INDEMNIFICATION AGREEMENT
This Agreement effective as of the 15th day of February, by
and among Best Lock Corporation, a Delaware corporation ("BLC"),
Best Aircraft, Inc., an Indiana corporation ("Aircraft"), and
Xxxxxx X. Best.
WHEREAS, Aircraft is indebted to National City Bank, Indiana
on debt instruments (the "Notes") related to certain automobiles
owned by Aircraft which Aircraft has leased to BLC;
WHEREAS, BLC has guaranteed Aircraft's obligation to make
payment on these Notes;
WHEREAS, BLC is purchasing certain automobiles from Aircraft
as part of a series of transactions to which BLC, Xxxxxx X. Best,
and others are parties;
WHEREAS, in consideration for BLC's entering into certain
settlement transactions with Aircraft and Xxxxxx X. Best,
Aircraft and Xxxxxx X. Best desire to indemnify BLC against any
damages or expenses which BLC may incur in the event that
Aircraft defaults in discharging its obligations under the Notes;
and
WHEREAS, the parties wish to record their agreement in
writing.
NOW, THEREFORE, in consideration for the parties' promises
reflected herein and entrance into the settlement transactions,
the parties record their agreement as follows.
Section One. Indemnification. Aircraft and Xxxxxx X. Best
will indemnify BLC against any and all damages, costs, and
expenses, including reasonable attorneys' fees, which BLC may
incur by reason of being a guarantor of any indebtedness of
Aircraft to National City Bank, Indiana which may arise upon the
occurrence of any default by Aircraft upon any of its obligations
under the Notes.
Section Two. Governing Law. This Agreement will be
governed by the laws of the State of Indiana.
Section Three. Amendment. This Agreement may be amended
only in a written instrument executed by all parties hereto.
Dated this 15th day of February, 1995.
BEST LOCK CORPORATION
Attest: By: /s/ Xxxxxxx X. Best
--------------------------
Xxxxxxx X. Best,
Chief Executive Officer
BEST AIRCRAFT, INC.
Attest: By: /s/ Xxxxxx X. Best
---------------------------
Xxxxxx X. Best, President
/s/ Xxxxxx X. Best
--------------------------------
Xxxxxx X. Best