Document:

Exhibit 10.1

 

SECOND AMENDMENT TO

SINGLE FAMILY HOMES REAL ESTATE PURCHASE
AND SALE AGREEMENT

 

 

THIS SECOND AMENDMENT
TO SINGLE FAMILY HOMES REAL ESTATE PURCHASE AND SALE AGREEMENT (this "Second Amendment") is made as of
November 12, 2014 by and among HERITAGE II HOLDINGS, LLC, a Florida limited liability company, HERITAGE III HOLDINGS, LLC, a Florida
limited liability company, HERITAGE IV HOLDINGS, LLC, a Florida limited liability company, HERITAGE V HOLDINGS, LLC, a Florida
limited liability company, HERITAGE RE HOLDINGS, LLC, a Florida limited liability company, and LINCOLN PROPERTY MANAGEMENT, LLC,
a Florida limited liability company (collectively, “Seller”) and REVEN HOUSING FLORIDA, LLC, a Delaware
limited liability company (“Buyer”) with reference to the following recitals:

 

RECITALS

 

A.      Seller
and Buyer entered into that certain Single Family Homes Real Estate Purchase and Sale Agreement dated September 9, 2014 (“Agreement”)
pursuant to which Seller agreed to sell and Buyer agreed to purchase from Seller, fifty (50) single family homes in the city of
Jacksonville, Florida.

 

B.      Seller and Buyer executed that
certain First Amendment to Single Family Homes Real Estate Purchase and Sale Agreement on October 30, 2014 (the “First
Amendment”) in order to add an additional fourteen (14) days to the Due Diligence Period, to amend the Purchase Price,
and to adjust the number of homes to be purchased by Buyer.

 

C.      Seller and Buyer have again agreed
to amend the Agreement in order to extend the Due Diligence period such that it now expires on November 26, 2014.

 

NOW THEREFORE, in consideration of the
mutual agreements herein contained, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged,
Buyer and Seller hereby agree as follows:

 

AGREEMENT

 

1.       Definitions. All initially-capitalized terms used in this Second Amendment without definition shall have the meanings
given such terms in the Agreement.

 

2.       Due Diligence Period. The Due Diligence period referenced in the Basic Terms of the Agreement is hereby extended
such that it now expires on November 26, 2014.

 

3.       Governing Law. This Second Amendment shall be governed by the laws of the State of Florida.

 

4.       Full Force and Effect. Except as modified herein, Buyer and Seller agree and affirm that the Agreement remains in
full force and effect.

 

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5.       Counterparts. This Second Amendment may be executed in two or more counterparts, each of which shall be deemed an
original, but all of which together shall constitute one and the same instrument. An electronically transmitted counterpart of
this Second Amendment shall constitute an original for all purposes.

 

6.       Miscellaneous. This Second Amendment, together with the First Amendment and the Agreement, sets forth the entire
agreement between the parties with respect to the subject matter set forth herein and therein and may not be modified, amended
or altered except by subsequent written agreement between the parties. In case of any inconsistency between the provisions of the
Second Amendment and the Agreement, the provisions of this Second Amendment shall govern and control. This Second Amendment shall
be binding upon and shall inure to the benefit of Buyer and Seller and their respective successors and assigns, if any.

 

 

 

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blank]

 

 

 

 

 

 

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IN WITNESS WHEREOF, Buyer and Seller have
caused this Second Amendment to be duly executed on their behalfs as of the day and year first stated above.

 

 

	 	SELLER
	 	 
	 	HERITAGE II HOLDINGS, LLC,
	 	a Florida limited liability company
	 	 
	 	 
	 	By: /s/ Christian Allen                             
	 	Name:  Christian Allen                             
	 	Its:   President                                           
	 	 
	 	 
	 	HERITAGE III HOLDINGS, LLC,
	 	a Florida limited liability company
	 	 
	 	 
	 	By: /s/ Christian Allen                             
	 	Name:  Christian Allen                             
	 	Its:   President                                           
	 	 
	 	 
	 	HERITAGE IV HOLDINGS, LLC,
	 	a Florida limited liability company
	 	 
	 	 
	 	By: /s/ Christian Allen                             
	 	Name:  Christian Allen                             
	 	Its:   President                                           
	 	 
	 	 
	 	HERITAGE V HOLDINGS, LLC,
	 	a Florida limited liability company
	 	 
	 	 
	 	By: /s/ Christian Allen                             
	 	Name:  Christian Allen                             
	 	Its:   President                                           

 

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	 	HERITAGE RE HOLDINGS, LLC,
	 	a Florida limited liability company
	 	 
	 	 
	 	By: /s/ Christian Allen                             
	 	Name:  Christian Allen                             
	 	Its:   President                                           
	 	 
	 	 
	 	LINCOLN PROPERTY MANAGEMENT, LLC,
	 	a Florida limited liability company
	 	 
	 	 
	 	By: /s/ Christian Allen                             
	 	Name:  Christian Allen                             
	 	Its:   President                                           
	 	 
	 	 
	 	 
	 	BUYER
	 	 
	 	 
	 	REVEN HOUSING FLORIDA, LLC,
	 	a Delaware limited liability company
	 	 
	 	 
	 	
	 	 
	 	By:    /s/ Chad Carpenter                         
	 	         Chad Carpenter
	 	         Chief Executive Officer

 

 

    	4Exhibit 10.5.4

 

	

    	
A Leading Manufacturer of Protective
   Materials for High Reliability Applications
    	
Executive   Offices
   Bethany House
   26 Summer Street
   Bridgewater, MA 02324
    
   Phone: (508) 819-4200 

Fax:     (508) 697-6419 www.chasecorp.com
    

 

August 19, 2014

 

Mr. Kenneth Feroldi 

67 Kimberley Drive 

Wakefield, RI 02878

 

Dear Ken:

 

It is with great pleasure that we extend to you an offer of employment with Chase Corporation as the Chief Financial Officer (CFO) with an effective start date of September 1, 2014.

 

The CFO is an exempt (salaried) position reporting to Peter Chase, CEO and Chairman. Your starting salary will be $220,000 annually, $8,461.54 per bi-weekly pay period, (subject to applicable withholdings and deductions).

 

Additionally, you will be eligible for an annual cash incentive that will allow you to earn a portion of your total compensation based on performance. This position has a nominal opportunity of 30% of base salary if targets are achieved. The Target for fiscal year 2015 is budgeted EBITDA. Actual payout maybe adjusted at management’s discretion based on individual performance. Incentive bonuses are paid after the end of the fiscal year usually in November. You will be able to participate in the plan for this fiscal year (ending August 31, 2015) based on actual salary paid during the year.

 

There will also be a long-term incentive opportunity as discussed. The normal plan will offer a targeted value of 45% of your base salary. For you this will be comprised of two parts – 30% will be in the form of performance shares whose value may increase or decrease based on the year’s performance results and will vest after 3 years; 15% will be in the form of straight restricted stock that will vest after 3 years. For the initial year only, the 15% restricted portion will vest in September of 2014 as soon as can be approved and processed.

 

Your performance and base salary will be reviewed in March of 2015 at which time your salary will increase to $235,000. You will then be reviewed again in September of 2015 at which time your salary is expected to increase to $250,000. Your salary and performance will be reviewed on an annual basis thereafter starting in September of 2016.

 

Your current medical and dental benefits will remain the same, however, you will be eligible to contribute to the Chase Corporation 401K plan and recognize the Safe Harbor Match. Additionally you will be eligible for the Executive Non-Qualified Deferred Savings plan, (details to be outlined under separate cover) and the Executive Life Insurance Option at three times your annual salary. As part of your benefits package you will also receive an auto allowance of $1,000 per month, (subject to applicable withholdings), that will be paid out on the first pay period of each month as well as an annual Executive Financial Planning Reimbursement of $5,000.

 

You will also be eligible for severance in the event of a change in control in similar form as the current CFO.

 

This offer is not a contract and supersedes any previous offer or representation. Your employment with Chase Corporation will be “at will”.

 

We look forward to you joining the team and undertaking the challenge of becoming the Chief Financial Officer and supporting the growing Chase Corporation businesses.

 

Please indicate your acceptance of this offer by signing below.

 

 

Yours truly,

 

	
/s/ Lisa R. Sparling
    	
 
    
	
Lisa   R. Sparling
    	
 
    
	
Human   Resources Manager
    	
 
    

 

	
Accepted:   
    	
/s/   Kenneth J. Feroldi
    	
 
    	
Date:
    	
August   26, 2014Exhibit 10.10.3

 

CHASE CORPORATION

ANNUAL INCENTIVE PLAN

 

Fiscal Year 2015

 

The Company, in addition to salary and benefits provides further cash compensation to key employees based on achieving preset annual goals.

 

The plan is maintained and paid at the sole discretion of the Board of Directors and may be modified or suspended at any time by the board.

 

Upon approval by the Board of Directors, the CFO will administer the plan.

 

It is the intent of the Board of Directors to exclude the effect of unusual events and expenses from the calculation.  The Compensation and Management Development Committee is given the authority by the Board to use its discretion in determining relevant exclusions.

 

Targets, awards, opportunities and associated performance award methodology and eligibility requirements will be established by the Compensation and Management Development Committee for the Chief Executive Officer, Chief Operating Officer and Chief Financial Officer and approved by the Board of Directors.  For senior management, the CEO will make recommendations to be approved by the Compensation and Management Development Committee.  For all other employees the CEO will be the approval authority.  See schedule below for award opportunities for the executive officers:

 

Budgeted EBITDA is the target.  Payment threshold is 90% which yields 50% of individual award opportunity.  From 90% to 100% performance — award increases proportionately between 50% and 100%.  Between 100% and 120% of target award is proportionate between 100% and 200%.

 

	
Actual v. Target
    	
 
    	
Award Earned
    
	
90%
    	
 
    	
50%
    
	
95%
    	
 
    	
75%
    
	
100%
    	
 
    	
100%
    
	
105%
    	
 
    	
125%
    
	
110%
    	
 
    	
150%
    
	
115%
    	
 
    	
175%
    
	
120%
    	
 
    	
200%
    

 

In order for any amounts to be payable under this Annual Incentive Plan, actual results must meet a threshold level of 90% of the target.  There is a cap on the incentive payments of 200% achieved at 120% of target.

 

Payment is made in cash no later than 75 days from the close of the fiscal year.

 

 

Award Opportunity

 

	
Chief   Executive Officer
    	
 
    	
150%   of base salary for 100% achievement of target. At 90% of target award is 75%   of base salary. For results in excess of target, award increases to 300% of   base salary at 120% of target.
    
	
Chief   Operating Officer
    	
 
    	
50%   of base salary for 100% achievement of target. At 90% of target award is 25%   of base salary. For results in excess of target, award increases to 100% of   base salary at 120% of target.
    
	
Chief   Financial Officer
    	
 
    	
30%   of base salary for 100% achievement of target. At 90% of target award is 15%   of base salary. For results in excess of target, award increases to 60% of   base salary at 120% of target.
    

 

In addition to the financial targets the Compensation and Management Development Committee may choose to establish qualitative measurement criteria.  Together with the financial measures these are referred to as critical success factors (CSF).  When utilized, the CEO’s CSF and appropriate weighting is approved by the board.  The CEO will approve all others.

 

Other management and non-union bonus participants will have opportunities established by the CEO.

 

To be eligible an employee must be on the active payroll when the bonus is paid and for at least 6 months prior to the end of the fiscal year

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