Document:

exh10_5.htm

Exhibit 10.5

AMENDED AND RESTATED STOCK PURCHASE AGREEMENT

 

This Amended and Restated Stock Purchase Agreement (this “Agreement”) is made this 17th day of February, 2011, and effective as of February 1, 2011, by and among Pacific Office Properties Trust, Inc., a Maryland corporation (the “Issuer”), Pacific Office Management, Inc., a Delaware corporation (the “Seller”), and Pacific Office Holding, Inc., a Delaware corporation (the “Buyer”).

 

RECITALS

 

A.           The Seller owns the sole issued and outstanding share of Proportionate Voting Preferred Stock, par value $0.0001 per share (the “PVPS”), of the Issuer.

 

B.           The Issuer and the Seller entered into a Stock Purchase Agreement dated as of January 3, 2011 (the “Original Agreement”) pursuant to which the Issuer agreed to purchase the PVPS from the Seller in connection with and conditioned upon the completion of the Issuer’s proposed underwritten, registered public offering of its common stock, par value $0.0001 per share, pursuant to a Registration Statement on Form S-11 (File No. 333-169729) initially filed with the Securities and Exchange Commission on October 4, 2010 (the “Public Offering”), in order to facilitate the proposed internalization of management of the Issuer (the “Internalization”) which was also conditioned upon the completion of the Public Offering.

 

C.           Following the abandonment of the Public Offering, the Issuer desires to proceed with the Internalization and become self-managed, and the parties hereto desire to amend and restate the Original Agreement to provide for the purchase of the PVPS by the Buyer instead of the Issuer on the terms and subject to the conditions set forth in this Agreement.

 

AGREEMENTS

 

NOW, THEREFORE, in consideration of the foregoing, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:

 

1. Sale and Purchase of the PVPS.  On the terms and subject to the conditions hereinafter set forth, the Seller agrees to sell, transfer and assign the PVPS, free and clear of all security interests, liens, claims, encumbrances, pledges, options, charges and restrictions (on transferability or otherwise), except for any restrictions on transfer arising pursuant to the Securities Act of 1933, as amended (the “Securities Act”), to the Buyer and the Buyer agrees to purchase the PVPS from the Seller.  The purchase price for the PVPS shall be $100.00 (the “Purchase Price”).

 

2. Closing.  Subject to the terms of this Agreement, the consummation of the purchase and sale of the PVPS (the “Closing”) shall occur upon the satisfaction of the conditions to closing set forth herein this Agreement, or such other time as may be mutually agreed to by Buyer and Seller (the “Closing Date”), at the offices of Barack Ferrazzano Kirschbaum & Nagelberg LLP, 200 West Madison Street, Suite 3900, Chicago, Illinois 60606, or at such other location or by such other method (including exchange of signed documents) as may be mutually agreed to by Buyer and Seller.

 

 

  

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3. Conditions and Deliveries at Closing.

 

(a) Conditions to Buyer’s Obligations.  The obligation of Buyer to consummate the transactions contemplated by this Agreement shall be subject to the fulfillment at or prior to the Closing of the condition (unless waived by such party at or prior to the Closing) that the Seller shall have delivered the certificate representing the PVPS, together with duly executed instruments of assignment separate from certificate to the Buyer, together with such other documents as may be necessary for the transfer of record ownership of the PVPS to the Buyer.

 

(b) Conditions to Seller’s Obligations.  The obligation of Seller to consummate the transactions contemplated by this Agreement shall be subject to the fulfillment at or prior to the Closing of the condition (unless waived by such party (and, with respect to the condition set forth in clause (ii) below, the Issuer) at or prior to the Closing) that (i) the Buyer shall have delivered the Purchase Price in immediately available funds to the Seller by certified cashier’s check payable to each Seller, or by wire transfer to an account designated by the Seller to the Buyer in writing at least two business days prior to the execution of this Agreement, and (ii) the Buyer shall have executed and delivered the letter agreement in the form of Exhibit A hereto pursuant to which the Buyer shall agree to cast all votes with respect to the PVPS at the direction of POP Venture, LLC.

 

(c) Conditions to Parties’ Obligations.  The obligation of the parties to consummate the transactions contemplated by this Agreement shall be subject to the fulfillment at or prior to the Closing of the condition (unless waived by all such parties at or prior to the Closing) that the Internalization shall have been consummated.

 

4. Representations and Warranties of the Seller.  The Seller hereby represents and warrants to the Buyer as follows:

 

(a) Ownership of the PVPS.  The Seller is the sole lawful and beneficial owner of the PVPS, and the PVPS is free and clear of any security interest, claim, lien, pledge, option, encumbrance, or restriction (on transferability or otherwise) whatsoever, except for any restrictions on transfer arising pursuant to the Securities Act, and the delivery to the Buyer of the PVPS in the manner set forth in this Agreement will convey to the Buyer lawful, valid, and indefeasible title thereto, free and clear of any security interest, claim, lien, pledge option, encumbrance, or restriction (on transferability or otherwise) whatsoever, except for any restrictions on transfer arising pursuant to the Securities Act.

 

(b) Enforceability.  This Agreement constitutes the legal, valid and binding obligation of the Seller enforceable against the Seller in accordance with its terms.

 

(c) Brokers and Finders.  Neither the Seller nor any person acting on behalf of the Seller has employed any broker, agent or finder or incurred any liability for any brokerage fees, agents’ commissions or finders’ fees in connection with the transactions contemplated herein.

 

 

  

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(d) No Conflicts.  The execution, delivery and performance of this Agreement, as well as the consummation of the transactions contemplated hereby, will not (i) require the Seller to obtain the consent or approval of, or make any filing with, any person or public authority; (ii) constitute or result in a breach or violation of, or give to others any rights of termination, amendment, acceleration or cancellation of, or result in the creation of a lien or encumbrance on the PVPS pursuant to any terms and provisions of any agreement or instrument to which the Seller is a party of or by which the PVPS is bound; or (iii) violate any law, regulation, judgment or order applicable to the Seller.

 

(e) Authority.  The Seller has the legal competence (if an individual) or full entity and other power and authority (if an entity) to enter into, deliver, and perform this Agreement and to consummate the transactions contemplated hereby.

 

(f) No Litigation.  There is no litigation or proceeding, in law or in equity, and there are no proceedings or governmental investigations before any commission or other administrative authority pending or threatened against the Seller that challenge or may have the effect of preventing, delaying, making illegal or otherwise interfering with any of the transactions contemplated by this Agreement.

 

(g) Consents and Approvals. Except as shall have been satisfied prior to the Closing Date, no consent, waiver, approval or authorization of any third party or governmental authority or agency is required to be obtained by the Seller in connection with the execution, delivery and performance of the Agreement and the transactions contemplated hereby, except for those consents, waivers, approvals or authorizations, the failure of which to obtain would not have a material adverse effect on the business, financial condition or results of operations of the Seller.

 

5. Representations and Warranties of the Buyer.  The Buyer hereby represents and warrants to the Seller as follows:

 

(a) Enforceability.  This Agreement constitutes the legal, valid and binding obligation of the Buyer enforceable against the Buyer in accordance with its terms.

 

(b) Disclosure.  The Buyer has received all requested information from the Seller necessary to make a decision to buy the PVPS.

 

(c) Authority.  The Buyer has the full corporate power and authority to enter into, deliver, and perform this Agreement and to consummate the transaction contemplated herein.

 

(d) No Conflicts.  The execution, delivery and performance of this Agreement, as well as the consummation of the transactions contemplated hereby, will not (i) require the Buyer to obtain consent or approval of any person or public authority, except as provided in this Agreement, (ii) constitute or result in a breach or violation of, or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement or instrument to which the Buyer is a party; or (iii) violate any law, regulation, judgment or order applicable to the Buyer.

 

 

  

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(e) Brokers and Finders.  Neither the Buyer nor any person acting on behalf of the Buyer has employed any broker, agent or finder or incurred any liability for any brokerage fees, agents’ commissions or finders’ fees in connection with the transactions contemplated herein.

 

(f) No Litigation.  There is no litigation or proceeding, in law or in equity, and there are no proceedings or governmental investigations before any commission or other administrative authority pending or threatened against the Buyer that challenge or may have the effect of preventing, delaying, making illegal or otherwise interfering with any of the transactions contemplated by this Agreement.

 

6. Survival of Representations.  All representations, warranties, and agreements made in this Agreement, or pursuant hereto, shall survive the Closing and any investigation at any time made by or on behalf of the parties for a period of eighteen months after Closing.

 

7. Notices.  All notices, requests, demands and other communications which are required or permitted hereunder shall be in writing and shall be deemed to have been duly given:  (a) when delivered personally; (b) on the following business day when sent by overnight courier; (c) on dispatch when sent by telecopy, so long as a copy of such communication is immediately thereafter mailed as provided in this Section; and (d) when mailed by registered or certified mail, postage prepaid, return receipt requested, to the Buyer and the Seller at their respective addresses set forth on the signature page attached hereto.

 

8. Governing Law.  This Agreement shall be governed by, and construed in accordance with, the laws of the State of Illinois, other than with respect to corporate matters, which shall be governed by the General Corporation Law of the State of Delaware; in all cases without regard to the choice of law principles thereof.  The parties:  (x) agree that any suit, action or legal proceeding relating to this Agreement shall be brought exclusively in any federal court located in Illinois, if federal jurisdiction is available, and, otherwise, in any state court located in such state; (y) consent to the jurisdiction of each such court in any such suit, action or proceeding; and (z) waive any objection which they may have to the laying of venue in any such suit, action or proceeding in either such court.  Further, the parties hereby consent and submit to the personal jurisdiction of the Illinois courts, both state and federal, and hereby waive any and all objections now or hereafter existing to personal jurisdiction of said courts over them.  The parties waive, to the extent permitted under applicable law, any right they may have to assert the doctrine of forum non conveniens or to object to venue to the extent any proceeding is brought in accordance with this section.

 

9. Entire Agreement; Amendment.  This Agreement contains the entire agreement of the parties with respect to the subject matter hereof.  This Agreement shall not be amended or modified in any respect unless agreed to in writing by all of the parties hereto.

 

 

  

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10. Assignment.  This Agreement may not be assigned by any party hereto without the prior written consent of the other parties hereto.

 

11. No Waiver.  Neither the failure nor any delay on the part of a party to exercise any right, remedy, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any other right, remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver shall be effective unless it is in writing and is signed by the party asserted to have granted such waiver.

 

12. Headings.  The headings of various Sections in this Agreement are for convenience only, and are not to be utilized in construing the content or meaning of the substantive provisions hereof.

 

13. Pronouns and Plurals.  Whenever the context may require, any pronouns used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural and vice versa.

 

14. Further Action.  The parties shall execute and deliver all documents, provide all information and take or refrain from taking action as may be necessary or appropriate to achieve the purposes of this Agreement.

 

15. Binding Effect.  This Agreement shall be binding upon and inure to the benefit of the parties and their heirs, executors, administrators, successors, legal representatives and permitted assigns.

 

16. Counterparts.  This Agreement may be executed in any number of identical counterparts, any of which may contain the signatures of less than all parties, and all of which together shall constitute a single agreement.

 

17. Partial Invalidity.  The provisions hereof shall be deemed independent and severable, and the invalidity or partial invalidity or enforceability of any one provision shall not affect the validity of enforceability of any other provision hereof.

 

18. Fax Signatures.  Any signature page hereto delivered by a fax machine or telecopy machine shall be binding to the same extent as an original signature page, with regard to any agreement subject to the terms hereof or any amendment thereto.  Any party who delivers such a signature page agrees to later deliver an original counterpart to any party that requests it.

 

 

  

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19. Construction.  The language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent, and no rule of strict construction will be applied against any party.  Any reference to any federal, state, local or foreign statute or law, statute, rule or regulation will be deemed also to refer to all rules and regulations promulgated thereunder, unless the context requires otherwise.  The use of the word “including” and similar expressions means “including without limitation” and unless the context otherwise requires, “neither,” “nor,” “any,” “either” and “or” shall not be exclusive.  Unless otherwise noted, all references to sections, exhibits and schedules are to sections, exhibits and schedules to this Agreement.  All words used in this Agreement shall be construed to be of such gender or number as the circumstances require. The parties hereto intend that each representation, warranty and covenant contained herein shall have independent significance.  If any party has breached any representation, warranty or covenant contained herein in any respect, the fact that there exists another representation, warranty or covenant relating to the same subject matter (regardless of the relative levels of specificity) which such party has not breached shall not detract from or mitigate the fact that such party is in breach of the first representation, warranty or covenant.  All references to agreements hereunder include all exhibits and schedules to such agreements and shall mean such agreements as they may be amended, restated, supplemented or otherwise modified from time to time.

 

[Remainder of this Page Intentionally Left Blank]

 

  

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IN WITNESS WHEREOF, the parties hereto have executed this Agreement the day and year first above written.

 

	 	
ISSUER:

 

PACIFIC OFFICE PROPERTIES TRUST, INC.

	 
	 	 	 	 
	
 

	
By: 

	/s/ James R. Ingebritsen	 
	 	 	James R. Ingebritsen	 
	 	 	President and Chief Executive Officer	 
	 	 	 	 

 

	 	
SELLER:

 

PACIFIC OFFICE MANAGEMENT, INC.

	 
	 	 	 	 
	
 

	
By: 

	/s/ Lawrence J. Taff	 
	 	 	Lawrence J. Taff	 
	 	 	Executive Vice President	 
	 	 	 	 

 

	 	
BUYER:

 

PACIFIC OFFICE HOLDING, INC.

	 
	 	 	 	 
	
 

	
By: 

	/s/ Jay H. Shidler	 
	 	 	Jay H. Shidler	 
	 	 	President	 
	 	 	 	 

 

 

 

[Signature Page to Amended and Restated Stock Purchase Agreement (PVPS)]

 

 

  

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EXHIBIT A

 

 

 

 

PACIFIC OFFICE HOLDING, INC.

10188 Telesis Court, Suite 222

San Diego, California  92121

February [__], 2011

POP Venture, LLC

c/o The Shidler Group

841 Bishop Street

Suite 1700

Honolulu, Hawaii  96813

	
  

	
Re:

	
Voting of Proportionate Voting Preferred Stock of

	
  

	
Pacific Office Properties Trust, Inc.

Ladies and Gentlemen:

Pacific Office Holding, Inc., a Delaware corporation (the “Holder,” as transferee of Pacific Office Management, Inc., a Delaware corporation), is the holder of the one outstanding share of proportionate voting preferred stock (“Proportionate Voting Preferred Stock”) of Pacific Office Properties Trust, Inc., a Maryland corporation (the “Corporation”).  With respect to all matters submitted to a vote of the stockholders of the Corporation, the Proportionate Voting Preferred Stock entitles the holder thereof to cast votes equal to the total number of shares of common stock, par value $0.0001 per share (“Common Stock”), of the Corporation issuable upon exchange of the common limited partnership units (“Common Units”) and convertible preferred limited partnership units (“Preferred Units,” and, together with the Common Units, the “Partnership Units”) issued by Pacific Office Properties, L.P., a Delaware limited partnership (the “Partnership”) of which the Corporation is sole general partner, that are held by POP Venture, LLC (“Venture”).  This letter sets forth the agreement between the Holder and Venture with respect to the voting of the Proportionate Voting Preferred Stock.

The parties agree that the Holder shall cast all votes with respect to the share of Proportionate Voting Preferred Stock in proportion to the votes (the “LP Direction Votes”) that the Holder receives from the holders of Partnership Units (other than the Corporation) entitled to vote with respect to the share of Proportionate Voting Preferred Stock. The Holder shall not cast any votes with respect to the share of Proportionate Voting Preferred Stock unless it receives LP Direction Votes with respect thereto.

In order to give effect to the provisions of the preceding paragraph, the Holder agrees to promptly deliver definitive proxy materials or other approved solicitation documents received from the Corporation or the Partnership as to any matter as to which votes or consents are sought by the Corporation from the holder of Proportionate Voting Preferred Stock. In connection with such delivery, the Holder shall not make any recommendation to any holder of Common Stock or Partnership Units with respect to how or whether such holder should vote its Common Stock or Partnership Units.

 

 

  

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This letter agreement shall be governed by and construed in accordance with the laws of the State of California without reference to principles of conflicts of law. The parties: (x) agree that any suit, action or legal proceeding relating to this letter agreement shall be brought exclusively in any federal court located in California, if federal jurisdiction is available, and, otherwise, in any state court located in such state; (y) consent to the jurisdiction of each such court in any such suit, action or proceeding; and (z) waive any objection which they may have to the laying of venue in any such suit, action or proceeding in either such court. Further, the parties hereby consent and submit to the personal jurisdiction of the California courts, both state and federal, and hereby waive any and all objections now or hereafter existing to personal jurisdiction of said courts over them. The parties waive, to the extent permitted under applicable law, any right they may have to assert the doctrine of forum non conveniens or to object to venue to the extent any proceeding is brought in accordance with this section.

This letter agreement may be amended only by a written agreement executed by each of the parties.  No waiver of any provision or condition of this letter agreement by any party shall be valid unless set forth in a writing signed by such party.  No such waiver shall be deemed to be a waiver of any other or similar provision or condition, or of any future event, act, breach or default, and no course of dealing shall be implied or arise from any waiver or series of waivers (written or otherwise) of any right or remedy hereunder.

This letter agreement may be executed in counterparts, each of which shall be deemed an original and each of which shall constitute the same agreement.

If you are in agreement with the foregoing, please so indicate by signing this letter agreement, whereupon this letter agreement will constitute our agreement with respect to the subject matter hereof.

[REST OF PAGE INTENTIONALLY LEFT BLANK]

  

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Sincerely yours,

 

PACIFIC OFFICE HOLDING, INC

a Delaware corporation

	 
	 	 	 	 
	
 

	
By: 

	 	 
	 	 	Name 	 
	 	 	Title 	 
	 	 	 	 

 

 

	 	
POP VENTURE, LLC, a Delaware limited liabilty company

 

By:  POP FUNDING, its managing member

	 
	 	 	
 

By:  JHS MANAGER, LLC, its manager

	 
	
 

	
 

 

	
 

 

By:  

	 
	 	 	Jay H. Shidler	 
	 	 	Its Sole Member	 
	 	 	 	 

 

 

 

 

 

  

3exh10_7.htm

Exhibit 10.7

AGREEMENT AND GENERAL RELEASE

 

THIS AGREEMENT AND GENERAL RELEASE (the “Release”) is made effective as of the 8th day of February 2011, by and between Pacific Office Management, Inc., a Delaware corporation (“POMI”), Pacific Office Properties Trust, Inc., a Maryland corporation (“POPT”), Pacific Office Properties, L.P., a Delaware limited partnership (the “OP”) and their successors (collectively referred to herein as the “Company”), and James R. Wolford (the “Executive”).

 

WHEREAS, POMI, POPT and the Executive previously entered into that certain Employment Agreement dated as of April 5, 2010, as amended by that certain Amendment, Assignment and Assumption Agreement by and among POPT, the OP and the Executive dated as of January 3, 2011 (collectively referred to herein as the “Employment Agreement”);

 

WHEREAS, the Executive is resigning from his employment with the Company and the Employment Agreement is being terminated in connection with such resignation; and

 

WHEREAS, capitalized terms not otherwise defined herein have the meanings given to such terms in the Employment Agreement.

 

NOW, THEREFORE, for valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:

 

1. Termination of Employment.  The Executive and the Company agree that the Executive’s employment with the Company is terminated, effective March 10, 2011 (the “Date of Termination”); provided, however, that the Executive’s duties as Chief Financial Officer of POMI and Chief Financial Officer of POPT, shall cease effective February 8, 2011.

 

2. Termination of Employment Agreement.  The Executive and the Company agree that the Employment Agreement is terminated, effective March 10, 2011; provided, however, that the provisions of Section 7(f) and Section 10 of the Employment Agreement shall survive the termination of the Employment Agreement, as provided therein.

 

3. Severance Benefits.  In consideration for the promises made in this Release, the Company agrees to pay the Executive the following “Severance Benefits,” subject to Paragraph 4 hereof:

 

(a) A “Severance Payment” in the sum of three hundred thousand dollars ($300,000) in a lump sum on May 9, 2011;

 

(b) A “Pro Rata Bonus” in the sum of eighteen thousand nine hundred four dollars and eleven cents ($18,904.11) in a lump sum on May 9, 2011;

 

(c) If the Executive elects to continue the Executive’s and/or the Executive’s family’s health insurance under the Company group health program pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”), the Company agrees to continue to pay the Company portion (as if Executive were still employed) of the Executive’s health insurance premium plus the COBRA administrative premium for twelve (12) months; and

 

 

  

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(d) The Executive shall become fully and immediately vested upon the Date of Termination with respect to forty-three thousand five hundred sixty-two (43,562) RSUs, with such RSUs to be settled by the Company in the form of membership interests in POP Executive Partners, LLC soon as practicable following the Date of Termination, but in no event later than May 9, 2011.

 

4. Conditions to Severance Benefits.  The Executive acknowledges that the Severance Benefits are being provided by the Company as consideration for the Executive entering into this Release, including, without limitation, the release of claims and waiver of rights provided for herein.  If this Release has not become irrevocable on or before May 9, 2011, the Executive shall forfeit any right to the Severance Benefits.  The Executive acknowledges that the Severance Benefits shall be subject to all applicable withholding and reporting requirements.

 

5. Accrued Compensation.  The Executive shall be entitled to receive any Accrued Compensation in accordance with the terms of the Employment Agreement, including, without limitation, the following: (i) the Executive’s Annual Performance Bonus for 2010, in the amount of seventy-four thousand two hundred forty-eight dollars and fifty cents ($74,248.50), payable by March 1, 2011, pursuant to Section 4(b)(i) of the Employment Agreement; (ii) any accrued but unpaid Company Salary through the Date of Termination; (iii) any accrued but unused vacation through the Date of Termination; (iv) reimbursement of any expenses incurred through the Date of Termination, in accordance with Section 4(g) of the Employment Agreement; and (v) all vested benefits and amounts under any plan, program or arrangement, the payment and other rights with respect to which shall be governed by the terms thereof.

 

6.          Continuing Benefits.  The Executive shall continue to receive the following benefits through the Date of Termination: (i) continued participation in Company benefit plans, in accordance with Section 5(a) of the Employment Agreement; (ii) continued fringe benefits, in accordance with Section 5(b) of the Employment Agreement; (iii) continued automobile allowance, in accordance with Section 5(c) of the Employment Agreement; and (iv) continued cell phone allowance, in accordance with Section 5(d) of the Employment Agreement.

 

7.          General Release.  The Executive, with full understanding of the contents and legal effect of this Release and having the right and opportunity to consult with his counsel, releases and discharges the Company, its shareholders, officers, directors, supervisors, managers, employees, agents, representatives, attorneys, parent companies, divisions, subsidiaries and affiliates, and all related entities of any kind or nature, and its and their predecessors, successors, heirs, executors, administrators, and assigns (collectively, the “Company Released Parties”) from any and all claims, actions, causes of action, grievances, suits, charges, or complaints of any kind or nature whatsoever, that he ever had or now has, whether fixed or contingent, liquidated or unliquidated, known or unknown, suspected or unsuspected, and whether arising in tort, contract, statute, or equity, before any federal, state, local, or private court, agency, arbitrator, mediator, or other entity, regardless of the relief or remedy, arising prior to the execution of this Release.  Without limiting the generality of the foregoing, it being the intention of the parties hereto to make this Release as broad and as general as the law permits, this Release specifically includes, without limitation, any and all subject matters and claims arising from any alleged violation by the Released Parties under the Age Discrimination in Employment Act of 1967, as amended; Title VII of the Civil Rights Act of 1964, as amended; the Civil Rights Act of 1866, as amended by the Civil Rights Act of 1991 (42 U.S.C. § 1981); the Rehabilitation Act of 1973, as amended; the Executive Retirement Income Security Act of 1974, as amended; the Hawaii Employment Practices Act, and other similar state or local laws; the Americans with Disabilities Act; the Worker Adjustment and Retraining Notification Act; the Equal Pay Act; Executive Order 11246; Executive Order 11141; and any other statutory claim, employment or other contract or implied contract claim, claim for equity in the Company, or common law claim for wrongful discharge, breach of an implied covenant of good faith and fair dealing, defamation, or invasion of privacy arising out of or involving his employment with the Company, the termination of his employment with the Company, or involving any continuing effects of his employment with the Company or termination of employment with the Company; provided, however, that nothing herein waives or releases the Executive’s rights to any payments or benefits the Company is required to pay or provide pursuant to the terms of this Release.

 

 

  

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THE UNDERSIGNED ACKNOWLEDGES THAT HE HAS BEEN ADVISED BY LEGAL COUNSEL AND IS FAMILIAR WITH THE PROVISIONS OF CALIFORNIA CIVIL CODE SECTION 1542, WHICH PROVIDES AS FOLLOWS:

 

“A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM MUST HAVE MATERIALLY AFFECTED HIS SETTLEMENT WITH THE DEBTOR.”

 

THE UNDERSIGNED, BEING AWARE OF SAID CODE SECTION, HEREBY EXPRESSLY WAIVES ANY RIGHTS HE MAY HAVE THEREUNDER, AS WELL AS UNDER ANY OTHER STATUTES OR COMMON LAW PRINCIPLES OF SIMILAR EFFECT.

 

8.          Covenant Not to Sue.  The Executive agrees not to bring, file, charge, claim, sue or cause, assist, or permit to be brought, filed, charged or claimed any action, cause of action, or proceeding regarding or in any way related to any of the claims described in Paragraph 7 hereof, and further agrees that his Release is, will constitute and may be pleaded as, a bar to any such claim, action, cause of action or proceeding.  If any government agency or court assumes jurisdiction of any charge, complaint, or cause of action covered by this Release, the Executive will not seek and will not accept any personal equitable or monetary relief in connection with such investigation, civil action, suit or legal proceeding.

 

9.          Severability.  If any provision of this Release shall be found by a court to be invalid or unenforceable, in whole or in part, then such provision shall be construed and/or modified or restricted to the extent and in the manner necessary to render the same valid and enforceable, or shall be deemed excised from this Release, as the case may require, and this Release shall be construed and enforced to the maximum extent permitted by law, as if such provision had been originally incorporated herein as so modified or restricted, or as if such provision had not been originally incorporated herein, as the case may be.  The parties hereto further agree to seek a lawful substitute for any provision found to be unlawful; provided, however, that, if the parties are unable to agree upon a lawful substitute, the parties desire and request that a court or other authority called upon to decide the enforceability of this Release modify this Release so that, once modified, this Release will be enforceable to the maximum extent permitted by the law in existence at the time of the requested enforcement.

 

 

  

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10.          Withholding.  The payments and other benefits provided hereunder shall be treated as wages and subject to all applicable taxes and other payroll deductions required by law.

 

11          Non-Disclosure.  The Executive agrees that he will keep the terms and amounts set forth in this Release completely confidential and will not disclose any information concerning this Release’s terms and amounts to any person other than his attorney, accountant, tax advisor, or immediate family.

 

12.          Representation.  The Executive hereby agrees that this Release is given knowingly and voluntarily and agrees and acknowledges that:

 

(a)           the Executive shall re-execute this Release as of the Date of Termination, and that the Company’s obligations under this Release (other than the Accrued Compensation pursuant to Section 5) shall be terminated unless the Executive re-executes this Release (without subsequent revocation) on or after the Date of Termination and prior to May 9, 2011;

 

(b)           this Release is written in a manner understood by the Executive;

 

(c)           this release refers to and waives any and all rights or claims that he may have arising under the Age Discrimination in Employment Act, as amended;

 

(d)           the Executive has not waived any rights arising after the date of this Release;

 

(e)           the Executive has received valuable consideration in exchange for the release in addition to amounts the Executive is already entitled to receive; and

 

(f)           the Executive has been advised to consult with an attorney prior to executing this Release.

 

13.          Consideration and Revocation.  The Executive is receiving this Release on February 8, 2011, and the Executive shall be given twenty-one (21) days from receipt of this Release to consider whether to sign this Release.  The Executive agrees that changes or modifications to this Release do not restart or otherwise extend the above twenty-one (21)-day period.  Moreover, the Executive shall have seven (7) days following execution to revoke this Release in writing to the Secretary of the Company and this Release shall not take effect until those seven (7) days have ended.

 

 

  

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14.          Amendment.  This Release may not be altered, amended, or modified except in writing signed by both the Executive and the Company.

 

15.          Joint Participation.  The parties hereto participated jointly in the negotiation and preparation of this Release, and each party has had the opportunity to obtain the advice of legal counsel and to review and comment upon this Release.  Accordingly, it is agreed that no rule of construction shall apply against any party hereto or in favor of any party.  This Release shall be construed as if the parties hereto jointly prepared this Release, and any uncertainty or ambiguity shall not be interpreted against one party and in favor of the other.

 

16.          Binding Effect; Assignment.  This Release and the various rights and obligations arising hereunder shall inure to the benefit of and be binding upon the parties hereto and their respective successors, heirs, representatives and permitted assigns.  Neither party hereto may assign its respective interests hereunder without the express written consent of the other party.

 

17.          Applicable Law.  This Release shall be governed by, and construed in accordance with, the state laws as provided in the Employment Agreement.

 

18.          Execution of Release.  This Release may be executed in several counterparts, each of which shall be considered an original, but which when taken together, shall constitute one (1) Release.

 

PLEASE READ THIS AGREEMENT AND CAREFULLY CONSIDER ALL OF ITS PROVISIONS BEFORE SIGNING IT.  THIS AGREEMENT CONTAINS A RELEASE OF ALL KNOWN AND UNKNOWN CLAIMS, INCLUDING, WITHOUT LIMITATION, THOSE UNDER THE FEDERAL AGE DISCRIMINATION IN EMPLOYMENT ACT, AND OTHER FEDERAL, STATE AND LOCAL LAWS PROHIBITING DISCRIMINATION IN EMPLOYMENT.

 

If Executive signs this Release less than twenty-one (21) days after he receives it from the Company, he confirms that he does so voluntarily and without any pressure or coercion from anyone at the Company.

 

 

(Remainder of this Page Intentionally Left Blank)

 

  

5

  

FIRST EXECUTION

 

IN WITNESS WHEREOF, the Executive and the Company have voluntarily signed this Agreement and General Release on the respective dates set forth below.

 

	 	PACIFIC OFFICE MANAGEMENT, INC.	 
	 	 	 	 
	
Date: February 11, 2011

	
By: 

	/s/ James R. Ingebritsen	 
	 	 	James R. Ingebritsen	 
	 	 	President and Chief Executive Officer	 
	 	 	 	 

 

	 	PACIFIC OFFICE PROPERTIES TRUST, INC.	 
	 	 	 	 
	
Date: February 11, 2011

	
By: 

	/s/ James R. Ingebritsen	 
	 	 	James R. Ingebritsen	 
	 	 	President and Chief Executive Officer	 
	 	 	 	 

 

	 	PACIFIC OFFICE PROPERTIES, L.P.	 
	 	 	 	 
	
Date: February 11, 2011

	
By: 

	
PACIFIC OFFICE PROPERTIEST TRUST, INC.

its general partner

	 
	 	 	 	 
	 	 	By: /s/ James R. Ingebritsen	 
	 	 	 James R. Ingebritsen	 
	 	 	 President and Chief Executive Officer	 

 

	 	EXECUTIVE	 
	 	 	 
	
Date: February 11, 2011

	/s/ James R. Wolford	 
	 	James R. Wolford	 
	 	 	 

 

 

  

6

  

 

 

DATE OF TERMINATION EXECUTION

(Section to be executed as of the Date of Termination set forth in this Release)

 

IN WITNESS WHEREOF, the Executive and the Company have voluntarily re-signed this Agreement and General Release on the respective dates set forth below.

 

 

	 	PACIFIC OFFICE MANAGEMENT, INC.	 
	 	 	 	 
	
Date: March 10, 2011

	
By: 

	/s/ James R. Ingebritsen	 
	 	 	James R. Ingebritsen	 
	 	 	President and Chief Executive Officer	 
	 	 	 	 

 

	 	PACIFIC OFFICE PROPERTIES TRUST, INC.	 
	 	 	 	 
	
Date: March 10, 2011

	
By: 

	/s/ James R. Ingebritsen	 
	 	 	James R. Ingebritsen	 
	 	 	President and Chief Executive Officer	 
	 	 	 	 

 

	 	PACIFIC OFFICE PROPERTIES, L.P.	 
	 	 	 	 
	
Date: March 10, 2011

	
By: 

	
PACIFIC OFFICE PROPERTIEST TRUST, INC.

its general partner

	 
	 	 	 	 
	 	 	By: /s/ James R. Ingebritsen	 
	 	 	 James R. Ingebritsen	 
	 	 	 President and Chief Executive Officer	 

 

	 	EXECUTIVE	 
	 	 	 
	
Date: March 10, 2011

	/s/ James R. Wolford	 
	 	James R. Wolford	 
	 	 	 

 

 

 

  

7

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