WSB Liquidating Corporation - Page 5

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                         THIS AGREEMENT is made this 1st day of May,                  
               1989 between WALTER S. BANDURSKI, INC. (the “Company”),                
               a Delaware corporation, and BARBARA BANDURSKI (the                     
                         The Employee is presently rendering services                 
               to the Company under a contractual arrangement.  For                   
               many years past, however, the Employee served the                      
               Company loyally as an officer and director.  During                    
               many of those years, the Employee, in order to assist                  
               the Company in its growth, accepted compensation at a                  
               rate substantially less than her services would have                   
               commanded on the open market.                                          
                         In the judgment of the directors, it is                      
               advisable and in the interest of the Company that the                  
               Employee’s past service be appropriately compensated in                
               the form of a retirement pension.                                      
                    INTENDING TO BE LEGALLY BOUND, THE PARTIES AGREE                  
               AS FOLLOWS:                                                            
                         1.   Upon the Employee’s retirement from                     
               fulltime service with the Company on the 1st day of                    
               May, 1989, the Company shall pay to the Employee the                   
               sum of Three Hundred Seventy-Five Dollars ($375.00) per                
               week for life.                                                         

          As part of the Pension Agreement, petitioner also agreed not to             
          sell a substantial portion of its assets to, nor to merge into,             
          reorganize with, or permit its business activities to be assumed            
          by, any other company or organization unless the latter assumed             
          petitioner’s duties and obligations under the Pension Agreement.            
          The Pension Agreement further provided for an annual adjustment             
          of the payments thereunder to account for inflation.                        
               The Settlement Agreement, executed by Walter (individually),           
          Barbara, and a family court judge, recited their marriage,                  

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Last modified: May 25, 2011