Document:

ex104.htm

March 28, 2011

Bluerock Enhanced Multifamily Trust, Inc.

16500 Northpark Drive

Southfield, MI 48705

Ladies and Gentlemen:

This letter confirms that Bluerock Real Estate, LLC (or one or more of its subsidiaries) will provide financial support to Bluerock Enhanced Multifamily Trust, Inc. (the Company) sufficient for it to satisfy its obligations and debt service requirements as they come due until at least January 1, 2012, and will satisfy, on a timely basis all liabilities and obligations of the Company that the Company is unable to satisfy when due from the date of this letter, through and including January 1, 2012.  In addition, Bluerock Real Estate will defer payment of the following items:

Operating expenses of $677,000 that were incurred through 12/31/10 and approved for payment in March 2011

Offering costs totaling $2.3 million

Acquisition fees, property and asset management fees and other cost in the amount of $422,000 which have been accrued as of 12/31/10

Current year property and asset management fees expected to cost $367,000

Current year operating expenses that are allocated such as payroll and other shared costs which are estimated to cost approximately $500,000

Bluerock Real Estate, LLC is in management control of the affiliates that are lenders to the Company.  Bluerock Real Estate, LLC has the authority to extend and will extend the notes beyond December 31, 2011.

 

  

  

  

The undersigned represent that Bluerock Real Estate, LLC (or one or more of its subsidiaries) has the ability to provide the necessary financial support to the Company to the extent and when deemed necessary by the Company and that there are no restrictions on Bluerock Real Estate, LLC (or one or more of its subsidiaries) to provide such support.

Very truly yours,

/s/ R. Ramin Kamfar

R. Ramin Kamfar

Bluerock Real Estate, LLC

Chief Executive Officerangeion112594_ex10-1.htm - Generated by SEC Publisher for SEC Filing

 

Exhibit 10.1

 

May 4, 2011

 

 

Robert M. Wolf

 

 

Dear Rob:

 

The purpose of this letter is to confirm an offer of employment.  For purposes of this letter, “Company” refers to Angeion and its subsidiary, Medical Graphics Corporation.  Carefully review the information enclosed and if you are in agreement, please signify your acceptance by signing the signature page and return it to me within three days.  

 

	
Position:

	
CFO and SVP reporting to Phil Smith, Chief Executive Officer and President, Angeion. 

	
 

	
 

	
Date of Hire:

	
On or before May 16, 2011 

	
 

	
 

	
Base Salary:

	
$200,000 annually; (equivalent to $7,692.31 bi-weekly) 

	
 

	
 

	
Equity:

	
25,000 restricted shares vesting in equal one-third installments on the first, second and third anniversary of your start date.

	
 

	
 

	
Bonus:

	
You are entitled to participate in the 2011 Senior Executive Bonus program which compensates you 25% of base upon the Company achieving its corporate objectives at “Target”; and, contingent upon your achievement of your position objectives.

	
 

	
 

	
 

	
Your bonus, based on the 2011 Operating Plan, will be pro-rated to your date of hire, per Company policy. You will receive a copy of the bonus program approved by the Board of Directors on your first day of employment.

	
 

	
 

	
Expenses:

	
Expenses are reimbursed pursuant to the Medical Graphics Corporation travel and expense reimbursement policies.

	
 

	
 

	
Performance 

	
 

	
Review:

	
Your first performance review will take place on or around December 1, 2011.  All subsequent reviews will take place annually after that.

	
 

	
 

	
Benefits:

	
As an employee of Angeion and Medical Graphics Corporation, you are eligible to participate in the benefit programs outlined in the benefit matrix provided to you.  New employees are eligible to participate in Medical Graphics' medical and dental benefit coverage completion of thirty days of employment. The Company agrees that you will accrue PTO (paid time off) at a rate equivalent to that of other Vice Presidents which is 200 hours per year. 

	
 

	
 

	
 

	
A benefit packet will be forwarded upon acceptance of this offer. Please complete all forms contained within the benefit packet and bring them with you on your first day of employment.

	
                                  

	
 

 

 

 

 

 

	
Change in Control:    

	
In consideration of this offer of employment the Angeion Board of Directors will authorize a Change of Control agreement to be issued to you effective with your date of hire. 

	
 

	
 

	
Pre-employment 

	
 

	
Conditions:

	
This offer is contingent upon signing and returning the enclosed employment offer; signing and returning a non-disclosure form; an Angeion Code of Conduct policy statement; and, successful completion of a background and reference check.

	
 

	
 

	
 

	
In consideration of accepting employment with the Company, you confirm that you are not constrained by any existing non-compete agreements from accepting employment and are not in violation of any non-compete obligations with present or past employers.

	
 

	
 

	
 

	
You also acknowledge that this offer letter, along with the final form of any referenced documents, represents the entire agreement between you and the Company and that no verbal or written agreements, promises or representations that are not specifically stated in this offer, are or will be binding upon the Company. 

	
 

	
 

	
 

	
In accepting this offer, you agree to keep the content confidential and not to discuss or disclose any of its content with other individuals outside of your immediate family.

 

 

	
Kindest regards,

	
/s/ Sheryl A. Rapheal

	
Sheryl A. Rapheal

Chief Compliance Officer & Vice President

of Human Resources and Administration

	
Signatures:

	
/s/ Philip I. Smith

	
Phillip I. Smith

Chief Executive Officer and President

	
/s/ Robert M. Wolf

	
Robert M. Wolfm6605490b.htm

MUELLER INDUSTRIES, INC.

 

 

May 11, 2011

 

Harvey Karp

 

BY HAND

 

Dear Harvey,

 

This letter agreement (the “Agreement”) confirms our mutual understanding regarding your entitlement to a special bonus following your retirement from Mueller Industries, Inc. (the “Company”).

 

Subject to your continued employment with the Company through the earlier of (x) December 15, 2011, and (y) the consummation of a “Change in Control” (as such term is defined in the Company’s 2009 Stock Incentive Plan), you shall be entitled to receive a lump sum cash payment (the “Special Bonus”) from the Company in an amount equal to two million dollars ($2,000,000) (less any applicable withholding), payable on the earlier of (i) the calendar year following the calendar year in which you experience a “separation from service” (as such term is defined in Treas. Reg. §1.409A-1(h)), and (ii) the occurrence of a Change in Control.  Notwithstanding the foregoing, you shall not be entitled to receive the Special Bonus if your employment or service, as applicable, is terminated by the Company for “Cause” prior to the payment of the Special Bonus. (where “Cause” shall be as defined (x) during the period during which you are an employee of the Company, in that certain Amended and Restated Employment Agreement by and between you and the Company, effective as of September 17, 1997 and amended on June 21, 2004, February 17, 2005, October 25, 2007 and December 2, 2008 (the “Employment Agreement”), and (y) following a cessation of your employment with the Company, in that certain Amended and Restated Consulting Agreement by and between you and the Company, dated as of October 25, 2007 and amended on December 2, 2008 (the “Consulting Agreement”)).

 

Notwithstanding anything herein to the contrary, in the event that the payment of the Special Bonus as of any date would result in a violation of Section 409A(a)(2)(B)(i) of the Internal Revenue Code of 1986, as amended from time to time (the “Code”), the payment of the Special Bonus shall be delayed for such period of time as may be necessary to meet the requirements of Section 409A(a)(2)(B)(i) of the Code.

 

This Agreement shall not be assignable by the Company but shall be binding upon and inure to the benefit of any successors to all or substantially all of the business or assets of the Company.  The Company shall require any such successor to expressly assume in writing all obligations of the Company hereunder.  This Agreement may not be assignable by you, but shall inure to the benefit of your heirs, executors, administrators and legal representatives.

 

Prior to payment, the Special Bonus shall continue for all purposes to be a part of the general assets of the Company and subject to the claims of its general creditors, and no person other than the Company shall have, by virtue of this Agreement, any interest in such amounts.  To the extent that you acquire a right to receive all or a portion of any Special Bonus under this Agreement, such right shall be no greater than the right of an unsecured general creditor of the Company.

 

 

  

  

  

 

This Agreement represents the entire agreement with respect to the subject matter described herein, provided that nothing in this Agreement shall adversely affect the rights of the parties under the Employment Agreement or the Consulting Agreement.

 

This Agreement shall be governed by and construed and enforced in accordance with the law of the State of New York, without regard to the principles of conflicts of law thereof.

 

Any dispute, controversy or claim arising out of or relating to this Agreement or the breach thereof shall be finally settled by arbitration by a single arbitrator in accordance with the rules then in effect of the American Arbitration Association in an arbitration in New York, New York.  Judgment upon an award rendered by the arbitrator may be entered in any court of competent jurisdiction.  To the extent that you prosecute or defend, whether by arbitration or through a judicial proceeding, as dispute, controversy or claim relating to this Agreement which results in a judgment, award or settlement in your favor in any material respect, the Company shall reimburse you for all reasonable fees and costs (including legal fees) incurred by you in such successful prosecution or defense.

 

This Agreement may be executed in counterparts each of which shall be deemed an original but which together shall constitute one and the same instrument.

 

Please confirm your acceptance of the above by signing and returning this letter at your earliest convenience.

 

Sincerely,

 

MUELLER INDUSTRIES, INC.

 

By:    /s/ Gary C. Wilkerson                           

Name:  Gary C. Wilkerson

Title:  Vice President, General Counsel and Secretary

 

Accepted and agreed to on this 11th day of May 2011:

 

/s/ Harvey Karp                  

Harvey Karp

 

 

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