TNP ENTERPRISES INC
AGREEMENT DATED JANUARY 19, 2004 BETWEEN MICHAEL E. BRAY AND TNP
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<TYPE>EX-10.D
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<FILENAME>dex10d.htm
<DESCRIPTION>AGREEMENT DATED JANUARY 19, 2004 BETWEEN MICHAEL E. BRAY AND TNP
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<TITLE>Agreement dated January 19, 2004 between Michael E. Bray and TNP</TITLE>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>Exhibit 10D </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT
SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">November 25, 2003 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>PERSONAL AND CONFIDENTIAL</B></FONT></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Mr. Michael Bray</FONT></P></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">1516 Bette Lane</FONT></P></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Hellertown, PA 18055</FONT></P></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"><FONT FACE="Times New Roman" SIZE="2">Dear Mike: </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">We are pleased to offer you the position of President of TNP Enterprises,
Inc. (&#147;TNP&#148;) under the terms and conditions herein indicated. For purposes of this agreement the term &#147;TNP&#148; shall also include any affiliate or subsidiary of TNP to which you are transferred during the term of this agreement with
your consent. In your position of President you will have the duties, responsibilities, and authority normally associated with such position and will report to the Chief Executive Officer of TNP. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B><U>Term of Agreement</U> </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">The term of this agreement shall be for three years effective January 19,
2004 and shall expire on January 19, 2007. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B><U>Compensation</U></B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"></FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%"><FONT
FACE="Times New Roman" SIZE="2">During the term of this agreement, you will be entitled to annual compensation of not less than $450,000 payable as described below. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT
SIZE="1">&nbsp;</FONT></P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">1.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Your annual salary will be not less than $450,000. The amount of compensation will be reviewed by the Board of Directors at the regularly scheduled meeting immediately prior to the
effective date of this agreement and may be adjusted upward to reflect then current market compensation for an employee holding the above noted position. </FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT
SIZE="1">&nbsp;</FONT></P>
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<TD WIDTH="8%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">2.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">You will be eligible to receive an annual incentive bonus ranging from 0% to 37.5% of your Base Salary if you remain employed by TNP through the end of each calendar year during the
term of this agreement. The amount of your annual incentive bonus will be based on the attainment of certain pre-established financial and operational goals of TNP. Your target annual incentive bonus shall be equal to 25% of your Base Salary.
However, for 2004 your annual incentive bonus shall be not less than $150,000. </FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P>
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<TD WIDTH="8%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">3.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">You will be eligible for all of TNP&#146;s benefits, including major medical, dental, life, and long-term disability insurance, pension plan participation, excess benefit plan
participation, thrift plan participation, deferred compensation plan participation, holiday pay and vacation pay, in accordance with TNP&#146;s plans and policies as in effect from time to time. </FONT></TD></TR></TABLE>

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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B><U>Termination Without Cause</U> </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT
SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">Notwithstanding any other provision of this agreement, in the event that during the term of this agreement, your employment
with TNP is terminated by you for Good Reason (as defined below) or by TNP for any reason other than for Cause (as defined below), you shall be entitled to receive the greater of either (a) a lump sum payment equal to the continuation of your then
current annual salary for a period of 18 months, plus an amount equal to the incentive compensation for the year in which the termination occurs, pro rated for the number of months employed during that year, or (b) a lump sum payment equal to the
then current annual salary divided by twelve and multiplied times the total number months between the date of termination and the date this agreement would terminate, plus an amount equal to the incentive compensation for the year in which the
termination occurs, pro rated for the number of months employed during that year. You shall also be entitled to medical insurance at a cost to you equal to that paid by employees of TNP for the greater of (a) 18 months or (b) the date this agreement
would terminate. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">For the purposes of this agreement, Good
Reason shall mean any of the following (without your prior express written consent) (i) a material adverse change in your title, position, duties or responsibilities (provided, however, that a redesignation of your title, duties or responsibilities
among TNP and its subsidiaries and affiliates shall not constitute Good Reason if your overall duties and status among TNP and its subsidiaries and affiliates are not substantially adversely affected); (ii) your compensation arrangements as provided
in this agreement are decreased by TNP; (iii) your benefits under the employee benefit plans and programs of TNP are, in the aggregate, materially decreased; (iv) there is a material adverse change in your reporting rights and/or obligations; or (v)
TNP requires you to relocate to a location more than sixty-five (65) miles from the location of your office at TNP. A termination for Good Reason under this agreement must occur within thirty (30) days after the event that first provides a basis for
such termination. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B><U>Termination for Cause</U> </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">In the event that during the term of this agreement, your employment with
TNP is terminated for Cause, all rights under this agreement shall cease and you shall not be entitled to any additional compensation or payments hereunder. For the purposes of this agreement, Cause shall mean (i) your willful and continued failure
to substantially perform your duties with TNP (excluding any failure resulting from your disability), subject to any appeal or grievance procedure set forth in TNP&#146;s Personnel Policy Manual; (ii) your performance of any act or acts constituting
a felony involving moral turpitude and which results or is intended to result in damage or harm to TNP, whether monetary or otherwise, or which results in or is intended to result in improper gain or personal enrichment; or (iii) violations of
TNP&#146;s Personnel Policy Manual, as constituted at any time prior to the expiration of this agreement, concerning personal conduct; provided, that TNP must follow its disciplinary procedures as set forth therein. </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">2 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">Your employment with TNP may be terminated with Cause only if (1) you shall have received, at least 30
days prior to the date specified by TNP therein as the effective date of termination, written notice describing the basis for TNP&#146;s determination that Cause exists and (2) you shall not have fully cured prior to such effective date each basis
for such determination that Cause exists. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B><U>Change of Control</U>
</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">In the event a Change of Control (as defined below)
occurs and you are either (x) terminated without Cause, or (y) you terminate your employment for Good Reason, you will be entitled (a) to a lump sum payment equal to three times your then current annual salary, and (b) medical insurance for three
years at a cost to you equal to that paid by employees of TNMP. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman"
SIZE="2">For purposes of this Agreement a Change of Control means an event which shall be deemed to have occurred if: </FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(i)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">any &#147;person&#148; as such term is used in Section 13(d) and 14(d) of the Securities Exchange Act of 1934 (the &#147;Exchange Act&#148;) (other than TNP, any trustee or other
fiduciary holding securities under any employee benefit plan of TNP, or any company owned, directly or indirectly, by the stockholders of TNP in substantially the same proportions as their ownership of stock of TNP) is or becomes the
&#147;beneficial owner&#148; (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of TNP representing 50% or more of the combined voting power of TNP&#146;s then outstanding securities; </FONT></TD></TR></TABLE>
<P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P>
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<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(ii)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">during any period of two consecutive years, individuals who at the beginning of such period constitute the Board, and any new director (other than a director designated by a person
who has entered into an agreement with TNP to effect a transaction described in clause (iii) or (iv) herein) whose election by the Board or nomination for election by TNP stockholders was approved by a vote of at least two-thirds of the directors
then still in office who either were directors at the beginning of the period or whose election or nomination for election was previously so approved, cease for any reason to constitute at least a majority thereof; </FONT></TD></TR></TABLE> <P
STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P>
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<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(iii)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">the stockholders of TNP approve a merger or consolidation of TNP with any other corporation, other than a merger or consolidation that would result in the voting securities of TNP
outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) more than 50% of the combined voting power of the voting securities of TNP or such
surviving entity outstanding immediately after such merger or consolidation; provided, however, that a merger or consolidation effected to implement a recapitalization of TNP (or similar transaction) in which no &#147;person&#148; (as hereinabove
defined) acquires more than 25% of the combined voting power of TNP&#146;s then outstanding securities shall not constitute a Change of Control; or </FONT></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">3 </FONT></P>


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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(iv)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">the stockholders of TNP approve a plan of complete liquidation of TNP or an agreement for the sale or disposition by TNP of, or TNP sells or disposes of, all or substantially all of
TNP&#146;s assets. </FONT></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; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">An initial public offering by
TNP of its common stock or other equity securities will not be deemed to be a Change of Control. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">The lump sum payable under this Change of Control provision shall be grossed up by the amount due in the event either of the following events occur:
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">any excise tax becomes payable pursuant to Section 4999 of the Internal Revenue Code of 1986, as amended (the &#147;Code&#148;); and </FONT></TD></TR></TABLE> <P
STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P>
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<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(g)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">any additional federal, state, or local income tax liability (calculated at the highest effective rate applicable to individuals) becomes payable and the amount of any additional
excise tax liability (under Section 4999 of the Code) attributable to the foregoing payments. </FONT></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"><FONT
FACE="Times New Roman" SIZE="2"><B><U>Pension Benefit</U></B> </FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman"
SIZE="2">Notwithstanding any other provision in this Agreement, in the event your employment is terminated for any reason other than Cause, you will be vested in the pension benefit and entitled to credit on your pension plan accruals based on your
annual salary immediately prior to termination applied to the months between your termination and January 1, 2007. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B><U>Miscellaneous Provisions</U></B> </FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">TNP&#146;s obligation to make the payments provided for in this agreement and otherwise to perform its obligations hereunder shall not be affected by any
circumstances, including without limitation, any set-off, counterclaim, recoupment, defense or other claim, right or action which TNP may have against you or others. In the event that your employment with TNP is terminated for any reason, other than
for Cause, you shall be under no obligation to seek other employment or take any other action by way of mitigation of the amounts payable to you under any of the provisions of this agreement. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">In the event that a claim for payment or benefits under this agreement is
disputed, or if TNP commences any proceedings in connection with your employment, you shall be reimbursed for all attorney fees and expenses incurred by you in pursuing such claim, provided that you are successful as to at least part of the disputed
claim by reason of litigation, arbitration or settlement. While such claim or proceeding is pending, TNP will reimburse you for such attorney fees and expenses on a regular, periodic basis, within thirty days following receipt by TNP of statements
of such counsel. However, if you are not successful as to at least part of the disputed claim by reason of litigation, arbitration or settlement, you agree to repay TNP within 30 days of such determination, an amount equal to the total amount that
TNP has previously reimbursed you for legal fees and expenses in connection with such claim or proceeding. </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">4 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">TNP shall require any successor to all or substantially all of its business and/or assets, whether direct
or indirect, by purchase, merger, consolidation, acquisition of stock, or otherwise, to expressly assume and agree to perform this agreement in the same manner and to the same extent as TNP would be required to perform if no such succession had
taken place. For purposes of this paragraph, &#147;TNP&#148; shall mean both TNP as hereinbefore defined and any successor to its business and/or assets as aforesaid which assumes and agrees to perform this agreement by operation of law or
otherwise. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">The Executive shall not, during the Term of
Employment and thereafter, without the prior express written consent of TNP, disclose any confidential information, knowledge or data relating to TNP, TNMP or any Affiliate and their respective businesses, which (a) was obtained by the Executive in
the course of the Executive&#146;s employment with TNP, and (b) which is not information, knowledge or data otherwise in the public domain (other than by reason of a breach of this provision by the Executive), unless required to do so by a court of
law or equity or by any governmental agency or other authority. In no event shall an asserted violation of this paragraph constitute a basis for delaying or withholding the payment of any amounts otherwise payable to the Executive under this
Agreement. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">The respective rights and obligations of the
parties hereunder shall survive any termination of this agreement for any reason to the extent necessary to the intended provision of such rights and the intended performance of such obligations. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">No provisions of this agreement may be modified, waived or discharged unless
such waiver, modification or discharge is agreed to in writing signed by you and TNP. No agreements or representations, oral or otherwise, express or implied, with respect to the subject matter hereof have been made by either party which are not set
forth expressly in this agreement. This agreement shall be governed by and construed in accordance with the laws of the State of Texas. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">If the above terms and conditions meet with your approval, please so indicate by countersigning this letter in the space provided below, returning on copy
to me. We would be extremely pleased and proud to have you as a member of our TNP team. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Sincerely,</FONT></P></TD></TR>
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<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">TNP Enterprises, Inc.</FONT></P></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">By:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P><HR SIZE="1" NOSHADE COLOR="#000000"></TD></TR>
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<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">William J. Catacosinos</FONT></P></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Agreed to and accepted this
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> day of <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 2003. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P><HR WIDTH="31%" SIZE="1" NOSHADE COLOR="#000000" ALIGN="left"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Michael Bray </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">5 </FONT></P>

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