TERMINATION AND SETTLEMENT AGREEMENTTermination and Settlement Agreement • May 13th, 2010 • Imperial Industries Inc • Abrasive, asbestos & misc nonmetallic mineral prods • Florida
THIS TERMINATION AND SETTLEMENT AGREEMENT (the "Agreement") is entered into as of May 11, 2010, between PREMIX-MARBLETITE MANUFACTURING CO. ("Premix"), DFH, INC., formerly known as Acrocrete, Inc. and Acro Holdings, Inc. ("DFH"), and JUST-RITE SUPPLY, INC. ("Just-Rite"), each a Florida corporation (each a "Borrower" and collectively, "Borrowers"); IMPERIAL INDUSTRIES, INC., a Delaware corporation ("Guarantor"); MICHAEL PHELAN, as assignee for the benefit of the creditors of Just-Rite, and not individually ("Assignee"); and WELLS FARGO BANK, NATIONAL ASSOCIATION ("Lender"), a national banking association and successor by merger to Wachovia Bank, National Association, as successor to Congress Financial Corporation (Florida) under the Loan Agreement (defined below).
