Document:

Exhibit 10.2

 

ACCELERATED VESTING
AGREEMENT

 

THIS ACCELERATED VESTING AGREEMENT (this “Agreement”),
dated as of June 13, 2008, is by and among TravelCenters of America LLC, a
Delaware limited liability company (the “Company”) and John R. Hoadley (“Mr. Hoadley”).

 

RECITALS:

 

1.                                       Pursuant to a
Restricted Share Agreement, dated as of November 26, 2007, by and between
the Company and Mr. Hoadley (the “Restricted Share Agreements”),
the Company granted Mr. Hoadley the Shares (as defined in the Restricted
Share Agreements) subject to the vesting and repurchase provisions described
therein.

 

2.                                       In connection
with the termination of Mr. Hoadley’s employment with Reit Management &
Research LLC (“RMR”) and the concurrent termination of his employment with the
Company pursuant to those certain letter agreements each dated the date hereof
(collectively, the “Termination Agreements”), Mr. Hoadley and the
Company have agreed to have all of the Shares granted pursuant to the
Restricted Share Agreements vest immediately, subject to and upon the terms and
conditions set forth herein.

 

NOW, THEREFORE, the parties agree as follows:

 

1.         Accelerated Vesting; Related Agreements.

 

(a)           Provided that Mr. Hoadley
shall have satisfied his obligations under Section 1(b), the Company and Mr. Hoadley
hereby agree that, effective as of the Termination Date (as defined in the
Termination Agreements), the Shares shall be fully vested and that the Company
shall have no further right to repurchase the Shares pursuant to Section 2
of the Restricted Share Agreements.

 

(b)           Not less than
three (3) business days prior to the Termination Date, Mr. Hoadley
shall deliver to RMR an amount equal to the estimated withholding tax (as
reasonably determined by RMR) that will be due and payable in connection with
the consummation of the transactions contemplated by Section 1(a) (the
“Withholding Tax”).  In the event
that RMR shall thereafter reasonably determine that the actual amount of the
Withholding Tax is greater than the amount so delivered by Mr. Hoadley, Mr. Hoadley
shall within three (3) business days after receiving notice thereof
deliver to RMR an amount equal to the excess of such actual amount over the
aggregate amount theretofore delivered by him pursuant to this Section 1(b).  In the event that prior to the Company’s
remittance of the Withholding Tax  to the
Internal Revenue Service, RMR reasonably determines that the aggregate amount
so delivered by Mr. Hoadley pursuant to this Section 1(b) was
greater than the actual amount of the Withholding Tax, the Company shall within
three (3) business days after receipt of notice thereof refund any excess
payments to Mr. Hoadley.  Nothing
contained herein shall be deemed to obligate the Company to file for a refund
or other adjustment of any Withholding Tax remitted by it or to permit Mr. Hoadley
to examine or otherwise have access to any withholding tax or other tax returns
or records of the Company.

 

(c)           Mr. Hoadley
acknowledges and agrees that (i) the Shares have not been registered under
the Securities Act of 1933, as amended, or any state securities laws and may
not be sold, pledged, transferred or otherwise disposed of in the absence of an
effective registration statement or an opinion of 

 

 

counsel acceptable to the Company that registration is not required,
and (ii) any certificate or account statement representing the Shares
shall bear a legend substantially in the following form:

 

THE
SHARES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933.  THE SHARES MAY NOT BE SOLD,
TRANSFERRED OR ASSIGNED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT
FOR THESE SHARES OR AN OPINION OF THE COMPANY’S COUNSEL THAT REGISTRATION IS
NOT REQUIRED.

 

(d)           Mr. Hoadley
acknowledges and agrees that he is responsible for all income tax obligations
and/or liability created under state and federal tax laws by virtue of the
vesting of the Shares and agrees to indemnify the Company for any tax liability
that may be imposed on it by virtue of such transactions.

 

2.         Miscellaneous
Provisions.

 

(a)           Amendment,
Modification and Severability.  This Agreement may not be amended or modified
or waived except by a written agreement signed by the party against whom
enforcement of such amendment, modification or waiver is sought.

 

(b)           Notices.  All notices, requests or other communications
required or permitted hereunder shall be given in writing and delivered by
hand, overnight delivery service or certified mail and shall be deemed to have
been delivered on the date of receipt, to the addresses set forth below:

 

The Company:

 

TravelCenters of America LLC

24601 Center Ridge Road, Suite 200

Westlake, OH  44145-5639

Attn:  Chief Financial Officer

 

Mr. Hoadley:

 

John R. Hoadley

8 Judith Drive

North Reading, MA 01864

 

(c)           Entire
Agreement.  This
Agreement constitutes the entire agreement between the parties concerning the
subject matter hereof and supersedes all prior and contemporaneous agreements,
understandings, negotiations and discussions, whether oral or written, except
for the Termination Agreement referenced above.

 

(d)           Binding Effect.  This Agreement shall be binding upon and
inure to the benefit of the parties hereto and their respective heirs,
executors, administrators, successors and permitted assigns, but this Agreement
shall not be assigned by any of the parties hereto without the prior written
consent of the other parties and any assignment made absent such consent shall
be void ab initio.  This
Agreement and the legal relations between and among the parties hereto shall be
governed by and construed in accordance with the laws of the Commonwealth of
Massachusetts without giving effect to principles of conflicts of laws.  To the extent permitted by law, the parties
agree to the exclusive jurisdiction of the 

 

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state courts of, and the federal courts located in, the Commonwealth of
Massachusetts to resolve any and all claims arising out of, or relating to, the
enforcement of this Agreement.  This
Agreement 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.  This Agreement and other
documents referred to herein which form a part hereof, embody the entire
agreement and understanding of the parties hereto in respect of the subject
matter hereof.  There are no
restrictions, promises, warranties, covenants or undertakings other than those
expressly set forth or referred to herein.

 

(e)           Further
Assurances.  From time
to time after the date hereof, each party agrees to execute and deliver such
other instruments and take such other actions as the other may reasonably
request in connection with the transactions contemplated hereby or to
effectuate the full intent hereof.

 

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IN WITNESS WHEREOF, the parties hereto have
executed this Agreement under seal as of the date first above written.

 

 

	
   

  	
  TravelCenters of America LLC

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Thomas M. O’Brien

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  /s/ John R. Hoadley

  
	
   

  	
    John R. Hoadley

  	
   

  

 

4Exhibit 10.1

 

CONSENT AGREEMENT

 

This CONSENT AGREEMENT (this “Consent Agreement”) is entered into by
and between Skypostal, Inc., a corporation of the State of Delaware
(hereinafter “Skypostal”), and Albert P. Hernandez (hereinafter “APH”), an
individual as of the 26 day of March, 2008 (the “Effective Date”).

 

WHEREAS,
Skypostal previously entered into an employment agreement with APH dated as of August 1,
2006 (the “Employment Agreement”), whereby APH would agreed to  serve
as Skypostal’s Chief Executive Officer and President; and

 

WHEREAS,
pursuant to the Employment Agreement, Skypostal agreed to pay APH an annual
salary of $200,000 per year (the “Cash Compensation”); and

 

WHEREAS,
Skypostal has not paid APH the full Cash Compensation and, as of the March 31,
2008, Skypostal has accrued $180,667 in unpaid Cash Compensation due to APH
(the “Unpaid Cash Compensation”); and

 

WHEREAS,
pursuant to the Employment Agreement, Skypostal agreed to  issue to APH an
option to purchase 2,311,440 shares of the Company’s common stock at an
exercise price of $0.30 per share (the “Employment Options”); and

 

WHEREAS,
Skypostal is contemplating a reverse merger into a public-traded company (the “Merger”);
and

 

WHEREAS, in
connection with the Merger, Skypostal desires to eliminate the Employment
Options and the Unpaid Cash Compensation; and

 

 

WHEREAS,
Skypostal has discussed with APH converting the Employment Options and the
Unpaid Cash Compensation into shares of Skypostal’s common stock; and

 

WHEREAS, APH
has agreed to convert the Employment Options and the Unpaid Cash Compensation
into shares of the Company’s common stock; and

 

WHEREAS, the
parties wish to document their agreement regarding the conversion and issuance
of such shares.

 

NOW, THEREFORE, for
good and valuable consideration, the receipt and sufficiency of which is
acknowledged, the parties hereby agree to the following terms and conditions.

 

TERMS AND CONDITIONS

 

1.                                       Upon execution of this Consent Agreement by
both parties, Skypostal shall cancel the Employment Options on its books and
shall issue to APH a total of 1,155,720 shares of the Company’s common stock
(the “Option Conversion Shares”).

 

2.                                       Upon execution of this Consent Agreement by
both parties, Skypostal shall issue to APH a total of 602,223 shares of the Company’s
common stock (the “Compensation Conversion Shares”).

 

3.                                       Notwithstanding anything to the contrary in
the Employment Agreement, upon issuance of the Option Conversion Shares and the
Compensation Conversion Shares, APH shall not have any options or warrants to
purchase any of the Company’s capital stock.

 

4.                                       Force of Employment Agreement. The parties agree that this Consent
Agreement is limited in scope to the conversion of the Unpaid Cash Compensation
and the Employment Options and that all other terms, conditions obligations and
rights contained in the Employment Agreement shall continue in full force and
effect.

 

2

 

5.                                       Further Documents. The parties agree to execute all further
documents necessary to accomplish the purposes of this Agreement either
simultaneously with the execution of this Agreement or upon reasonable request
thereafter.

 

6.                                       Binding on Successors. This Consent Agreement shall be binding
upon and inure to the benefit of the parties, and their successors, assignees
and transferees.

 

7.                                       Geographic Scope. The parties agree that this Consent
Agreement shall govern the parties throughout the world.

 

8.                                       Notices.    All notices, requests, demands, directions,
and other communications provided for hereunder shall be in writing and mailed,
or faxed, or delivered to the applicable party at the address of such party set
forth below (or such other address duly provided in writing to the other side).
Each such notice, request, demand, direction, or other communication shall be effective
upon delivery.

 

If to Skypostal:

 

Skypostal, Inc.

7805 NW 15th Street

Miami, Florida 33166

ATTN: Albert Hernandez

 

If to APH:

 

Albert P. Hernandez

 

 

 

9.                                       Severability. If any provision of this Consent Agreement
shall be held void or unenforceable by a court, such provision shall be
severable and shall not affect the validity or enforceability of any other
provision of this Consent Agreement.

 

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10.                                 Facsimile Signatures. This Consent Agreement may be delivered to
each party by facsimile and such delivery shall be effective and binding. The
parties acknowledge and agree that after execution and delivery by facsimile,
additional copies of this Consent Agreement may be circulated for signature so
that each party will ultimately retain a fully-executed original. The
circulation of these additional copies for original signature shall in no way
affect or diminish the binding
effect of this Consent Agreement previously signed in counterparts and
delivered by facsimile.

 

11.                                 Complete Agreement. Each party hereto acknowledges that this
Consent Agreement represents the entire agreement between the parties with
respect to the subject matter addressed herein. All prior communications and negotiations
between the parties are merged into this document.

 

12.                                 Construction of Agreement. This Consent Agreement shall be governed by
the laws of the State of Florida, without regard to its conflict of laws rules.
This Consent Agreement shall be construed without regard to the party
responsible for the preparation of the same, and shall be deemed as prepared
jointly by the parties hereto. Any ambiguity or uncertainty existing herein
shall not be interpreted or construed against any party hereto by virtue of who
may have drafted such provision.

 

13.                                 Remedies. The parties hereby recognize that irreparable damage may result in
the event of breach of any of the covenants and assurances contained in this
Consent Agreement by either Party. As such, in the event of breach or
threatened breach of any of the covenants and assurances contained in this
Consent Agreement, the non-breaching party shall be entitled to enjoin and
restrain the breaching party from violation or continued violation of said
covenant or

 

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assurance.
A defendant in an injunction action brought pursuant to this Paragraph hereby
waives any defense that there is an adequate remedy at law. Such remedies will
not be the exclusive remedies for any breach of this Consent Agreement, but
will be in addition to all other remedies available at law or equity to the
non-breaching party, including an action for damages.

 

14.                                 Amendment. This Consent Agreement may not  be altered, amended, modified, or
otherwise changed in any respect or particular whatsoever except by a writing
executed by an authorized representative of each party.

 

15.                                 No Waiver. The waiver by either party of a breach of any provision of this
Agreement or the failure by any party to exercise any right stated herein shall
not operate or be construed as a waiver of any subsequent breach of that right
or a waiver of any other right.

 

16.                                 Authority. Each party hereto represents and warrants that its execution of the
Agreement has been duly authorized by all necessary corporate action of either
party and that its representative has legal power and authority to enter this
Consent Agreement on its behalf.

 

IN WITNESS WHEREOF, the parties have caused this Consent Agreement to
be signed individually or by their duly authorized corporate officers as of the
date first written above.

 

	
   

  	
   

  	
   

  	
  SKYPOSTAL,
  INC.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Date:

  	
  March 26,
  2008

  	
   

  	
  /s/ A. J. Hernandez

  
	
   

  	
   

  	
   

  	
  Name:

  	
  A. J. Hernandez

  
	
   

  	
   

  	
   

  	
  Title

  	
  C.
  O. O.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  ALBERT
  P. HERNANDEZ

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Date:

  	
  March 26,
  2008

  	
   

  	
  /s/
  Albert P. Hernandez

  
	
   

  	
   

  	
   

  	
  Name:

  	
  Albert
  P. Hernandez

  
						

 

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