March 1, 2000
Mr. Michael R. Samide
32 Strawberry Lane
Huntington, CT 06484
Dear Mr. Samide:
This Agreement sets forth the terms of your employment with Baldwin
Technology Company, Inc., a Delaware corporation (the "Company"), and is
effective as of November 10, 1999, and if not extended or unless sooner
terminated, shall expire on November 10, 2002.
1. DUTIES. During the term of your employment hereunder, you shall be employed
as the Executive Vice President and Chief Operating Officer of the Company, and
you shall direct and manage the operations of the Company subject to the
direction of the Chief
Executive Officer of the Company (the "Chief Executive Officer"). You shall
also be a member of the Baldwin Management Committee ("BMC").
2. COMPENSATION. As compensation for your services during the term of your
employment hereunder:
A. Salary. You shall be paid a salary at the annual rate of two hundred
and twenty-five thousand dollars ($225,000) (hereinafter referred to as your
"base salary"), payable in appropriate installments to conform with regular
payroll dates for salaried personnel of the Company.
B. Reviews and Adjustments. On or about November 10, 2000 and each
succeeding November 10 during the term of your employment hereunder, your
performance shall be reviewed by the Chief Executive Officer and your attainment
of mutually agreed-upon objectives evaluated; your base salary for the ensuing
twelve (12) months commencing on such November 10 may be adjusted, subject to
approval by the Compensation Committee of the Board of Directors of the Company,
in accordance with your level of performance. In no case, however, will any
such adjustment to your salary ever be a negative amount unless you expressly
agree to such a reduction.
C. Incentive Compensation. During the term of your employment hereunder,
and at such other times subsequent thereto as are otherwise set forth herein,
you shall be paid annually, within three (3) months of the end of each fiscal
year, beginning with the fiscal year ending June 30, 2000, incentive
compensation in an amount determined for such fiscal year under the Company's
Executive and Key Person Cash Incentive Program (the "Incentive Program") as in
effect at that time.
D. Supplemental Retirement Benefit. On the first day of each month that
you are still performing services under the terms of this Agreement, the Company
shall accrue for your benefit a supplemental retirement benefit (the
"Supplemental Retirement Benefit") in the amount of four thousand two hundred
($4,200.00).The sum of all such monthly accruals of Supplemental Retirement
Benefit shall constitute the "Aggregate Supplemental Retirement Benefit". The
Aggregate Supplemental Retirement Benefit, to the extent vested, is to be paid
to you in equal monthly installments, over a ten (10) year period
beginning at such times as are set forth in this Agreement. Wherever so used in
this Agreement, the term "Monthly Supplemental Retirement Benefit" shall mean
the Aggregate Supplemental Retirement Benefit divided by one-hundred-twenty
(120) months. The Aggregate Supplemental Retirement Benefit will vest, in each
case assuming you are then employed by the Company, as follows: as of November
10, 2000 it shall be vested to the extent of 20%, as of November 10, 2001 it
shall be vested to the extent of 40%, as of November 10, 2002 it shall be vested
to the extent of 60%, as of November 10, 2003 it shall be vested to the extent
of 80%, as of November 10, 2004 it shall be vested to the
extent of 100% so that as of the latter date the full amount of the Aggregate
Supplemental Retirement Benefit shall be due and payable in the instances set
forth elsewhere in this Agreement.
3. Stock and Loans. In order to permit you (but only if you, in your sole
discretion so elect) to purchase shares of the Company's Class B Common Stock,
par value $.01 per share (the "Class B Stock"), that may become available from
time to time, you shall be eligible, to the extent allowable under the Company's
various loan covenants or any other legal restrictions under which the Company
may operate, to obtain loans from the Company in the aggregate principal amount
of up to twice your then-current base salary which shall be used by you to
purchase such shares of Class B Stock. Any loans made under this section shall
(i) not exceed one million dollars ($1,000,000.00) in the aggregate,
(ii) bear interest, payable annually, at a rate equal to the Company's borrowing
rate (as adjusted on the first day of each calendar quarter) on its U.S.
short-term banking facilities, (iii) require pledging by you to the Company of
all shares of Class B Stock purchased using the proceeds of any such loans
(until sold in part or in full as described herein), and (iv)
require repayment by you within six (6) months of the last day of your
employment by the Company, except in case of your death, in which instance
repayment shall be within twelve (12) months of the date of your death.
Notwithstanding anything to the contrary contained
in this Paragraph 3, if at any time you sell any of such shares of Class B Stock
while any amount of any said loan remains unpaid, you shall, within five (5)
days of receipt of the funds from such sale, pay to the Company, in repayment of
part or all, as the case may be, of any said loan, an amount equal to (a) that
amount (the "Principal Repayment") equal to the product of (i) the aggregate
unpaid amount of all such loans, multiplied by (ii) a
fraction, the numerator of which is the number of shares of the Class B Stock
sold and the denominator of which is the number of shares of Class B Stock
purchased using the proceeds of all such loans (provided, however that the
Principal Repayment shall not exceed the unpaid balance of all such loans), plus
(b) any accrued but unpaid interest on the amount of the Principal Repayment to
the date of such repayment.
4. INSURANCE. During the term of your employment hereunder, the Company,
subject to your insurability, shall (i) pay the premiums on a contract or
contracts of life insurance on your life providing for an aggregate death
benefit of five hundred thousand dollars ($500,000), which contract or contracts
will be owned by you, your spouse or such other party as may be designated by
you; (ii) purchase key person term life insurance on your life in the aggregate
amount of one million dollars ($1,000,000), which contract or contracts will be
owned by the Company; provided, however, that upon your death if there
are any loans outstanding between you and the Company pursuant to Section 3 of
this Agreement, the Company agrees to pay to your survivors or estate an amount
equal to the unpaid balance of such loans, up to but not exceeding five hundred
thousand dollars ($500,000), of the death benefits received by the Company from
such key person term life insurance policy.
5. REIMBURSEMENT OF EXPENSES. In addition to the compensation provided for
herein, the Company shall reimburse to you, or pay directly, in accordance with
the policies of the Company as in effect at the time, all reasonable expenses
incurred by you in connection with the business of the Company, and its
subsidiaries and affiliates, including but not limited to business-class
travel if overseas, reasonable accommodations, and entertainment, subject to
documentation in accordance with the Company's policy.
6. EXTENT OF SERVICES.
A. In General. During the term of your employment hereunder, you shall
devote your best and full-time efforts to the business and affairs of the
Company.
B. Limitation on Other Services. During the term of your employment
hereunder, you shall not undertake employment with, or participate in the
conduct of the business affairs of, any other person, corporation, or entity,
except at the direction or with written approval of the Board of Directors of
the Company.
C. Personal Investments. Nothing herein shall preclude you from having,
making, or managing personal investments which do not involve your active
participation in the affairs of the entities in which you so invest, but, unless
approved in writing by the Board of Directors of the Company, during the term of
your employment hereunder, you shall not have more than a one percent (1%)
ownership interest in any entity which is directly competitive with any business
conducted by the Company at that time. The phrase "conducted by the Company" as
used in this Paragraph 6C and in Paragraph 13 hereof shall mean the business
conducted by the Company or by any corporation or other entity
in which the Company owns fifty percent (50%) or more of the stock or equity
interests (either voting or non-voting) in such other entity (a "Subsidiary").
7. LOCATION. Your duties hereunder shall be performed for the Company
worldwide, with substantial time in the Company's current offices in Norwalk,
Connecticut. This location may change in the future.
8. VACATION; OTHER BENEFITS.
A. Vacation. During the term of your employment hereunder, you shall be
entitled to a vacation or vacations, with pay, in accordance with the Company's
vacation policy as in effect at the time. Your yearly vacation accrual will be
three (3) weeks of annual vacation per year in year one and all subsequent years
until your time with the Company eventually triggers a larger annual accrual
beyond three (3) weeks per year. You may accumulate up to twelve (12) weeks
vacation, but not more than three (3) weeks from any single prior year. Any
such accumulated vacation may be used in any subsequent year or years (but no
more than two (2) weeks of such accumulated vacation in any one
year) in addition to the vacation to which you are entitled for each such year.
B. The Company's Benefit Plans. During the term of your employment
hereunder, you shall be eligible for inclusion, to the extent permitted by law,
as a full-time employee of the Company, in any and all (i) pension, profit
sharing, savings, and other retirement plans and programs as in effect at the
time, (ii) life and health (medical, dental,
hospitalization, short-term and long-term disability) insurance plans and
programs as in effect at the time, (iii) stock option and stock purchase plans
and programs as in effect at the time, (iv) accidental death and dismemberment
protection plans and programs as in effect at the time, (v) travel accident
insurance plans and programs as in effect at the time, and (vi) other plans and
programs sponsored by the Company or any Subsidiary for
employees or executives generally as in effect at the time, including any and
all plans and programs that supplement any or all of the foregoing types of
plans or programs.
C. Automobile, Professional Services and Club Dues. During the term of
your employment hereunder, (i) the Company shall provide an automobile for your
use pursuant to the Company's written policy on company autos as in effect at
that time; (ii) the Company shall reimburse to you, or pay directly, upon
submission by you to the Company of statements for services, the amounts payable
by you to any person or persons of your choice that you retain to advise you
with regard to financial, investment, and tax matters, including any related
legal fees; provided, however, that the costs for such services for which you
shall be reimbursed or which shall be paid shall not, in the aggregate, exceed
five thousand dollars ($5,000) per fiscal year beginning with the fiscal year
ending June 30, 2000; and (iii) the Company shall reimburse to you, or pay
directly, upon submission by you to the Company of invoices for same, a
reasonable annual membership or user fee at a health, fitness, golf, tennis,
social or other similar club, provided however, that said fee for
which you shall be reimbursed or which shall be paid shall not exceed three
thousand dollars ($3,000.00) per fiscal year beginning with the fiscal year
ending June 30, 2000.
9. TERMINATION OF EMPLOYMENT.
In the event your employment is terminated for any of the reasons set forth
under this Paragraph 9, the Company shall pay to you or your legal
representative, estate or heirs, as the case may be, the following amounts,
which are in addition to the amounts stipulated under any subparagraph of this
Paragraph 9:
(i) A single lump sum payment, not later than the last day of your
employment, of:
(a) Any accrued but unpaid salary set forth in Paragraph 2A (as
adjusted by Paragraph 2B) hereof, including salary in respect of any accrued and
accumulated vacation, due to you at the date of such termination; and
(b) Any amounts owing, but not yet paid, pursuant to Paragraph 5
hereof.
(ii) Any accrued but unpaid incentive compensation as set forth in Paragraph
2C hereof due to you at the date of such termination for the fiscal year ending
on or immediately prior to the date of such termination which shall be paid
within three (3) months of the end of such fiscal year.
A. Termination by the Company Without Cause. The Company may, without
cause, terminate your employment hereunder at any time upon ten (10) or more
days' written notice to you. In the event your employment is terminated under
this Paragraph 9A, the Company shall pay to you the following:
(i) A single lump sum payment, not later than the last day of your
employment, of severance pay in an amount equal to your then current annual base
salary as defined in Paragraph 2A (as adjusted by Paragraph 2B) hereof;
(ii) A single lump sum payment of any incentive compensation set forth
in Paragraph 2C hereof earned in the fiscal year of the termination of your
employment, which incentive compensation shall be determined on the basis of the
Company's operations through June 30 of such fiscal year, and shall be pro-rated
through the last day of your employment, and shall be paid within three (3)
months of such June 30;
(iii) To the extent vested, the Monthly Supplemental Retirement
Benefit with the first payment beginning on the first day of the month
immediately succeeding the last day of employment;
(iv) Continuation of medical benefits for a period of six (6) months;
and (v) Executive outplacement services for a period of six (6) months.
The Company shall have no further obligation to you under this Agreement and you
shall have no further obligation to the Company under this Agreement except as
provided in Paragraph 12 and Paragraph 13 hereof.
B. Termination by the Company With Cause. The Company may, for cause,
terminate your employment hereunder at any time by written notice to you. In
the event your employment is terminated under this Paragraph 9B, you shall
forfeit the incentive compensation set forth in Paragraph 2C hereof for the
fiscal year in which such termination or resignation occurs. In the event
your employment is terminated under this paragraph 9B, the Company shall pay
to you, to the extent vested, the Monthly Supplemental Retirement Benefit as
set forth in Paragraph 2D with the first payment beginning on the
first day of the month immediately succeeding the last day of employment.
The Company shall have no further obligation to you under this Agreement and you
shall have no further obligation to the Company under this Agreement except as
provided in Paragraph 12 and Paragraph 13 hereof. For purposes of this
Agreement, the term "cause" shall mean (1) a failure by you to remedy, within
ten (10) days of the Company's written notice to you, either (a) a continuing
neglect in the performance of your duties under this Agreement, or (b) any
action taken by you that seriously prejudices the interests of the
Company, or (2) your conviction of a felony.
C. Termination by Mutual Consent. You may terminate your employment
hereunder at any time with the written consent of the Company. In the event your
employment is terminated pursuant to this paragraph 9C, the Company shall pay to
you the following:
(i) A single lump sum payment, of any incentive compensation set forth
in Paragraph 2C hereof earned in the fiscal year of the termination of your
employment, which incentive compensation shall be determined on the basis of
the Company's operations through June 30 of such fiscal year, and shall be
pro-rated through the last day of your employment, and shall be paid within
three (3) months of such June 30; and
(ii) To the extent vested, the Monthly Supplemental Retirement Benefit
as set forth in Paragraph 2D with the first monthly payment beginning on the
first day of the month immediately succeeding the last day of employment.
The Company shall have no further obligation to you under this Agreement and you
shall have no further obligation to the Company under this Agreement except as
provided in Paragraph 12 and Paragraph 13 hereof.
D. Disability. If you should suffer a Permanent Disability at any time,
the Company may terminate your employment hereunder upon ten (10) or more days'
prior written notice to you. For purposes of this Agreement, a "Permanent
Disability" shall be deemed to have occurred only when you are qualified for
benefits under the Company's Long Term Disability Insurance Policy. In the
event of the termination of your employment hereunder by reason of Permanent
Disability, the Company shall pay to you or your legal representative:
(i) In conformity with regular payroll dates for salaried personnel of
the Company, an amount equal to fifty percent (50%) of the base salary you were
receiving at the date of such termination under Paragraph 2A hereof (as adjusted
by Paragraph 2B hereof), payable until you attain the age of 65 or die,
whichever occurs first; provided, however, that the amount payable under this
Paragraph 9D(i) shall be reduced to the extent of any payments made to you
through any Company-sponsored group long term
disability plan and also to the extent of any payments made to you under any
other long term disability insurance policy (the "Supplemental LTD Policy")
where the premiums for said Supplemental LTD Policy have either been paid by the
Company or reimbursed to you by the Company.
(ii) Any incentive compensation set forth in Paragraph 2C hereof earned
in the fiscal year in which the termination of your employment occurs, which
incentive compensation shall be determined on the basis of the Company's
operations through June 30 of such fiscal year, and shall be pro-rated through
the last day of your employment, and shall be paid within three (3) months of
such June 30;
(iii) Upon your attainment of age 65 or your death, whichever
occurs first, to the extent vested, the Monthly Supplemental Retirement Benefit
as set forth in Paragraph 2D with the first monthly payment beginning on the
first day of the month immediately succeeding the month in which you attained
the age of 65 or died.
The Company shall have no further obligation to you under this Agreement and you
shall have no further obligation to the Company under this Agreement except as
provided in Paragraph 12 and Paragraph 13 hereof.
E. Termination by Death. In the event of the termination of your
employment by reason of death, at any time, the Company shall pay to your legal
representative, estate or heirs:
(i) Any incentive compensation set forth in Paragraph 2C hereof earned
in the fiscal year in which the termination of your employment occurs, which
incentive compensation shall be determined on the basis of the Company's
operations through June 30 of such fiscal year, and shall be pro-rated through
the last day of your employment, and shall be paid within three (3) months of
such June 30;
(ii) To the extent vested, the Monthly Supplemental Retirement Benefit
as set forth in Paragraph 2D with the first monthly payment beginning on the
first day of the month immediately succeeding the last day of your employment.
The Company shall have no further obligation to you under this Agreement and you
shall have no further obligation to the Company under this Agreement except as
provided in Paragraph 12 and Paragraph 13 hereof.
F. Termination Upon Expiration of Agreement. If not previously terminated,
this Agreement and your employment with the Company shall be automatically
extended for additional three-year periods, unless and until either party
notifies the other, in writing, one year prior to the expiration of the
then-current term of this Agreement. After the expiration of this agreement,
the Company shall pay to you the Monthly Supplemental Retirement
Benefit as set forth in Paragraph 2D hereof, with the first monthly payment
beginning on the first day of the month immediately succeeding the month in
which you shall have attained the age of 55.
The Company shall have no further obligation to you under this Agreement and you
shall have no further obligation to the Company under this Agreement except as
provided in Paragraph 12 and Paragraph 13 hereof.
G. Events. If any of the following described events occurs during the
term of your employment hereunder, you may terminate your employment hereunder
by written notice to the Company either prior to, or not more than six (6)
months after the happening of such event. In such event, your employment
hereunder will be terminated effective as of the later of ten (10) days after
the notice or ten (10) days after the event, and the Company shall make to you
the same payments that the Company would have been obligated to make to you
under Paragraph 9A hereof if the Company had terminated your employment
hereunder effective on such date. The events, the occurrence of which shall
permit you to terminate your employment hereunder under this Paragraph 9G, are
as follows:
(i) Any merger or consolidation by the Company with or into any
other entity or any sale by the Company of substantially all of its assets;
provided, however, that such event shall not be deemed to have occurred under
this clause if consummation of the transaction would result in at least fifty
(50%) percent of the total voting power represented by the voting securities of
the Company outstanding immediately after such
transaction being beneficially owned by holders of outstanding voting securities
of the Company immediately prior to the transaction.
(ii) Any change of a majority of the directors of the Company
occurring within any thirteen (13) month period.
(iii) The adoption by the Company of any plan of liquidation
providing for the distribution of all or substantially all of its assets.
(iv) A material diminution in your duties, or the assignment to
you of duties that are materially inconsistent with your duties or that
materially impair your ability to function as the Executive Vice President and
Chief Operating Officer of the Company if such diminution or assignment has not
been agreed to by you in writing or cured within thirty (30) days after written
notice thereof has been given by you to the Company.
10. SOURCE OF PAYMENTS. All payments provided for hereunder shall be paid from
the general funds of the Company. The Company may, but shall not be required
to, make any investment or investments whatsoever, including the purchase of a
life insurance contract or contracts on your life, to provide it with funds to
satisfy its obligations hereunder; provided, however, that neither you nor your
beneficiary or beneficiaries, nor any other person, shall have any right, title,
or interest whatsoever in or to any such investments or contracts. If the
Company shall elect to purchase a life insurance contract
or contracts on your life to provide the Company with funds to satisfy its
obligations hereunder, the Company shall at all times be the sole and complete
owner and beneficiary of such contract or contracts, and shall have the
unrestricted right to use all amounts and to exercise all options and privileges
thereunder without the knowledge or consent of you, your beneficiary or
beneficiaries, or any other person, it being expressly agreed that neither
you, any such beneficiary or beneficiaries, nor any other person shall have
any right, title, or interest whatsoever in or to any such contract or contracts
unless expressly provided otherwise in this Agreement.
11. ENFORCEMENT OF RIGHTS. Nothing in this Agreement, and no action taken
pursuant to its terms, shall create or be construed to create a trust or escrow
account of any kind, or a fiduciary relationship between the Company and you,
your beneficiary or beneficiaries, or any other person. You, your beneficiary
or beneficiaries, and any other person or persons claiming a right to any
payments or interests hereunder shall rely solely on the unsecured promise of
the Company, and nothing herein shall be construed to give
you, your beneficiary or beneficiaries, or any other person or persons, any
right, title, interest, or claim in or to any specific asset, fund, reserve,
account, or property of any kind whatsoever owned by the Company or in which
it may have any right, title, or interest now or in the future, but you or your
beneficiary or beneficiaries shall have the right to enforce a claim for
benefits hereunder against the Company in the same manner as any unsecured
creditor.
12. INVENTIONS AND CONFIDENTIAL INFORMATION. So long as you shall be
employed by the Company, you agree promptly to make known to the Company the
existence of any and all creations, inventions, discoveries, and improvements
made or conceived by you, either solely or jointly with others, during the term
of this Agreement and for three (3) years thereafter, and to assign to the
Company the full exclusive right to any and all such creations, inventions,
discoveries, and improvements relating to any subject
matter with which the Company is now or shall become concerned, or relating to
any other subject matter if made with the use of the Company's time, materials,
or facilities. To the fullest extent permitted by law, any and all of the
foregoing creations, inventions, discoveries and improvements shall be
considered as "work-made-for-hire" and the Company shall be the owner thereof.
You further agree, without charge to the Company but at its expense, if
requested to do so by the Company, to execute, acknowledge, and
deliver all papers, including applications or assignments for patents,
trademarks, and copyrights relating thereto, as may be considered by the
Company to be necessary or desirable to obtain or assign to the Company any
and all patents, trademarks, or copyrights for any and all such creations,
inventions, discoveries, and improvements in any and all countries, and to
vest title thereto in the Company in all such creations, inventions,
discoveries, and improvements as indicated above conceived during your
employment by the Company, and for three (3) years thereafter. You further
agree that you will not disclose to any third person any trade secrets or
proprietary information of the Company, or use any trade secrets or proprietary
information of the Company in any manner, except in the pursuit of your duties
as an employee of the Company, and that you will return to the Company all
materials (whether originals or copies) containing any such trade secrets or
proprietary information (in whatever medium) on termination of your employment
by the Company. The obligations set forth in this Paragraph 12 shall survive
the termination of your employment hereunder.
13. RESTRICTIVE COVENANT. For a period of three (3) years after the termination
of your employment by the Company, you shall not, in any geographical location
at which there is at that time business conducted by the Company which was
conducted by the Company at the date of such termination, directly or
indirectly, own, manage, operate, control, be employed by, participate in, or
be connected in any manner with, the ownership, management, operation, or
control of, any business similar to or competitive with such
business conducted by the Company without the written consent of the Company;
provided, however, that you may have an ownership interest of up to one percent
(1%) in any entity, notwithstanding that such entity is directly competitive
with any business conducted by the Company at the date of such termination.
14. ARBITRATION. Any controversy or claim arising out of or relating to this
Agreement, or the breach or asserted breach thereof, shall be settled by
arbitration to be held in New York, New York in accordance with the rules then
obtaining of the American Arbitration Association, and the judgment upon the
award rendered may be entered in any court having jurisdiction thereof. The
arbitrator shall determine which party shall bear the
costs of such arbitration, including attorneys' fees.
15. NON-ASSIGNABILITY. Your rights and benefits hereunder are personal to you,
and shall not be alienated, voluntarily or involuntarily, assigned or
transferred.
16. BINDING EFFECT. This Agreement shall be binding upon the parties hereto,
and their respective assigns, successors, executors, administrators, and heirs.
In the event the Company becomes a party to any merger, consolidation, or
reorganization, this Agreement shall remain in full force and effect as an
obligation of the Company or its successors in interest. None of the payments
provided for by this Agreement shall be subject to seizure
for payment of any debts or judgments against you or your beneficiary or
beneficiaries, nor shall you or any such beneficiary or beneficiaries have any
right to transfer or encumber any right or benefit hereunder; provided, however,
that the undistributed portion of the Aggregate Supplemental Retirement Benefit
shall at all times be subject to set-off by the Company for debts owed by you to
the Company.
17. ENTIRE AGREEMENT. This Agreement contains the entire agreement relating to
your employment by the Company. It may only be changed by written agreement
signed by the party against whom enforcement of any waiver, change,
modification, extension, deletion or revocation is sought.
18. NOTICES. All notices and communications hereunder shall be in writing, sent
by certified or registered mail, return receipt requested, postage prepaid; by
facsimile transmission, time and date of receipt noted thereon; or by
hand-delivery properly receipted. The actual date of receipt as shown by the
receipt therefor shall determine the time at which notice was given. All
payments required hereunder by the Company to you
shall be sent postage prepaid, or, at your election, shall be transferred to
you electronically to such bank as you designate in writing to the Company,
including designation of the applicable electronic address. The foregoing
items (other than any electronic transfer to you) shall be addressed as follows
(or to such other address as the Company or you may designate in writing from
time to time):
To you: To the Company:
Mr. Michael R. Samide Baldwin Technology Company, Inc.
32 Strawberry Lane One Norwalk West
Huntington, CT 06484 40 Richards Avenue
Norwalk, CT 06854
19. LAW TO GOVERN. This Agreement shall be governed by, and construed and
enforced according to, the laws of the State of Connecticut without giving
effect to the principles of conflict of laws.
Very truly yours,
BALDWIN TECHNOLOGY COMPANY, INC.
By:__________________________________
Gerald A. Nathe
Its President
Duly Authorized
AGREED TO AND ACCEPTED:
_________________________________
Michael R. Samide