously approved as a condition to the vesting and special
payment arrangements described above.

     If the above accurately reflects our agreement, please sign and return a copy of this letter.

     I look forward to working with you to effect a smooth and successful transition of leadership
to your successor.

	 	 	 
	Sincerely,

 
	/s/ Robert D. Haas
 	 
	Robert D. Haas 	 
	Chairman 	 
	 
	Agreed:

 
	/s/ Philip A. Marineau
 	 
	Philip A. Marineau 	 
	 	 
	 

 

 

RETIREMENT DATE RELEASE

     In consideration of the retirement arrangements described in the letter from Levi Strauss &
Co. (the “Company”) to me dated July 6, 2006 (the “Retirement Letter”), I hereby provide the
following Retirement Date Release.

     I hereby generally and completely release the Company and its directors, officers, employees,
shareholders, partners, agents, attorneys, predecessors, successors, parent and subsidiary
entities, insurers, affiliates, and assigns from any and all claims, liabilities and obligations,
both known and unknown, arising out of or in any way related to events, acts, conduct, or omissions
occurring at any time prior to or at the time that I sign this Release. This general release
includes, but is not limited to: (1) all claims arising out of or in any way related to my
employment with the Company or the termination of that employment; (2) all claims related to my
compensation or benefits from the Company, including salary, bonuses, commissions, vacation pay,
expense reimbursements, severance pay, retirement benefits, fringe benefits, stock, stock options,
or any other ownership or equity interests in the Company; (3) all claims for breach of contract,
wrongful termination, and breach of the implied covenant of good faith and fair dealing (including,
but not limited to, claims arising under or based on my Employment Agreement with the Company); (4)
all tort claims, including claims for fraud, defamation, emotional distress, and discharge in
violation of public policy; and (5) all federal, state, and local statutory claims, including
claims for discrimination, harassment, retaliation, attorneys’ fees, or other claims arising under
the federal Civil Rights Act of 1964 (as amended), the federal Americans with Disabilities Act of
1990, the federal Age Discrimination in Employment Act (as amended) (“ADEA”), the federal Family
and Medical Leave Act, the California Family Rights Act, the California Labor Code, and the
California Fair Employment and Housing Act (as amended). Notwithstanding the foregoing, I am not
releasing the Company hereby from (a) its obligation to reimburse me for valid business expenses
incurred on behalf of the Company and in compliance with its policies, (b) any obligation to
indemnify me pursuant to the Company’s certificate of incorporation and bylaws, any valid fully
executed indemnification agreement with the Company and applicable law, or (c) its obligations
under the Retirement Letter. I represent that I have no lawsuits, claims or actions pending in my
name, or on behalf of any other person or entity, against the Company or any other person or entity
subject to the release granted in this paragraph. I acknowledge that, except as expressly
provided in the Retirement Letter, I have not earned and will not receive from the Company, whether
pursuant to my Employment Agreement or otherwise, any additional compensation (including base
salary, bonus, long-term incentive compensation or equity), severance, or benefits before or after
the effective date of my retirement.

1.

 

     I acknowledge that I am knowingly and voluntarily waiving and releasing any rights I may have
under the ADEA, and that the consideration given for the waiver and release in the preceding
paragraph is in addition to anything of value to which I am already entitled. I further
acknowledge that I have been advised by this writing that: (a) my waiver and release do not apply
to any rights or claims that may arise after the date I sign this Release; (b) I should consult
with an attorney prior to signing this Release (although I may choose voluntarily not to do so);
(c) I have twenty-one (21) days to consider this Release (although I may choose voluntarily to sign
it earlier); (d) I have seven (7) days following the date I sign this Release to revoke it by
providing written notice of revocation to the Company’s Board of Directors; and (e) this Release
will not be effective until the date upon which the revocation period has expired, which will be
the eighth calendar day after the date I sign it.

     I UNDERSTAND THAT THIS AGREEMENT INCLUDES A RELEASE OF ALL KNOWN AND UNKNOWN CLAIMS. I
acknowledge that I have read and understand Section 1542 of the California Civil Code which reads
as follows: “A general release does not extend to claims which the creditor does not know or
suspect to exist in his favor at the time of executing the release, which if known by him must have
materially affected his settlement with the debtor.” I hereby expressly waive and relinquish all
rights and benefits under that section and any law or legal principle of similar effect in any
jurisdiction with respect to my release of claims herein, including but not limited to the release
of unknown and unsuspected claims.

	 	 	 
	 
	 	/s/ Philip A. Marineau
	 	Philip A. Marineau 
	 	 
	 
	 
	 	Date:	   July 6, 2006

2.

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