Document:

_

Exhibit 10.147

 

FOURTH AMENDMENT TO PURCHASE AND SALE CONTRACT

 

 

THIS
FOURTH AMENDMENT TO AGREEMENT FOR PURCHASE AND SALE AND JOINT ESCROW
INSTRUCTIONS (this “Fourth Amendment”) is made and
entered into as of the 16th day of December, 2008, by and among FOOTHILL CHIMNEY
ASSOCIATES LIMITED PARTNERSHIP, a Georgia limited partnership, and AMBASSADOR
IV, L.P., a Delaware limited partnership, each having an address at 4582 South
Ulster Street Parkway, Suite 1100, Denver, Colorado 80237 (individually a
“Seller” and collectively “Sellers”), and BELMONT
PLACE APARTMENTS, LLC, a Delaware limited liability company, and LAUREL HILLS
APARTMENTS, LLC, a Delaware limited liability company, each having a principal
address at 11766 Wilshire Boulevard, Suite 1450, Los Angeles, California 90025
(individually a “Purchaser” and collectively as
“Purchaser”).

RECITALS

 

A.       
Sellers and JRK BIRCHMONT ADVISORS, LLC, a Delaware limited liability company,
JRK PROPERTY HOLDINGS, INC., a California corporation (collectively,
“JRK”) entered into that certain Agreement for Purchase and Sale
and Joint Escrow Instructions, dated September 29, 2008(as amended, the
“Agreement”) pertaining to the purchase and sale of those certain
real properties located in Georgia more particularly described on Exhibits
A-1 and A-2 attached to the Agreement (the
“Properties”).  

B.        
Pursuant to those certain two (2) separate Assignments and Assumptions of
Agreement for Purchase and Sale and Joint Escrow Instructions dated October 12,
2008, JRK assigned its interests in the Agreement to the Purchasers.

C.       
Sellers and Purchasers intend to further modify the Agreement in certain
respects, as more particularly set forth hereinafter.

AGREEMENT

NOW,
THEREFORE, in consideration of the mutual covenants set forth herein and for
other good and valuable consideration, the receipt and sufficiency of which is
hereby acknowledged, Sellers and Purchaser hereby agree as follows:

1.                 
Capitalized Terms.  All capitalized terms and phrases
used herein but not otherwise defined shall have the same meanings given to them
in the Agreement.  

2.                 
Amendment to Section 2.2.2 of the Agreement. 
Section 2.2.2 of the Agreement, regarding the treatment of the
Deposit and sale of the Properties, is hereby deleted in its entirety and
replaced with the following:

“2.2.2  
2009 Sale for Laurel Hills Preserve.  Notwithstanding
anything in this Agreement to the contrary, Sellers and Purchaser agree to
appropriately report for tax and accounting purposes the
transaction described herein with respect to the Laurel Hills Preserve Property
as a deposit in 2008 and a sale in 2009.”

3.                 
Closing Date.  Section 6.2 of the
Agreement, regarding the Closing, is hereby deleted in its entirety and replaced
with the following:

“6.2.    
Closing Date.  The Closing for the Belmont Place Property
shall occur on December 31, 2008, and the Closing for the Laurel Hills Preserve
Property shall occur on January 9, 2009 (each, a “Closing Date”), each
through an escrow with Escrow Agent, whereby the Sellers, Purchaser and their
attorneys need not be physically present at the Closing and may deliver
documents by overnight air courier or other means.”  

4.                 
Utility Pass-Throughts.  Section
6.5.6(c) of the Agreement, regarding the utility pass-throughts to
Tenants, is hereby deleted in its entirety and replaced with the following:

“(c)     
With respect to utility charges and other operating cost pass-throughs
(“Utility Costs”), which are passed through and payable by Tenants under
the Tenant Leases for a Property, there shall be no prorations or credits at
Closing.  Any and all payments for the aforementioned items received by
Purchaser after the Closing shall be retained by Purchaser regardless of when
they were billed (or should have been billed) by the applicable Seller. 
Any and all payments for Utility Costs received by Seller prior to the Closing,
even for a period applicable subsequent to the Closing Date, shall be retained
by the applicable Seller.  Seller shall have the right to continue to bill
Tenants for Utility Costs through the Closing Date, but only in the ordinary
course of such Seller’s business (provided that the Belmont Place Property
Seller shall be entitled to submit bills for Utility Costs to Tenants monthly
during the term hereof, including in December prior to Closing, and the Laurel
Hills Property Seller shall be entitled to submit bills for Utility Costs to
Tenants monthly during the term hereof, including in January prior to
Closing).  After the Closing Date, each Seller’s right to collect such sums
for Utility Costs (including those previously billed for but uncollected as of
the Closing Date) shall cease, provided that Purchaser agrees to take reasonable
actions to collect such Utility Costs sums and shall turn over the same to each
Seller promptly after such collection.  In addition, upon the termination
of a Tenant’s tenancy at a Property, Purchaser agrees to bill such Tenant for
any outstanding Utility Costs incurred but not paid during the applicable
Seller’s ownership of the Property (regardless of whether billed to such Tenant
by the applicable Seller prior to Closing), as such bill will be provided by the
applicable Seller to Purchaser.  Purchaser shall have no obligation to
pursue collection of such bill, however in the event either Purchaser or the
applicable Seller collect on such bill, the amount so collected shall be shared
equally between Purchaser and such Seller.”

5.                 
Counterparts.  This Fourth Amendment may be executed
in multiple counterparts, each of which shall be an original and all of which
together shall constitute one and the same Amendment.  It shall not be
necessary that each party execute each counterpart, or that any one counterpart be executed by more than one party, so long as
each party executes at least one counterpart.

6.                 
Ratification.  Except as expressly set forth in this
Fourth Amendment, all other terms and conditions of the Agreement shall remain
unmodified, the same being ratified, confirmed and republished hereby.

7.                 
Governing Law.  This Fourth Amendment shall be
governed by and construed in accordance with the laws of the State of Colorado.

[SIGNATURES BEGIN ON FOLLOWING PAGE]

NOW, THEREFORE, the parties hereto have executed this Fourth
Amendment to Agreement for Purchase and Sale and Joint Escrow Instructions as of
the date first set forth above.

Sellers:

 

	
BELMONT
PLACE APARTMENTS:
	
FOOTHILL
CHIMNEY ASSOCIATES LIMITED PARTNERSHIP, a Georgia limited
partnership

 

By:      
CONCAP EQUITIES, INC., a Delaware corporation, 

           
its general partner 

 

           
By:  /s/Brian J. Bornhorst 

           
Name:  Brian J. Bornhorst

           
Title:  Vice President

           

	
LAUREL
HILLS PRESERVE APARTMENTS:

 
	
AMBASSADOR
IV, L.P., a Delaware limited partnership 

 

By:      
AMBASSADOR IV, INC., a Delaware corporation, 

           
its general partner 

 

           
By:  /s/Brian J. Bornhorst 

           
Name:  Brian J. Bornhorst

           
Title:  Vice President 

 

[SIGNATURES CONTINUED ON NEXT PAGE]

 

Purchasers:

 

	
BELMONT
PLACE APARTMENTS:
	
BELMONT
PLACE APARTMENTS, LLC,

a
Delaware limited liability company

 

By:    
BJP III East Coast Properties, LLC,
a Delaware limited liability
company, 
its Managing Member 

By: 
/s/David S. Walker

Name: 
David S. Walker

         
Title:  President 

	
LAUREL
HILLS PRESERVE APARTMENTS:

 
	
LAUREL
HILLS APARTMENTS, LLC,

a
Delaware limited liability company

 

By:    
BJP III East Coast Properties, LLC,
a Delaware limited liability
company, 
its Managing Member

By:  /s/David S.
Walker

Name: 
David S. Walker

Title: 
President

 

 

JRK:

 

JRK
PROPERTY HOLDINGS, INC.,
a California corporation

By: 
/s/Jay Schulman
Name:  Jay Schulman
Title: 
President

 

JRK
BIRCHMONT ADVISORS LLC,
a Delaware limited liability company

 

By:  
JRK Birchmont Capital Partners LLC,

        a
California limited liability company,

       
its Managing Member

 

By:  
JRK Property Holdings, Inc.,
a California corporation, its Manager

By: 
/s/Jay Schulman
Name:  Jay Schulman
Title: 
Presidentex101.htm

    Exhibit 10.1

    

 

    TECHNOLOGY RESEARCH
CORPORATION

    

    AMENDED AND
RESTATED

    2000 LONG TERM INCENTIVE
PLAN

    

    RESTRICTED STOCK
AGREEMENT

    

    

    This
RESTRICTED STOCK AGREEMENT (the "Agreement") is made this __
day of ___________, 2008, between TECHNOLOGY RESEARCH CORPORATION, a Florida
corporation, (the "Company") and
________________________, (the "Employee").

    

    BACKGROUND
INFORMATION

    

    The
Company desires to promote the long-term interests of the Company by attracting
key employees and by providing an additional incentive for such employees to
work for the success and growth of the Company through continuing ownership of
the Company’s common stock and encouraging them to remain as employees of the
Company.  In order to achieve such goals, the Company has determined
to provide certain individuals with compensation opportunities based on the
performance of the Company's common stock.  To that end, the Company
has adopted  an Amended and Restated 2000 Long Term Incentive Plan
(the "Plan"), a copy of
which is available at the Company’s executive offices, and has decided to grant
the Employee fully paid and nonassessable shares of the Company’s restricted
stock under such Plan.

    

    Employee
acknowledges and represents that he has reviewed the terms of this Agreement,
has received a copy of the Plan and has been advised of his right to consult
with a tax advisor, financial consultant or legal counsel to obtain legal or
financial advice regarding this Agreement.  Unless otherwise provided
in this Agreement, this Agreement shall be subject to the provisions of the
Plan.  Accordingly, in consideration of the mutual covenants
hereinafter set forth and for other good and valuable consideration, the parties
hereto agree as follows:

    

    OPERATIVE
PROVISIONS

    

    1. Definitions.  As
used herein, the following definitions will apply:

    

    (a)          
 "Affiliate" means
any corporation or any other entity (including, but not limited to, partnerships
and joint ventures) controlling, controlled by, or under common control with the
Company.

    

    (b)           "Board" means the Board of
Directors of the Company.

    

    (c)           "Change in Control" means a
change in control event of the Company, as that term is defined in the Company’s
Amended and Restated 2000 Long Term Incentive Plan.

    

    (d)           "Committee" means the
Compensation Committee of the Board.

    

    (e)           "Common Stock" means the
Company’s common capital stock, $.51 par value.

    

    (f)           "Escrow Agent” means the
Secretary of the Company.

    

    (g)           "Restricted Stock" means the
shares issued to Employee pursuant to this Agreement.

    

    (h)           "Shares" means shares of the
Company’s Common Stock.

    

    2. Grant.  Subject
to the terms of the Plan, the Company hereby irrevocably grants to Employee
___________ shares of the Restricted Stock in consideration for services to be
performed by Employee for the Company on the terms and conditions herein set
forth.

    

    3. Vesting.  Subject
to Employee being employed by the Company on the vesting dates, the Restricted
Stock will vest as follows:  (i) one-third of the Restricted Stock
will vest one year after the grant date; (ii) an additional one-third of the
Restricted Stock will vest two years after the grant date; and (iii) the
remaining one-third of the Restricted Stock will vest three years after the
grant date.  The table below sets forth the vesting dates for the
Restricted Stock:

    

    
      	
              Number of Shares of Common
      Stock

            	
               

              Vesting Date

            
	 
      	 
      
	
              __________________

            	
              December
      15, 2009

            
	 
      	 
      
	
              __________________

            	
              December
      15, 2010

            
	 
      	 
      
	
              __________________

            	
              December
      15, 2011

            

    

    

    4. Stock
Certificates.  Certificates for the Restricted Stock registered
in Employee’s name shall be issued and delivered to the Secretary of the Company
and held in escrow until such shares of Restricted Stock have vested in
accordance with Section 3 above.

    

    5. Shares
Held in Escrow.  Unless and until the Shares of Restricted
Stock will have vested in the manner set forth in Section 3 above, such Shares
will be issued in the name of Employee and held by the Escrow Agent and will not
be sold, transferred or otherwise disposed of, and will not be pledged or
otherwise hypothecated. The Company may instruct the transfer agent for its
Common Stock to place a legend on the certificates representing the Restricted
Stock or otherwise note its records as to the restrictions on transfer set forth
in this Agreement. The certificate or certificates representing such Shares will
not be delivered by the Escrow Agent to Employee unless and until the Shares
have vested and all other terms and conditions in this Agreement have been
satisfied.

    

    6. Committee
Discretion. The Committee, in its discretion, may accelerate the vesting
of the balance, or some lesser portion of the balance, of the unvested Shares of
Restricted Stock at any time. If so accelerated, such Shares will be considered
as having vested as of the date specified by the Committee.

    

    7. Termination
of Employment.  Notwithstanding any contrary provision of this
Agreement, the balance of the Shares of Restricted Stock that have not vested
pursuant to Section 3 above will be forfeited and automatically transferred to
and reacquired by the Company at no cost to the Company upon the date Employee's
employment with the Company or an Affiliate terminates.  Employee
hereby appoints the Escrow Agent with full power of substitution, as Employee's
true and lawful attorney-in-fact, with irrevocable power and authority in the
name and on behalf of Employee to take any action and execute all documents and
instruments, including, without limitation, stock powers which may be necessary
to transfer the certificate or certificates evidencing such unvested Shares to
the Company upon such termination of employment.  In the event that
Employee is terminated following a Change in Control of the Company, then all
unvested shares of Restricted Stock granted under this Agreement will
immediately vest upon Employee’s termination.

    

    8. Death of
Employee.  Any distribution or delivery to be made to Employee
under this Agreement will, if the Employee is then deceased, be made to
Employee's designated beneficiary, or if no beneficiary survives the Employee,
to the administrator or executor of Employee's estate. Any such transferee must
furnish the Company with (a) written notice of his or her status as transferee,
and (b) evidence satisfactory to the Company to establish the validity of the
transfer and compliance with any laws or regulations pertaining to said
transfer.

    

    9. Tax
Withholding Obligations.  Employee shall be required to deposit
with the Company an amount of cash equal to the amount determined by the Company
to be required with respect to any withholding taxes, FICA contributions, or the
like under any federal, state or local statute, ordinance, rule or regulation in
connection with the grant or vesting of the Restricted Stock. 
Alternatively, the Company may, at its sole discretion, withhold the required
amounts from Employee’s pay during the pay periods next following the date on
which any such applicable tax liability otherwise arises.  The Committee,
in its discretion, may permit Employee, subject to such conditions as the
Committee shall require, to elect to have the Company withhold a number of
shares of the Company’s Common Stock otherwise deliverable having a fair market
value sufficient to satisfy the statutory minimum of all or part of Employee’s
estimated tax obligations associated with the grant or vesting of the Restricted
Stock.  The Company shall not deliver any of the shares of the Company’s
Common Stock until and unless Employee has made the deposit required herein or
proper provision for required withholding has been made.

    

    10. Transferability. 
The Restricted Stock may not be transferred, assigned or made subject to any
encumbrance, pledge or charge until such Restricted Stock has vested and any
other restrictions or conditions on such Restricted Stock are removed, have been
satisfied or expire.

     

    11. Effect on
Other Employee Benefit Plans.  The value of the Restricted Stock
granted pursuant to this Agreement shall not be included as compensation,
earnings, salaries, or used when calculating Employee’s benefits under any
employee benefit plan sponsored by the Company except as such plan otherwise
expressly provides.

    

    12. Rights as
Stockholder.  Neither Employee nor any person claiming under or
through Employee will have any of the rights or privileges of a stockholder of
the Company in respect of any Shares deliverable hereunder unless and until
certificates representing such Shares will have been issued, recorded on the
records of the Company or its transfer agents or registrars, and delivered to
Employee or the Escrow Agent. Except as otherwise provided in this Agreement,
after such issuance, recordation and delivery, Employee will have all the rights
of a stockholder of the Company with respect to voting such Shares and receipt
of dividends and distributions on such Shares.

    

    13. No
Additional Rights.  Employee shall have no right to be employed
by the Company under the terms of this Agreement or interfere in any way with
the right of the Company to terminate the employment of Employee at any
time.

    

    14. Additional
Conditions to Release from Escrow.  If at any time the Company
will determine, in its discretion, that the listing, registration or
qualification of the Shares of Restricted Stock upon any securities exchange or
under any state or federal law, or the consent or approval of any governmental
regulatory authority is necessary or desirable as a condition to the release of
such Shares from the escrow established pursuant to Section 5, such release will
not occur unless and until such listing, registration, qualification, consent or
approval will have been effected or obtained free of any conditions not
acceptable to the Company. The Company will make all reasonable efforts to meet
the requirements of any such state or federal law or securities exchange and to
obtain any such consent or approval of any such governmental
authority.

    

    15. Amendment. 
This Agreement may be amended only by a writing executed by the Company and
Employee that specifically states that it is amending this Agreement. 
Notwithstanding the foregoing, this Agreement may be amended solely by the
Committee by a writing which specifically states that it is amending this
Agreement, so long as a copy of such amendment is delivered to Employee, and
provided that no such amendment adversely affecting the rights of Employee
hereunder may be made without Employee’s written consent.  Without limiting
the foregoing, the Committee reserves the right to change, by written notice to
Employee, the provisions of the Restricted Stock or this Agreement in any way it
may deem necessary or advisable to carry out the purpose of the grant as a
result of any change in applicable laws or regulations or any future law,
regulation, ruling or judicial decisions, provided that any such change shall be
applicable only to shares of  Restricted Stock which are than subject to
restrictions as provided herein.

    

    16. Adjustment
of Shares. In the event of stock dividends, spin-offs of assets or other
extraordinary dividends, stock splits, combinations of shares,
recapitalizations, mergers, consolidations, reorganizations, liquidations,
issuances of rights or warrants and similar transactions or events involving the
Company ("Recapitalization
Events"), then for all purposes references herein to Common Stock or to
Restricted Stock shall mean and include all securities or other property (other
than cash) that holders of Common Stock of Company are entitled to receive in
respect of Common Stock by reason of each successive Recapitalization Event,
which securities or other property (other than cash) shall be treated in the
same manner and shall be subject to the same restrictions as the underlying
Restricted Stock.

    

    17. Notices.  All
notices and other communications given or made pursuant hereto shall be in
writing and shall be deemed to have been given on the day delivered if delivered
personally, within three (3) Business Days (as defined below) after being sent
if sent by registered or certified mail (postage prepaid, return receipt
requested), the next Business Day after being sent if sent by overnight courier
(prepaid) or the next Business Day after being sent if sent by telecopier to
either party at the following address:

    

    If
to the Company:

    

    Technology
Research Corporation

    5250
140th Avenue North,

    Clearwater,
Florida  33760

    Attention:
__________________

    Telephone:
(727) ____________

    Telecopier:
(727) ____________

    E-mail:
____________________

    

    If
to Employee:

    

    

    

    

    

    Telephone:
(___)                                                                           

    Telecopier:
(___)                                                                           

    E-mail:                                                                           

    

    or to
such other address as either party shall have specified for itself or himself
from time to time to the other party in writing. For purposes of this Agreement,
the term "Business
Day" shall
mean any day other than a Saturday, a Sunday or any day on which commercial
banks in Clearwater, Florida are authorized or required by law to
close.

    

    18. Legend.  The
certificate evidencing the Shares shall bear the following legend, if
applicable:

    

    "THE
COMMON STOCK REPRESENTED BY THIS CERTIFICATE IS SUBJECT TO CERTAIN RESTRICTIONS
ON TRANSFER AND CERTAIN OTHER REQUIREMENTS THAT ARE FULLY SET FORTH IN A
RESTRICTED STOCK AGREEMENT.  ANY SUCH TRANSFER OR ACQUISITION IN
VIOLATION OF SUCH AGREEMENT(S) IS NULL AND VOID, AND SUCH AGREEMENT IS
AUTOMATICALLY BINDING ON ANY PERSON WHO ACQUIRES THE SHARES.  COPIES
OF THE AGREEMENTS ARE ON FILE AND MAY BE INSPECTED AT THE PRINCIPAL BUSINESS
OFFICE OF TECHNOLOGY RESEARCH CORPORATION."

    

    As soon
as practicable after the Shares become vested, the Company will instruct its
transfer agent to release any restrictions on the transfer of these Shares and
the Shares, to the extent vested, will become fully transferable.

    

    19. Acceptance
by Employee.  The grant of the Shares is conditioned upon the
acceptance of Employee of the terms hereof as evidenced by his execution of this
Agreement.  Because the terms of this Agreement contain specific terms
and conditions that may not be addressed in the Plan, Employee agrees that the
terms of this Agreement will be binding and control in the event that any
discrepancy arises between the terms of the Plan and this
Agreement.  Employee acknowledges and represents that he has reviewed
the terms of this Agreement, has received a copy of the Plan and has been
advised of his right to consult with a tax advisor, financial consultant or
legal counsel to obtain legal or financial advice regarding this
Agreement.

    

    20. Application
of Florida Law.  This Agreement, and the application or
interpretation thereof, shall be governed exclusively by its terms and by the
laws of the State of Florida.  Venue for all purposes shall be deemed
to lie within Pinellas County, Florida.

    

    21. Remedies
for Breach of Agreement.  The breach of any confidentiality,
non-disclosure or covenants by Employee under any applicable agreement entered
into by and between the Company and Employee or the breach by Employee of the
terms of this Agreement is acknowledged by the parties hereto to constitute harm
to the Company of an extraordinary character which could cause the Company to
suffer irreparable damages which could not readily be compensated by a monetary
judgment.  Employee agrees that the Company shall be entitled, in
addition to all other remedies available to it upon a breach by Employee of his
obligations hereunder, to such equitable relief, whether by way of injunction or
action for specific performance, or otherwise as a court might impose, without
the necessity of proving actual monetary damage for any breach by Employee of
this Agreement or of any undertaking herein contained.

    

    The
Employee and the Company have executed this Agreement on the day and year first
written above.

    

    

                TECHNOLOGY RESEARCH
CORPORATION

    

    

                By:  _____________________________                                                              

                        Owen Farren, Chief
Executive Officer

    

                

                EMPLOYEE:

     

                    ____________________________

    

    

    

    

     

    
      
        
          --

          588792.01

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