INTERNATIONAL TEXTILE GROUP INC
EMPLOYMENT AGGREEMENT, JOSEPH L. GORGA
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<TYPE>EX-10.1
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<FILENAME>dex101.htm
<DESCRIPTION>EMPLOYMENT AGGREEMENT, JOSEPH L. GORGA
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<TITLE>Employment Aggreement, Joseph L. Gorga</TITLE>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>EXHIBIT 10.1 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B>EMPLOYMENT AGREEMENT </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>THIS EMPLOYMENT AGREEMENT</B> (&#147;Agreement&#148;) is entered into
effect as of January&nbsp;1, 2008 (the &#147;Effective Date&#148;), by and between Joseph L. Gorga (&#147;Executive&#148;) and International Textile Group, Inc. (&#147;Company&#148; or &#147;ITG&#148;), a Delaware corporation. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">R E C I T A L S: </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">A. Executive serves as the
President and Chief Executive Officer of ITG and is a key corporate officer of ITG and is expected to make major contributions to the profitability, growth and financial strength of the ITG. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">B. ITG desires to employ Executive, and Executive desires to accept such employment, under the terms and conditions of this Agreement. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">C. The Board of Directors has also determined that it is in the best interests of the stockholders and ITG to promote stability among key officers.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">IN CONSIDERATION OF THE FOREGOING, the mutual covenants contained herein, and other good and valuable consideration, receipt of which is
hereby acknowledged, the parties agree as follows: </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B>1.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>Definitions.</B> </FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>1.1 &#147;Accountants&#148;</B>
has the meaning set forth in Section&nbsp;9.8(B)(i). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>1.2 </B>&#147;<B>Base Salary</B>&#148; has the meaning set forth in
Section&nbsp;6.1. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>1.3 </B>&#147;<B>Board</B>&#148; means the board of directors of ITG. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>1.4 </B>&#147;<B>Cause</B>&#148; means (A)&nbsp;the commission by Executive of (i)&nbsp;a felony or (ii)&nbsp;any serious crime involving fraud,
dishonesty or breach of trust; (B)&nbsp;gross negligence or intentional misconduct by Executive with respect to ITG or in the performance of his duties to ITG; (C)&nbsp;failure to follow a reasonable, lawful and specific direction of the Board of
Directors of ITG; (D)&nbsp;failure by Executive to cooperate in any corporate investigation, or (E)&nbsp;breach by Executive of any material provision of this Agreement, which breach is not corrected by Executive within ten (10)&nbsp;calendar days
after receipt by Executive of written notice from ITG of such breach. For purposes of this definition, no act or failure to act by the Executive shall be considered &#147;intentional&#148; unless done or omitted to be done by the Executive in bad
faith and without reasonable belief that the Executive&#146;s action or omission was in the best interests of ITG. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>1.5
&#147;Code&#148;</B> has the meaning set forth in Section&nbsp;9.8(A). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>1.6 &#147;Covered Payments&#148;</B> has the meaning set forth
in Section&nbsp;9.8(A). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>1.7 </B>&#147;<B>Disability</B>&#148; or &#147;<B>Disabled</B>&#148; means the absence of Executive from
Executive&#146;s duties with the Company on a full time basis for 180 consecutive days as a result of incapacity due to mental or physical illness which is determined to be total and permanent by a physician </FONT>
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<FONT FACE="Times New Roman" SIZE="2">selected by the Company or its insurers and reasonably acceptable to Executive or Executive&#146;s legal representative. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>1.8 </B>&#147;<B>Employee Benefits</B>&#148; means the &#147;benefit plans and policies&#148; for the limited liability companies of ITG or its
predecessor that was the employer of the Executive immediately prior to the execution of this Employment Agreement and Employee Benefits shall refer to such plans until adopted by and as subsequently amended by ITG. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>1.9 &#147;Excise Tax&#148;</B> has the meaning set forth in Section&nbsp;9.8(A). </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>1.10 &#147;Excise Tax Reimbursement&#148;</B> has the meaning set forth in Section&nbsp;9.8(A). </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>1.11 </B>&#147;<B>Good Reason</B>&#148; means the termination of Executive&#146;s employment by Executive for any of the following reasons:
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(A) involuntary reduction in Executive&#146;s Base Salary unless such reduction occurs simultaneously with a reduction in
officers&#146; salaries generally applicable on a company-wide basis; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(B) involuntary discontinuance or reduction in bonus
award opportunities for Executive under ITG&#146;s Incentive or Bonus Plan unless a generally applicable company-wide reduction or elimination of all officers&#146; bonus awards occurs simultaneously with such discontinuance or reduction;
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(C) involuntary discontinuance of Executive&#146;s participation in any employee benefit plans maintained by ITG unless
such plans are discontinued by reason of law or loss of tax deductibility to ITG with respect to contributions to such plans, or are discontinued as a matter of ITG policy applied equally to all participants in such plans that are in the same
classification of employees as Executive; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(D) failure to obtain an assumption of ITG&#146;s obligations under this
Agreement by any successor to ITG, regardless of whether such entity becomes a successor to ITG as a result of a merger, consolidation, sale of assets of ITG, or other form of reorganization, except when the rights and obligations of ITG under this
Agreement are vested in the successor to ITG by operation of law; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(E) involuntary relocation of Executive&#146;s primary
office to a location more than fifty (50)&nbsp;miles from the City of Greensboro, State of North Carolina; and </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(F) material
reduction of Executive&#146;s duties in effect on the Effective Date. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>1.12 </B>&#147;<B>Incentive or Bonus Plan</B>&#148; has the
meaning set forth in Section&nbsp;6.2 hereof. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>1.13 </B>&#147;<B>ITG</B>&#148; means International Textile Group Inc. and each of the
affiliates of International Textile Group Inc. (meaning any entity that directly, or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with, International Textile Group Inc.), along with all
successors and assigns of each of such entities. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>1.14 </B>&#147;<B>Plan</B>&#148; has the meaning set forth in Section&nbsp;7.3. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>1.15 </B>&#147;<B>Restricted Customers</B>&#148; means all the specific customer accounts, whether within or outside of the Restricted Territory, with
which Executive had any contact or for which Executive had any responsibility (either direct or supervisory) at the time of termination of Executive&#146;s employment and at any time during the two (2)-year period prior to such termination.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>1.16 </B>&#147;<B>Restricted Industry</B>&#148; means the specific industry segment or segments for which the Executive had any
responsibility (either direct or supervisory) at the time of termination of Executive&#146;s employment and at any time during the two (2)-year period prior to such termination. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>1.17 </B>&#147;<B>Restricted Territory</B>&#148; means the geographic area(s) within a 200 mile radius of any and all ITG location(s) in, to, or for
which Executive worked, to which Executive was assigned or had any responsibility (either direct or supervisory) at the time of termination of Executive&#146;s employment and at any time during the two-year period prior to such termination.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>1.18 &#147;Target Bonus&#148;</B> has the meaning set forth in the Incentive or Bonus Plan as defined in Section&nbsp;6.2 hereof.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>1.19 </B>&#147;<B>Term</B>&#148; has the meaning set forth in Section&nbsp;5. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>1.20 </B>&#147;<B>Termination Date</B>&#148; means the date on which the termination of Executive&#146;s employment with ITG becomes effective.
</FONT></P> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B>2.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>Termination of Prior Agreements.</B> </FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The parties
hereto acknowledge and agree that, effective as of the date hereof, all prior employment agreements if any are terminated and each and every provision of each of such agreements is rendered void and of no further force or effect whatsoever.
</FONT></P> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B>3.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>Employment.</B> </FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">ITG hereby employs Executive, and
Executive hereby accepts employment, according to the terms and conditions set forth in this Agreement and for the period specified in Section&nbsp;5 of this Agreement. </FONT></P> <P
STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B>4.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>Duties.</B> </FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">During the Term, Executive shall serve ITG
as its President and Chief Executive Officer in accordance with reasonable and lawful directions from ITG&#146;s Board of Directors and in accordance with ITG&#146;s Articles of Incorporation and Bylaws, as both may be amended from time to time.
Executive will report directly to the Board of Directors. While Executive is employed by ITG as a full-time employee, Executive shall serve ITG faithfully, diligently, competently and to the best of his ability, and will exclusively devote his full
time, energy and attention to the business of ITG and to the promotion of its interests. Executive shall not, without the written consent of the Board of Directors either render services to or for any person, firm, corporation or </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<FONT FACE="Times New Roman" SIZE="2">other entity or organization in exchange for compensation, regardless of the form in which such compensation is paid and whether or not it is paid directly
or indirectly to Executive, or serve as a board member, director or trustee of any corporation or organization regardless of whether Executive is paid for such services. Nothing in this Section&nbsp;4 shall preclude Executive from managing his
personal investments and affairs, provided that such activities in no way interfere with the proper performance of his duties and responsibilities as President and Chief Executive Officer. </FONT></P> <P
STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B>5.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>Term of Employment.</B> </FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Subject to Article 9, the term
of this Agreement (the &#147;Term&#148;) shall commence on the Effective Date and end on December&nbsp;31, 2011. The Term shall automatically be extended by one year on each December&nbsp;31, beginning December&nbsp;31, 2008, unless not later than
September&nbsp;30 of each year ITG notifies Executive, or Executive notifies ITG, that it or he, as the case may be, does not desire to have the Term extended. For example, if such notice of non-extension is not given by September&nbsp;30, 2008, the
Term of this Agreement shall automatically be extended to December&nbsp;31, 2012. </FONT></P> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B>6.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>Compensation.</B> </FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>6.1 Base Salary</B>. While
employed under this Agreement, Executive will receive as his compensation for the performance of his duties and obligations to ITG under this Agreement a Base Salary of <U>Six Hundred Sixty Thousand</U> Dollars ($660,000.00) per year, which will be
payable in such installments established by ITG for all salaried employees, and which will be subject to annual review by the Board of Directors or any committee designated by the Board of Directors (the base salary, as it may be modified from time
to time, is referred to herein as the &#147;Base Salary&#148;). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>6.2 Bonus</B>. In addition to the Base Salary, Executive will receive
with respect to each plan year a bonus in accordance with ITG&#146;s Incentive and Bonus Plan, a copy of which has been delivered to Executive. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2"><B>6.3 Withholding</B>. All compensation payable to Executive pursuant to this Section&nbsp;6 shall be paid net of amounts withheld for federal, state, municipal or local income taxes, Executive&#146;s share, if any, of any payroll taxes
and such other federal, state, municipal or local taxes as may be applicable to amounts paid by an employer to its employee or to the employer/employee relationship. </FONT></P> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B>7.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>Other Benefits of Employment.</B> </FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>7.1 Employee
Benefits</B>. Executive will be entitled to participate in such hospitalization, life insurance, long and short term disability, 401(k) and other employee benefit plans and programs, if any, as may be adopted by ITG from time to time, in accordance
with the provisions of such plans and programs and on the same basis as other full-time salaried employees of ITG who participate in such employee benefit plans (except to the extent that the benefits provided under any of such plans or programs are
expressly offset by any of the benefits provided under or pursuant to this Agreement). </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>7.2 Executive Benefits</B>. Executive shall be entitled to participate in any employee benefit adopted
by ITG for executive level employees. Inasmuch as Executive conducts a significant level of Company business outside of the Company&#146;s corporate offices, Executive shall be entitled to reimbursement during the term of this agreement of annual
membership dues to the country club in which he is a member. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>7.3 Stock Based Awards</B>. Executive shall be eligible to receive grants
of stock options, performance shares or units, stock appreciation rights, restricted stock, deferred shares, and other stock-based awards in accordance with the provisions of any stock-based award or long-term incentive plan (&#147;Plan&#148;) ITG
may adopt or amend or supersede from time to time. The terms of such grants shall be determined by the Board of Directors (or its designee as provided in the Plan or as appointed by the Board of Directors) in accordance with the Plan, provided,
however, that notwithstanding any provision of the Plan to the contrary, in the event of any termination of Executive&#146;s employment for any reason other than for Cause pursuant to Section&nbsp;9.3, or for termination of employment for other than
Good Reason pursuant to Section&nbsp;9.5, any stock-based award granted to Executive prior to such Termination Date shall immediately vest and be exercisable by or issued to the Executive under the Plan. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>7.4 Taxes and Withholding</B>. Executive shall be responsible for paying all federal, state, municipal or local taxes payable by him with respect to
any benefits provided under this Section&nbsp;7, and ITG will, when required by law or when otherwise appropriate or customary, withhold from the benefits or other compensation amounts sufficient to satisfy such taxes, unless taxes are to be paid by
ITG as set forth in the provisions of the executive benefit plan, Employee Benefit Plan, or an agreement with the Executive. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>7.5
Vacation</B>. Notwithstanding any policy of the company for salaried employees, Executive will be entitled to four (4)&nbsp;weeks paid vacation and ITG recognized holidays. </FONT></P> <P
STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B>8.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>Termination.</B> </FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>8.1 Termination by ITG</B>.
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(A) This Agreement shall automatically terminate effective upon (i)&nbsp;the date of Executive&#146;s death; (ii)&nbsp;the
date that Executive is determined to be permanently Disabled or (iii)&nbsp;the date of Executive&#146;s retirement. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(B)
ITG may terminate this Agreement, and Executive&#146;s employment with ITG, without Cause upon ninety (90)&nbsp;days&#146; prior written notice to Executive. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(C) ITG may terminate this Agreement, and Executive&#146;s employment with ITG, with Cause effective immediately and without the
requirement of prior notice to Executive. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>8.2 Termination by Executive</B>. Executive may terminate this Agreement, and his employment
with ITG, with or without Good Reason, upon ninety (90)&nbsp;days&#146; prior written notice to ITG. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>8.3 Notice</B>. Any purported termination of this Agreement by ITG or Executive shall be communicated
by written notice of termination to the other party. Such notice shall indicate the specific termination provision in this Agreement relied upon, shall set forth in reasonable detail the facts and circumstances claimed to provide a basis for
termination of Executive&#146;s employment under the provisions so indicated, and shall specify the Termination Date (which shall not be earlier than the date of the notice). </FONT></P> <P
STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B>9.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>Compensation and Benefits Upon Termination of Employment.</B> </FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2"><B>9.1 Termination of Employment upon Death</B>. If Executive&#146;s employment is terminated by reason of death, his estate shall be entitled to receive only the Base Salary to which Executive was entitled through the date of death, any
accrued unpaid bonus compensation for the prior plan year, any unpaid Target Bonus compensation (calculated on a pro rata basis) due to Executive with respect to the plan year in which the Termination Date occurs, and such other benefits as may be
available to Executive or his estate through ITG&#146;s benefit plans and policies. The payment of said bonus compensation shall be made in a lump sum within sixty (60)&nbsp;days from the Termination Date. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>9.2 Termination of Employment upon Disability</B>. If Executive&#146;s employment is terminated due to his Disability, Executive shall be entitled to
receive only the Base Salary to which he was entitled through the Termination Date due to Disability, any accrued unpaid bonus compensation for the prior plan year, any unpaid Target Bonus compensation (calculated on a pro rata basis) due to
Executive with respect to the plan year in which the Termination Date occurs, and such other benefits as may be available to Executive through ITG&#146;s benefit plans and policies. The payment of said bonus compensation shall be made in a lump sum
within sixty (60)&nbsp;days from the Termination Date. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>9.3 Termination of Employment by ITG for Cause</B>. If Executive&#146;s
employment is terminated for Cause as provided in Section&nbsp;8.1(C), Executive shall be entitled to receive the Base Salary to which he was entitled through the Termination Date, and such other benefits as may be available to him through
ITG&#146;s benefit plans and policies in effect on the Termination Date, other than any accrued but unpaid bonus compensation, which shall be forfeited. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2"><B>9.4 Termination Without Cause or Termination For Good Reason</B>. If ITG terminates Executive&#146;s employment without Cause pursuant to Section&nbsp;8.1(B) or if Executive terminates his employment for Good
Reason pursuant to Section&nbsp;8.2, Executive shall receive severance pay equal to (A)&nbsp;four (4)&nbsp;times his Base Salary; (B)&nbsp;four (4)&nbsp;times the average of Executive&#146;s previous three (3)&nbsp;years annual bonus (or if
Executive was employed for less than three (3)&nbsp;years, the average of Executive&#146;s bonus during the actual employment term); and (C)&nbsp;medical and dental coverage under the plan(s) in effect under the COBRA eligibility period for
Executive and any eligible dependents with the costs absorbed by the Company on a tax protected basis to Executive for the period of time Executive and/or dependents(s) remain eligible for COBRA but not to exceed three (3)&nbsp;years from the
Termination Date. Said severance shall be in such installments established by ITG for all salaried employees and bonus payments shall be paid at the same time bonus payments are made for all plan participants. Executive agrees that he shall not be
entitled to any additional compensation or benefits other than what is set out in this Section&nbsp;9.4. Executive and ITG agree that the receipt of severance benefits as </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<FONT FACE="Times New Roman" SIZE="2">defined in this Section&nbsp;9.4 are conditioned upon and subject to Executive and ITG executing a valid mutual release agreement releasing any and all
claims which either of them have or may have against the other arising out of Executive&#146;s employment (other than enforcement of this Agreement). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2"><B>9.5 Termination of Employment other than for Good Reason</B>. If Executive terminates employment with ITG pursuant to Section&nbsp;8.2 other than for Good Reason or Executive elects to not renew this Agreement for
an additional term, Executive shall be entitled to receive only the Base Salary to which he was entitled through the Termination Date, accrued unpaid bonus compensation due to Executive for the plan year prior and such other benefits as may be
available to him through ITG&#146;s benefit plans and policies through the Termination Date. Such bonus payments shall be paid at the same time bonus payments are made for all plan participants. If the Company elects not to renew this Agreement for
an additional term, Executive shall be entitled to receive compensation equal to three (3)&nbsp;years of his Base Salary plus three (3)&nbsp;times the average of Executive&#146;s previous three (3)&nbsp;years annual bonus (or if Executive was
employed for less than three (3)&nbsp;years, the average of Executive&#146;s bonus during the actual employment term). Severance compensation shall be paid in such installments established by ITG for all salaried employees and bonus payments shall
be paid at the same time bonus payments are made for all plan participants. Such severance payments shall commence immediately after the Termination Date. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2"><B>9.6 Effect of Termination</B>. Upon termination of Executive&#146;s employment, the obligations of each of the parties under this Agreement shall expire as of the Termination Date, including, without limitation,
the obligations of ITG to pay any compensation to Executive, except to the extent otherwise specifically provided in this Agreement. Notwithstanding the foregoing, the obligations contained in Sections 9.7 and 10 of this Agreement, the provisions
hereof relating to the obligations of ITG described in the preceding sentence and any other provision of this Agreement that is intended to continue in full force and effect after the termination of Executive&#146;s employment, shall survive the
termination or expiration of this Agreement in accordance with the terms set forth therein. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>9.7 Non-Payment Due to Breach</B>. In the
event Executive breaches any of the covenants and obligations set forth in this Agreement, including without limitation any of the covenants set forth in Section&nbsp;10 hereof, then ITG&#146;s obligation to make any remaining payments under this
Agreement that have not already been paid to Executive shall be terminated. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>9.8 Certain Further Payments by ITG</B>. </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(A) In the event that any amount or benefit paid or distributed to Executive pursuant to this Agreement, taken together with any amounts or benefits
otherwise paid or distributed to Executive by ITG or any affiliated company (collectively, the &#147;Covered Payments&#148;), are or become subject to the tax (the &#147;Excise Tax&#148;) imposed under Section&nbsp;4999 of the Internal Revenue Code
of 1986, as amended (the &#147;Code&#148;), or any similar tax that may hereafter be imposed, ITG shall pay to Executive at the time specified in this Section&nbsp;9.8 an additional amount (the &#147;Excise Tax Reimbursement&#148;) such that the net
amount retained by Executive with respect to such Covered Payments, after deduction of any Excise Tax on the Covered Payments and any Federal, state and local income or employment tax and Excise Tax on the Excise Tax </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<FONT FACE="Times New Roman" SIZE="2">Reimbursement provided for by this Section&nbsp;9.8, but before deduction for any Federal, state or local income or employment tax withholding on such
Covered Payments, shall be equal to the amount of the Covered Payments. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(B) For purposes of determining whether any of the Covered
Payments will be subject to the Excise Tax and the amount of such Excise Tax: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%"><FONT FACE="Times New Roman" SIZE="2">(i) such Covered Payments will be treated as &#147;parachute
payments&#148; within the meaning of Section&nbsp;280G of the Code, and all &#147;parachute payments&#148; in excess of the &#147;base amount&#148; (as defined under Section&nbsp;280G(b)(3) of the Code) shall be treated as subject to the Excise Tax,
unless, and except to the extent that, in the good faith judgment of ITG&#146;s independent certified public accountants appointed prior to the date upon which a change in control became effective or tax counsel selected by such accountants (the
&#147;Accountants&#148;), ITG has a reasonable basis to conclude that such Covered Payments (in whole or in part) either do not constitute &#147;parachute payments&#148; or represent reasonable compensation for personal services actually rendered
(within the meaning of Section&nbsp;280G(b)(4)(B) of the Code) in excess of the &#147;base amount,&#148; or such &#147;parachute payments&#148; are otherwise not subject to such Excise Tax; and </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%"><FONT FACE="Times New Roman" SIZE="2">(ii) the value of any non-cash benefits or any deferred payment or benefit shall be determined by the Accountants in accordance with the principles of
Section&nbsp;280G of the Code. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(C) For purposes of determining the amount of the Excise Tax Reimbursement, Executive shall be deemed to
pay: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%"><FONT FACE="Times New Roman" SIZE="2">(i) Federal income taxes at the highest applicable marginal rate of Federal income taxation for the calendar year in which the Excise
Tax Reimbursement is to be made; and </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%"><FONT FACE="Times New Roman" SIZE="2">(ii) any applicable state and local income taxes at the highest applicable marginal rate of taxation
for the calendar year in which the Excise Tax Reimbursement is to be made, net of the maximum reduction in Federal income taxes which could be obtained from the deduction of such state or local taxes if paid in such year. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(D) In the event that the Excise Tax is subsequently determined by the Accountants or pursuant to any proceeding or negotiations with the Internal
Revenue Service to be less than the amount taken into account hereunder in calculating the Excise Tax Reimbursement made, Executive shall repay to ITG, at the time that the amount of such reduction in the Excise Tax is finally determined, the
portion of such prior Excise Tax Reimbursement that would not have been paid if such Excise Tax had been applied in initially calculating such Excise Tax Reimbursement. Notwithstanding the foregoing, in the event any portion of the Excise Tax
Reimbursement to be refunded to ITG has been paid to any Federal, state or local tax authority, repayment thereof shall not be required until actual refund or credit of such portion has been made to Executive. Executive and ITG shall mutually agree
upon the course of action to be pursued (and the method of allocating the expenses thereof) if Executive&#146;s good faith claim for refund or credit is denied. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">- 8 - </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(E) In the event that the Excise Tax is later determined by the Accountants or pursuant to any proceeding
or negotiations with the Internal Revenue Service to exceed the amount taken into account hereunder at the time the Excise Tax Reimbursement is made (including, but not limited to, by reason of any payment the existence or amount of which cannot be
determined at the time of the Excise Tax Reimbursement), ITG shall make an additional Excise Tax Reimbursement in respect of such excess (plus any interest or penalty payable with respect to such excess) at the time that the amount of such excess is
finally determined. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(F) The Excise Tax Reimbursement (or portion thereof) provided for in Section&nbsp;9.8(A) above shall be paid to
Executive not later than ten (10)&nbsp;business days following the payment of the Covered Payments; provided, however, that if the amount of such Excise Tax Reimbursement (or portion thereof) cannot be finally determined on or before the date on
which payment is due, ITG shall pay to Executive by such date an amount estimated in good faith by the Accountants to be the minimum amount of such Excise Tax Reimbursement and shall pay the remainder of such Excise Tax Reimbursement as soon as the
amount thereof can be determined, but in no event later than forty five (45)&nbsp;calendar days after payment of the related Covered Payment. </FONT></P> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B>10.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>Confidentiality, Non-Compete, and Non-Solicitation.</B> </FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2"><B>10.1 Non-Disclosure</B>. Executive expressly covenants and agrees that he will not reveal, use, divulge or make known to any person, firm, company or corporation any secret or confidential information of any nature concerning ITG or its
business, or anything connected therewith. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>10.2 Return of Materials</B>. Executive agrees to deliver or return to ITG upon termination
or expiration of this Agreement or as soon thereafter as possible, all written information and any other similar items furnished by ITG or prepared by Executive in connection with his services hereunder. Executive will retain no copies thereof after
termination of this Agreement or Executive&#146;s employment with ITG. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>10.3 Non-Competition</B>. In the event of termination or
non-renewal of this Agreement by either ITG or Executive, for any reason, Executive shall not (except as an officer, director, employee, agent or consultant of ITG) during the three (3)&nbsp;year period following the Termination Date, directly or
indirectly, (a)&nbsp;own, manage, operate, join, or have a financial interest in, control or participate in the ownership, management, operation or control of, or be employed as an employee, agent or consultant, or in any other individual or
representative capacity whatsoever, or use or permit his name to be used in connection with, or be otherwise connected in any manner with any business or enterprise that is actively engaged in any business in the Restricted Industry within the
Restricted Territory; provided that the foregoing restriction shall not be construed to prohibit the ownership by Executive of not more than one percent (1%)&nbsp;of any class of securities of any corporation which is engaged in any of the foregoing
businesses, having a class of securities registered pursuant to the Securities Exchange Act of 1934, which securities are publicly owned and regularly traded on any national exchange or in the over-the-counter market, provided, further, that such
ownership represents a passive investment and that neither Executive nor any group of persons including Executive in any way, either directly or indirectly, manages or exercises control of any such corporation, guarantees any of its financial
obligations, </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<FONT FACE="Times New Roman" SIZE="2">otherwise takes part in its business other than exercising his rights as a shareholder, or seeks to do any of the foregoing or (b)&nbsp;solicit, call upon,
divert or take away any Restricted Customers for purposes of conducting a business in the Restricted Industry. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>10.4 No
Solicitation</B>. In addition to the limitation imposed by Section&nbsp;10.3, Executive hereby further agrees and covenants that during the term of this Agreement, and for a period of three (3)&nbsp;years thereafter, he shall not, directly or
indirectly, on his own behalf or with others (A)&nbsp;induce or attempt to induce any employee of ITG to leave the employ of ITG, or in any way interfere with the relationship between ITG and any employee; (B)&nbsp;knowingly hire any employee of
ITG; or (C)&nbsp;induce or attempt to induce any referral source or other business relation of ITG not to do business with ITG, or to cease doing business with ITG, or in any way interfere with the relationship between any such referral source or
business relation and ITG. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>10.5 Injunctive Relief</B>. Executive acknowledges that it is impossible to measure in money the damages
that will accrue to ITG by reason of Executive&#146;s failure to observe any of the obligations imposed on him by this Section&nbsp;10. Accordingly, if ITG shall institute an action to enforce the provisions hereof, Executive hereby waives the claim
or defense that an adequate remedy at law is available to ITG, and Executive agrees not to urge in any such action the claim or defense that such remedy at law exists. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2"><B>10.6 Severability</B>. If a final determination is made by a court having competent jurisdiction that the time or territory or any other restriction contained in Sections 10.1, 10.3 or 10.4 is an unenforceable
restriction on Executive&#146;s activities, the provisions of Sections 10.1, 10.3 or 10.4 shall not be rendered void but shall be deemed amended to apply such maximum time and territory and such other restrictions as such court may judicially
determine or otherwise indicate to be reasonable. </FONT></P> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B>11.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>Miscellaneous.</B> </FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>11.1 Assignment</B>. This
Agreement shall be binding upon the parties hereto, their respective heirs, personal representatives, executors, administrators and successors; provided, however, that Executive shall not assign this Agreement. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>11.2 Governing Law</B>. This Agreement shall be construed under and governed by the internal laws of the State of New York without giving effect to
any choice of law or conflict of law provision or rule (whether of the State of New York or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of New York. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>11.3 Entire Agreement</B>. This Agreement between Executive and ITG, set forth the entire agreement of the parties concerning the employment of
Executive by ITG, and any other oral or written statements, representations, agreements, or understandings made or entered into prior to or contemporaneously with the execution of this Agreement, are hereby rescinded, revoked, and rendered null and
void by the parties. Both parties hereto have participated in the selection of the words and phrases set forth in this Agreement in order to express their joint intentions in entering into this employment relationship, and the parties hereto agree
that there shall not be strict interpretation against either party in connection with any review of this Agreement in which interpretation thereof is an issue. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">- 10 - </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>11.4 Notices</B>. Any notice required or permitted under this Agreement shall be deemed to have been
effectively made or given if in writing and personally delivered, or mailed properly addressed in a sealed envelope, postage prepaid by certified or registered mail, delivered by a reputable overnight delivery service or sent by facsimile. Unless
otherwise changed by notice, notice shall be properly addressed to Executive if addressed to the address of Executive on the books and records of ITG at the time of the delivery of such notice, and properly addressed to ITG if addressed to:
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:21%"><FONT FACE="Times New Roman" SIZE="2">Corporate Secretary </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:21%"><FONT FACE="Times New Roman"
SIZE="2">International Textile Group, Inc. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:21%"><FONT FACE="Times New Roman" SIZE="2">804 Green Valley Road, Suite 300 </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; text-indent:21%"><FONT FACE="Times New Roman" SIZE="2">Greensboro NC 27408 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>11.5
Severability</B>. Wherever there is any conflict between any provision of this Agreement and any statute, law regulation or judicial precedent, the latter shall prevail, but in such event the provisions of this Agreement thus affected shall be
curtailed and limited only to the extent necessary to bring them within the requirements of law. In the event that any provision of this Agreement shall be held by a court of competent jurisdiction to be indefinite, invalid, void or voidable or
otherwise unenforceable, the balance of this Agreement shall continue in full force and effect unless such construction would clearly be contrary to the intentions of the parties or would result in an unconscionable injustice. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>11.6 Counterparts</B>. This Agreement may be executed in several counterparts, each of which shall be deemed to be an original but all of which
together will constitute one and the same instrument. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>IN WITNESS WHEREOF</B>, the parties have caused this Agreement to be duly
executed the day and year first above written. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TR>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="41%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="11%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="41%"></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"><FONT FACE="Times New Roman" SIZE="2">INTERNATIONAL TEXTILE GROUP, INC.</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">/s/ David L. Wax</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">/s/ Joseph L. Gorga</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Name:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">David L. Wax</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Joseph L. Gorga</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Title:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Director</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">- 11 - </FONT></P>

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