Document:

FIRST AMENDMENT TO PURCHASE AND SALE AGREEMENT

 
Exhibit 10.19
 
FIRST AMENDMENT OF Purchase and Sale CONTRACT
 
THIS FIRST AMENDMENT OF PURCHASE AND SALE CONTRACT
(this “Amendment”) is entered into effective as of the 26
th day of June, 2009 (“Effective Date”), by and between
CENTURY PROPERTIES FUND XV, a California limited partnership,having an address at c/o AIMCO, 4582 South Ulster Street Parkway, Suite 1100, Denver, Colorado 80237 (“
Seller”), and RRM – I, LLC, a Louisiana limited liability company, having a principal address at 9456 Jefferson Highway, Suite A, Baton Rouge, Louisiana 70809 (“
Purchaser”).
 RECITALS

A.        Seller and Purchaser entered into that certain Purchase and Sale Contract, dated as of May 6, 2009 and effective as of May 12, 2009 (the “
Contract”), regarding real property located in Dallas County, Texas and more particularly described in the Contract.

B.         Seller and Purchaser desire to amend the Contract subject to the terms and conditions described below.

C.        All capitalized terms not otherwise defined in this Amendment shall have the meanings ascribed to them in the Contract.

NOW THEREFORE, for valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound, Seller and Purchaser agree as follows:

agreements

1.                  
Incorporation of Recitals.  The foregoing recitals are true and correct and are incorporated herein by reference.

2.                  
Extension of Feasibility Period.  Purchaser and Seller agree that the term Feasibility Period, as defined in
Section 3.1 of the Contract, shall be the period from the Effective Date through the expiration of the Loan Approval Period, as defined in
Section 4.5.10 of the Contract.
 
3.                  
Closing Date.  Section 5.1 of the Contract is hereby amended to read as follows:

“5.1     
Closing Date.  The Closing shall occur on July 27, 2009 at the time set forth in Section 2.2.4, (the “
Closing Date”) through an escrow with Escrow Agent, whereby Seller, Purchaser and their attorneys need not be physically present at the Closing and may deliver documents by overnight air courier or other means.  Notwithstanding the foregoing to the contrary, Seller shall have the option, by delivering written notice to Purchaser, to extend the Closing Date to the last Business Day of the month in which the Closing Date otherwise would occur pursuant to the preceding sentence, in connection with the Loan Assumption and Release.”

4.                  
Counterparts.  This Amendment may be executed in multiple counterparts, and all such counterparts together shall be construed as one document.

5.                  
Telecopied/Electronic Mail Signatures.  A counterpart of this Amendment signed by one party to this Amendment and telecopied or sent by electronic mail to another party to this Amendment or its counsel (i) shall have the same effect as an original signed counterpart of this Amendment, and (ii) shall be conclusive proof, admissible in judicial proceedings, of such party’s execution of this Amendment.

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IN WITNESS WHEREOF, Seller and Purchaser have entered into this First Amendment as of the date first above stated.

 
 
SELLER:
 
 
 
CENTURY PROPERTIES FUND XV,
 a California limited partnership

By:     
FOX CAPITAL MANAGEMENT CORPORATION,
     a California limited partnership,

    its general partner

By: 
/s/John Spiegleman
 Name:  John Spiegleman

Title:  Senior Vice President

 

PURCHASER:

 
 
RRM – I, LLC,
 a Louisiana limited liability company

 

BY:   
ROEMER, ROBINSON, MELVILLE &
 
          CO., LLC,
           a Louisiana limited company,

          its manager

 

By: 
/s/ Charles E. Roemer, IV
 Name:  Charles E. Roemer, IV

Title:     Manager/Directorexhibit10_1.htm

    
      EXHIBIT
10.1

     

    
 

    AMENDMENT
#3 TO

     

    EMPLOYMENT
AGREEMENT

     

    THIS
AMENDMENT #3 TO EMPLOYMENT AGREEMENT (this “Amendment #3”), dated
as of June 29, 2009 is entered into by and between Merisel, Inc., a Delaware
corporation (the “Company”) and Donald
R. Uzzi (the “Executive”)
(collectively, the “Parties”).

     

    BACKGROUND

     

    The
Company and the Executive entered into that certain Employment Agreement dated
as of November 22, 2004 (the “Original Employment
Agreement”), as amended March 3, 2006 (the “Amendment”) and
January 18, 2008 (the “Amendment #2” and,
together with the Original Employment Agreement and the Amendment, referred to
herein as the “Agreement”).  The
Parties now desire to amend the Agreement pursuant to Section 17 of the
Agreement, as set forth in this Amendment #3.  Capitalized terms used
but not defined in this Amendment #3 have the meaning given such terms in the
Agreement.

     

    NOW,
THEREFORE, in consideration of the covenants and agreements set forth herein,
the Parties agree as follows:

     

    1. Section
3(c) is amended in its entirety to read as follows:

    

    “(c)
Bonus. 
The Executive shall be eligible for a discretionary annual bonus (the “Annual
Bonus”) with a target level of 100% of the Base Salary, which Annual Bonus may
be awarded by the Board or the Compensation Committee in its sole
discretion.  The Board or
Compensation Committee shall establish criteria for awarding the Annual Bonus,
which criteria may include the achievement by the Company
of specified financial performance goals, and achievement by the Executive of
specified performance targets.  Notwithstanding the foregoing, the
decision as to whether to grant an Annual Bonus, or any other bonus payment, is
within the sole and absolute discretion of the Board or Compensation
Committee.  To the extent that the Board or Compensation Committee
determines to award an Annual Bonus, any Annual Bonus shall be paid in
the calendar year following the year in which such Annual Bonus is earned, upon
receipt of Audit Committee approval of the Company’s financial statements for
the prior year.”

    

    2. Section
4(a) is amended in its entirety to read as follows:

     

    “(a)
Termination due to
Nonrenewal.  If the Executive’s employment is terminated
following the Company’s delivery to the Executive of a Nonrenewal Notice,
subject to the Executive’s execution of a general release of claims against the
Company and its subsidiaries and affiliates (the “Company Group”) in a form
satisfactory to the Company, the Executive shall be entitled to (i) the pro rata
portion (determined based on a fraction, the numerator of which is the number of
days from the start of the calendar year to the date of such termination and the
denominator of which is 365 days) of the Annual Bonus, based upon the attainment
of the applicable criteria up to the date of such termination (the “Pro Rata
Annual Bonus”), for the calendar year in which such termination occurs, payable
at the time Annual Bonuses are generally paid, and (ii) a lump sum payment equal
to his Base Salary for a period commencing on the date of termination and ending
on the twelve-month anniversary of the date of termination.  The
Executive shall also be entitled to COBRA continuation coverage pursuant to
Section 4(h) of this Agreement.  The Executive shall also be entitled
to any Annual Bonus for a completed calendar year that has been awarded by the
Board or the Compensation Committee but not yet paid at the time of such
termination.  Vested Effective Date Stock Options shall remain
exercisable for 90 days following the date of such termination and any vested
Effective Date Stock Options not exercised within such time shall
terminate.  The Executive shall have no further right to receive any
other compensation or benefits after such termination.”

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    3. Section
4(e)(ii) is amended in its entirety, and a second sentence shall be added
thereafter, to read as follows:

     

    “(ii) a
lump sum payment equal to his base salary for a period commencing on the date of
termination and ending on the twelve-month anniversary of the date of
termination.  The Executive shall also be entitled to COBRA
continuation coverage pursuant to Section 4(h) of this Agreement.”

     

    4. Section
4(f)(ii) is amended in its entirety, and a second sentence shall be added
thereafter, to read as follows:

     

    “(ii) a
lump sum payment equal to his base salary for a period commencing on the date of
termination and ending on the twelve-month anniversary of the date of
termination. The Executive shall also be entitled to COBRA continuation coverage
pursuant to Section 4(h) of this Agreement.”

     

    5. A new
Section 4(h) shall be added as follows:

     

    “(h)
COBRA Continuation
Coverage.  Subject to the Executive’s compliance with the
obligations described in this Section 4, and provided for in the Agreement, in
the event that the Executive’s employment is terminated pursuant to Sections
4(a), (e) or (f) of this Agreement, the Company shall pay the monthly premiums
for COBRA continuation coverage for the Executive until the earlier of (i) the
twelve-month anniversary of the date of termination, or (ii) the date that the
Executive becomes employed with a new employer.  In order to receive
COBRA continuation coverage as set forth in this paragraph, the Executive shall
cooperate with the reasonable requests of the Company relating to such COBRA
continuation coverage, including, without limitation, any request to submit to
medical examinations and to elect COBRA continuation coverage.”

     

    6. Except as
affected by this Amendment #3, the Agreement is unchanged and continues in full
force and effect.  All references to the Agreement shall refer to the
Agreement as amended by the Amendment, the Amendment #2 and this Amendment
#3.  This Amendment #3 shall be binding upon and inure to the benefit
of each of the Parties and their respective successors and permitted
assigns.

     

    7. This
Amendment #3 may be executed in one or more counterparts, each of which shall be
deemed an original but all of which together will constitute one and the same
instrument.  Delivery of an executed counterpart of a signature page
to this Amendment #3 by facsimile shall be as effective as delivery of a
manually executed counterpart of this Amendment #3.

     

    8. This
Amendment #3 shall be governed by and construed in accordance with the domestic
laws of the State of Delaware (without giving effect to any choice or conflict
of law provision).

     

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    IN
WITNESS WHEREOF, the Company has caused this Amendment #3 to be signed pursuant
to the authority of its Board of Directors and the Executive has executed this
Amendment #3, as of the day and year first written above.

     

    
      	
              MERISEL,
      INC.

              By:           /s/ Victor L.
      Cisario                                                                

              Name:  Victor L.
      Cisario

              Title:    Chief
      Financial Officer

               

              EXECUTIVE

              By:           /s/ Donald R.
      Uzzi                                                                

              Donald R.
  Uzzi

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