Document:

Document

SEPARATION AGREEMENT
This Separation Agreement (this “Agreement”), dated as of November 7, 2016, is made by and between CDI Corporation, a Pennsylvania corporation (the “Company”) and Daniel Hugo Malan (“Executive”).   
Recitals 
WHEREAS, Executive was previously employed as the Company’s Executive Vice President, Staffing-North America pursuant to an employment agreement with the Company, dated as of October 20, 2014 (the “Employment Agreement”); and 
WHEREAS, Executive’s employment with the Company terminated on November 18, 2016 (the “Separation Date”); and 
WHEREAS, the Company and Executive desire to enter into this Agreement relating to Executive’s termination of employment. 
NOW, THEREFORE, in consideration of the promises and mutual covenants herein contained, and intending to be legally bound hereby, the Company and Executive hereby agree as follows: 
1.         Termination of Employment
(a)     General. Effective as of the Separation Date, Executive’s employment and all other positions Executive held with the Company and its subsidiaries and affiliates terminated, including, without limitation, Executive’s position as Executive Vice President, Staffing-North America.  
(b)    Accrued Benefits.  The Company shall pay Executive all earned but unpaid base salary through the Separation Date and Executive shall be entitled to receive any vested benefits as of the Separation Date in accordance with, and subject to, the terms of the applicable Company (and/or subsidiary) employee benefit plans.  
(c)    Additional Consideration.  Subject to Executive’s timely execution of this Agreement, such that it is effective (with all revocation periods having expired unexercised) within 60 days after the Separation Date, the Company shall provide Executive with the payments and benefits set forth in Section 7(b) (ii) of the Employment Agreement (in the manner, and subject to the conditions, set forth therein) which are limited to the following
(i) Severance. Company will pay Executive six (6) months of severance (which equals 26 weeks of pay at Executive’s weekly Base Salary rate, minus applicable withholding and other deductions) to be paid in accordance with the terms stated in Section 7 (b) (ii) (5)  and Section 11 of the Employment Agreement.   As per the terms of Section 7(b)(ii) of the Employment Agreement, the severance payments will  immediately cease if Executive breaches any of his obligations under Section 8 or 9 of his Employment Agreement or if Executive becomes employed by a new employer during the six (6) months following his Separation Date.
(ii) Annual Bonus. Company will pay Executive a pro-rated annual bonus for 2016, as per  Section 7(b)(ii) (3) of Executive’s Employment Agreement, if any, based on actual results (as determined without any exercise of negative discretion) and calculated and paid in accordance with the terms of Section 7(b)(ii) (3) of the Employment Agreement.
(iii) Equity Awards.  Executive will receive a prorated vesting of any tranche of the TVDS Award scheduled to vest after Executive’s Separation Date  (Prorated vesting to be determined according to the  proration formula set out in Section 7(b)(ii)(4) of the Employment Agreement). 

12186892.1.TAX 

   (iv) PSU Award.   Executive and Company agree that there is no accrued Aggregate Settlement Amount earned or due to Executive as per the PSU Award and the terms of the Employment Agreement.
(d)    No Other Compensation.  Except as otherwise specifically provided in Sections 1(b) and 1(c) above, from and after the Separation Date, Executive shall cease to have any right to compensation or benefits from the Company or any of its subsidiaries relating to Executive’s employment with the Company or its subsidiaries or the termination thereof.    
    
2.     General Release. 

(a)     Release. In consideration for the compensation and other benefits set forth in Section 1(c) of this Agreement, and for other good and valuable consideration, Executive, on behalf of Executive, Executive’s heirs, estate, executors, administrators, agents, beneficiaries, trustees, legal and other representatives, successors and assigns, hereby irrevocably and unconditionally releases, acquits and forever discharges the Company, its parent, subsidiaries or any related companies, and any of its or their officers, directors, principals, shareholders, employees, agents, employee benefit plans (including the administrators and fiduciaries thereof), representatives, and all persons/entities claimed to be jointly or severally liable with any of the foregoing (collectively “Releasees”), from any and all charges, promises, actions, causes of action, covenants, contracts, controversies, agreements, complaints, claims, liabilities, obligations, suits, demands, grievances, arbitrations, costs, losses, debts and expenses, including attorney’s fees, of any nature whatsoever (hereinafter “Claims”), known or unknown, foreseen or unforeseen, accrued or unaccrued, which Executive has or may have against Releasees, or any of them, arising at any time prior to and including the date Executive signs this Agreement.  The Claims covered by this general release include, without limitation, (i) any and all Claims which relate directly or indirectly to Executive’s employment with Company or its subsidiaries, or Executive’s separation from that employment; (ii) any and all Claims under the Employment Agreement, (iii) any and all Claims, whether statutory, at common law or otherwise, for wrongful termination of employment, breach of contract, breach of the covenant of good faith and fair dealing, detrimental reliance, promissory estoppel, infliction of emotional distress, defamation, fraud, misrepresentation or any other tort or contract theory; (iv) any and all Claims under the laws of the United States, the Commonwealth of Pennsylvania or any other state, or any local jurisdiction, for discrimination based upon sex, race, age, national origin, religion, handicap, disability, retaliation, or on any other basis, including, without limitation, all Claims arising under Title VII of the Civil Rights Act of 1964, the Age Discrimination in Employment Act, the Americans with Disabilities Act, the Pennsylvania Human Relations Act, the Philadelphia Fair Practices Ordinance, and any related federal, state or local laws otherwise covering Executive’s employment and the separation therefrom; (v) any and all Claims under the Employee Retirement Income Security Act of 1974, the Worker Adjustment and Retraining Notification Act, the Family and Medical Leave Act, the Pennsylvania Minimum Wage Law, the Pennsylvania Wage Payment and Collection Law, and all other federal, state, and local statutes, rules, or regulations; and (vi) all common law claims under the laws of any jurisdiction.   It is the intention of the Executive and the Company that the language relating to the description of Claims in this Section shall be given the broadest possible interpretation permitted by law.  Notwithstanding the foregoing, the release of claims set forth in this Section 2(a) shall not apply to Executive’s (w) rights to indemnification under Section 2 of the Employment Agreement or in accordance with the Company’s governing documents providing coverage to former officers generally, as in effect from time to time, (x) rights under Section 7(b)(ii)(5) of the Employment Agreement with respect to the PSU Award (as defined under the Employment Agreement), (y) rights as a shareholder of the Company or (z) rights to the 

2
12186892.1.TAX 

payments and benefits set forth in Sections 1(b) and 1(c) of this Agreement.   This Agreement shall not be construed as an admission of any wrongdoing on the part of any Releasee; any such wrongdoing being expressly denied. 
(b)     Acknowledgment. Executive agrees and acknowledges that this Section 2 constitutes a knowing and voluntary waiver of all rights or Claims Executive may have as of the date Executive signs this Agreement and that Executive has no physical or mental impairment of any kind which has interfered with Executive’s ability to read and understand the meaning of this Agreement or its terms. 
(c)     Covenant not to Sue. Executive agrees and covenants not to file, initiate, join, or accept any relief in any lawsuit (either individually, with others, or as part of a class), in any forum, pleading, raising, or asserting any Claim(s) barred or released by Section 2 of this Agreement. Executive agrees and acknowledges that, in the event that Executive breaches any obligation under this Section 2, then (i) the payments and benefits described in Section 1(c) of this Agreement, to the extent not then paid or provided, shall be immediately forfeited and (ii) Executive will be obligated to repay the Company any amounts paid or provided under Section 1(c) above and to reimburse the applicable Releasees for their reasonable costs and attorney’s fees incurred in defending against those Claims that are found to be barred by this Agreement. Notwithstanding the foregoing, nothing in this Section 2(c) or this Agreement shall preclude Executive from challenging the validity of the release in this Section 2 under the requirements of the Age Discrimination in Employment Act (“ADEA”), and Executive shall not be responsible for reimbursing the attorney’s fees and costs of the Releasees, or repaying any amounts or benefits paid under Section 1(c), in connection with such a challenge to the validity of the release, nor shall any payments or benefits under Section 1(c) be forfeited in connection with such a challenge.  However, Executive acknowledges that the release contained in this Agreement applies to all Claims Executive has under the ADEA, and that, unless the release is held to be invalid, all of Executive’s Claims under the ADEA shall be extinguished by execution of this Agreement.  Executive further agrees that nothing in this Section 2 or this Agreement shall preclude or prevent Executive from filing a charge with the U.S. Equal Employment Opportunity Commission or similar state or local agency.  Executive agrees that he will not seek or accept any relief obtained on his behalf by any government agency, private party, class, or otherwise with respect to any Claims released in this Agreement.  Executive warrants and represents that Executive has not filed any Claim released in this Agreement and that Executive is not aware of any wrongdoing or violation of any law, statute, regulation, or policy by any of the Releasees. 
(d) Review and Revocation Rights. Executive is hereby advised to consult with counsel before executing this Agreement. Executive hereby acknowledges and understands that Executive has the right to consider this Agreement, including the general release contained in this Section 2, for a period of twenty-one (21) days prior to execution. Changes made to this Agreement, whether material or immaterial, will not restart the running of the aforementioned twenty-one day period.  Executive further acknowledges and understands that for seven (7) days following Executive’s execution of this Agreement, Executive may revoke this Agreement by providing written notice to the Company at the address provided below in Section 4(h) within this seven-day revocation period. This Agreement shall not become effective or enforceable until the seven (7) day revocation period has expired without revocation (such date, the “Effective Date”). Executive represents and acknowledges that Executive has read this Agreement, understands its terms and has entered into this Agreement freely and voluntarily. This Agreement shall not be deemed void or voidable by claims of duress, deception, mistake of fact, or otherwise.  Nor shall the principle of construction that all ambiguities are to be construed against the drafter be employed in the interpretation of this Agreement.  Rather, it is agreed that this Agreement should not be construed for or against any party.    

3
12186892.1.TAX 

3.         Continuing Obligations. Executive acknowledges and agrees that Executive’s obligations under Sections 8 and 9 of the Employment Agreement (which Sections are hereby incorporated in their entirety by reference) shall continue to apply in accordance with the terms of such provisions.    
4.         Miscellaneous. 
(a)     Code Section 409A. This Agreement is intended to comply with, or be exempt from, Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and shall be interpreted consistent therewith and without resulting in any increase in the amounts owed hereunder by the Company.  Notwithstanding any other provision of this Agreement to the contrary, if Executive is a "specified employee" within the meaning of Code Section 409A and the regulations issued thereunder, and a payment or benefit provided for in this Agreement would be subject to additional tax under Code Section 409A if such payment or benefit is paid within six (6) months after Executive’s "separation from service" (within the meaning of Code Section 409A), then such payment or benefit required under this Agreement shall not be paid (or commence) during the six-month period immediately following Executive’s separation from service except as provided in the immediately following sentence. In such an event, any payments or benefits that would otherwise have been made or provided during such six-month period and which would have incurred such additional tax under Code Section 409A shall instead be paid to Executive in a lump-sum payment on the earlier of (i) the first regular payroll date of the seventh month following Executive’s separation from service or (ii) the 10th business day following Executive’s death. 
(b)     Severability. If any term or provision of this Agreement or the application thereof to any person or circumstance shall, to any extent, be held invalid or unenforceable by a court of competent jurisdiction, the remainder of this Agreement or the application of any such term or provision to persons or circumstances other than those as to which it is held invalid or unenforceable, shall not be affected thereby, and each term and provision of this Agreement shall be valid and enforceable to the fullest extent permitted by law. If any of the provisions contained in this Agreement shall for any reason be held to be excessively broad as to duration, scope, activity, subject or otherwise, it shall be construed by limiting and reducing it, so as to be valid and enforceable to the maximum extent compatible with the applicable law. 
(c)     Governing Law; Exclusive Choice of Forum. The implementation and interpretation of this Agreement shall be governed by and enforced in accordance with the laws of the State of Delaware without giving effect to the conflicts of law provisions thereof. The parties hereby submit to the exclusive jurisdiction of, and waive any venue objections against, the United States District Court for the Eastern District of Pennsylvania (or if federal jurisdiction does not exist, the state and local courts of the Commonwealth of Pennsylvania, Philadelphia County) for any litigation arising out of this Agreement. 
(d)     Binding Effect and Assignability. The rights and obligations of both parties under this Agreement shall inure to the benefit of and shall be binding upon their heirs, successors and assigns. Executive’s rights under this Agreement shall not, in any voluntary or involuntary manner, be assignable and may not be pledged or hypothecated without the prior written consent of the Company.  The Company may assign this Agreement without Executive’s consent. 
(e)     Counterparts; Section Headings. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but all of which together shall constitute one and the same instrument. The section headings of this Agreement are for convenience of reference only.   

4
12186892.1.TAX 

(f)     Entire Agreement. This Agreement constitutes the entire agreement with respect to the subject matter hereof between the parties hereto and, except as explicitly specified herein, replaces and supersedes as of the date hereof any and all prior oral or written agreements and understandings between the parties hereto, including, without limitation, the Employment Agreement; provided, however, that (i) the flush language at the end of Section 7(b)(ii), and Sections 8 through and including 19, of the Employment Agreement shall continue to be in effect in accordance with their terms and (ii) any compensation clawback provision shall continue to apply in accordance with its terms. Executive and the Company acknowledge that this Agreement is intended to embody a complete and final resolution of the employer-employee relationship between Executive and the Company.  Executive further acknowledges and agrees that the payments and benefits described in this Agreement are all that Executive is entitled to receive from the Company, and that the Company shall have no liability or obligation to Executive in excess of such amounts.  This Agreement may be modified only by an agreement in writing executed by both Executive and the Company. 
(g)     Counsel. Executive acknowledges that Executive has been advised to consult with counsel concerning this Agreement, has had ample opportunity to consult with counsel of Executive’s own selection and has so consulted to the extent Executive determined to be necessary or appropriate. 
(h)     Notices. All notices and other communications hereunder shall be in writing and shall be given by hand-delivery to the other parties, by registered or certified mail, return receipt requested, postage prepaid, or by reputable overnight air courier, addressed as follows: 
To the Company: 
CDI Corporation 
1735 Market Street, Suite 200
Philadelphia, PA 19103 
Attention: General Counsel 
 
      With a required copy to:
Dechert LLP                        
1095 Avenue of the Americas
New York, NY 10036-6797
Attention:  Stephen W. Skonieczny, Esq. 
Telephone:  (212) 698-3524             
Facsimile:  (212) 314-0024

 To Executive: 
At Executive’s address in the Company’s records, 
or to such other address as either of such parties may designate in a written notice served upon the other party in the manner provided herein. All notices required or permitted hereunder shall be deemed duly given and received when delivered by hand, if personally delivered; on the third day next succeeding the date of mailing if sent by certified or registered first-class mail; and on the next business day, if timely delivered to an air courier guaranteeing overnight delivery. 
(i)    Taxes. The Company shall have the right to withhold from any amounts payable hereunder any federal, state, local or other taxes that the Company determines are required to be withheld.   
[Signature Page Follows] 

5
12186892.1.TAX 

 
IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first set forth above. 
 
	
	
	 

	CDI CORPORATION

	 

	/s/ Michael S. Castleman

	By:     Michael S. Castleman                                                  Date:  November 7, 2016

	Title: President & Interim CEO

	 

	DANIEL HUGO MALAN

	 

	Signature: /s/   D. Hugo Malan                                           Date:   November 4, 2016

	 

	 

6
12186892.1.TAXExhibit

Exhibit 10.3

SIXTH AMENDMENT TO 
AMENDED AND RESTATED LEASE AGREEMENT NO. 4
THIS SIXTH AMENDMENT TO AMENDED AND RESTATED LEASE AGREEMENT NO. 4 (this “Amendment”) is made and entered into as of September 14, 2016 by and between HPT TA PROPERTIES TRUST, a Maryland real estate investment trust, and HPT TA PROPERTIES LLC, a Maryland limited liability company, as landlord (collectively, “Landlord”), and TA OPERATING LLC, a Delaware limited liability company, as tenant (“Tenant”).
W I T N E S S E T H:
WHEREAS, Landlord and Tenant are parties to that certain Amended and Restated Lease Agreement No. 4, dated as of June 9, 2015, as amended by that certain First Amendment to Amended and Restated Lease Agreement No. 4, dated as of June 16, 2015, that certain Second Amendment to Amended and Restated Lease Agreement No. 4, dated as of June 23, 2015, that certain Third Amendment to Amended and Restated Lease Agreement No. 4, dated as of September 23, 2015, that certain Fourth Amendment to Amended and Restated Lease Agreement No. 4, dated as of March 31, 2016, and that certain Fifth Amendment to Amended and Restated Lease Agreement No. 4, dated as of June 22, 2016 (as so amended, the “Lease”); 
WHEREAS, pursuant to the Lease, Landlord leases to Tenant, and Tenant leases from Landlord, the Property (this and other capitalized terms used and not otherwise defined in this Amendment shall have the meanings given such terms in the Lease) having an address at 3747 Express Drive, Holbrook, Arizona 86205 and further described on Exhibit A-38 to the Lease (the “Holbrook Property”);
WHEREAS, Landlord has acquired certain vacant land located adjacent to the Holbrook Property and Landlord and Tenant desire to amend the Lease to include such vacant land as part of the Holbrook Property; and   
WHEREAS, Guarantor  is executing this Amendment to confirm the continuation of the Guaranty;  
NOW, THEREFORE, in consideration of the mutual covenants herein contained and other good and valuable consideration, the mutual receipt and legal sufficiency of which are hereby acknowledged, Landlord and Tenant hereby agree, as of the date of this Amendment, as follows:
1.    Minimum Rent.  The defined term “Minimum Rent” set forth in Section 1.68 of the Lease is hereby deleted in its entirety and replaced with the following:
“Minimum Rent” shall mean Forty-Seven Million One Hundred Ninety-Eight Thousand Two Hundred Twenty and 45/100ths Dollars ($47,198,220.45), subject to adjustment as provided in Section 3.1.1(b).

    

2.    Exhibit A.  Exhibit A to the Lease is hereby amended by deleting Exhibit A-38 therefrom in its entirety and replacing it with Exhibit A-38 attached to this Amendment.  
3.    Ratification.  As amended hereby, the Lease is hereby ratified and confirmed and all other terms remain in full force and effect.
4.    Counterparts.  This Amendment may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 
 

[THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]
 

- 2 -

IN WITNESS WHEREOF, Landlord and Tenant have caused this Amendment to be duly executed, as a sealed instrument, as of the date first above written.
	
		
	LANDLORD:

	 
	 

	HPT TA PROPERTIES TRUST

	 
	 

	By:
	/s/ John G. Murray

	 
	John G. Murray

	 
	President

	
		
	HPT TA PROPERTIES LLC

	 
	 

	By:
	/s/ John G. Murray

	 
	John G. Murray

	 
	President

	
		
	TENANT:

	 
	 

	TA OPERATING LLC

	 
	 

	By:
	/s/ Mark R. Young

	 
	Mark R. Young

	 
	Executive Vice President

[Signature Page to Sixth Amendment to Amended and Restated Lease Agreement No. 4]

Reference is made to that certain Guaranty Agreement, dated as of June 9, 2015, given by TRAVELCENTERS OF AMERICA LLC and TRAVELCENTERS OF AMERICA HOLDING COMPANY LLC, each a Delaware limited liability company (collectively, “Guarantors”), to Landlord with respect to Tenant’s obligations under the Lease (the “Guaranty”).  Guarantors hereby confirm that all references in such Guaranty to the word “Lease” shall mean the Lease, as defined therein, as amended by this Amendment (and any prior amendments referenced in this Amendment), and said Guarantors hereby reaffirm the Guaranty. 

	
		
	TRAVELCENTERS OF AMERICA LLC

	 
	 

	By:
	/s/ Mark R. Young

	 
	Mark R. Young

	 
	Executive Vice President

	
		
	TRAVELCENTERS OF AMERICA HOLDING 
COMPANY LLC

	 
	 

	By:
	/s/ Mark R. Young

	 
	Mark R. Young

	 
	Executive Vice President

EXHIBIT A-38 
 
3747 Express Drive 
Holbrook, AZ 86025

(See attached copy.)

Parcel A:
THAT PART OF THE NORTH ONE-HALF OF SECTION 3, TOWNSHIP 17 NORTH, RANGE 20 EAST OF THE GILA AND SALT RIVER BASE AND MERIDIAN, NAVAJO COUNTY, ARIZONA, DESCRIBED AS FOLLOWS:
COMMENCING AT THE NORTHWEST SECTION CORNER OF SAID SECTION 3;
THENCE SOUTH TO THE SOUTHERLY RIGHT-OF-WAY LINE OF INTERSTATE 40, A DISTANCE OF 812.40 FEET;
THENCE SOUTH 81 DEGREES 53 MINUTES 42 SECONDS EAST ALONG SAID RIGHT-OF-WAY LINE, A DISTANCE OF 365.10 FEET;
THENCE ALONG A CURVE TO THE RIGHT, HAVING A RADIUS OF 377.46 FEET, A CENTRAL ANGLE OF 26 DEGREES, 55 MINUTES 21 SECONDS, A CHORD BEARING OF SOUTH 68 DEGREES 20 MINUTES 43 SECONDS EAST, AND A CHORD DISTANCE OF 175.74 FEET, A DISTANCE OF 177.36 FEET;
THENCE SOUTH 54 DEGREES 53 MINUTES 42 SECONDS EAST ALONG SAID RIGHT-OF-WAY LINE, A DISTANCE OF 237.70 FEET;
THENCE ALONG SAID RIGHT-OF-WAY AND A CURVE TO THE LEFT, HAVING A RADIUS OF 577.78 FEET, A CENTRAL ANGLE OF 11 DEGREES 58 MINUTES 54 SECONDS, A CHORD BEARING OF SOUTH 60 DEGREES 53 MINUTES 27 SECONDS EAST AND A CHORD DISTANCE OF 120.61 FEET, A DISTANCE OF 120.83 FEET TO THE TRUE POINT OF BEGINNING;
THENCE SOUTH 02 DEGREES 01 MINUTES 07 SECONDS WEST A DISTANCE OF 828.41 FEET; 
THENCE SOUTH 87 DEGREES 59 MINUTES 06 SECONDS EAST A DISTANCE OF 1347.77 FEET;
THENCE NORTH 05 DEGREES 06 MINUTES 40 SECONDS EAST A DISTANCE OF 878.07 FEET TO THE SOUTHERLY RIGHT-OF-WAY LINE OF INTERSTATE 40;
THENCE SOUTH 86 DEGREES 00 MINUTES 01 SECONDS WEST ALONG SAID RIGHT-OF-WAY LINE A DISTANCE 253.64 FEET;
THENCE SOUTH 77 DEGREES 27 MINUTES 53 SECONDS WEST ALONG SAID RIGHT-OF-WAY A DISTANCE OF 461.40 FEET;
THENCE NORTH 81 DEGREES 53 MINUTES 44 SECONDS WEST ALONG SAID RIGHT-OF-WAY A DISTANCE OF 552.67 FEET;

THENCE ALONG SAID RIGHT-OF-WAY LINE AND ALONG A CURVE TO THE RIGHT, HAVING A RADIUS OF 577.78 FEET, A CENTRAL ANGLE OF 15 DEGREES 00 MINUTES 55 SECONDS, A CHORD BEARING OF NORTH 74 DEGREES 23 MINUTES 22 SECONDS WEST AND A CHORD LENGTH OF 150.98 FEET; A DISTANCE OF 151.42 FEET TO THE TRUE POINT OF BEGINNING.
EXCEPT ALL OIL, GAS, COAL AND MINERAL AS RESERVED IN BOOK 31 OF DEEDS, PAGE 322. 
PARCEL NO. 1:
COMMENCING AT THE NORTHWEST CORNER OF SECTION 3, TOWNSHIP 17 NORTH, RANGE 20 EAST OF THE GILA AND SALT RIVER BASE AND MERIDIAN, NAVAJO COUNTY, ARIZONA.
THENCE SOUTH 00 DEGREES 00 MINUTES 00 SECONDS EAST, ALONG THE WEST LINE OF SAID SECTION 3, A DISTANCE OF 812.40 FEET;
THENCE SOUTH 81 DEGREES 53 MINUTES 42 SECONDS EAST A DISTANCE OF 316.28 FEET TO THE BEGINNING OF A CURVE CONCAVE TO THE SOUTHWEST WITH A RADIUS OF 377.46 FEET;
THENCE SOUTHEASTERLY ALONG SAID CURVE, A DISTANCE OF 177.36 FEET AND THEN A DELTA ANGLE OF 26 DEGREES 55 MINUTES 21 SECONDS;
THENCE SOUTH 54 DEGREES 53 MINUTES 42 SECONDS EAST A DISTANCE OF 237.70 FEET TO THE BEGINNING OF A CURVE CONCAVE TO THE NORTHEAST WITH A RADIUS OF 577.78 FEET;
THENCE SOUTHEASTERLY ALONG SAID CURVE A DISTANCE OF 272.24 FEET AND THROUGH A DELTA ANGLE OF 26 DEGREES 59 MINUTES 49 SECONDS;
THENCE SOUTH 81 DEGREES 53 MINUTES 44 SECONDS EAST A DISTANCE OF 552.67 FEET; 
THENCE NORTH 77 DEGREES 27 MINUTES 53 SECONDS EAST A DISTANCE OF 461.40 FEET;
THENCE NORTH 86 DEGREES 00 MINUTES 01 SECONDS EAST A DISTANCE OF 253.64 FEET TO THE POINT OF BEGINNING.
THENCE SOUTH 05 DEGREES 06 MINUTES 40 SECONDS WEST A DISTANCE OF 398.07 FEET; 

THENCE SOUTH 87 DEGREES 59 MINUTES 00 SECONDS EAST A DISTANCE OF 1303.39 FEET; 
THENCE NORTH 05 DEGREES 43 MINUTES 20 SECONDS EAST A DISTANCE OF 330.93 FEET; 
THENCE NORTH 84 DEGREES 51 MINUTES 23 SECONDS WEST A DISTANCE OF 1280.31 FEET;
THENCE SOUTH 86 DEGREES 00 MINUTES 01 SECONDS WEST A DISTANCE OF 25.02 FEET TO THE POINT OF BEGINNING.
EXCEPT ALL OIL, GAS, COAL AND MINERALS AS RESERVED IN BOOK 31 OF DEEDS, PAGE 322, RECORDS OF NAVAJO COUNTY, ARIZONA.
EXCEPT THE EAST 680.00 FEET THEREOF.
PARCEL NO. 2:
THE EAST 680.00 FEET OF THE FOLLOWING DESCRIBED PROPERTY;
COMMENCING AT THE NORTHWEST CORNER OF SECTION 3, TOWNSHIP 17 NORTH, RANGE 20 EAST OF THE GILA AND SALT RIVER BASE AND MERIDIAN, NAVAJO COUNTY, ARIZONA.
THENCE SOUTH 00 DEGREES 00 MINUTES 00 SECONDS EAST ALONG THE WEST LINE OF SAID SECTION 3, A DISTANCE OF 812.40 FEET;
THENCE SOUTH 81 DEGREES 53 MINUTES 42 SECONDS EAST A DISTANCE OF 316.28 FEET TO THE BEGINNING OF A CURVE CONCAVE TO THE SOUTHWEST WITH A RADIUS OF 377.46 FEET;
THENCE SOUTHEASTERLY ALONG SAID CURVE, A DISTANCE OF 177.36 FEET AND THEN A DELTA ANGLE OF 26 DEGREES 55 MINUTES 21 SECONDS;
THENCE SOUTH 54 DEGREES 53 MINUTES 42 SECONDS EAST, A DISTANCE OF 237.70 FEET TO THE BEGINNING OF A CURVE CONCAVE TO THE NORTHEAST WITH A RADIUS OF 577.78 FEET;
THENCE SOUTHEASTERLY ALONG SAID CURVE A DISTANCE OF 272.24 FEET AND THROUGH A DELTA ANGLE OF 26 DEGREES 59 MINUTES 49 SECONDS;
THENCE SOUTH 81 DEGREES 53 MINUTES 44 SECONDS EAST A DISTANCE OF 552.67 FEET; 

THENCE NORTH 77 DEGREES 27 MINUTES 53 SECONDS EAST A DISTANCE OF 461.40 FEET;
THENCE NORTH 86 DEGREES 00 MINUTES 01 SECONDS EAST A DISTANCE OF 253.64 FEET TO THE POINT OF BEGINNING;
THENCE SOUTH 05 DEGREES 06 MINUTES 40 SECONDS WEST, A DISTANCE OF 398.07 FEET; 
THENCE SOUTH 87 DEGREES 59 MINUTES 06 SECONDS EAST A DISTANCE OF 1303.39 FEET; 
THENCE NORTH 05 DEGREES 43 MINUTES 20 SECONDS EAST A DISTANCE OF 330.93 FEET; 
THENCE NORTH 84 DEGREES 51 MINUTES 23 SECONDS WEST A DISTANCE OF 1280.31 FEET;
THENCE SOUTH 86 DEGREES 00 MINUTES 01 SECONDS WEST A DISTANCE OF 25.02 FEET TO THE POINT OF BEGINNING.
EXCEPT ALL OIL, GAS, COAL AND MINERALS AS RESERVED IN BOOK 31 OF DEEDS, PAGE 322, RECORDS OF NAVAJO COUNTY, ARIZONA.
PARCEL NO. 3:
COMMENCING AT THE NORTHWEST CORNER OF SECTION 3, TOWNSHIP 17 NORTH, RANGE 20 EAST OF THE GILA AND SALT RIVER BASE AND MERIDIAN, NAVAJO COUNTY, ARIZONA;
THENCE SOUTH 00 DEGREES 00 MINUTES 00 SECONDS EAST ALONG THE WEST LINE OF SAID SECTION 3, A DISTANCE OF 812.40 FEET;
THENCE SOUTH 81 DEGREES 53 MINUTES 42 SECONDS EAST A DISTANCE OF 316.28 FEET TO THE BEGINNING OF A CURVE CONCAVE TO THE SOUTHWEST WITH A RADIUS OF 377.46 FEET;
THENCE SOUTHEASTERLY ALONG SAID CURVE, A DISTANCE OF 177.36 FEET AND THEN A DELTA ANGLE OF 26 DEGREES 55 MINUTES 21 SECONDS;
THENCE SOUTH 54 DEGREES 53 MINUTES 42 SECONDS EAST A DISTANCE OF 237.70 FEET TO THE BEGINNING OF A CURVE CONCAVE TO THE NORTHEAST WITH A RADIUS OF 577.78 FEET;

THENCE SOUTHEASTERLY ALONG SAID CURVE A DISTANCE OF 120.83 FEET AND THROUGH A DELTA ANGLE OF 11 DEGREES 58 MINUTES 54 SECONDS;
THENCE SOUTH 02 DEGREES 01 MINUTES 07 SECONDS EAST A DISTANCE OF 828.42 FEET TO THE TRUE POINT OF BEGINNING;
THENCE SOUTH 87 DEGREES 59 MINUTES 06 SECONDS EAST A DISTANCE OF 1,347.77 FEET TO THE SOUTHEAST CORNER OF THAT CERTAIN PARCEL DESCRIBED IN DEED RECORDED ON NOVEMBER 21, 1991 IN DOCKET 1057, PAGE 23;
THENCE NORTH 05 DEGREES 06 MINUTES 40 SECONDS EAST A DISTANCE OF 480.00 FEET TO THE SOUTHWEST CORNER OF THAT CERTAIN PARCEL DESCRIBED IN DEED RECORDED ON JULY 15, 1992 IN DOCKET 1087, PAGE 191;
THENCE SOUTH 87 DEGREES 59 MINUTES 06 SECONDS EAST, A DISTANCE OF 1,303.39 FEET TO THE EAST LINE OF THAT CERTAIN PARCEL DESCRIBED IN DEED RECORDED ON NOVEMBER 21, 1991 IN DOCKET 1057, PAGE 21;
THENCE SOUTH 05 DEGREES 43 MINUTES 50 SECONDS WEST A DISTANCE OF 530.40 FEET TO THE SOUTHEAST CORNER OF THAT CERTAIN PARCEL DESCRIBED IN DEED RECORDED ON NOVEMBER 21, 1991 IN DOCKET 1057, PAGE 21;
THENCE SOUTH 81 DEGREES 55 MINUTES 50 SECONDS WEST A DISTANCE OF 1,365.84 FEET TO THE POINT OF BEGINNING OF A CURVE CONCAVE TO THE NORTH WITH A RADIUS OF 5,250.00 FEET;
THENCE WESTERLY ALONG SAID CURVE A DISTANCE OF 980.39 FEET AND THROUGH A DELTA ANGLE OF 10 DEGREES 41 MINUTES 58 SECONDS;
THENCE NORTH 87 DEGREES 22 MINUTES 12 SECONDS WEST A DISTANCE OF 322.47 FEET;
THENCE NORTH 02 DEGREES 01 MINUTES 06 SECONDS EAST A DISTANCE OF 366.50 FEET TO THE TRUE POINT OF BEGINNING.
EXCEPTING THEREFROM ANY PORTION DEEDED TO THE STATE OF ARIZONA IN INSTRUMENT RECORDED ON JULY 1, 1977 IN DOCKET 492, PAGE 66.
EXCEPT ALL OIL, GAS, COAL AND MINERALS AS RESERVED IN BOOK 31 OF DEEDS, PAGE 322, RECORDS OF NAVAJO COUNTY, ARIZONA.
PARCEL NO. 4:
THE NORTH 406.24 FEET OF THE FOLLOWING DESCRIBED PROPERTY;

COMMENCING AT THE NORTHWEST CORNER OF SECTION 3, TOWNSHIP 17 NORTH, RANGE 20 EAST OF THE GILA AND SALT RIVER BASE AND MERIDIAN, NAVAJO COUNTY, ARIZONA;
THENCE SOUTH 00 DEGREES 00 MINUTES 00 SECONDS EAST ALONG THE WEST LINE OF SAID SECTION 3, A DISTANCE OF 812.40 FEET;
THENCE SOUTH 81 DEGREES 53 MINUTES 42 SECONDS EAST, A DISTANCE OF 316.28 FEET TO THE BEGINNING OF A CURVE CONCAVE TO THE SOUTHWEST WITH A RADIUS OF 377.46 FEET;
THENCE SOUTHEASTERLY ALONG SAID CURVE, A DISTANCE OF 177.36 FEET AND WITH A DELTA ANGLE OF 26 DEGREES 55 MINUTES 21 SECONDS;
THENCE SOUTH 54 DEGREES 53 MINUTES 42 SECONDS EAST A DISTANCE OF 237.70 FEET TO THE BEGINNING OF A CURVE CONCAVE TO THE NORTHEAST WITH A RADIUS OF 577.78 FEET;
THENCE SOUTHEASTERLY ALONG SAID CURVE A DISTANCE OF 120.83 FEET AND THROUGH A DELTA ANGLE OF 11 DEGREES 58 MINUTES 54 SECONDS;
THENCE SOUTH 02 DEGREES 01 MINUTES 06 SECONDS WEST A DISTANCE OF 492.72 FEET TO THE POINT OF BEGINNING;
THENCE SOUTH 02 DEGREES 01 MINUTES 06 SECONDS WEST A DISTANCE OF 702.13 FEET; 
THENCE NORTH 87 DEGREES 59 MINUTES 06 SECONDS WEST A DISTANCE OF 733.33 FEET;
THENCE NORTH 00 DEGREES 00 MINUTES 00 SECONDS WEST A DISTANCE OF 694.69 FEET;
THENCE SOUTH 87 DEGREES 59 MINUTES 00 SECONDS EAST A DISTANCE OF 757.75 FEET TO THE POINT OF BEGINNING.
EXCEPT ALL OIL, GAS, COAL AND MINERALS AS RESERVED IN BOOK 31 OF DEEDS, PAGE 322, RECORDS OF NAVAJO COUNTY, ARIZONA.
PARCEL NO. 5:
COMMENCING AT THE NORTHWEST CORNER OF SECTION 3, TOWNSHIP 17 NORTH, RANGE 20 EAST OF THE GILA AND SALT RIVER BASE AND MERIDIAN, NAVAJO COUNTY, ARIZONA;

THENCE SOUTH 00 DEGREES 00 MINUTES 00 SECONDS EAST ALONG THE WEST LINE OF SAID SECTION 3, A DISTANCE OF 812.40 FEET;
THENCE SOUTH 81 DEGREES 53 MINUTES 42 SECONDS EAST A DISTANCE OF 48.82 FEET TO THE TRUE POINT OF BEGINNING;
THENCE SOUTH 81 DEGREES 53 MINUTES 42 SECONDS EAST A DISTANCE OF 316.28 FEET TO THE BEGINNING OF A CURVE CONCAVE TO THE SOUTHWEST WITH A RADIUS OF 377.46 FEET;
THENCE SOUTHEASTERLY ALONG SAID CURVE, A DISTANCE OF 177.36 FEET AND THEN A DELTA ANGLE OF 26 DEGREES 55 MINUTES 21 SECONDS;
THENCE SOUTH 54 DEGREES 53 MINUTES 42 SECONDS EAST A DISTANCE OF 237.70 FEET TO THE BEGINNING OF A CURVE CONCAVE TO THE NORTHEAST WITH A RADIUS OF 577.78 FEET;
THENCE SOUTHEASTERLY ALONG SAID CURVE A DISTANCE OF 120.83 FEET AND THROUGH A DELTA ANGLE OF 11 DEGREES 58 MINUTES 54 SECONDS;
THENCE SOUTH 02 DEGREES 01 MINUTES 06 SECONDS WEST A DISTANCE OF 492.72 FEET TO THE NORTHEAST CORNER OF THAT CERTAIN PARCEL DESCRIBED IN DEED RECORDED ON JULY 15, 1992 IN DOCKET 1087, PAGE 183;
THENCE NORTH 87 DEGREES 59 MINUTES 06 SECONDS WEST A DISTANCE OF 757.75 FEET TO THE WEST LINE OF THAT CERTAIN PARCEL, DESCRIBED IN DEED RECORDED ON JULY 15, 1992 IN DOCKET 1087, PAGE 177;
THENCE NORTH 00 DEGREES 00 MINUTES 00 SECONDS WEST A DISTANCE OF 781.08 FEET TO THE TRUE POINT OF BEGINNING.
EXCEPTING THEREFROM ANY PORTION DEEDED TO THE STATE OF ARIZONA IN INSTRUMENT RECORDED ON JULY 1, 1977 IN DOCKET 492, PAGE 66.
EXCEPT ALL OIL, GAS, COAL AND MINERALS AS RESERVED IN BOOK 31 OF DEEDS, PAGE 322, RECORDS OF NAVAJO COUNTY, ARIZONA.
PARCEL NO. 6:
COMMENCING AT THE NORTHWEST CORNER OF SECTION 3, TOWNSHIP 17 NORTH, RANGE 20 EAST OF THE GILA AND SALT RIVER BASE AND MERIDIAN, NAVAJO COUNTY, ARIZONA;
THENCE SOUTH 00 DEGREES 00 MINUTES 00 SECONDS EAST ALONG THE WEST LINE OF SAID SECTION 3, A DISTANCE OF 812.40 FEET;

THENCE SOUTH 81 DEGREES 53 MINUTES 42 SECONDS EAST, A DISTANCE OF 316.28 FEET TO THE SOUTHWEST OF A CURVE CONCAVE TO THE SOUTHWEST WITH A RADIUS OF 377.46 FEET;
THENCE SOUTHEASTERLY ALONG SAID CURVE, A DISTANCE OF 177.36 FEET AND WITH A DELTA ANGLE OF 26 DEGREES 55 MINUTES 21 SECONDS;
THENCE SOUTH 54 DEGREES 53 MINUTES 42 SECONDS EAST A DISTANCE OF 237.70 FEET TO THE BEGINNING OF A CURVE CONCAVE TO THE NORTHEAST WITH A RADIUS OF 577.78 FEET;
THENCE SOUTHEASTERLY ALONG SAID CURVE A DISTANCE OF 120.83 FEET AND THROUGH A DELTA ANGLE OF 11 DEGREES 58 MINUTES 54 SECONDS;
THENCE SOUTH 02 DEGREES 01 MINUTES 06 SECONDS WEST A DISTANCE OF 492.72 FEET TO THE POINT OF BEGINNING;
THENCE SOUTH 02 DEGREES 01 MINUTES 06 SECONDS WEST A DISTANCE OF 702.13 FEET; 
THENCE NORTH 87 DEGREES 59 MINUTES 06 SECONDS WEST A DISTANCE OF 733.33 FEET; 
THENCE NORTH 00 DEGREES 00 MINUTES 00 SECONDS WEST A DISTANCE OF 694.69 FEET;
THENCE SOUTH 87 DEGREES 59 MINUTES 00 SECONDS EAST A DISTANCE OF 757.75 FEET TO THE POINT OF BEGINNING.
EXCEPT THE NORTH 406.24 FEET THEREOF:
EXCEPT ALL OIL, GAS, COAL AND MINERALS AS RESERVED IN BOOK 31 OF DEEDS, PAGE 322, RECORDS OF NAVAJO COUNTY, ARIZONA.
Parcels 1 through 6 collectively also described as:
SITUATED IN THE CITY OF HOLBROOK, COUNTY OF NAVAJO, STATE OF ARIZONA, BEING A PORTION OF THE NORTH HALF OF SECTION 3, TOWNSHIP 17 NORTH, RANGE 30 EAST OF THE GILA AND SALT RIVER BASE AND MERIDIAN, AND BEING MORE PARTICULARLY BOUNDED AND DESCRIBED AS FOLLOWS:
COMMENCING AT A FOUND U.S. G.L.O. BRASS CAP STAMPED "1944" AT THE NORTHWEST CORNER OF SAID SECTION 3;

THENCE SOUTH 01 DEGREES 36 MINUTES 30 SECONDS WEST, ALONG THE WESTERLY LINE OF SAID SECTION 3, A DISTANCE OF 812.40 FEET TO A FOUND CAPPED 1/2" REBAR STAMPED "16097" ALONG THE SOUTHERLY RIGHT-OF-WAY LINE OF INTERSTATE HIGHWAY 40;
THENCE SOUTH 82 DEGREES 51 MINUTES 08 SECONDS EAST, LEAVING SAID WESTERLY LINE OF SECTION 3 ALONG SAID SOUTHERLY RIGHT-OF-WAY LINE OF INTERSTATE HIGHWAY 40, A DISTANCE OF 48.82 FEET TO THE TRUE POINT OF BEGINNING;
THENCE SOUTH 82 DEGREES 51 MINUTES 08 SECONDS EAST, ALONG SAID SOUTHERLY RIGHT-OF-WAY LINE OF INTERSTATE HIGHWAY 40, A DISTANCE OF 125.39 FEET TO A FOUND CAPPED 1/2" REBAR STAMPED "16165";
THENCE ALONG SAID SOUTHERLY RIGHT-OF-WAY LINE OF INTERSTATE HIGHWAY 40 THE FOLLOWING COURSES AND DISTANCES:
1. THENCE SOUTH 81 DEGREES 53 MINUTES 42 SECONDS EAST, A DISTANCE OF 213.59 FEET TO A FOUND A.D.O.T. BRASS CAP AND THE BEGINNING OF A NON-TANGENT CURVE TO THE RIGHT HAVING A RADIUS OF 377.46 FEET;
2. THENCE ALONG SAID CURVE TO THE RIGHT, THROUGH A CENTRAL ANGLE OF 26 DEGREES 55 MINUTES 21 SECONDS, AN ARC LENGTH OF 177.36 FEET (CHORD: SOUTH 68 DEGREES 20 MINUTES 43 SECONDS EAST - 175.74 FEET) TO A FOUND A.D.O.T. BRASS CAP;
3. THENCE SOUTH 54 DEGREES 53 MINUTES 42 SECONDS EAST, A DISTANCE OF 237.70 FEET TO A FOUND A.D.O.T. BRASS CAP AND THE BEGINNING OF A NON-TANGENT CURVE TO THE LEFT HAVING A RADIUS OF 577.78 FEET;
4. THENCE ALONG SAID CURVE TO THE LEFT, THROUGH A CENTRAL ANGLE OF 11 DEGREES 58 MINUTES 54 SECONDS, AN ARC LENGTH OF 120.83 FEET (CHORD: SOUTH 60 DEGREES 53 MINUTES 27 SECONDS EAST - 120.61 FEET) TO A FOUND CAPPED 1/2" REBAR STAMPED "15328";
THENCE LEAVING SAID SOUTHERLY RIGHT-OF-WAY LINE OF INTERSTATE HIGHWAY 40 THE FOLLOWING COURSES AND DISTANCES:
1. THENCE SOUTH 02 DEGREES 01 MINUTES 07 SECONDS WEST, A DISTANCE OF 828.41 FEET TO A FOUND CAPPED 1/2" REBAR STAMPED "15328";
2. THENCE SOUTH 87 DEGREES 59 MINUTES 06 SECONDS EAST, A DISTANCE OF 1347.77 FEET TO A FOUND CAPPED 1/2" REBAR STAMPED "15328";

3. THENCE NORTH 05 DEGREES 06 MINUTES 40 SECONDS EAST, A DISTANCE OF 878.07 FEET TO A FOUND CAPPED 1/2" REBAR STAMPED "16097" ON SAID SOUTHERLY RIGHT-OF-WAY LINE OF INTERSTATE HIGHWAY 40;
THENCE ALONG SAID SOUTHERLY RIGHT-OF-WAY LINE OF INTERSTATE HIGHWAY 40 THE FOLLOWING COURSES AND DISTANCES:
1. THENCE NORTH 86 DEGREES 00 MINUTES 01 SECONDS EAST, A DISTANCE OF 25.02 FEET TO A FOUND A.D.O.T. BRASS CAP;
2. THENCE SOUTH 84 DEGREES 51 MINUTES 23 SECONDS EAST, A DISTANCE OF 1280.31 FEET TO A FOUND A.D.O.T. BRASS CAP;
THENCE SOUTH 05 DEGREES 43 MINUTES 20 SECONDS WEST, LEAVING SAID SOUTHERLY RIGHT-OF-WAY LINE OF INTERSTATE HIGHWAY 40, A DISTANCE OF 861.33 FEET TO A FOUND CAPPED 1/2" REBAR STAMPED "16097" ON THE NORTHERLY RIGHT-OF-WAY LINE OF THE SANTE FE RAILROAD;
THENCE ALONG SAID NORTHERLY RIGHT-OF-WAY LINE OF THE SANTE FE RAILROAD, THE FOLLOWING COURSES AND DISTANCES:
1. THENCE SOUTH 81 DEGREES 55 MINUTES 50 SECONDS WEST, A DISTANCE OF 1365.84 FEET TO A FOUND CAPPED 1/2" REBAR STAMPED "16097" AND THE BEGINNING OF A TANGENT CURVE TO THE RIGHT HAVING A RADIUS OF 5,250.00 FEET;
2. THENCE ALONG SAID CURVE TO THE RIGHT, THROUGH A CENTRAL ANGLE OF 10 DEGREES 41 MINUTES 58 SECONDS, AN ARC LENGTH OF 980.39 FEET (CHORD: SOUTH 87 DEGREES 16 MINUTES 49 SECONDS WEST - 978.96 FEET) TO A FOUND CAPPED 1/2" REBAR STAMPED "16097" AND A POINT OF TANGENCY;
3. THENCE NORTH 87 DEGREES 22 MINUTES 12 SECONDS WEST, A DISTANCE OF 322.47 FEET TO A FOUND CAPPED 1/2" REBAR STAMPED "16097";
4. THENCE NORTH 87 DEGREES 59 MINUTES 06 SECONDS WEST, A DISTANCE OF 798.78 FEET TO A POINT;
THENCE NORTH 01 DEGREES 36 MINUTES 30 SECONDS EAST, ALONG A LINE PARALLEL WITH SAID WESTERLY LINE OF SECTION 3, A DISTANCE OF 1,472.59 FEET TO THE TRUE POINT OF BEGINNING AND CONTAINING 66.460 ACRES (2,894,977 SQUARE FEET) OF LAND MORE OR LESS.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00264-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00264-of-00352.parquet"}]]