Document:

EX-10.3

 Exhibit 10.3 

Gordmans Stores, Inc. 

1926 South 67th Street 

Omaha, NE 68106 
 September 16, 2015

 James B. Brown 
 Executive Vice President, CFO 

1926 South 67th Street 

Omaha, NE 68106 
 Dear James: 

As we discussed, it is the intention of Gordmans Stores, Inc. (the “Company”) to provide you with the separation benefit described below. 

If your employment is terminated by the Company without “cause” (as such term is defined in the Company’s stock option plan), or within nine
months after a change in control (as such term is defined in the Company’s stock option plan) the location of your place of work is moved more than 50 miles from the current location or your position and scope of responsibilities in the Company
are significantly reduced, then subject to the execution of a satisfactory release by you, you will receive: 
  

	 	•	 	Salary continuation (payable in accordance with the Company’s payroll practice as in effect at the time of your termination) until the earlier of (x) the period of time equal to the number of months you were
employed by the Company, not to exceed six months and (y) the date on which you are employed by a third party (the “Salary Continuation Period”); and 

 

	 	•	 	Continued medical and dental coverage in accordance with the Company’s plans that are then in place until the end of the Salary Continuation Period (maximum of six months) or, at the Company’s option, cash
payments in the amount of such coverage in order for you to make COBRA elections or coverage under another medical and/or dental plan. 

 You
shall immediately notify the Company in writing when you have accepted employment with a third party. Your salary continuation and other benefits will start being paid (or provided) to you following your execution of a satisfactory release. Such
release must be executed within 60 days (or such shorter period specified in the release) following your termination. Upon any termination, you shall have a duty to mitigate damages and costs to the Company. 

This letter is intended to comply with applicable law. Without limiting the foregoing, this letter is intended to comply with the requirements of section 409A
of the Internal Revenue Code (“409A”), and, specifically, with the separation pay and short term deferral exceptions of 409A. Notwithstanding anything in the letter to the contrary, separation pay may only be made upon a “separation
from service” under 409A and only in a manner permitted by 409A. For purposes of 409A, the right to a series of installment payments under this letter shall be 

 September 16, 2015 

Page 2 
  

 treated as a right to a series of separate payments. In no event may you, directly or indirectly, designate
the calendar year of a payment. All reimbursements and in-kind benefits provided in this letter shall be made or provided in accordance with the requirements of 409A (including, where applicable, the reimbursement rules set forth in the regulations
issued under 409A). If you are a “specified employee” of a publicly traded corporation on your termination date (as determined by the Company in accordance with 409A), to the extent required by 409A, separation pay that is due under this
letter will be delayed for a period of six months. Any separation pay that is postponed because of 409A will be paid to you (or, if you die, your beneficiary) within 30 days after the end of the six-month delay period. 

Best regards, 
 /s/ Andy T. Hall 

Andy Hall 
 President and CEO 

Acknowledged: 
  

	
	
	/s/ James B. Brown
	James B. BrownExhibit

Exhibit 10.2

FIRST AMENDMENT TO REAL ESTATE PURCHASE AGREEMENT

THIS FIRST AMENDMENT TO REAL ESTATE PURCHASE AGREEMENT ("Agreement") is made as of August  7,  2015 by and between Hines Global REIT II 891 Coronado LLC, a Delaware limited liability company or its permitted assigns ("Buyer"), on the one hand, and LV Eastern, LLC, a Nevada limited liability company (“Seller”)

WHEREAS, the Parties entered into that certain Real Estate Purchase Agreement dated as of July 8, 2015 (“Agreement”), with respect to the purchase and sale of certain improved real property commonly known as “The Domain Apartments”, as more particularly described in the Agreement.  Capitalized terms used but not otherwise defined herein shall have the same meaning as ascribed for such terms in the Agreement.

WHEREAS, the Parties now desire to amend the Agreement pursuant to the terms and conditions set forth herein.

NOW THEREFORE, in consideration of the mutual agreements and covenants set forth in the Agreement and as hereinafter set forth, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties agree as follows:

1.  Approval Date.  The “Approval Date”  as defined in Section 2B of the Agreement is hereby amdned and is extended to 5:00 p.m. Pacific Time, August 21, 2015. 

2.  Binding Effect.  Except as specifically provided in this Amendment, the terms and provisions of the Agreement, as modified herein, remain in full force and effect and is hereby ratified by Seller and Buyer. 

3.  Execution in Counterparts.  This Amendment may be executed in any number of counterparts, each of which shall be deemed to be an original, and all of such counterparts shall constitute one agreement.  A signature delivered via facsimile, email, or attachment to email shall be equally as effective as an original signature delivered in-person, via mail, or via any other means.

IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first set forth above.

[Signature Page Follows]

1
 

IN WITNESS WHEREOF, Seller and Buyer have executed this First Amendment as of the date first indicated above.

	
		
	SELLER:

	LV EASTERN, LLC, 
a Nevada limited liability company 

By: /s/ Kenneth M. Woolley
Name: Kenneth M. Woolley 
Its: Manager

	

BUYER:

	

HINES GLOBAL REIT II 891 CORONADO LLC,
a Delaware limited liability company

   By: /s/ David Steinbach
   Name: David Steinbach
   Its: Manager

	 
	 

2Exhibit

Exhibit 10.3

SECOND AMENDMENT TO REAL ESTATE PURCHASE AGREEMENT

THIS SECOND AMENDMENT TO REAL ESTATE PURCHASE AGREEMENT (this "Amendment") is made as of August 21, 2015 by and between Hines Global REIT II 891 Coronado LLC, a Delaware limited liability company ("Buyer") and LV Eastern, LLC, a Nevada limited liability company (“Seller”).

WHEREAS, the parties entered into that certain Real Estate Purchase Agreement dated as of July 8, 2015 (the “Original Agreement”) as amended by that certain First Amendment to Real Estate Purchase Agreement dated August 7, 2015 (the “First Amendment” and together with the Original Agreement, the “Amended Agreement”), with respect to the purchase and sale of certain improved real property commonly known as “The Domain Apartments”, as more particularly described in the Original Agreement.  Capitalized terms used but not otherwise defined herein shall have the same meaning as ascribed to such terms in the Original Agreement; and

WHEREAS, the parties now desire to amend the Amended Agreement pursuant to the terms and conditions set forth herein.

NOW THEREFORE, in consideration of the mutual agreements and covenants set forth in the Amended Agreement and as hereinafter set forth, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows:

1.  Approval Date.  The “Approval Date”  as defined in Section 2B of the Original Agreement, as amended by the First Amendment, is hereby further amended and is extended to 5:00 p.m. Pacific Time, September 4, 2015. 

2.  Closing Date.  The Closing Date, as defined in Section 2 of the Original Agreement, is hereby reaffirmed to be thirty (30) days after the Approval Date, subject to Buyer’s right to extend the Closing Date for up to thirty (30) additional days as set forth in Section 2 of the Original Agreement. 

3.  Effect.  Except as specifically provided in this Amendment, the terms and provisions of the Amended Agreement, as modified herein, remain in full force and effect and the Amended Agreement is hereby ratified by Seller and Buyer. 

4.  Execution in Counterparts.  This Amendment may be executed in any number of counterparts, each of which shall be deemed to be an original, and all of such counterparts shall constitute one agreement.  A signature delivered via facsimile, email, or attachment to email shall be equally as effective as an original signature delivered in-person, via mail, or via any other means.

[Signature Page Follows]

1
 

IN WITNESS WHEREOF, Seller and Buyer have executed this Amendment as of the date first indicated above.

	
		
	SELLER:

	LV EASTERN, LLC, 
a Nevada limited liability company 

By: /s/ Kenneth M. Woolley
Name: Kenneth M. Woolley  
Its: Manager

	

BUYER:

	

HINES GLOBAL REIT II 891 CORONADO LLC,
a Delaware limited liability company

   By: /s/ David Steinbach
   Name: David Steinbach
   Its: Manager

	 
	 

2Exhibit

Exhibit 10.4

THIRD AMENDMENT
TO AND REINSTATEMENT OF
REAL ESTATE PURCHASE AGREEMENT
This Third Amendment to and Reinstatement of Real Estate Purchase Agreement (this “Amendment”), dated as of December 4, 2015 (the “Effective Date”), is made by and between LV Eastern, LLC, a Nevada limited liability company (“Seller”), and Hines Global REIT II 891 Coronado LLC, a Delaware limited liability company (“Buyer”).
RECITALS 
A.    Seller and Buyer have previously entered into that certain Real Estate Purchase Agreement, dated as of July 8, 2015, as amended by that certain First Amendment to Real Estate Purchase Agreement dated August 7, 2015 and as further amended by that certain Second Amendment to Real Estate Purchase Agreement dated August 21, 2015 (collectively, the “Purchase Agreement”), pursuant to which Seller had agreed to sell to Buyer, and Buyer had agreed to purchase from Seller, the Property (as defined in the Purchase Agreement).  Any capitalized term used but not otherwise defined herein shall have the meaning ascribed to such term in the Purchase Agreement. 
B.    In accordance with Section 2B of the Purchase Agreement, Buyer elected to terminate the Purchase Agreement by notice delivered to Seller prior to 5:30 p.m. Pacific time on September 4, 2015.  Since then, Seller and Buyer have continued their negotiations and now desire to reinstate the Purchase Agreement, as modified in accordance with the terms hereof.
NOW, THEREFORE, in consideration of the foregoing and other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and each in consideration of the duties, covenants and obligations of the other hereunder, Seller and Buyer hereby agree as follows:
1.Recitals.  The parties hereby confirm the accuracy of the foregoing Recitals which are incorporated herein by this reference.
2.Reinstatement.  The parties agree that the Purchase Agreement is hereby reinstated.  The effect of the reinstatement shall be that in all respects the Purchase Agreement shall be treated as never having been terminated, but shall be modified hereby.  The escrow, as provided in Section 2 of the Purchase Agreement, shall be re-established with the Title Company to handle the purchase and sale of the Property and Buyer shall deposit immediately available funds of One Million Five Hundred Thousand Dollars ($1,500,000) with the Title Company within three (3) business days after the Effective Date.
3.Purchase Price.  The Purchase Price shall be amended to be Fifty-Eight Million Two Hundred Thousand Dollars ($58,200,000).

4.Extension of Approval Date.  The Approval Date (as defined in the Purchase Agreement), and Buyer’s right to terminate the Purchase Agreement pursuant to Section 2B thereof, are hereby extended until 5:30 p.m. Pacific time on December 8, 2015.
5.Closing Date.  The Closing Date shall be amended to be January 7, 2016; provided that Buyer may extend the Closing Date, pursuant to and in accordance with Section 2 of the Purchase Agreement, in which event the Closing Date shall be February 8, 2016.
6.Title Contingency.  Seller shall cause the Title Company to issue to Buyer, no later than 5:30 p.m. Pacific time on December 8, 2015, a pro forma ALTA Owner’s Policy of Title Insurance insuring Buyer’s title to the Property (the “Pro Forma”).  Notwithstanding anything to the contrary set forth in the Purchase Agreement or herein to the contrary, as an additional condition precedent to Closing and to Buyer’s obligations under the Purchase Agreement, the Title Company shall commit (conditioned only on the receipt of the title insurance premium, including the cost of endorsements) to issue, at or promptly following Closing, an ALTA Owner’s Policy of Title Insurance in the same form as the Pro Forma in all material respects including, without limitation, taking no additional exceptions thereto and including the same endorsements as the Pro Forma.
7.Board Approval. Subject to satisfaction of the conditions set forth in the Purchase Agreement and this Amendment, by execution of this Amendment, Buyer warrants that it had obtained all necessary corporate approvals to proceed to close the transaction contemplated by the Purchase Agreement and this Amendment. 
8.Entire Agreement.  This Amendment is the final expression of, and contains the entire agreement between, the parties with respect to the subject matter contained in this Amendment, and supersedes all prior understandings with respect thereto.  This Amendment may not be modified, changed, supplemented or terminated, nor may any obligations hereunder be waived, except by written instrument, signed by the party to be charged or by its agent duly authorized in writing.
9.No Other Modification.  Except as modified hereby, the Purchase Agreement shall continue in full force and effect without modification.
10.Counterparts.  To facilitate execution of this Amendment, this Amendment may be executed in multiple counterparts, each of which, when assembled to include an original, faxed or electronic mail (in .PDF or similar file) signature for each party contemplated to sign this Amendment, will constitute a complete and fully executed agreement.  All such fully executed original, faxed or electronic mail (in .PDF or similar file) counterparts will collectively constitute a single agreement, and such signatures will be binding upon the party sending the signature by such electronic means when sent.
11.Governing Law.  This Amendment shall be governed by the laws of the State of Nevada.

IN WITNESS WHEREOF, this Amendment has been executed as of the date first set forth above.

	
		
	SELLER:

	LV EASTERN, LLC, 
a Nevada limited liability company 

By: /s/ Martin Egbert
Name: Martin Egbert 
Its: Manager

	

BUYER:

	

HINES GLOBAL REIT II 891 CORONADO LLC,
a Delaware limited liability company

   By: /s/ David Steinbach
   Name: David Steinbach
   Its: Manager

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