Document:

EX-10.1

 Exhibit 10.1 
  

 
 June 19, 2015 

Mr. Lawrence J. Burian 
 The Madison Square Garden
Company 
 Two Pennsylvania Plaza 
 New York, NY 10121 

Dear Lawrence: 
 This letter agreement (the
“Agreement”), effective on the date hereof, will confirm the terms of your continued employment with The Madison Square Garden Company (the “Company”). 

1. Your title continues to be Executive Vice President, General Counsel & Secretary and you will continue to report to the Chief Executive Officer of
the Company. You agree to continue to devote all of your business time and attention to the business and affairs of the Company and to perform your duties in a diligent, competent, professional and skillful manner and in accordance with applicable
law. 
 2. Effective June 1, 2015, your annual base salary will be increased to not less than $1,000,000 annually, paid bi-weekly, subject to annual
review and potential increase by the Compensation Committee of the Board of Directors of the Company (the “Compensation Committee”) in its discretion. The Compensation Committee will continue to review your compensation package on an
annual basis to ensure that you are paid consistently with other similarly situated executives as well as external peers. 
 3. You will also continue to
participate in our discretionary annual bonus program with an annual target bonus opportunity equal to not less than 150% of your annual base salary (with such target bonus opportunity effective for the current fiscal year). Bonus payments are based
on actual salary dollars paid during the year and depend on a number of factors including Company, unit and individual performance. However, the decision of whether or not to pay a bonus, and the amount of that bonus, if any, is made by the
Compensation Committee in its sole discretion. Annual bonuses are typically paid early in the subsequent fiscal year. Except as otherwise provided herein, in order to receive a bonus, you must be employed by the Company at the time bonuses are being
paid. Notwithstanding the foregoing, if your employment with the Company ends on the Scheduled Expiration Date (as defined below), you shall be paid your bonus for the fiscal year ending June 30, 2019, if any, even if such payment is not made
to you prior to the 

 Mr. Lawrence J. Burian 

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Scheduled Expiration Date, which bonus shall be subject to Company and your business unit performance for that fiscal year as determined by the Company in its sole discretion, but without
adjustment for your individual performance. 
 4. You will also continue, subject to your continued employment by the Company and actual grant by the
Compensation Committee, to participate in such equity and other long-term incentive programs that are made available in the future to similarly situated executives at the Company. It is expected that such awards will consist of annual grants of cash
and/or equity awards with an annual target value of not less than $1,500,000, all as determined by the Compensation Committee in its discretion. All awards described in this Paragraph, in addition to being subject to actual grant by the Compensation
Committee, would be pursuant to the applicable plan document and would be subject to any terms and conditions established by the Compensation Committee in its sole discretion that would be detailed in separate agreements you would receive after any
award is actually made; provided, however, that such terms and conditions shall be consistent with those in awards granted to similarly situated executives. Long-term incentive awards are currently expected to be subject to three-year vesting. 

In addition to your eligibility to participate in the Company’s regular long term incentive programs, the Company will grant you one-time
long-term incentive awards on or promptly following the date hereof (the “Catch Up LTIP Grants”). The Catch Up LTIP Grants will have an aggregate target award value of $35,417, which will be split equally between restricted
stock units and a cash performance award. The Catch Up LTIP Grants will be subject to the same terms and conditions as the restricted stock units and cash performance award that were granted to you in September 2014 except that they will be subject
to Section 162(m)-compliant performance objectives in respect of the Company’s fiscal years beginning July 1, 2015 and July 1, 2016. 

5. You will also continue to be eligible to participate in our standard benefits program, subject to meeting the relevant eligibility requirements, payment of
the required premiums, and the terms of the plans themselves. We currently offer medical, dental, vision, life, and accidental death and dismemberment insurance; short- and long- term disability insurance; a savings and retirement program; and ten
paid holidays. You will also continue to be eligible for four (4) weeks of vacation to be accrued and used in accordance with Company policy. 
 6. If
your employment with the Company is terminated on or prior to October 1, 2019 (the “Scheduled Expiration Date”) (i) by the Company (other than for “Cause”); or (ii) by you for “Good Reason” (other than if
“Cause” then exists); then, subject to your execution and delivery, within 60 days after the date of termination of your employment, and non-revocation (within any applicable revocation period) of the Separation Agreement (as defined
below), the Company will provide you with the following: 
  

	 	(a)	 Severance in an amount to be determined by the Company (the “Severance Amount”), but in no event less than two (2) times the sum of
your annual base salary and your annual target bonus as in effect at the time your employment terminates. Sixty percent (60%) of the Severance Amount will be payable to you 

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on the six-month anniversary of the date your employment so terminates (the “Termination Date”) and the remaining forty percent (40%) of the Severance Amount will be payable to you
on the twelve-month anniversary of the Termination Date; 

  

	 	(b)	Any unpaid annual bonus for the Company’s fiscal year prior to the fiscal year which includes your Termination Date, and a pro rated bonus based on the amount of your base salary actually earned by you
during the Company’s fiscal year through the Termination Date, each of which will be paid to you when such bonuses are generally paid to similarly situated active executives and will be based on your then current annual target bonus as well as
Company and your business unit performance for the applicable fiscal year as determined by the Company in its sole discretion, but without adjustment for your individual performance; 

 

	 	(c)	Each of your outstanding long-term cash awards granted under the plans of the Company shall immediately vest in full and shall be payable to you at the same time as such awards are paid to active executives of the
Company and the payment amount of such award shall be to the same extent that other similarly situated active executives receive payment as determined by the Compensation Committee (subject to satisfaction of any applicable performance criteria but
without adjustment for your individual performance); 

  

	 	(d)	(i) All of the time-based restrictions on each of your outstanding restricted stock or restricted stock unit awards granted to you under the plans of the Company shall immediately be eliminated, (ii) deliveries
with respect to your restricted stock that are not subject to performance criteria or are subject to performance criteria that have previously been satisfied (as certified by the Compensation Committee) shall be made immediately after the effective
date of the Separation Agreement, (iii) payment and deliveries with respect to your restricted stock units that are not subject to performance criteria or are subject to performance criteria that have previously been satisfied (as certified by
the Compensation Committee) shall be made on the 90th day after the termination of your employment and (iv) payments or deliveries with respect to your restricted stock and restricted stock
units that are subject to performance criteria that have not yet been satisfied shall be made on the 90th day after the applicable performance criteria is certified by the Compensation Committee
as having been satisfied; and 

  

	 	(e)	Each of your outstanding stock options and stock appreciation awards, if any, under the plans of the Company shall immediately vest and become exercisable, and you shall have the right to exercise each of those options
and stock appreciation awards for the remainder of the term of such option or award. 

 (f) Notwithstanding any provisions of this Paragraph 6
to the contrary, to the extent that (i) any awards granted prior to the date hereof that are payable under this Paragraph 6 constitute 

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“nonqualified deferred compensation” subject to Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and any regulations and guidelines promulgated
thereunder (collectively, “Section 409A”); and (ii) accelerated payout pursuant to the terms of this Paragraph 6 of such awards is not permitted by Section 409A, then such awards shall be payable to you at such time as is
provided under the provisions of the Original Agreement (as defined below) and the terms of such awards or otherwise in compliance with Section 409A. 

If you die after a termination of your employment that is subject to this Paragraph 6, your estate or beneficiaries will be provided with any remaining
benefits and rights under this Paragraph 6. 
 7. If you cease to be an employee of the Company prior to the Scheduled Expiration Date as a result of your
death or your Disability (as defined in the Company’s Long Term Disability Plan), and at such time Cause does not exist then, subject (other than in the case of death) to your execution and delivery, within 60 days after the date of termination
of your employment, and non-revocation (within any applicable revocation period) of the Separation Agreement, you or your estate or beneficiary shall be provided with the benefits and rights set forth in Paragraphs 6(b), (d) and (e) above,
and each of your outstanding long-term cash awards granted under the plans of the Company shall immediately vest in full, whether or not subject to performance criteria and shall be payable on the
90th day after the termination of your employment; provided, that if any such award is subject to any performance criteria, then (i) if the measurement period for such performance criteria
has not yet been fully completed, then the payment amount shall be at the target amount for such award and (ii) if the measurement period for such performance criteria has already been fully completed, then the payment of such award shall be at
the same time and to the extent that other similarly situated executives receive payment as determined by the Compensation Committee (subject to satisfaction of the applicable performance criteria). 

8. For purposes hereof, “Separation Agreement” shall mean the Company’s standard severance agreement (modified to reflect the terms of this
Agreement) which will include, without limitation, the provisions set forth in Paragraphs 6, 7 and 9 hereof and Annex A hereto regarding non-compete (limited to one year), non-disparagement, non-hire/non-solicitation, confidentiality (including,
without limitation, the last paragraph of Section 3 of Annex A), and further cooperation obligations and restrictions on you (with Company reimbursement of your associated expenses and payment for your services as described in Annex A in
connection with any required post-employment cooperation) as well as a general release by you of the Company and its affiliates (and their respective directors and officers), but shall otherwise contain no post-employment covenants unless agreed to
by you. The Company shall provide you with the form of Separation Agreement within seven days of your termination of employment. For avoidance of doubt, your rights of indemnification under the Company’s Amended and Restated Certificate of
Incorporation, under your indemnification agreement with the Company and under any insurance policy, or under any other resolution of the Board of Directors of the Company shall not be released, diminished or affected by any Separation Agreement or
release or any termination of your employment. 
 9. Except as otherwise set forth in Paragraphs 6 and 7 hereof, in connection with any termination of your
employment, your then outstanding equity and cash incentive awards shall 

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be treated in accordance with their terms and, other than as provided in this Agreement, you shall not be eligible for severance benefits under any other plan, program or policy of the Company.
Nothing in this Agreement is intended to limit any more favorable rights that you may be entitled to under your equity and cash incentive award agreements, including, without limitation, your rights in the event of a termination of your employment,
a “Going Private Transaction” or a “Change of Control” (as those terms are defined in the applicable award agreement). 
 10. For
purposes of this Agreement, “Cause” means your (i) commission of an act of fraud, embezzlement, misappropriation, willful misconduct, gross negligence or breach of fiduciary duty against the Company or an affiliate thereof, or
(ii) commission of any act or omission that results in a conviction, plea of no contest, plea of nolo contendere, or imposition of unadjudicated probation for any crime involving moral turpitude or any felony. 

For purposes of this Agreement, “Good Reason” means that (1) without your written consent, (A) your annual base salary or annual
target bonus (as each may be increased from time to time in the Compensation Committee’s sole discretion) is reduced, (B) your title (as in effect from time to time) is diminished, (C) you report to someone other than to the
President & Chief Executive Officer or the Executive Chairman of the Board of the Company, (D) you are no longer the Company’s most senior legal officer, (E) the Company requires that your principal office be located outside
of the Borough of Manhattan, (F) the Company materially breaches its obligations to you under this Agreement; or (G) your responsibilities as in effect immediately after the date hereof are thereafter materially diminished, (2) you
have given the Company written notice, referring specifically to this Agreement and definition, that you do not consent to such action, (3) the Company has not corrected such action within 15 days of receiving such notice, and
(4) you voluntarily terminate your employment with the Company within 90 days following the happening of the action described in subsection (1) above. 

11. This Agreement does not constitute a guarantee of employment for any definite period. Your employment is at will and may be terminated by you or the
Company at any time, with or without notice or reason. 
 12. The Company may withhold from any payment due to you any taxes required to be withheld
under any law, rule or regulation. If any payment otherwise due to you hereunder would result in the imposition of the excise tax imposed by Section 4999 of the Code, the Company will instead pay you either (i) such amount or (ii) the
maximum amount that could be paid to you without the imposition of the excise tax, depending on whichever amount results in your receiving the greater amount of after-tax proceeds. In the event that the
payments and benefits payable to you would be reduced as provided in the previous sentence, then such reduction will be determined in a manner which has the least economic cost to you and, to the extent the economic cost is equivalent, such payments
or benefits will be reduced in the inverse order of when the payments or benefits would have been made to you (i.e. later payments will be reduced first) until the reduction specified is achieved. If the Company elects to retain any
accounting or similar firm to provide assistance in calculating any such amounts, the Company shall be responsible for the costs of any such firm. 

 Mr. Lawrence J. Burian 

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 13. It is intended that this Agreement will comply with Section 409A to the extent this Agreement is
subject thereto, and that this Agreement shall be interpreted on a basis consistent with such intent. If and to the extent that any payment or benefit under this Agreement, or any plan, award or arrangement of the Company or its affiliates,
constitutes “non-qualified deferred compensation” subject to Section 409A and is payable to you by reason of your termination of employment, then (a) such payment or benefit shall be made or provided to you only upon a
“separation from service” as defined for purposes of Section 409A under applicable regulations and (b) if you are a “specified employee” (within the meaning of Section 409A as determined by the Company), such
payment or benefit shall not be made or provided before the date that is six months after the date of your separation from service (or your earlier death). Any amount not paid or benefit not provided in respect of the six month period specified in
the preceding sentence will be paid to you, together with interest on such delayed amount at a rate equal to the average of the one-year LIBOR fixed rate equivalent for the ten business days prior to the date of your employment termination, in a
lump sum or provided to you as soon as practicable after the expiration of such six month period. Each payment or benefit provided under this Agreement shall be treated as a separate payment for purposes of Section 409A to the extent
Section 409A applies to such payment. 
 14. To the extent you are entitled to any expense reimbursement from the Company that is subject to
Section 409A, (i) the amount of any such expenses eligible for reimbursement in one calendar year shall not affect the expenses eligible for reimbursement in any other taxable year (except under any lifetime limit applicable to expenses
for medical care), (ii) in no event shall any such expense be reimbursed after the last day of the calendar year following the calendar year in which you incurred such expense, and (iii) in no event shall any right to reimbursement be
subject to liquidation or exchange for another benefit. 
 15. The Company will not take any action, or omit to take any action, that would expose any
payment or benefit to you to the additional tax of Section 409A, unless (i) the Company is obligated to take the action under an agreement, plan or arrangement to which you are a party, (ii) you request the action, (iii) the
Company advises you in writing that the action may result in the imposition of the additional tax and (iv) you subsequently request the action in a writing that acknowledges you will be responsible for any effect of the action under
Section 409A. The Company will hold you harmless for any action it may take or omission in violation of this Paragraph 15, including any attorney’s fees you may incur in enforcing your rights. 

16. It is our intention that the benefits and rights to which you could become entitled in connection with termination of employment be exempt from or comply
with Section 409A. If you or the Company believes, at any time, that any of such benefit or right is not exempt or does not comply, it will promptly advise the other and will negotiate reasonably and in good faith to amend the terms of such
arrangement such that it complies (with the most limited possible economic effect on you and on the Company). 
 17. This Agreement is personal to you and
without the prior written consent of the Company shall not be assignable by you. This Agreement shall inure to the benefit of and be enforceable by your legal representatives. This Agreement shall inure to the benefit of and be binding upon

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the Company and its successors and assigns. The rights or obligations of the Company under this Agreement may only be assigned or transferred pursuant to a merger or consolidation in which the
Company is not the continuing entity, or the sale or liquidation of all or substantially all of the assets of Company; provided, however, that the assignee or transferee is the successor to all or substantially all of the assets of Company and such
assignee or transferee assumes the liabilities and duties of Company, as contained in this Agreement, either contractually or as a matter of law. 
 18.
To the extent permitted by law, you and the Company waive any and all rights to a jury trial with respect to any matter relating to this Agreement (including the covenants set forth in Annex A hereof). This Agreement will be governed by and
construed in accordance with the law of the State of New York applicable to contracts made and to be performed entirely within that State. 
 19. Both
the Company and you hereby irrevocably submit to the jurisdiction of the courts of the State of New York and the federal courts of the United States of America in each case located in the City of New York, Borough of Manhattan, solely in respect of
the interpretation and enforcement of the provisions of this Agreement, and each party hereby waives, and agrees not to assert, as a defense that either party, as appropriate, is not subject thereto or that the venue thereof may not be appropriate.
You and the Company each agree that mailing of process or other papers in connection with any such action or proceeding in any manner as may be permitted by law shall be valid and sufficient service thereof. 

20. This Agreement may not be amended or modified otherwise than by a written agreement executed by the parties hereto or their respective successors and
legal representatives. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement. It is the parties’ intention that this Agreement not be
construed more strictly with regard to you or the Company. 
 21. This Agreement reflects the entire understanding and agreement of you and the Company with
respect to the subject matter hereof and supersedes all prior understandings or agreements relating thereto, including the prior employment agreement between you and the Company (the “Original Agreement”) which shall automatically
terminate and be of no further force and effect upon the execution hereof: provided, however, that you shall continue to be entitled to any compensation, payments or other benefits to which you became entitled prior to the date hereof pursuant to
the Original Agreement which have not been paid or delivered to you as of the date hereof (without duplication of any compensation, payment or other benefit payable to you pursuant to this Agreement), and you shall continue to be entitled to the
benefits under the Indemnification Agreement between you and the Company. 
 22. This Agreement will automatically terminate, and be of no further force or
effect, on the Scheduled Expiration Date; provided, however, that the provisions of Paragraphs 6 through 9, 12 through 23 and Annex A, and any amounts earned but not yet paid to you pursuant to the terms of this Agreement as of the Scheduled
Expiration Date shall survive the termination of the Agreement and remain binding on you and the Company in accordance with their terms. 

 Mr. Lawrence J. Burian 

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 23. You agree that “Good Reason” will not exist solely because the Company appoints you to
serve as Executive Vice President, General Counsel & Secretary of both the Company and its sports and entertainment businesses (collectively, “Spinco”) following the consummation of the Company’s planned spinoff of Spinco.

 Mr. Lawrence J. Burian 

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	Sincerely,
	
	THE MADISON SQUARE GARDEN COMPANY
	
	 /s/ James L. Dolan

	By: James L. Dolan
	Title: Executive Chairman

  

	
	Accepted and Agreed:
	
	 /s/ Lawrence J. Burian

	Lawrence J. Burian

 Mr. Lawrence J. Burian 

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 ANNEX A 

ADDITIONAL COVENANTS 
 (This Annex
constitutes part of the Agreement) 
 You agree to comply with the following covenants in addition to those set forth in the Agreement. 

1. CONFIDENTIALITY 
 You agree to retain in strict confidence and
not divulge, disseminate, copy or disclose to any third party any Confidential Information, other than for legitimate business purposes of the Company and its subsidiaries. As used herein, “Confidential Information” means any non-public
information that is material or of a confidential, proprietary, commercially sensitive or personal nature of, or regarding, the Company or any of its subsidiaries or any current or former director, officer or member of senior management of any of
the foregoing (collectively “Covered Parties”). The term Confidential Information includes information in written, digital, oral or any other format and includes, but is not limited to (i) information designated or treated as
confidential; (ii) budgets, plans, forecasts or other financial or accounting data; (iii) customer, guest, fan, vendor, sponsor, marketing affiliate or shareholder lists or data; (iv) technical or strategic information regarding the
Covered Parties’ television, programming, advertising, sports, entertainment, theatrical, or other businesses; (v) advertising, sponsorship, business, sales or marketing tactics, strategies or information; (vi) policies, practices,
procedures or techniques; (vii) trade secrets or other intellectual property; (viii) information, theories or strategies relating to litigation, arbitration, mediation, investigations or matters relating to governmental authorities;
(ix) terms of agreements with third parties and third party trade secrets; (x) information regarding employees, talent, players, coaches, agents, consultants, advisors or representatives, including their compensation or other human
resources policies and procedures; (xi) information or strategies relating to any potential or actual business development transactions and/or any potential or actual business acquisition, divestiture or joint venture, and (xii) any other
information the disclosure of which may have an adverse effect on the Covered Parties’ business reputation, operations or competitive position, reputation or standing in the community. 

If disclosed, Confidential Information or Other Information could have an adverse effect on the Company’s standing in the community, its business
reputation, operations or competitive position or the standing, reputation, operations or competitive position of any of its affiliates, subsidiaries, officers, directors, employees, coaches, consultants or agents or any of the Covered Parties. 

Notwithstanding the foregoing, the obligations of this section, other than with respect to subscriber information, shall not apply to Confidential Information
which is: 
  

 Mr. Lawrence J. Burian 

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 a) already in the public domain or which enters the public domain other than by your breach of this Paragraph
1; 
 b) disclosed to you by a third party with the right to disclose it in good faith; or 

c) specifically exempted in writing by the Company from the applicability of this Agreement. 

Notwithstanding anything elsewhere in this Agreement, including this Paragraph 1 and Paragraph 3 below, you are authorized to make any disclosure required of
you by any federal, state and local laws or judicial, arbitral or governmental agency proceedings (including making truthful statements in connection with a judicial or arbitral proceeding to enforce your rights under this Agreement, to the extent
reasonably required and made in good faith), after, to the extent legal and practicable, providing the Company with prior written notice and an opportunity to respond prior to such disclosure. In addition, this Agreement in no way restricts or
prevents you from providing truthful testimony concerning the Company to judicial, administrative, regulatory or other governmental authorities. 
 2.
NON-COMPETE 
 You acknowledge that due to your executive position in the Company and the knowledge of the Company’s and its affiliates’
confidential and proprietary information which you will obtain during the Term, your employment by certain businesses would be irreparably harmful to the Company and/or its affiliates. During your employment with the Company and thereafter through
the first anniversary of the date on which your employment with the Company has terminated for any reason, you agree, to the extent permissible under applicable rules of professional responsibility, not to (other than with the prior written consent
of the Company), become employed by any Competitive Entity (as defined below). A “Competitive Entity” shall mean any (a) regional sports network primarily distributed in the New York Metropolitan Area, (ii) any NHL or NBA team located in
New York, New Jersey or Connecticut, or (iii) any arena or theater (with at least 1,000 seats) that competes in the same city as any of the Company’s arenas or theaters, respectively. Additionally, the ownership by you of not more than 1% of
the outstanding equity of any publicly traded company shall not, by itself, be a violation of this Paragraph. 
 3. ADDITIONAL UNDERSTANDINGS 

You agree, for yourself and others acting on your behalf, that you (and they) have not disparaged and will not disparage, make negative statements about
(either “on the record” or “off the record”) or act in any manner which is intended to or does damage to the good will of, or the business or personal reputations of the Company or any of its incumbent or former officers,
directors, agents, consultants, employees, successors and assigns or any of the Covered Parties. 

 Mr. Lawrence J. Burian 

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 The Company agrees that, except as necessary to comply with applicable law or the rules of the NASDAQ Stock
Market or any other stock exchange on which the Company’s stock may be traded (and any public statements made in good faith by the Company in connection therewith), it and its corporate officers and directors, employees in its public relations
department or third party public relations representatives retained by the Company will not disparage you or make negative statements in the press or other media which are damaging to your business or personal reputation. In the event that the
Company so disparages you or makes such negative statements, then notwithstanding the “Additional Understandings” provision to the contrary, you may make a proportional response thereto. 

In addition, you agree that the Company is the owner of all rights, title and interest in and to all documents, tapes, videos, designs, plans, formulas,
models, processes, computer programs, inventions (whether patentable or not), schematics, music, lyrics and other technical, business, financial, advertising, sales, marketing, customer or product development plans, forecasts, strategies,
information and materials (in any medium whatsoever) developed or prepared by you or with your cooperation in connection with your employment by the Company (the “Materials”). The Company will have the sole and exclusive authority to use
the Materials in any manner that it deems appropriate, in perpetuity, without additional payment to you. 
 If requested by the Company, you agree to
deliver to the Company upon the termination of your employment, or at any earlier time the Company may request, all memoranda, notes, plans, files, records, reports, and software and other documents and data (and copies thereof regardless of the
form thereof (including electronic copies)) containing, reflecting or derived from Confidential Information or the Materials of the Company or any of its affiliates which you may then possess or have under your control. If so requested, you shall
provide to the Company a signed statement confirming that you have fully complied with this Paragraph. Notwithstanding the foregoing, you shall be entitled to retain your contacts, calendars and personal diaries and any materials needed for your tax
return preparation or related to your compensation. 
 In addition, you agree for yourself and others acting on your behalf, that you (and they) shall not,
at any time, participate in any way in the writing or scripting (including, without limitation, any “as told to” publications) of any book, periodical story, movie, play, or other similar written or theatrical work or video that
(i) relates to your services to the Company or any of its affiliates or (ii) otherwise refers to the Company or its respective businesses, activities, directors, officers, employees or representatives (other than identifying your
biographical information), without the prior written consent of the Company. 
 4. FURTHER COOPERATION 

Following the date of termination of your employment with the Company (the “Expiration Date”), you will no longer provide any regular services to the
Company or represent yourself as 

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a Company agent. If, however, the Company so requests, you agree to cooperate fully with the Company in connection with any matter with which you were involved prior to the Expiration Date, or in
any litigation or administrative proceedings or appeals (including any preparation therefore) where the Company believes that your personal knowledge, attendance and participation could be beneficial to the Company. This cooperation includes,
without limitation, participation on behalf of the Company in any litigation or administrative proceeding brought by any former or existing Company employees, representatives, agents or vendors. The Company will pay you for your services rendered
under this provision at the rate of $6,800 per day for each day or part thereof, within 30 days of the approval of the invoice therefor. 
 The Company
will provide you with reasonable notice in connection with any cooperation it requires in accordance with this section and will take reasonable steps to schedule your cooperation in any such matters so as not to materially interfere with your other
professional and personal commitments. The Company will reimburse you for any reasonable out-of-pocket expenses you reasonably incur in connection with the cooperation you provide hereunder as soon as practicable after you present appropriate
documentation evidencing such expenses. You agree to provide the Company with an estimate of such expense before you incur the same. 
 5. NON-HIRE OR
SOLICIT 
 You agree not to hire, seek to hire, or cause any person or entity to hire or seek to hire (without the prior written consent of the Company),
directly or indirectly (whether for your own interest or any other person or entity’s interest) any person who is or was in the prior six months an employee of the Company, or any of its subsidiaries, until the first anniversary of the date of
your termination of employment with the Company. This restriction does not apply to any former employee who was discharged by the Company or any of its affiliates. In addition, this restriction will not prevent you from providing references. If you
remain continuously employed with the Company through the Scheduled Expiration Date, then this agreement not to hire or solicit will expire on the Scheduled Expiration Date. 

6. ACKNOWLEDGMENTS 
 You acknowledge that the restrictions
contained in this Annex A, in light of the nature of the Company’s business and your position and responsibilities, are reasonable and necessary to protect the legitimate interests of the Company. You acknowledge that the Company has no
adequate remedy at law and would be irreparably harmed if you breach or threaten to breach the provisions of this Annex A, and therefore agree that the Company shall be entitled to injunctive relief, to prevent any breach or threatened breach of any
of those provisions and to specific performance of the terms of each of such provisions in addition to any other legal or equitable remedy it may have. You further agree that you will not, in any equity proceeding relating to the enforcement of the
provisions of this Annex A, raise the defense that the Company has an adequate remedy at law. Nothing in this Annex A shall be construed as prohibiting the Company 

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from pursuing any other remedies at law or in equity that it may have or any other rights that it may have under any other agreement. If it is determined that any of the provisions of this Annex
A or any part thereof, is unenforceable because of the duration or scope (geographic or otherwise) of such provision or because of applicable rules of professional responsibility, it is the intention of the parties that the duration or scope of such
provision, as the case may be, shall be reduced so that such provision becomes enforceable and, in its reduced form, such provision shall then be enforceable and shall be enforced. 

7. SURVIVAL 
 The provisions of this Annex A shall survive any
termination of your employment by the Company or the expiration of the Agreement except as otherwise provided herein.ex10-1.htm

Exhibit 10.1

 

AMENDMENT OF LEASE

 

This Amendment of Lease Agreement (this “Amendment”), dated as of the 1st day of June, 2015 (the “Effective Date”), by and between KLAUS KRETSCHMANN, not individually but as Court-Approved Receiver for 114 West 41st Street, New York, New York a/k/a 119 West 40th Street, New York, New York (“Landlord”), and HAMPSHIRE GROUP, LIMITED, a Delaware corporation (“Tenant”); collectively sometimes referred to as the “Parties.”

 

W I T N E S S E T H:

 

WHEREAS, Landlord’s predecessor in interest and Tenant are parties to a lease dated as of July 11, 2007 (“Original Lease”) and that certain letter agreement dated as of October 24, 2008 (the “Letter Agreement”, together with the Original Lease, the “Current Lease”), demising to Tenant the entire fourth (4th), fifth (5th), sixth (6th), seventh (7th) and eighth (8th) floors and a portion of the Basement, all as more particularly set forth in the Current Lease (the “Current Premises”), in Landlord’s building known as 114 West 41st Street, a/k/a 119 West 40th Street, New York, New York (the “Building”); said Current Lease is incorporated herein by reference.

 

WHEREAS, a foreclosure action was commenced by the filing of a Summons and Verified Complaint, dated December 14, 2009, in the Supreme Court of the State of New York, County of New York, under Index No. 117469/2009, by original plaintiff CW Capital Asset Management LLC, as Special Servicer for Bank of America, N.A., as Trustee on behalf of the registered holders of GS Mortgage Securities Corporation II, Commercial Mortgage Pass-Through Certificates, Series 2007- GG10 (“Original Plaintiff”) seeking, among other things, to foreclose on a certain mortgage (the “Mortgage”) against the Building as more particularly described in the Complaint.

 

WHEREAS, Original Plaintiff filed an Amended Verified Complaint on or about March 12, 2010, seeking to, among other things, foreclose the Mortgage as more particularly described in the Amended Verified Complaint.

 

WHEREAS, on January 20, 2010, the court issued an Order Appointing Landlord as Temporary Receiver in the mortgage foreclosure action.

 

WHEREAS, on February 26, 2010, the court issued an Amended Order Appointing Temporary Receiver over the Mortgaged Premises in this mortgage foreclosure action (the “Amended Order”).

 

WHEREAS, on or about February 4, 2014, all of the right, title and interest in the Mortgage was assigned by Original Plaintiff to 119 West 40th Company LLC (“119 West 40th”).

 

 

 

 

 

WHEREAS, on April 28, 2014, the court issued an Order that, among other things, substituted 119 West 40th as Plaintiff in this action in place and stead of Original Plaintiff.

 

WHEREAS, by Stipulation and Order dated December 23, 2014, the claims against Defendant Charney-FPG 114 41st Street, LLC (“Charney-FPG”) were dismissed without prejudice.

 

WHEREAS, on or about December 24, 2014, Charney-FPG, the owner of the Building, transferred all of its right, title and interest in, and delivered the deed to, the Building to BRE 114 West 41st Street LLC.

 

WHEREAS, Landlord and Tenant desire to amend the Current Lease to provide, among other things, for the (i) surrender by Tenant of the entire fifth (5th), sixth (6th), and seventh (7th) floors of the Current Premises; the portion of the Basement leased to the Tenant pursuant to the Current Lease and; the fourth (4th) floor of the Current Premises, except for the portion of the fourth floor defined as the “Swing Space Premises” in this Amendment (such surrendered space hereinafter collectively the “Surrendered Premises”) as reflected in the annexed diagram for descriptive purposes only; (ii) the discontinuance of that certain non-payment proceeding captioned Klaus Kretschmann, as Receiver vs. Hampshire Group, Limited, Civil Court of the City of New York, L&T Index No. 60007/2015 (the “Proceeding”); (iii) the payment of all arrears due under the Current Lease, as set forth in Section 8 herein; and (iv) the withdrawal of the appeals filed by Klaus Kretschmann, as Receiver (the “Receiver”), in non-payment proceeding captioned Klaus Kretschmann, as Receiver vs. Hampshire Group, Limited, Civil Court of the City of New York, L&T Index No. 57574/2011, (the “Lawsuit”) currently pending before the New York Supreme Court, Appellate Term, First Department, Cal. Nos. 14-230, 14-231, and 14-316 (the “Appeals”).

 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which hereby are acknowledged, Landlord and Tenant agree as follows:

 

The recitals set forth above are an integral, material and substantive part of this Amendment of Lease. 

 

1.           Definitions. All capitalized terms contained in this Amendment shall, for the purposes hereof, have the same meanings ascribed to them in the Current Lease unless otherwise defined herein. As used herein, the term “Lease” shall mean the Current Lease, as amended by this Amendment and as hereafter amended. From and after the Effective Date (as defined above), the following defined terms as used in the Lease shall have the following meanings:                           

 

(A)     “Office Premises” shall mean the eighth (8th) floor of the Building shown on Exhibit A of the Current Lease, other than the cross-hatched sections. The Office Premises is 15,389 rentable square feet.

 

 

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(B)      “Leased Premises” shall mean the: (i) Office Premises (as such term is defined in this Amendment) and (ii) Swing Space Premises (as such term is defined in this Amendment). For avoidance of doubt, the Leased Premises does not include the following areas, if and to the extent cross-hatched on Exhibit A to the Current Lease: those elevators, fire stairways, telecom closets, equipment rooms and certain other enclosed areas reserved by Landlord for electrical, plumbing, telecommunications, or utilities services, or for other systems, services, or structural components serving the Building.

 

(C)     “Tenant’s Percentage” shall mean 4.726%. 

 

2.             Surrender of the Surrendered Premises. 

 

(A)     Tenant has voluntarily, knowingly, irrevocably and intentionally surrendered to Landlord possession of the Surrendered Premises, which surrender shall be effective as of the Effective Date. It is the intent and agreement of the Parties that, as a result of this partial surrender of the Lease, Tenant releases, grants and gives over to Landlord all of Tenant's right, title and interest in and to the Surrendered Premises, whether arising pursuant to the Lease, by operation of law or otherwise.

 

(B)     Tenant reserves all of its rights and remedies granted pursuant to the Lease, at law or in equity, with respect to the obligations of Landlord to the extent such obligations: (a) accrue after the date of this Amendment; (b) relate to Tenant’s use and occupancy of the Office Premises; and (c) were not amended or eliminated pursuant to this Amendment. Tenant’s obligations to pay Rent and other charges due under the Lease with respect to the Surrendered Premises are expressly waived, except as set forth in this Amendment.

 

(C)     Landlord reserves all of its rights and remedies granted pursuant to the Lease, at law or in equity, with respect to the obligations of Tenant including, but not limited to, all obligations not otherwise amended or eliminated pursuant to this Amendment. If: (a) Tenant files for Bankruptcy during the term of the Lease or the Surrender Note, or (b) within one year of the date of this Amendment, Tenant commits a monetary default in an amount equal to at least one monthly installment of the Fixed Annual Rent that is not cured within thirty days, then Landlord shall have the option of either: (i) enforcing its rights under the Lease, the Surrender Note and Swing Space Note, if any or (ii), enforcing its rights under the Current Lease as if this Amendment had not been entered into by the Landlord and Tenant. 

 

(D)     On or prior to the Effective Date, Tenant shall completely vacate and surrender the Surrendered Premises to Landlord in accordance with the terms of the Lease.

 

(E)     In consideration of Landlord’s acceptance of the surrender of possession of the Surrendered Premises earlier than the expiration date otherwise prescribed by the Lease, Tenant waives all right to injunctive or other judicial or appellate relief to either stay or set aside any or all of Tenant’s surrender obligations prescribed herein. 

 

 

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(F)     In further consideration of Landlord’s acceptance of Tenant’s surrender of the Surrendered Premises, Tenant shall pay Landlord a surrender fee of Three Million One Hundred Fifty Thousand and 00/100 Dollars ($3,150,000.00) (the “Surrender Fee”). Tenant shall (i) pay the Surrender Fee to Landlord as follows: (a) thirty-six (36) equal installments of $55,555.56 on the first day of each month from January 1, 2017 through and including December 1, 2019; (b) $500,000.00 on or before July 1, 2020; and (c) $650,000 on or before October 1, 2020; and (ii) deliver to Landlord a promissory note (the “Surrender Note”) in the form annexed hereto as Exhibit 1. Any and all amounts payable under the Surrender Note and Swing Space Note (as defined in this Amendment) shall be referred to individually as a “Note Payment” and collectively as “Note Payments.” All Note Payments are deemed Additional Rent under the Lease and failure by Tenant to pay any such installments shall entitle Landlord to all rights and remedies under the Lease and this Amendment and at law and in equity for the nonpayment of Additional Rent under the Lease and/or to exercise Landlord’s rights under paragraph 2(B) above. Tenant shall not be relieved of any of the obligations under the Lease, Surrender Note or Swing Space Note (defined below) as a result of Landlord reletting the Surrendered Premises and Tenant shall not be entitled to receive any of the separate and independent rent paid for the Surrendered Premises. 

 

(G)     Tenant confirms that Tenant is currently in possession of the Office Premises and accepts the Office Premises in its “as-is”, “where-is” condition as of the Effective Date and, as of the Effective Date, no work is required to be performed by Landlord in order for Tenant to occupy the Office Premises in accordance with the terms and conditions of the Lease and Tenant has no claims against Landlord for any matters involving the Office Premises.

 

3.             Swing Space Premises. 

 

(A)     From and after the Effective Date, Tenant leases from Landlord, 7,563 rentable square feet initially to be located on the fourth (4th) floor of the Building (the “Swing Space Premises”), subject to all of the terms and conditions of the Lease, except as expressly modified hereby with respect to the Swing Space Premises. Accordingly, from and after the Effective Date and only with respect to the Swing Space Premises: 

 

(1)     Notwithstanding Section 1(B) of the Current Lease, the total Rent for the Swing Space Premises is Five Hundred Twenty-Nine Thousand Four Hundred Ten Dollars and No Cents ($529,410.00) per annum, payable in lawful money of the United States in equal monthly installments in advance on the first day of each month during the Term, by wire transfer or to be received at the office of Landlord or such other place as Landlord may designate by notice to Tenant, without any setoff or deduction whatsoever. The Swing Space Premises rent is in addition to the Office Premises rent, which is set forth in Schedule I hereto.

 

(2)     Notwithstanding Section 13 of the Current Lease, Landlord and Landlord’s agents shall have the right to enter the Swing Space Premises at all times and to utilize, lease or sublease the Swing Space Premises for any lawful purpose, in Landlord’s sole and absolute discretion. 

 

(3)     Notwithstanding Section 42 of the Current Lease, Tenant shall not make or perform, or permit the making or performance of, any alterations, installations, Improvements, additions or other physical changes in or about the Swing Space Premises (collectively, “Tenant Changes”).

 

 

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(4)     Sections 29, 34, 38, 41, the last sentence of Section 43(A), Sections 43(B) (iii), 43(D), 48(B) through (I), (L), (M) and (N) and 49(B)-(F) of the Current Lease shall have no application to the Swing Space Premises. 

 

(5)     Notwithstanding Section 48(A) of the Current Lease, Tenant covenants and agrees that it will not sublet, assign, mortgage, pledge, encumber or otherwise transfer (whether voluntarily, involuntarily, by operation of law, or otherwise) the Swing Space Premises. 

 

(B)     Landlord is not required to perform any work, pay any Landlord Contribution or any other amount, render any services to make the Building or the Swing Space Premises ready for Tenant’s lease thereof, and Tenant shall accept the Swing Space Premises (or any replacement Swing Space Premises) in its “as is” condition on the Effective Date. 

 

(C)     Landlord shall have the right, at any time, and from time to time, upon forty-eight (48) hours prior notice to Tenant, to replace the Swing Space Premises at no cost or expense to Landlord, with any replacement premises of comparable size. Each such replacement Swing Space Premises as so designated by Landlord shall be deemed to be the “Swing Space Premises” as defined herein. 

 

(D)     Landlord reserves the right, at any time, and from time to time, upon thirty (30) days prior notice to Tenant, to sublease the Swing Space Premises from Tenant, free of charge, pursuant to Landlord’s standard form of sublease; provided that, in any event such sublease shall: 

 

(1)     permit the sublessee, without Tenant’s consent, freely to assign such sublease or any interest therein or to sublet all or any part of the space covered by such sublease and to make any and all alterations and improvements in the space covered by such sublease;

 

(2)     provide that any assignee or further subtenant of Landlord may, at the election of Landlord, make alterations, decorations and installations in such space or any part thereof, any or all of which may be removed, in whole or in part, by such assignee or subtenant, at its option, prior to or upon the expiration or other termination of such sublease; and

 

(3)     provide that (i) the parties to such sublease expressly agree and acknowledge that that no estate is created under such sublease by merger with any other estate held by either of said parties, (ii) any assignment or subletting by Landlord (as the subtenant) may be for any purpose Landlord decides, in its sole discretion, (iii) Landlord, at Landlord’s expense, may make such alterations as Landlord decides to separately demise the subleased space and comply with any laws relating to such demise, and (iv) Tenant shall not be relieved of any of its obligations under the Lease, Amendment, the Surrender Note and/or Swing Space Note (defined below) as a result of such subletting or assignment and Tenant shall no right to Rent or Subrent the rent for the use of the Swing Space Premises. 

 

 

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(E)     At any time, upon thirty (30) days’ prior notice to Tenant, Landlord shall have the right to require Tenant to surrender the Swing Space Premises (“Swing Space Surrender Notice”). In conjunction therewith, Tenant shall, within such thirty (30) day period following Tenant’s receipt of such surrender notice from Landlord, deliver to Landlord a promissory note (the “Swing Space Note”), substantially in the form of the Surrender Note and in an amount equal to the then aggregate Rent allocable to the Swing Space Premises for the remainder of the Term (i.e., $70/rsf x 7,563 rsf x number of months remaining in the Term divided by twelve (12)) (“Swing Space Rental Obligation”), payable in equal monthly installments on the first day of each and every month through the balance of the Term commencing on the first day of the month following the surrender of the Swing Space Premises. In the event that Tenant’s fails to execute the Swing Space Note as required by this paragraph, upon an additional ten days written notice, Tenant’s obligation to pay the Swing Space Rental obligation shall be accelerated and immediately due and payable. Upon Tenant’s receipt of the Swing Space Surrender Notice, Tenant shall voluntarily, knowingly, irrevocably and intentionally surrender to Landlord the Swing Space Premises, which surrender shall be effective as of the date of the Swing Space Surrender Notice. It is the intent and agreement of the parties that, as a result of the surrender of the Swing Space Premises, Tenant shall release, grant and give over to Landlord all of Tenant's right, title and interest in and to the Swing Space Premises, whether arising pursuant to the Lease, by operation of law or otherwise with respect to the Swing Space Premises except those obligations that expressly survive. The Landlord’s reletting of the Swing Space Premises shall not affect or reduce Tenant’s obligations under the Swing Space Note, Surrender Note and/or Lease and Tenant shall not be entitled to retain any of the rent paid for the use of the Swing Space Premises.

 

4.            Right to Relocate. From and after the Effective Date, Landlord has the one-time right, at Landlord’s sole cost and expense, to relocate the Office Premises to an alternative location in the Building of substantially similar size (the “New Office Premises”). Landlord’s right to relocate the Office Premises is subject to the conditions set forth in Section 65(A)(i)-(v) and (B) of the Current Lease, except (i) all references to the Original Basement Premises shall be deemed to refer to the Office Premises; (ii) all references to the New Basement Premises shall be deemed to refer to the New Office Premises; and (iii) Section 65(A)(i) is amended to provide that Landlord shall give Tenant at least 45 days’ prior notice of such relocation. Upon completion of any such relocation, the New Office Premises shall be deemed to be the Office Premises under the Lease and the parties shall execute an amendment to the Lease evidencing such relocation. 

 

5.            Amended Provisions. 

 

(A)     From and after the Effective Date, the Current Lease shall be deemed to be amended as follows:

 

(1)     Sections 60, 61, 62 and 63(C) of the Current Lease are deleted.

 

 

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(2)     All references to the Hampshire Building Name Conditions in the Current Lease deleted.

 

(3)     The floorplans of Floors 4, 5, 6 and 7 included in Exhibit A of the Current Lease are deleted, and Exhibit 2 hereto, along with the floorplan for Floor 8, is deemed to be a part of Exhibit A of the Lease.

 

(4)     Schedule I of the Current Lease, Applicable per Square Foot Rent, is deleted and replaced with Schedule I hereto. 

 

6.            Discontinuance of the Proceeding. Upon execution of this Amendment, Tenant and the Receiver shall execute a Stipulation of Discontinuance, without prejudice, reasonably acceptable to Landlord and Tenant, discontinuing the Proceeding. Within three (3) days following the Effective Date, counsel for the Receiver shall file the Stipulation of Discontinuance with the Civil Court for the State of New York, County of New York.

 

7.            Withdrawal of the Appeals. Upon execution of this Amendment, Tenant and the Receiver will execute a Settlement Agreement in connection with the Appeals and Lawsuit in substantially the form as attached as Exhibit 2 hereto. In connection therewith, Tenant shall release Landlord and the Receiver from any obligation in connection with the judgment obtained in the Lawsuit, including the award of attorneys’ fees. Within three (3) days following the Effective Date, the Receiver will notify the New York Supreme Court, Appellate Term, First Department, of his withdrawal of the Appeals. 

 

8.            Rent Arrears. Tenant acknowledges that, as of May 31, 2015, Tenant owes Landlord rent and additional rent totaling $1,638,133.28. Tenant shall pay Landlord the aforesaid rent and additional rent arrears as follows: (a) $250,000 on or before July 1, 2015; (b) $1,333,471.50, payable in seventeen (17) $78,439.50 installments on the first of each month from July 1, 2015 through and including November 1, 2016 and; (c) $54,661.78 on or before December 1, 2016. Tenant shall pay Landlord the June, 2015 Rent and Additional Rent due pursuant to this Amended Lease simultaneously with the execution of this Lease Amendment.

 

9.            Brokerage. 

 

(A)     Tenant represents and warrants that Tenant has not dealt with any broker or agent in connection with this Amendment. Tenant indemnifies and holds Landlord harmless of and from any and all loss, costs, damage or expense (including, without limitation, attorneys’ fees and disbursements) incurred by Landlord by reason of any claim of, or liability to, any broker or finder based on dealing with Tenant or its officers or employees in connection with the negotiation, execution or consummation of this Amendment. 

 

(B)     Landlord represents and warrants that Landlord has not dealt with any broker or agent in connection with this Amendment. Landlord indemnifies and holds Tenant harmless of and from any and all loss, costs, damage or expense (including, without limitation, attorneys’ fees and disbursements) incurred by Tenant by reason of any claim of, or liability to, any broker or finder based on dealing with Landlord or its officers or employees in connection with the negotiation, execution or consummation of this Amendment. 

 

 

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(C)     The provisions of this Section 9 shall survive the expiration or earlier termination of the Lease and Amendment. 

 

10.          Representations.

 

(A)     Tenant represents and agrees that:      

 

(1)     Tenant is presently in sole legal and physical possession of the Surrendered Premises and that there are no other persons and/or entities in possession of, or entitled to possession of the Surrendered Premises. 

 

(2)     Tenant has the full authority and power to enter into this Amendment and surrender to Landlord any and all right, title and interest in and to the Surrendered Premises and the Lease.

 

(3)     Tenant understands that (i) the truth and accuracy of the warranties and representations by Tenant constitute a requisite term of compliance with this Amendment; and (ii) Landlord has specifically relied upon these warranties and representations as a material and special inducement in the making and executing of this Agreement, such that without said warranties and representations made by Tenant, and Landlord’s reliance thereon, Landlord would not have made and/or executed this Amendment.

 

(B)     Landlord represents and agrees that:

 

(1)     Landlord has the full authority and power to enter into this Amendment. 

 

(2)     Landlord has sought and gained the approval of the Receiver in connection with the obligations of the Receiver set forth in this Amendment.

 

(3)      Landlord shall bear the primary responsibility for seeking and gaining any further approval, if necessary, from the Receiver and/or any Court with jurisdiction over the Building to carry out the requirements of this Amendment.

 

11.          No Waiver. Nothing in this Amendment shall be deemed to be a waiver by Landlord of any right or remedy of Landlord under the Lease, at law or in equity, with respect to any existing or future defaults of Tenant under the Lease, including, without limitation, unpaid Rent, and by entering into this Amendment, Landlord does not waive any right or remedy under the Lease, at law or in equity, and hereby expressly reserves any and all such rights and remedies. Nothing in this Amendment shall be deemed to be a waiver by Tenant of any right or remedy of Tenant under the Lease, at law or in equity, with respect to future defaults by Landlord, except as expressly set forth herein, and by entering into this Amendment, Tenant does not waive any right or remedy under the Lease, at law or in equity, and hereby expressly reserves any and all such rights and remedies with respect to future defaults by Landlord. No remedy under this Amendment is intended to be exclusive of any other available remedy. 

 

 

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12.       Lease Ratified. Except as modified by this Amendment, the Current Lease and all covenants, agreements, terms and conditions thereof shall remain in full force and effect, and are hereby ratified and confirmed. Tenant further acknowledges that as of this date, it has no claims against Landlord involving this Lease, Amendment and related documents and agreements. 

 

13.       Successors and Assigns. The covenants, agreements, terms and conditions contained in this Amendment shall bind and inure to the benefit of the Parties and their respective legal and permissible successors and, except as otherwise provided in the Lease, their respective legal assigns.

 

14.       Changes to be in Writing. This Amendment may not be changed orally, but only by a writing signed by the party against whom enforcement is sought.

 

15.       Severability. The provisions of this Amendment are severable, and the invalidity or unenforceability of any provision shall not affect or impair the remaining provisions which shall continue in full force and effect. If for any reason, the Lease as it relates to the Swing Space Premises is deemed invalid or unenforceable, in whole or in part, the Swing Space Rental Obligation shall automatically be added as additional indebtedness under the Surrender Note (as defined herein) or, at Landlord’s election, Tenant shall deliver an additional promissory note in favor of Landlord in substantially the form of the Surrender Note in the amount of the remaining Swing Space Rental Obligation. 

 

16.       Not Binding Until Executed by Landlord. This Amendment shall not be binding in any respect upon Landlord until a counterpart hereof is executed by Landlord and delivered to Tenant.

 

17.       Counterparts. This Amendment may be executed by one or more of the Parties hereto on any number of separate counterparts, each of which shall be an original and all of which taken together shall constitute one and the same instrument. Transmission of a PDF copy of the signed counterpart of this Amendment shall be deemed the equivalent of the delivery of the original.

 

18.       No Receiver Liability. Klaus Kretschmann, who is entering into this Amendment as Landlord solely in his capacity as the court-appointed Receiver for the Building, his partners, agents, disclosed or undisclosed, members, shareholders, officers, directors and employees shall have no personal liability under the Lease. 

 

 

 

[SIGNATURE(S) ON FOLLOWING PAGE(S)]

 

 

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

 

	  	
LANDLORD:

	  	  
	  	
KLAUS KRETSCHMANN, not 

individually, but as Court-Appointed 

Receiver for the Building

 

By: /s/  Klaus Kretschmann                   
Name: Klaus Kretschmann

Title: Court Appointed Receiver

	  	  
	  	
TENANT:

	  	
 

HAMPSHIRE GROUP, LIMITED 

 

By: /s/  John D. Price                               

Name: John D. Price

Title: COO 

	  	  
	
The undersigned parties hereby 

consent to this Amendment and its 

Exhibits:
	
 

	
119 WEST 40TH COMPANY LLC

 

By: /s/ Michael Lascher                      

Name: Michael Lascher 

Title: Managing Director and Vice 

President 
	  
	

BRE 114 WEST 41ST STREET LLC 

By: /s/ Tyler Henritze

Name: Tyler Henritze

Title: Senior Managing Director & VP
	  

 

 

 

 

 

Schedule I

 

	
Period 
	
Applicable Fixed Annual Rent Per Rentable Square Foot For The Office Premises

 

	
First Rent Commencement Date through and including (A) the last day of the month immediately preceding the month in which occurs the first anniversary of the First Rent Commencement Date if the First Rent Commencement Date occurs on the first through the fifteenth day of a calendar month, or (B) the last day of the month in which occurs the first anniversary of the First Rent Commencement Date if the First Rent Commencement Date occurs on the sixteenth day though the end of a calendar month (“First Rent Year”)

 
	
$45.00 per rentable square foot1

 

(“First Year PSF Rent”)

 

 

 

 

 

1 The Office Premises has 15,389 rentable square feet.

 

 

 

 

 

	
12 month period commencing on the day after the last day of the First Rent Year (“Second Rent Year”)

 
	
$45.00 x CPI Adjustment (“Second Year PSF Rent”)

	
12 month period commencing on the day after the last day of the Second Rent Year (“Third Rent Year”)

 
	
Second Year PSF Rent x CPI Adjustment + 2.50 per rentable square foot (“Third Year PSF Rent”)

	
12 month period commencing on the day after the last day of the Third Rent Year (“Fourth Rent Year”)

 
	
Third Year PSF Rent x CPI Adjustment (“Fourth Year PSF Rent”)

	
12 month period commencing on the day after the last day of the Fourth Rent Year (“Fifth Rent Year”)

 
	
Fourth Year PSF Rent x CPI Adjustment (“Fifth Year PSF Rent”)

	
12 month period commencing on the day after the last day of the Fifth Rent Year (“Sixth Rent Year”)

 
	
Fifth Year PSF Rent x CPI Adjustment + $2.50 per rentable square foot (“Sixth Year PSF Rent”)

	
12 month period commencing on the day after the last day of the Sixth Rent Year (“Seventh Rent Year”)

 
	
Sixth Year PSF Rent x CPI Adjustment (“Seventh Year PSF Rent”)

	
12 month period commencing on the day after the last day of the Seventh Rent Year (“Eighth Rent Year”)

 
	
Seventh Year PSF Rent x CPI Adjustment + $22.50 per rentable square foot (“Eighth Year PSF Rent”)

	
12 month period commencing on the day after the last day of the Eighth Rent Year (“Ninth Rent Year”)

 
	
Eighth Year PSF Rent x CPI Adjustment (“Ninth Year PSF Rent”)

	
12 month period commencing on the day after the last day of the Ninth Rent Year (“Tenth Rent Year”)

 
	
Ninth Year PSF Rent x CPI Adjustment (“Tenth Year PSF Rent”)

	
12 month period commencing on the day after the last day of the Tenth Rent Year (“Eleventh Rent Year”)

 
	
Tenth Year PSF Rent x CPI Adjustment + $2.50 per rentable square foot (“Eleventh Year PSF Rent”)

	
12 month period commencing on the day after the last day of the Eleventh Rent Year (“Twelfth Rent Year”)

 
	
Eleventh Year PSF Rent x CPI Adjustment (“Twelfth Year PSF Rent”)

 

 

 

 

 

	
12 month period commencing on the day after the last day of the Twelfth Rent Year (“Thirteenth Rent Year”)

 
	
Twelfth Year PSF Rent x CPI Adjustment (“Thirteenth Year PSF Rent”)

	
12 month period commencing on the day after the last day of the Thirteenth Rent Year (“Fourteenth Rent Year”)

 
	
Thirteenth Year PSF Rent x CPI Adjustment + 2.50 per rentable square foot (“Fourteenth Year PSF Rent”)

	
12 month period commencing on the day after the last day of the Fourteenth Rent Year and ending on the Expiration Date (“Fifteenth Rent Year”)

 
	
Fourteenth Year PSF Rent x CPI Adjustment (“Fifteenth Year PSF Rent”) 

 

 

 

 

 

Exhibit 1

 

Surrender Note 

 

This Surrender Note (as amended, modified, supplemented or restated from time to time, the “Note”), dated as of April 1, 2015, is executed and delivered by HAMPSHIRE GROUP, LIMITED, a Delaware limited partnership (“Payor”), having an address at 114 West 41st Street, New York, New York 10036, and is payable to the order of KLAUS KRESTMANN, not individually, but as Court-Approved Receiver for the 114 West 41st Street, a/k/a 119 West 40th Street, New York, New York (“Payee”), with an office c/o Herrick Feinstein, LLP, 2 Park Avenue, New York, New York 10016, Attn: Alan Kaplan, Esq.. Payor hereby promises and agrees to pay to Payee, irrevocably and without setoff or counterclaim of any kind, the principal sum of THREE MILLION ONE HUNDRED FIFTY THOUSAND AND 00/100 DOLLARS ($3,150,000.00) (the “Principal Sum”), payable as follows: (a) thirty-six (36) equal monthly payments of principal and interest in the amount of $55,555.56, which monthly payments shall be made on or before January 1, 2017 and the first day of each month thereafter through and including December 1, 2019; (b) FIVE HUNDRED THOUSAND DOLLARS ($500,000.00) on or before July 1, 2020 and; (c) SIX HUNDRED FIFTY THOUSAND DOLLARS ($650,000.00) on or before October 1, 2020, the unpaid balance of the Principal Sum which shall include all accrued and unpaid interest thereon, unless due and payable earlier in accordance with the terms of Section 6 hereof, shall be due and payable in full on October 1, 2020. 

 

1.            Prepayments. The Payor may prepay the outstanding Principal Sum, in whole or in part, at any time. 

 

2.            Default Interest. Upon the occurrence and during the continuance of an Event of Default (as hereinafter defined), interest on the unpaid Principal Sum shall accrue at the per annum rate of ten percent (10%). 

 

3.            Representations and Warranties. Payor makes the following representations and warranties to Payee: 

 

(A)     the execution, delivery and performance by Payor of this Note and the consummation of the transactions contemplated to occur hereunder do not and will not violate or conflict with (i) Payor’s organizational documents, operating agreement, articles or certificate of incorporation or by-laws, as applicable, (ii) any law, rule, regulation, judgment or order binding on Payor or (iii) any agreement or instrument to which Payor is a party or which may be binding on the Payor or its assets; 

 

 

 

 

 

(B)     no authorization, consent, approval, license, exemption of or filing or registration with, any court or government or governmental agency is or will be necessary to the valid execution, delivery or performance by Payor of this Note; and 

 

(C)     no Event of Default (as hereinafter defined) has occurred and is continuing.

 

4.            Covenants. Until all obligations, liabilities and indebtedness arising under or relating to this Note shall have been irrevocably paid and satisfied in full in cash, Payor shall promptly notify Payee of the occurrence of any Event of Default, any event which, with the passage of time, the giving of notice, or both, is reasonably likely to become an Event of Default, or any event which is reasonably likely to have a material adverse effect on the Payor, its business, operations, properties or financial or other condition.

 

5.            Events of Default. Each of the following shall constitute an “Event of Default” under this Note:

 

(A)     Payor shall fail to pay on the date when due any installment of the Principal Sum or interest on this Note; 

 

(B)     Any representation or warranty made by Payor in this Note shall be false or misleading in any material respect when made;

 

(C)     Payor shall fail to observe or perform any covenant or agreement contained in Section 4 of this Note;

 

(D)     There shall be continuing any default beyond applicable cure period under that Lease dated as of October 24, 2007, as amended by that certain letter agreement dated as of October 24, 2007 and that certain Amendment of Lease dated as of the date hereof between Payee, as landlord, and Payor, as tenant (the “Lease”), or a default shall be continuing beyond applicable cure period under any document, instrument or agreement executed or delivered by Payor in connection with this Note; or

 

(E)     The Payor shall become insolvent, or admit in writing its inability, or is unable, to pay its debts as they mature, or is adjudicated a bankrupt or insolvent; or the Payor applies for, consents to, or acquiesces in the appointment of, a trustee or receiver for itself, or any of its property, or makes a general assignment for the benefit of creditors; or in the absence of such application, consent or acquiescence, a trustee or receiver is appointed for the Payor for a substantial part of its property, and is not discharged within sixty (60) days; or any bankruptcy, debt arrangement, or other proceeding under any bankruptcy or insolvency law, or any dissolution or liquidation proceeding, is instituted by or against the Payor and is consented to or acquiesced in by the Payor or remains for sixty (60) days undismissed, or a receiver, liquidator, custodian, trustee or similar official or fiduciary shall be appointed for the Payor or for any of its property. 

 

 

 

 

 

6.       Acceleration. Upon the occurrence and during the continuation of an Event of Default, Payee, in its sole and absolute discretion, may declare all obligations, liabilities and indebtedness under this Note to be due and payable, in which case the unpaid balance of the Principal Sum, and all accrued and unpaid interest thereon, shall be immediately due and payable in full, without notice, protest or demand of any kind. 

 

7.       Costs, Fees and Expenses. Payor shall be liable to pay or reimburse Payee, upon Payee’s demand, for all reasonable fees and out-of-pocket costs and expenses incurred by Payee (including without limitation the reasonable fees and disbursements of attorneys and other professionals engaged by Payee) in connection with the enforcement by Payee of its rights in any action, suit or proceeding commenced hereunder or under applicable law, to the extent Payee is the prevailing party in any such action, suit or proceeding. 

 

8.       Modification. This Note shall be binding on Payor, and its successors and assigns, and shall inure to the benefit of Payee, and its successors and assigns. This Note is payable to Payee in lawful money of the United States in immediately available funds. No amendment, modification or waiver of any provision of this Note shall be effective unless it is in writing and signed by Payor and consented to in writing by Payee.

 

9.       Notice. Unless otherwise indicated, all notices and other communications in connection with this Note shall be delivered in accordance with the Lease. 

 

10.     Waiver. Payee shall not be deemed to have waived any of its rights hereunder or under any other agreement, instrument or paper signed by Payor unless such waiver is in writing and signed by Payee. No delay or omission on the part of Payee in exercising any right shall operate as a waiver of such right or any other right. A waiver on any one occasion shall not be construed as a bar to or waiver of any right or remedy on any future occasion.

 

11.     Jurisdiction. For purposes of any action, suit or proceeding in connection with this Note, Payor hereby irrevocably submits to the jurisdiction of courts of the County of New York and of the United States District Court for the Southern District of New York and irrevocably agrees that any such action, suit or proceeding may be brought by Payee in any such state or federal court and that service of process may be made upon Payor by mailing a copy of the summons to Payor, by registered or certified mail, at Payor’s address specified for the giving of notices to Payor hereunder. Nothing herein shall affect the right of Payee to commence legal proceedings or otherwise proceed against Payor in any other jurisdiction or to serve process in any manner permitted by applicable law. In any such action, suit or proceeding Payor and Payee (by its acceptance of this Note) mutually waive trial by jury, and Payor waives any objection that any such state or federal court is an inconvenient forum.

 

 

 

 

 

12.     Enforcement. Payor waives any requirement of presentment, protest, notice of dishonor or further notice of any kind in connection with the enforcement of this Note.

 

13.     Governing Law. This Note shall be governed by and construed in accordance with the internal laws of the State of New York applicable to contracts made to be performed entirely within such state, without reference to choice or conflict of laws rules that would otherwise apply.

 

14.     Severability. The provisions of this Note are to be deemed severable, and the invalidity or unenforceability of any provision shall not affect or impair the remaining provisions which shall continue in full force and effect. 

 

15.     Entire Agreement. This Note, together with any documents referenced herein constitute the entire understanding of the parties hereto regarding the subject matter hereof.

 

[Signature Page Follows]

 

 

 

	  	
Agreed To and Accepted:

 

 

 

HAMPSHIRE GROUP, LIMITED 

 

By:      ____________________________
Name:

Title:

	 	 
	
Agreed To and Accepted:

 

KLAUS KRETSCHMANN, not individually, 

but as Court-Appointed Receiver for the 

Building

By:________________________________

Name:______________________________

 

Title:_______________________________
	  

 

 

 

 

 

Exhibit 2

 

Settlement Agreement in Connection with the Appeals 

 

 

 

 

 

 

SETTLEMENT AGREEMENT

 

THIS SETTLEMENT AGREEMENT (“Settlement”) is made as of June 1, 2015, by and among 119 West 40th Company LLC (“119 West 40th”), BRE 114 West 41st Street LLC (“BRE”), Klaus Kretschmann, as Receiver (“Receiver”), and Hampshire Group, Limited (“Hampshire”). BRE, Receiver and Hampshire are collectively the “Parties,” and each individually is a “Party.”

 

WHEREAS, by lease dated July 11, 2007 (the “Original Lease”), Charney-FPG 114 41st Street, LLC (“FPG”), as landlord, demised certain premises to Hampshire, as tenant, consisting of the fourth, fifth, sixth, seventh, and eighth floors and approximately 1000 square feet of basement space in the building located at 114 West 41st Street, New York, New York (the “Building”), which Original Lease was thereafter amended by written agreements between the parties dated October 24, 2007 and February 27, 2008 (hereinafter, collectively, the “Lease”);

 

WHEREAS, on January 20, 2010, Receiver was appointed to administer the Building by court order in a real property foreclosure action against, inter alia, FPG under the Index Number 117469/2009 in the Supreme Court of the State of New York, New York County (the “Foreclosure Action”);

 

WHEREAS, on or about February 23, 2011, Receiver, as petitioner, initiated a non-payment proceeding against Hampshire, as respondent, under L&T Index Number 57574/2011 in the Civil Court of the City of New York, New York County, (the “2011 Proceeding”), which involved a dispute over Hampshire’s entitlement under the Lease to a 50% abatement in rent over a period of nearly four years; 

 

WHEREAS, on June 10, 2013, after trial on the merits in the 2011 Proceeding, the Civil Court issued a Decision and Order (“Decision and Order”), in which it made, inter alia, the following findings: (a) Hampshire was entitled to a rent credit in the amount of $6,510,985.10; (b) Hampshire was entitled to a money judgment of $132,814.50 (the “Judgment”), and (c) as the prevailing party, pursuant to the terms of the Lease, Hampshire was entitled to recover its attorneys’ fees from Receiver; 

 

WHEREAS, on or about July 1 and 19, 2013, respectively, Receiver served and filed Notices of Appeal of the Decision and Order and the Judgment (“2011 Proceeding Appeal”);

 

WHEREAS, on or about July 8, 2013, Receiver served and filed a Notice of Filing of Undertaking on Appeal, to which he annexed an undertaking in the amount of $132,814.50 pursuant to CPLR § 5519 (the “Undertaking”);

 

WHEREAS, on or about December 20, 2013, Hampshire filed a Motion to Increase Receiver’s Undertaking on Appeal, which motion was granted by the Civil Court by order dated March 10, 2014 (the “Undertaking Order”);

 

WHEREAS, on or about March 14, 2014, Receiver served and filed a Notice of Appeal of the Undertaking Order (the “Undertaking Appeal”);

 

 

 

 

 

WHEREAS, on September 10, 2014, after both appeals had been fully briefed, Hampshire and Receiver argued the 2011 Proceeding Appeal and the Undertaking Appeal before the Supreme Court of New York, Appellate Term, First Department; 

 

WHEREAS, as of the date of this Settlement, the Appellate Term has not rendered its decision on either the 2011 Proceeding Appeal or the Undertaking Appeal;

 

WHEREAS, on or about April 28, 2014, 119 West 40th was substituted into the Foreclosure Action as plaintiff; 

 

WHEREAS, by Stipulation and Order dated December 23, 2014, the claims against FPG in the Foreclosure Action were dismissed without prejudice, but, as of the date of this Settlement, Receiver has not yet been relieved of his obligations toward the Building;

 

WHEREAS, on or about December 24, 2014, FPG, the owner of the Building, transferred all of its right, title and interest in, and delivered the deed to, the Building to BRE;

 

WHEREAS, on March 30, 2015, Receiver, as petitioner, initiated a non-payment proceeding against Hampshire, as respondent, under L&T Index Number 60007/2015 in the Civil Court of the City of New York, New York County, (the “2015 Proceeding”), which involved a allegations of Hampshire’s failure to pay rent in 2015; 

 

WHEREAS, on April 10, 2015, Hampshire served and filed its Answer to the Petition in the 2015 Proceeding; 

 

WHEREAS in an effort to avoid additional litigation and any and all disputes regarding the Lease and related issues, the Parties have reached a settlement; and

 

WHEREAS, concomitantly with the execution of this Settlement, the Parties shall execute an agreement further amending the Lease (the “Amendment of Lease”) to which this Settlement shall be attached as an exhibit. 

 

NOW THEREFORE, in consideration of the agreements and covenants set forth herein and in the Amendment of Lease to which this Settlement is attached as an exhibit, and intending to be legally bound, the parties hereto agree as follows:

 

1.       Discontinuance of 2015 Proceeding. Upon execution of this Settlement, counsel for Hampshire will deliver to counsel for Receiver an executed Stipulation of Discontinuance of the 2015 Proceeding. Within three (3) business days of receipt of the Stipulation of Discontinuance from Hampshire, Receiver will cause it to be filed in the 2015 Proceeding.

 

2.       Withdrawal of Appeals. Within three (3) business days from the date of this Settlement, Receiver agrees to notify the New York Supreme Court, Appellate Term, First Department, of his withdrawal of the 2011 Proceeding Appeal and the Undertaking Appeal. Hampshire agrees to provide cooperation, where necessary, in Receiver’s efforts to withdraw the appeals, and further agrees to sign, deliver to Receiver and file with the Civil Court of the City of New York, County of New York a full satisfaction of the Judgment, and a letter consenting to the release of the Undertaking.

 

 

 

 

 

3.       Release of 119 West 40th, Receiver and BRE. Except for the obligations set forth herein and in the Lease, as most recently amended by the Amendment of Lease to which this Settlement is an exhibit, Hampshire, for good and valuable consideration, the receipt and adequacy of which is acknowledged, does hereby for itself, its predecessors and/or successors, assigns, and all current and former members, partners, managers, shareholders, officers, directors, agents, parent companies, subsidiaries, related entities, and attorneys, releases and discharges 119 West 40th, Receiver and BRE, their respective successors, assigns, and all current and former members, managers, shareholders, directors, officers, employees, agents, attorneys, parent companies, subsidiaries, and related entities (and all current and former officers, directors, managers shareholders, employees and agents of such parent companies, subsidiaries and related entities) (the “Releasees”), of and from any and all claims, demands, rights and causes of action, sums and sums of money, indemnities, contracts, agreements, promises, damages and liabilities that Hampshire has had or may now have against 119 West 40th, Receiver and/or BRE, including but not limited to any liability pursuant to the Decision and Order (including attorneys’ fees) and the Judgment, whether or not such claims are now known or unknown, suspected or unsuspected, patent or latent, in tort, contract, indemnity, contribution, or on any other theory, whether in law, equity or admiralty. In furtherance of such intention, this general release shall be and remain in effect notwithstanding the discovery or existence of any new or additional fact or any fact different from that which the parties now know or believe to be true.

 

4.       Release of Hampshire. Except for the obligations set forth herein and in the Amendment of Lease to which this Settlement is an exhibit, 119 West 40th, Receiver and BRE, respectively, for good and valuable consideration, the receipt and adequacy of which is acknowledged, does hereby for themselves, their predecessors and/or successors, assigns, and all current and former members, managers, partners, shareholders, officers, directors, agents, parent companies, subsidiaries, related entities, and attorneys, releases and discharge Hampshire, their respective successors, assigns, and all current and former members, managers, shareholders, directors, officers, employees, agents, attorneys, parent companies, subsidiaries, and related entities (and all current and former officers, directors, managers, shareholders, employees and agents of such parent companies, subsidiaries and related entities) (the “Releasees”), of and from any and all claims, demands, rights and causes of action, sums and sums of money, indemnities, contracts, agreements, promises, damages and liabilities that 119 West 40th, Receiver and/or BRE has had or may now have against Hampshire, whether or not such claims are now known or unknown, suspected or unsuspected, patent or latent, in tort, contract, indemnity, contribution, or on any other theory, whether in law, equity or admiralty. In furtherance of such intention, this general release shall be and remain in effect notwithstanding the discovery or existence of any new or additional fact or any fact different from that which the parties now know or believe to be true. To the Receiver’s knowledge as of the date hereof, there is no uncured non-monetary default by Hampshire under the Lease.

 

5.       No Admission. The Parties acknowledge and agree that the Settlement is a compromise, and it is not to be construed as an admission of any liability by any Party. 

 

6.       With Amendment of Lease, Entire Agreement. As of the date hereof, this Settlement and the Lease as most recently amended by the Amendment of Lease embody the entire agreement and understanding among the Parties relating to the subject matter hereof and supersede any prior agreements and understandings relating to the subject matter hereof. This Settlement may not be amended, modified or superseded, or any of the terms, covenants, representations, warranties or conditions hereof waived, except by a written instrument executed by each Party.

 

 

 

 

 

7.      Capacity. Each Party represents and warrants that he, she or it has the capacity, power and authority to enter into this Settlement and further that, as of the date hereof, no matters released hereunder have been assigned, transferred, or conveyed to any other person or entity. The Parties represent that they have had the opportunity to consult with counsel and that they voluntarily execute this Settlement without duress or coercion.

 

8.      Interpretation. This Settlement is to be deemed to have been prepared jointly by the Parties and, if any inconsistency or ambiguity exists herein, it shall not be interpreted against any Party but according to the application of rules of interpretation of contracts.

 

9.      Counterparts. This Settlement may be executed in any number of counterparts, each of which shall be deemed an original, but all of which collectively shall constitute one and the same instrument representing this Settlement between the Parties. This Settlement may be executed using facsimiles of or electronic copies disseminated via email of signatures, and a facsimile or electronic copy disseminated via email of a signature shall be deemed to be the same, and equally enforceable, as an original of such signature.

 

10.      No Waiver. No failure, in any one or more instances, to enforce or to require strict compliance with any term, condition, covenant, representation or warranty of this Settlement shall be deemed to be a waiver, of any nature, whether past, current or future, of any such term, condition, covenant, representation or warranty or of any breach of such or any other term, condition, covenant, representation or warranty in this Settlement.

 

11.      Successors and Assigns. This Settlement and all such covenants, agreements, representations and warranties shall be binding and inure to the benefit of the heirs, executors, administrators, personal representatives, successors, and assigns of the Parties hereto.

 

12.      Copies Considered Originals. An executed copy of this Settlement shall be valid, effective and enforceable as if it contained the original signatures.

 

 

 

 

 

 

[THE REMAINDER OF THIS PAGE HAS BEEN INTENTIONALLY LEFT BLANK]

 

 

 

 

 

 

 

IN WITNESS WHEREOF, the parties hereto have caused this Settlement to be executed by themselves or their duly authorized representatives as of the date first above written.

 

	  	
119 WEST 40TH COMPANY LLC

	 	 
	
Date: _____________, 2015
	  
	 	 
	  	
By:

	  	
Name:

	  	
Title

 

STATE OF 
                                                      ss.:
COUNTY OF

 

On this ___ day of ______________ 2015, personally appeared before me, the above named _________________________ and made oath that s/he was duly authorized to execute this document on behalf of 119 West 40th Company LLC and that s/he executed this document for the purposes therein contained.

 

	
Date: _____________, 2015
	  
	 	 
	  	
Notary Public

	 	 
	  	
BRE 114 WEST 41ST STREET LLC

	 	 
	
Date: _____________, 2015
	  
	 	 
	  	
By:

	  	
Name:

	  	
Title

 

STATE OF 
                                                      ss.:
COUNTY OF 

 

On this ____ day of ______________ 2015, personally appeared before me, the above named _________________________ and made oath that s/he was duly authorized to execute this document on behalf of BRE 114 West 41st Street LLC and that s/he executed this document for the purposes therein contained.

 

	
Date: _____________, 2015
	  
	 	 
	 	Notary Public

 

 

 

 

 

	  	 
	 	 
	  	
KLAUS KRETSCHMANN, NOT 

INDIVIDUALLY, BUT AS COURT-APPOINTED 

RECEIVER OF THE BUILDING

 

	
Date: _____________, 2015
	  

 

 

STATE OF 
                                                      ss.:
COUNTY OF 

 

On this ____ day of ______________ 2015, personally appeared before me, the above named _________________________ and made oath that s/he was duly authorized to execute this document on behalf of Klaus Kretschmann, as Receiver, and that s/he executed this document for the purposes therein contained.

 

	
Date: _____________, 2015
	  
	 	 
	  	
Notary Public

 

 

 

 

	  	
HAMPSHIRE GROUP, LIMITED

	 	 
	
Date: _____________, 2015
	  
	 	 
	  	
By:

	  	
Name:

	  	
Title:

 

STATE OF 
                                                      ss.:
COUNTY OF 

 

On this ____ day of ______________ 2015, personally appeared before me, the above named _________________________ and made oath that s/he was duly authorized to execute this document on behalf of Hampshire Group, Limited and that s/he executed this document for the purposes therein contained.

 

	
Date: _____________, 2015
	  
	 	 
	  	
Notary Public

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