Document:

Exhibit 10.1

 

SHARES PURCHASE AGREEMENT

 

THIS SHARES PURCHASE
AGREEMENT is made and entered into on December 13, 2017, by and between Preformed Line Products Company, an Ohio corporation (“Purchaser”),
and the trustee under the 2016 Trust Agreement Between Barbara P. Ruhlman and Bernard L. Karr, dated September 21, 2016 (“Seller”).

 

RECITALS

 

A.     Purchaser’s
common shares, $2 par value, are traded on the NASDAQ National Market (the “NASDAQ”) under the symbol “PLPC”
and Purchaser is a reporting company under the Securities Exchange Act of 1934, as amended. As a result, financial and other material
business information about Purchaser is publicly available.

 

B.     Seller
is the trustee of a trust established by a shareholder of Purchaser. The Business Advisors of the trust are Robert Ruhlman, the
Chairman, President, Chief Executive Officer, Board Member of Purchaser and a shareholder, and Randall Ruhlman, a shareholder of
Purchaser. The trust is the owner of 802,900 common shares of Purchaser;

 

C.     Seller
approached Purchaser regarding Seller’s desire to sell 15,000 of Seller’s common shares to Purchaser (the “Shares”);

 

D.     In
response to Seller’s inquiry, Purchaser after due consideration, including the review and approval of the proposed transaction
by (i) the Company’s Audit Committee of the Board of Directors (appointed as a special committee to review the proposed transaction),
which is comprised solely of independent directors, and (ii) the Board of Directors, expressed a desire to purchase the Shares,
under the terms and conditions hereinafter set forth:

 

Accordingly, for good
and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereby agree as follows.

 

AGREEMENT

 

1.     Purchase
and Sale of Shares. Upon the execution and delivery of this Agreement, Seller shall sell, transfer, assign, bargain and convey
to Purchaser 15,000 common shares at a purchase price of $78.68 per share. Seller shall deliver the Shares via a
DWAC transfer to the Preformed Line Products account at Computershare. Purchaser shall pay Seller $1,180,200 (the “Purchase
Price”) for the Shares by the delivery of cash by wire transfer to Seller’s bank account or accounts. Seller has provided
Purchaser with written wire transfer instructions. The parties acknowledge and agree that the Purchase Price was negotiated in
good faith between the parties and that, in connection with such negotiations, references were made by the parties to Purchaser’s
historical trading prices on the NASDAQ.

 

2.     Representations
and Warranties of Purchaser. Purchaser hereby represents and warrants to Seller as follows:

 

(a)       Purchaser
has the requisite power and authority to execute, deliver and perform its obligations under this Agreement. This Agreement constitutes
the valid and binding obligation of Purchaser enforceable against it in accordance with its terms, except as such enforceability
may be limited by bankruptcy, moratorium or other laws relating generally to the enforcement of creditors’ rights.

 

     

     

    

 

(b)       The
execution, delivery and performance of this Agreement does not and will not (i) violate any law, regulation, judgment, decree,
order or other directive of any court or governmental agency currently applicable to or binding upon Purchaser, or (ii) breach
or constitute a default under any agreement to which Purchaser is a party or by which it is bound.

 

3.     Representations,
Warranties and Covenants of Seller. Seller hereby represents and warrants to Purchaser as follows:

 

(a)       Seller
has the requisite power and authority to execute, deliver and perform his obligations under this Agreement, having received written
authorization to proceed with the sale from the Business Advisors to the trust. This Agreement constitutes the valid and binding
obligation of Seller enforceable against Seller in accordance with its terms.

 

(b)       The
execution, delivery and performance of this Agreement does not and will not (i) violate any law, regulation, judgment, decree,
order or other directive of any court or governmental agency applicable to or binding upon Seller, or (ii) breach or constitute
a default under any agreement to which Seller is a party or by which Seller is bound.

 

(c)       Seller
is the owner of the Shares of the Purchaser being sold, assigned, bargained and conveyed pursuant hereto. Upon the sale to Purchaser,
Purchaser will acquire the Shares being transferred, free from any security interest, pledge, option, equity, claim or other right
or interest of any kind.

 

(d)       Seller
has received and carefully reviewed Purchaser’s filings with the Securities and Exchange Commission and Purchaser’s
press releases posted on Purchaser’s website (the filings and press releases, the “Purchaser Disclosure”) and
has had full access to Purchaser’s other directors and executives for purposes of discussion the Company’s condition,
operations and plans. Seller acknowledges that no oral representations have been made or information furnished to Seller or Seller’s
representatives that are in any way inconsistent with the Purchaser Disclosure. Seller confirms that no representations, warranties,
or other agreements (whether express or implied) have been made by Purchaser with respect to the transactions contemplated hereby,
except for those representations, warranties, and agreements that are specifically set forth in this Agreement.

 

(e)       Seller,
to the extent necessary, shall, without additional consideration, take such additional or further actions and execute such other
or further documents as may be reasonably requested by Purchaser in order to evidence, confirm or carry out the transactions contemplated
hereby.

 

     

     

    

 

4.     Miscellaneous.

 

(a)       Governing
Law. This Agreement shall be construed in accordance with and governed by the laws of the State of Ohio.

 

(b)       Amendment;
Waiver. No modification, amendment or waiver of any provision of this Agreement will be effective unless such modification,
amendment or waiver is in writing and signed on behalf of the parties hereto. The failure of any party to enforce any of the provisions
of this Agreement will in no way be construed as a waiver of such provisions and will not affect the right of such party thereafter
to enforce each and every provision of this Agreement in accordance with its terms.

 

(c)       Construction.
The descriptive headings of this Agreement are inserted for convenience only and do not constitute a part of this Agreement. The
Recitals are incorporated by reference and made a part of this Agreement.

 

(d)Binding Agreement.
Except as otherwise provided herein, this Agreement will bind and inure to the benefit of and be enforceable by Purchaser and Seller
and their respective successors and assigns. 

 

(e)       Counterparts.
This Agreement may be executed in counterparts, each of which, when executed, will be an original and all of which taken together
will constitute one and the same agreement.

 

(f)       Entire
Agreement. This Agreement embodies the complete agreement and understanding between the parties hereto with respect to the
subject matter hereof and supersedes or incorporates all prior or contemporaneous understandings, agreements or representations
by or among the parties, written or oral, which may have related to the subject matter hereof in any way.

 

IN WITNESS WHEREOF,
this Agreement has been executed on behalf of the parties on the date first written above.

 

SELLER

 

	      /s/
    Bernard L. Karr	 
	Bernard L. Karr, Trustee, under the 2016 Trust  	 
	Agreement dated September 21, 2016 	 

 

PURCHASER

 

PREFORMED LINE PRODUCTS COMPANY

 

	By:	/s/ Michael Weisbarth	 
	 	Michael Weisbarth – Vice President – 	 
	 	Finance and TreasurerExhibit 10.1

 

AMENDMENT NO. 5
 TO
 SEVENTH AMENDED AND RESTATED
 AGREEMENT OF LIMITED PARTNERSHIP
 OF
 ASHFORD HOSPITALITY LIMITED PARTNERSHIP

 

December 13, 2017

 

This Amendment No. 5 to the Seventh Amended and Restated Agreement of Limited Partnership of Ashford Hospitality Limited Partnership (this “Amendment”) is made as of December 13, 2017, by Ashford OP General Partner LLC, a Delaware limited liability company, as general partner (the “General Partner”) of Ashford Hospitality Limited Partnership, a Delaware limited partnership (the “Partnership”), and by Ashford OP Limited Partner LLC, a Delaware limited liability company, as a limited partner of the Partnership, pursuant to the authority granted in Section 11.1(d) of the Seventh Amended and Restated Agreement of Limited Partnership of Ashford Hospitality Limited Partnership, dated April 14, 2016, as amended by Amendment No. 1 thereto dated as of July 13, 2016, Amendment No. 2 thereto dated October 18, 2016, Amendment No. 3 thereto dated as of August 25, 2017 and Amendment No. 4 thereto dated as of November 17, 2017 (the “Partnership Agreement”), for the purpose of issuing additional Common Partnership Units to Ashford OP Limited Partner LLC in exchange for a contribution of property by Ashford OP Limited Partner LLC to the Partnership, including ancillary and related purposes as provided below.  Capitalized terms used and not defined herein shall have the meanings set forth in the Partnership Agreement.

 

WHEREAS, the Board of Directors (the “Board”) of Ashford Hospitality Trust, Inc. (the “Company”) adopted resolutions on December 5, 2017 approving a capital contribution (the “Contribution”) by the Company to Ashford OP Limited Partner LLC and by Ashford OP Limited Partner LLC to the Partnership of the existing receivable (the “Receivable”) from the Partnership and 598,163 shares of AINC Common Shares in exchange for the issuance by the Partnership of additional Common Partnership Units;

 

WHEREAS, the Board has determined that in connection with the Contribution and the issuance of additional Common Partnership Units, it is appropriate to recapitalize (“Recapitalization”) the Common Partnership Units so that the Conversion Factor becomes 1.0;

 

WHEREAS, the General Partner has determined that, in connection with the Contribution, it is necessary and desirable to amend the Partnership Agreement to create additional Common Partnership Units and recapitalize the Common Partnership Units so as to cause the Conversion Factor to be 1.0;

 

WHEREAS, Section 11.1(d) of the Partnership Agreement permits the General Partner with the approval of Limited Partners holding more than sixty-six and two-thirds percent (66 2/3%) of the Common Percentage Interests of the Limited Partners to amend the Partnership Agreement; and

 

 

WHEREAS, Ashford OP Limited Partner LLC holds more than sixty-six and two-thirds percent (66 2/3%) of the Common Percentage Interests of the Limited Partners and the General Partner and Ashford OP Limited Partner LLC desire to amend the Agreement to make the revisions set forth below as of the date first set forth above.

 

NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency of which hereby are acknowledged, the General Partner hereby amends the Partnership Agreement as follows:

 

1.             Article I is amended to amend the following defined term effective immediately after the effect of the transaction described in Exhibit V hereto:

 

“Conversion Factor” shall mean 1.0; provided, however, that if the Company (i) declares or pays a dividend on its outstanding REIT Common Shares in REIT Common Shares or makes a distribution to all holders of its outstanding REIT Common Shares in REIT Common Shares, (ii) subdivides its outstanding REIT Common Shares, or (iii) combines its outstanding REIT Common Shares into a smaller number of REIT Common Shares, the Conversion Factor shall be adjusted by multiplying the Conversion Factor by a fraction, the numerator of which shall be the number of REIT Common Shares issued and outstanding on the record date for such dividend, distribution, subdivision or combination (assuming for such purposes that such dividend, distribution, subdivision or combination has occurred as of such time), and the denominator of which shall be the actual number of REIT Common Shares (determined without the above assumption) issued and outstanding on the record date for such dividend, distribution, subdivision or combination. Any adjustment to the Conversion Factor shall become effective immediately after the effective date of such event retroactive to the record date, if any, for such event; PROVIDED, HOWEVER, that if the General Partner receives a Notice of Redemption after the record date, but prior to the effective date of such dividend, distribution, subdivision or combination, the Conversion Factor shall be determined as if the General Partner had received the Notice of Redemption immediately prior to the record date for such dividend, distribution, subdivision or combination.

 

2.             New Section 8.1(e) is added to read:

 

(e)           Effective on December 13, 2017, the transactions, Capital Contribution, related Common Partnership Unit issuance and Common Partnership Unit recapitalization in Exhibit V are authorized and approved and all actions taken in connection with such transactions, Capital Contribution, related Common Partnership Unit issuance and Common Partnership Unit recapitalization are ratified.

 

3.             The Partnership Agreement is hereby amended to incorporate a new Exhibit V thereto to reflect the Contribution, the related issuance of Common Partnership Units to Ashford OP Limited Partner LLC and the Recapitalization and to replace Exhibit A thereto with a revised Exhibit A to reflect the issuance of the Common Partnership Units to Ashford OP Limited Partner LLC and the recapitalization of the Common Partnership Units.

 

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4.             Except as modified herein, all terms and conditions of the Partnership Agreement shall remain in full force and effect, which terms and conditions the General Partner and Ashford OP Limited Partner LLC hereby ratify and confirm.

 

5.             This Amendment shall be construed and enforced in accordance with and governed by the laws of the State of Delaware, without regard to conflicts of law.

 

6.             If any provision of this Amendment is or becomes invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein shall not be affected thereby.

 

(The remainder of this page intentionally left blank.)

 

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

 

	
 
    	
GENERAL PARTNER:
    
	
 
    	
 
    
	
 
    	
Ashford OP General   Partner LLC,
    
	
 
    	
a Delaware limited   liability company, as General Partner of Ashford Hospitality Limited   Partnership
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ David A. Brooks
    
	
 
    	
 
    	
David A. Brooks, Vice   President
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
LIMITED PARTNER:
    
	
 
    	
 
    
	
 
    	
Ashford OP Limited   Partner LLC,
    
	
 
    	
a Delaware limited   liability company, as a Limited Partner of Ashford Hospitality Limited   Partnership
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ David A. Brooks
    
	
 
    	
 
    	
David A. Brooks, Vice President
    

 

 

EXHIBIT V

 

CONTRIBUTION OF ASSETS BY ASHFORD OP LIMITED PARTNER LLC TO  ASHFORD HOSPITALITY LIMITED PARTNERSHIP

 

Effective December 13, 2017 (“Exhibit V Effective Date”), the Company conveyed, assigned and contributed 598,163 shares of AINC Common Shares and the existing receivable from the Partnership (collectively, the “Assets”) to Ashford OP Limited Partner LLC and Ashford OP Limited Partner LLC conveyed, assigned and contributed the Assets to the Partnership in exchange for Common Partnership Units of the Partnership.  Immediately after such conveyance, assignment and contribution, the Common Partnership Units held by each Limited Partner (including, for avoidance of doubt, each holder of LTIP Units) were recapitalized by multiplying the Common Partnership Units owned by each Limited Partner by the Conversion Factor as of the beginning of the Exhibit V Effective Date with the result that the Conversion Factor as of the end of the Exhibit V Effective Date is 1.0.  Immediately after the Common Partnership Units were recapitalized, Ashford OP Limited Partner LLC owned the number of Common Partnership Units equal to the number of REIT Common Shares of the Company issued and outstanding on the Exhibit V Effective Date.

 

Capitalized terms used and not defined in this Exhibit V shall have the meanings set forth in the Partnership Agreement.

 

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