Document:

Exhibit 10.2

 

FIRST AMENDMENT TO TERM

LOAN AND SECURITY AGREEMENT

 

THIS FIRST AMENDMENT
TO TERM LOAN AND SECURITY AGREEMENT (this “Amendment”) dated as of October 31, 2014 is entered into by and
among Summit Lamar, LLC, a Delaware limited liability company (“Lamar”), Summit Monte Vista, LLC, a Delaware
limited liability company (“Monte Vista” and together with Lamar, the “Borrowers” and each
a “Borrower”) and THE PRIVATEBANK AND TRUST COMPANY, an Illinois banking corporation (the “Lender”)
and is agreed to and acknowledged by Summit Myrtle Point, LLC, a Delaware limited liability company (“Myrtle”).

 

WHEREAS, the
Lender and Borrowers are parties to that certain Term Loan and Security Agreement dated as of September 22, 2014 (the “Existing
Loan Agreement” and as amended and modified by this Amendment, the “Amended Loan Agreement”);

 

WHEREAS, Myrtle
is an Affiliate of the Borrowers and Myrtle and the Borrowers are engaged in related businesses to such an extent that the financial
strength and flexibility of the Borrowers and Myrtle has a direct impact on the success of each other Person;

 

WHEREAS, Myrtle
desires to purchase a thirty-five (35) bed skilled nursing facility known as Myrtle Point Care Center located at 637 Ash St, Myrtle
Point, Oregon 97458 (the “Myrtle Facility”) operated by Care Centers Management, Inc., an Oregon corporation
(the “Myrtle Operating Company”), pursuant to that certain Purchase and Sale Agreement dated as of August 1,
2014 by and between Kemry Properties LLC, an Oregon limited liability company (the “Myrtle Transaction Seller”)
and Summit Healthcare REIT, Inc., a Maryland corporation (“Assignor”) as amended by that certain First Amendment
to Purchase and Sale Agreement effective as of October 31, 2014, as such Purchase and Sale Agreement has been assigned by Assignor
to Myrtle pursuant to an Assignment and Assumption of Purchase Agreements entered into with Myrtle dated as of October 27, 2014
(the “Myrtle Purchase Agreement”) and all agreements, certificates, schedules, exhibits and other documents
executed and/or delivered in connection therewith, including, without limitation, the that certain Lease dated as of November 1,
2014 between Myrtle and the Myrtle Operating Company regarding the Myrtle Facility, pursuant to which Myrtle leases the
Real Property owned by Myrtle to the Myrtle Operating Company (the “Myrtle Real Estate Lease” and together with
all such other agreements, certificates, schedules, exhibits and other documents and the Myrtle Purchase Agreement, the “Myrtle
Transaction Documents”);

 

WHEREAS, Myrtle
and the Borrowers desire that the Lender increase the Loan and make such increase available to Myrtle to allow Myrtle to pay a
portion of the purchase price payable to the Myrtle Transaction Seller under the Myrtle Transaction Documents; and

 

WHEREAS, as
a condition to the Lender’s agreement to increase the Loan and make such increase available to Myrtle, the Lender is requiring
that Myrtle join the Amended Loan Agreement as a “Borrower” thereunder and, among other things, grant to Lender a security
interest in and lien upon all of its tangible and intangible assets, including the Real Property owned by Myrtle and Myrtle’s
interest in the Sinking Fund Account and the Lease Deposit Account, all as security for the “Liabilities” (as defined
in the Amended Loan Agreement).

 

    	 

    	 

    

 

NOW, THEREFORE,
in consideration of the premises and mutual agreements herein contained, the receipt and sufficiency of which are hereby acknowledged,
the parties hereto agree as follows:

 

SECTION 1

DEFINED TERMS

 

Capitalized terms not
defined herein shall have the meaning ascribed to such terms in the Existing Loan Agreement.

 

SECTION 2

AMENDMENTS TO EXISTING LOAN AGREEMENT

 

2.1         Amendment
to Definitions. 

 

(a)          Additional
Definitions. Section 1.1 of the Existing Loan Agreement is hereby amended by adding the following definitions in proper alphabetical
order:

 

“Borrowers”
shall mean, collectively, Lamar, Monte Vista and Myrtle. “Borrower” shall mean any of the Borrowers.

 

“Closing
Date Advance Amount” shall mean an amount equal to $6,000,000, which amount represents the aggregate principal balance
of the Loan outstanding as of the First Amendment Date, previously advanced by the Lender under this Agreement on the Closing Date.

 

“Closing
Date Assignment of Representations and Warranties” shall mean that certain Assignment of Representations and Warranties
executed by Lamar and Monte Vista in favor of Lender and acknowledged by the Closing Date Sellers dated as of the Closing Date.

 

“First
Amendment” shall mean that certain First Amendment to Term Loan and Security Agreement dated as of the First Amendment
Date by and among Lamar, Monte Vista and the Lender, and agreed to and acknowledged by Myrtle, together with the other joinders,
agreements, certificates and other documents delivered in connection therewith.

 

“First
Amendment Date” shall mean October 31, 2014, which is the effective date of the First Amendment.

 

“First
Amendment Date Advance Amount” shall mean an amount equal to $3,075,000, which amount represents the aggregate principal
balance of the Loan advanced on the First Amendment Date by the Lender under this Agreement.

 

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“Myrtle”
means Summit Myrtle Point, LLC, a Delaware limited liability company.

 

“Myrtle
Acquisition” means the transactions represented by the purchase of the assets of the Myrtle Seller by Myrtle,
pursuant to, and together with the other transactions described in, the Myrtle Purchase Documents.

 

“Myrtle
Assignment of Representations and Warranties” shall mean that certain Assignment of Representations and Warranties executed
by Myrtle in favor of the Lender and acknowledged by the Myrtle Seller dated as of the First Amendment Date.

 

“Myrtle
Assignment of Rents and Leases” means that certain Assignment of Rents and Leases made by Myrtle, dated as of the First
Amendment Date, as the same may be amended, supplemented or modified from time to time.

 

“Myrtle
Deed of Trust” means that certain Deed of Trust, Security Agreement, Assignment of Rents and Fixture Filing made by Myrtle,
dated as of the First Amendment Date, granting and conveying to the Lender a first mortgage Lien on that certain Real Property
commonly identified as the Myrtle Point Care Center located at 637 Ash St, Myrtle Point, Oregon 97458, as the same may be amended,
restated, supplemented or otherwise modified from time to time.

 

“Myrtle
Earn-Out Payment” means and includes any payment made in respect of the “earn out payment” referenced in
Section 6.2 of the Myrtle Real Estate Lease (or any successor provision) by any Borrower.

 

“Myrtle
Facility” means the thirty-five (35) bed skilled nursing facility known as the Myrtle Point Care Center located at 637
Ash St, Myrtle Point, Oregon 97458 operated by the Myrtle Operating Company.

 

“Myrtle
Purchase Agreement” shall mean that certain Purchase and Sale Agreement dated as of August 1, 2014 by and between the
Myrtle Seller and Summit as amended by that certain First Amendment to Purchase and Sale Agreement effective as of October 31,
2014, as such Purchase and Sale Agreement has been assigned by Summit Healthcare REIT, Inc., a Maryland corporation, to Myrtle
pursuant to an Assignment and Assumption of Purchase Agreements entered into with Myrtle dated as of October 27, 2014.

 

“Myrtle
Purchase Documents” shall mean the Myrtle Purchase Agreement and all agreements, certificates, schedules, exhibits and
other documents executed and/or delivered in connection therewith, including, without limitation, the Myrtle Real Estate Lease.

 

“Myrtle
Operating Company” means Care Centers Management, Inc., an Oregon corporation.

 

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“Myrtle
Real Estate Lease” means that certain Lease dated as of November 1, 2014 between Myrtle and the Myrtle Operating Company
regarding the Myrtle Facility, pursuant to which Myrtle leases the Real Property owned by Myrtle to the Myrtle Operating Company.

 

“Myrtle
Seller” shall mean Kemry Properties LLC, an Oregon limited liability company.

 

(b)          Amended
Definitions. Each of the introductory paragraph and Section 1.1 of the Existing Loan Agreement, as applicable, is hereby amended
by amending and restating the following definitions contained therein in their entirety:

 

“Assignment
of Representations and Warranties” shall mean, collectively, the Closing Date Assignment of Representations and Warranties
and the Myrtle Assignment of Representations and Warranties.

 

“Deeds
of Trust” means collectively, the Lamar Deed of Trust, the Monte Vista Deed of Trust and the Myrtle Deed of Trust.

 

“Environmental
Indemnity Agreement” means that certain Amended and Restated Environmental Indemnity Agreement dated as of the
First Amendment Date made by the Borrowers in favor of the Lender, in form and substance acceptable to the Lender, as the same
may be amended or modified from time to time.

 

“Facilities”
means, collectively, the Lamar Facility, the Monte Vista Facility and the Myrtle Facility. “Facility” means
any one of the Facilities.

 

“Fixed
Charges” means, for any period of determination, the sum of, without duplication, (a) the aggregate amount of any and
all advances and distributions made by any Borrower to any Person, including, without limitation, to any Affiliate of a Borrower
during such period, (b) Interest Charges of the Borrowers for Indebtedness that is paid or becomes due during such period, (c)
regularly scheduled principal payments made by the Borrowers for Indebtedness during such period, (d) unfinanced Capital Expenditures
of the Borrowers made during such period, (e) payments made by the Borrowers in respect of federal, state and local taxes during
such period, including taxes assessed in connection with Real Property and (e) any payments made by one or more of the Borrowers
in respect of the Myrtle Earn-Out Payment during such period to the extent such payments are not funded with the proceeds of a
capital contribution to Myrtle by Cornerstone made on or immediately prior to the date on which such payments are required to be
paid.

 

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“Maximum
Facility” means, (a) from the period commencing on the Closing Date and continuing until the First Amendment Date, an
amount equal to the lesser of (i) Six Million and No/100 Dollars ($6,000,000.00), (ii) 75% of the loan-to-value ratio using an
income approach of the Real Property as set forth on the most recent appraisal prepared and delivered to the Lender in accordance
with the terms hereof or (iii) 80% of the purchase price required to be paid by Lamar and Monte Vista under the Closing Date Purchase
Documents in connection with the Closing Date Acquisition; and (b) commencing on the First Amendment Date, an amount equal to the
lesser of (i) Nine Million Seventy Five Thousand and No/100 Dollars ($9,075,000.00), (ii) 75% of the loan-to-value ratio using
an income approach of the Real Property as set forth on the most recent appraisal prepared and delivered to Lender in accordance
with the terms hereof or (iii) 80% of the purchase price required to be paid by the Borrowers under the Closing Date Purchase Documents
in connection with the Closing Date Acquisition and the Myrtle Purchase Documents in connection with the Myrtle Acquisition.

 

“Operating
Companies” means, collectively, the Lamar Operating Company, the Monte Vista Operating Company and the Myrtle Operating
Company. “Operating Company” means any of the Operating Companies.

 

“Real
Estate Leases” means, collectively, the Lamar Real Estate Lease, the Monte Vista Real Estate Lease and the Myrtle Real
Estate Lease. “Real Estate Lease” means any of the Real Estate Leases.

 

“Subordinated
Debt” means any and all Indebtedness owing by any Borrower to a third party that has been subordinated to the Liabilities
in writing on terms and conditions satisfactory to the Lender in its sole and absolute determination, including, without limitation,
amounts owing under the Myrtle Real Estate Lease in respect of the Myrtle Earn-Out Payment.

 

2.2          Amendment
to Loan Facility. Section 2.1 of the Existing Loan Agreement is hereby amended by deleting the Section in its entirety
and substituting the following therefor:

 

“2.1           Loan.
On the terms and subject to the conditions set forth in this Agreement, and provided there does not then exist an Event of Default,
the Lender shall, following the execution of this Agreement by the Borrowers and the Lender, extend in one (1) advance on the Closing
Date and on (1) advance on the First Amendment Date, a term loan (the “Loan”) to the Borrowers in an aggregate
principal amount equal to the lesser of (y) Nine Million Seventy Five Thousand and No/100 Dollars ($9,075,000.00) or (z)
the Maximum Facility. The Borrowers acknowledge that the Closing Date Advance Amount has been advanced to the Borrowers on the
Closing Date and, as of the First Amendment Date, remains outstanding as an obligation under this Agreement as amended on the First
Amendment Date and that such amount shall, together with the First Amendment Date Advance Amount, continue to be owing on the terms
set forth in this Agreement and be deemed for all purposes as a Liability hereunder and in the other Financing Agreements. The
Borrowers agree to deposit with the Lender (for further deposit into the Sinking Fund Account), payments in respect of the Loan
based on a twenty-five (25) year amortization schedule in consecutive monthly installments as follows:

 

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	 	Closing Date through the First	 
	 	Anniversary of the Closing Date:	$200,000 annually ($16,667/month)
	 	 	 
	 	First Anniversary of the Closing	 
	 	Date through the Second Anniversary	 
	 	of the Closing Date:	$210,000 annually ($17,500/month)
	 	 	 
	 	Second Anniversary of the Closing	 
	 	Date through the Third Anniversary	 
	 	of the Closing Date:	$220,000 annually ($18,333/month)

 

, together with interest accrued
thereon, each payable on or before the fifth day of each calendar month, commencing on October 5, 2014, and otherwise in accordance
with Section 2.5 hereof, with a final installment of the aggregate unpaid principal balance of the Loan, together with interest
accrued thereon, payable on the Maturity Date. The Borrowers and the Lender agree and acknowledge that, as of the First Amendment
Date $16,667.00 of principal has been deposited with the Lender (for further deposit into the Sinking Fund Account. Monthly interest
payments on the Loan shall be computed using the interest rate then in effect and based on the outstanding principal balance of
the Loan. Any amounts paid or applied to the principal balance of the Loan (whether by mandatory prepayment or otherwise) may not
be reborrowed hereunder. The Lender's commitment hereunder to make the Loan is hereinafter called the “Commitment”.
At the Maturity Date, the outstanding principal balance of the Loan shall be immediately due and payable, together with any remaining
accrued interest thereon, to the Lender by the Borrowers. At the Maturity Date, the Borrowers hereby authorize and direct the Lender
to apply all amounts deposited in the Sinking Fund Account to the outstanding amount of the Loan. The Loan shall be evidenced by
a promissory note (hereinafter, as the same may be amended, modified or supplemented from time to time, and together with any renewals
or extensions thereof or exchanges or substitutions therefor, called the “Note”), duly executed and delivered
by the Borrowers, in form and substance reasonably satisfactory to the Lender, with appropriate insertions, dated the First Amendment
Date, payable to the order of the Lender in the principal amount of Nine Million Seventy Five Thousand and No/100 Dollars ($9,075,000.00).
THE PROVISIONS OF THE NOTE NOTWITHSTANDING, THE LOAN SHALL BECOME IMMEDIATELY DUE AND PAYABLE UPON THE EARLIEST TO OCCUR OF (X)
THE MATURITY DATE; (Y) THE ACCELERATION OF THE LIABILITIES PURSUANT TO SECTION 10.2 HEREOF; AND (Z) THE TERMINATION OF THIS
AGREEMENT (WHETHER BY PREPAYMENT OR OTHERWISE) IN ACCORDANCE WITH ITS TERMS.”

 

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2.3           Additional
Representation. Section 7 of the Existing Loan Agreement is hereby amended by adding the following Section 7.33 in
proper numerical order:

 

“7.33         Myrtle
Acquisition.

 

(a)          The
Myrtle Acquisition has been consummated contemporaneously with the execution and delivery of the First Amendment in accordance
with the terms of the Myrtle Purchase Agreement, subject to such modifications, supplements and waivers as the Lender shall have
approved.

 

(b)          No
party to any Myrtle Purchase Documents has waived, without the consent of the Lender, any condition precedent to the obligations
of any such party to close as set forth in the Myrtle Purchase Documents.

 

(c)          The
aggregate consideration payable under the Myrtle Purchase Documents is equal to $4,150,000.

 

(d)          True
and complete copies of all of the Myrtle Purchase Documents have been delivered to the Lender, together with a true and complete
copy of each document to be delivered at the closing of the Myrtle Acquisition.

 

(e)          Except
as set forth in the Myrtle Purchase Documents delivered to the Lender prior to the date hereof, there are no other agreements,
oral or written, with respect to which any Credit Party thereof has any obligation or liability with respect to the Myrtle Acquisition.

 

(f)          No
Credit Party nor, to the knowledge of any Borrower, any other Person party to the Myrtle Purchase Documents is in default in the
performance or compliance with any provisions thereof.

 

(g)          The
Myrtle Purchase Documents comply with, and the Myrtle Acquisition has been consummated in accordance with, all applicable laws,
including, without limitation, all Healthcare Laws.

 

(h)          The
Myrtle Purchase Documents are in full force and effect as of the date hereof and have not been terminated, rescinded or withdrawn.

 

(i)          All
material requisite approvals by governmental authorities having jurisdiction over the Myrtle Seller, the Credit Parties and other
Persons referenced therein with respect to the transactions contemplated by the Myrtle Purchase Documents have been obtained, and
no such approvals impose any conditions to the consummation of the transactions contemplated by the Myrtle Purchase Documents or
to the conduct by any Credit Party of its business thereafter which have not been satisfied within the time periods specified therein.

 

(j)          To
the knowledge of the Borrowers, none of the Myrtle Seller’s representations or warranties in the Myrtle Purchase Documents
contains any untrue statement of a material fact or omits any material fact necessary to make the statements therein made, in the
context in which made, not misleading.”

 

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SECTION 3

REPRESENTATIONS
AND WARRANTIES

 

Borrower hereby represents
and warrants to Lender that:

 

3.1           Due
Authorization, etc. The execution and delivery of this Amendment and the performance of Borrower’s obligations under
the Amended Loan Agreement are duly authorized by all necessary limited partnership action, do not require any filing or registration
with or approval or consent of any governmental agency or authority, do not and will not conflict with, result in any violation
of or constitute any default under any provision of the certificate of formation or limited partnership agreement of Borrower or
any material agreement or other document binding upon or applicable to it (or any of its properties) or any material law or governmental
regulation or court decree or order applicable to it, and will not result in or require the creation or imposition of any Lien
in any of its properties pursuant to the provisions of any agreement binding upon or applicable to it.

 

3.2           Validity.
This Amendment has been duly executed and delivered by Borrower and, together with the Amended Loan Agreement, constitutes a legal,
valid and binding obligation of Borrower, enforceable against Borrower in accordance with its terms subject, as to enforcement
only, to bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforceability of the rights of creditors
generally.

 

3.3           Representations
and Warranties. The representations and warranties contained in Section 7 of the Existing Loan Agreement are true and correct
on the date of this Amendment, except to the extent that such representations and warranties (a) solely relate to an earlier date
or (b) have been changed by circumstances permitted by the Amended Loan Agreement.

 

3.4           Absence
of Defaults. No Event of Default or Default has occurred or is occurring as of the date hereof.

 

SECTION 4

CONDITIONS PRECEDENT

 

This Amendment shall
become effective upon satisfaction of all of the following conditions precedent:

 

4.1           Receipt
of Documents. Lender shall have received all of the following, each in form and substance satisfactory to Lender:

 

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(a)          Amendment.
A counterpart original of this Amendment duly executed by Borrower.

 

(b)          Replacement
Promissory Note. A replacement promissory note duly executed by the Borrowers and Myrtle in favor of the Lender dated as of
the date hereof, substantially in the form of Exhibit A to this Amendment.

 

(c)          Joinder.
A joinder agreement executed by Myrtle and acknowledged by the Borrowers dated as of the date hereof, substantially in the form
of Exhibit B to this Amendment, pursuant to which Myrtle is joined to the Amended Credit Agreement as a “Borrower”
and grants the security interests and liens contemplated thereby.

 

(d)          Deed
of Trust. A Deed of Trust, Security Agreement, Assignment of Rents and Fixture Filing made by Myrtle in favor of Lender, dated
as of the date hereof substantially in the form of Exhibit C.

 

(e)          Assignment
of Rents and Leases. An Assignment of Rents and Leases made by Myrtle in favor of Lender, dated as of the date hereof substantially
in the form of Exhibit D.

 

(f)          Environmental
Indemnity Agreement. An Amended and Restated Environmental Indemnity Agreement made by the Borrowers and Myrtle in favor of
the Lender, dated as of the date hereof substantially in the form of Exhibit E.

 

(g)          Assignment
of Representations and Warranties. An Assignment of Representations and Warranties executed by Myrtle in favor of Lender and
acknowledged by the Myrtle Transaction Seller, dated as of the date hereof substantially in the form of Exhibit F.

 

(h)          Subordination
Agreement. A Subordination Agreement executed by the Myrtle Operating Company in favor of Lender and acknowledged and consented
to by the Myrtle and the other Borrowers, dated as of the date hereof substantially in the form of Exhibit G.

 

(i)          Pledge
Amendment. A Pledge Amendment executed by Cornerstone dated as of the date hereof, in the form attached as Schedule II to the
Pledge Agreement pursuant to which the membership interests of Myrtle owned by Cornerstone are added as “Pledged Collateral”
under the Pledge Agreement.

 

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(j)          Resolutions;
Incumbency and Signatures. Copies of the resolutions or written consent of the manager of the Borrowers and Myrtle authorizing
or ratifying the execution, delivery and performance by such Person of this Amendment and the other documents required to be delivered
in connection herewith to which such Person is party, certified by a Duly Authorized Person of such Person.

 

(k)          Consents.
Certified copies of all documents evidencing any necessary consents and governmental approvals, if any, with respect to the Myrtle
Transaction Documents, this Amendment and any other documents provided for herein or therein to be executed by a Borrower or Myrtle.

 

(l)          Opinion
of Counsel. An opinion of Hanson Bridgett, LLP and Kantor Taylor Nelson Evatt & Decina PC the legal counsel to Myrtle,
in form and substance reasonably satisfactory to Lender.

 

(m)          Constitutive
Documents. A copy (certified by a Duly Authorized Person) of Myrtle’s (i) Certificate of Formation, certified by the
Secretary of State of the State of Delaware as of a date acceptable to the Lender, together with a good standing certificate from
such governmental entity or department and, if and to the extent applicable, a good standing certificate (or the equivalent thereof)
from the Secretaries of State (or the equivalent thereof) of each other State in which Myrtle is required to be qualified to transact
business and (ii) a true, correct and complete copy of the Limited Liability Company Agreement of Myrtle.

 

(n)          UCC
Financing Statements; Termination Statements; UCC Searches. UCC Financing Statements, as requested by the Lender, naming Myrtle
as debtor and the Lender as secured party with respect to the Collateral pledged by Myrtle, together with such UCC termination
statements necessary to release all Liens (other than Permitted Liens) and other rights in favor of any Person in any of the Collateral
except the Lender, and other documents as the Lender deems necessary or appropriate, shall have been filed in all jurisdictions
that the Lender deems necessary or advisable. UCC tax, lien, pending suit and judgment searches for Myrtle (and, if and to the
extent applicable, under any of its trade or assumed names, if any), each dated a date reasonably near to the date hereof in all
jurisdictions reasonably deemed necessary by the Lender, the results of which shall be satisfactory to the Lender in its sole and
absolute determination.

 

(o)          Insurance
Certificates. Certificates from Myrtle’s insurance carriers evidencing that all insurance coverage required hereunder
and under the Mortgage and other Financing Agreements is in effect, which designate the Lender as “Lender’s Loss Payee”
under the personal property insurance, additional insured under the liability insurance and mortgagee, as applicable.

 

(p)          Real
Estate Leases. True, correct and complete copies of the fully-executed Myrtle Real Estate Lease, and all amendments, assignments,
modifications and other supplements in connection therewith, together with a Subordination, Non-Disturbance and Attornment Agreements
with respect to the Myrtle Facility, in each case, in a form and substance acceptable to Lender, including, without limitation,
evidence that the Rent Expense associated with the Real Estate Leases on an annual basis is not less than Four Hundred Fifteen
Thousand and 00/100 Dollars in the aggregate.

 

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(q)          Property
Condition Report. Property Condition Reports for the parcel of Real Property on which the Myrtle Facility is located, the form,
substance and results of which shall be satisfactory to Lender in its sole and absolute determination, unless waived in writing
by Lender.

 

(r)          Environmental
Assessment. Phase I environmental reports of the Real Property on which the Myrtle Facility is located prepared by an environmental
audit firm reasonably acceptable to the Lender, the results of which shall be satisfactory to the Lender in its sole and absolute
determination.

 

(s)          Title
Insurance. Title insurance policies in the form of ALTA Form Mortgagee Title Insurance Policy shall be issued by an insurer
(acceptable to the Lender) in favor of the Lender for the Real Property on which the Myrtle Facility is located, together with
copies of all documents of record concerning all such Real Property as identified on the commitment thereof. Each title insurance
policy shall contain such endorsements as deemed appropriate by the Lender.

 

(t)          Survey.
ALTA plats of survey shall be prepared on the Real Property on which the Myrtle Facility is located (certified to the (i) 2005
ALTA standards for existing surveys acceptable to Administrative Agent, together with affidavits of no change, and (ii) 2011 ALTA
standards for new surveys (ordered to correct errors from prior existing surveys)), unless waived in writing by the Lender.

 

(u)          Appraisal.
Appraisals prepared by an independent appraiser of the Real Property on which the Myrtle Facility is located, which appraisal shall
satisfy the requirements of the Financial Institutions Reform, Recovery and Enforcement Act, if applicable, and shall evidence
compliance with the supervisory loan-to-value limits set forth in the Federal Deposit Insurance Corporation Improvement Act of
1991 (including a loan-to-value ratio using an income-approach basis not to exceed 75%). Such appraisal (and the results thereof)
shall be satisfactory to the Lender in its sole and reasonable determination.

 

(v)         Flood
Insurance. Flood insurance policies, if applicable, concerning the Real Property on which the Myrtle Facility is located, reasonably
satisfactory to the Lender, if required by the Flood Disaster Protection Act of 1973.

 

(w)          Permits.
Certified copies of all licenses, permits and governmental approvals necessary for the use or operation of the Myrtle Facility,
together with a certificate of occupancy with respect to the Facilities issued in the name of the Myrtle Operating Company.

 

(x)          Myrtle
Transaction Documents. True, correct and complete copies of the fully-executed Myrtle Transaction Documents and of the governmental
approvals delivered in connection therewith.

 

(y)          Other.
Such other documents, certificates and instruments as the Lender may reasonably request.

 

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4.2           Commitment
Fee. On the date hereof, the Borrowers and Myrtle shall pay to the Lender a one-time commitment fee in the aggregate amount
of Thirty Thousand Seven Hundred Fifty and 00/100 Dollars ($30,750.00), which shall be deemed fully earned as of the date of this
Amendment.

 

4.3           No
Material Change. No material adverse change in any of any Borrower’s or Myrtle’s financial condition which,
in Lender’s sole opinion, would impair the Borrowers’ and Myrtle’s ability to meet their respective obligations
under the Amended Loan Agreement shall have occurred.

 

4.4           Other
Conditions. No Event of Default or Default shall have occurred and be continuing.

 

SECTION 5

MISCELLANEOUS

 

5.1           Documents
Remain in Effect. Except as amended and modified by this Amendment and the exhibits attached hereto, the Existing Loan
Agreement and the other documents executed pursuant to the Existing Loan Agreement remain in full force and effect and each Borrower
hereby ratifies, adopts and confirms its representations, warranties, agreements and covenants contained in, and obligations and
liabilities under, the Existing Loan Agreement and the other documents executed pursuant to the Existing Loan Agreement.

 

5.2           Counterparts.
This Amendment may be executed in any number of counterparts, and by the parties hereto on the same or separate counterparts, and
each such counterpart, when executed and delivered, shall be deemed to be an original, but all such counterparts shall together
constitute but one and the same Amendment.

 

5.3           Expenses.
The Borrowers and Myrtle, jointly and severally, agree to pay all costs and expenses of Lender (including reasonable fees, charges
and disbursements of Lender’s attorneys) in connection with the preparation, negotiation, execution, delivery and administration
of this Amendment and all other instruments or documents provided for herein or delivered or to be delivered hereunder or in connection
herewith. In addition, Borrowers and Myrtle agree, jointly and severally, to pay, and save Lender harmless from all liability for,
any stamp or other taxes which may be payable in connection with the execution or delivery of this Amendment, the borrowings under
the Amended Loan Agreement, and the execution and delivery of any instruments or documents provided for herein or delivered or
to be delivered hereunder or in connection herewith. All obligations provided in this Section 5.3 shall survive any termination
of the Amended Loan Agreement.

 

5.4           Governing
Law. This Amendment shall be a contract made under and governed by the internal laws of the State of Illinois. Wherever
possible, each provision of this Amendment shall be interpreted in such manner as to be effective and valid under applicable laws,
but if any provision of this Amendment shall be prohibited by or invalid under such laws, such provisions shall be ineffective
only to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions
of this Amendment.

 

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5.5           Successors.
This Amendment shall be binding upon Borrowers, Myrtle, the Lender and their respective successors and assigns, and shall inure
to the benefit of Borrowers, Myrtle, the Lender and the successors and assigns of the Lender.

 

5.6          Advice
of Counsel. Each Borrower and Myrtle acknowledges that it was advised by Lender to seek the advice of legal counsel in
negotiating and reviewing this Amendment, and further acknowledges that it had the opportunity to obtain advice of legal counsel.

 

[signature page attached]

 

    	13

    	 

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Amendment to be executed by their respective officers or other representatives thereunto duly
authorized and delivered at Chicago, Illinois as of the date first written above.

 

	 	BORROWERS:
	 	 	 
	 	SUMMIT LAMAR, LLC,
	 	 	 
	 	By:  Summit Healthcare REIT, Inc., a Maryland corporation, its Manager
	 	 	 
	 	 	By:  	/s/ Kent Eikanas
	 	 	Name: Kent Eikanas
	 	 	Title: President
	 	 	 
	 	SUMMIT MONTE VISTA,
    LLC,
	 	 	 
	 	By:  Summit Healthcare REIT, Inc., a Maryland corporation, its Manager
	 	 	 
	 	 	By:  	/s/ Kent Eikanas
	 	 	Name: Kent Eikanas
	 	 	Title: President

 

	 	LENDER:
	 	 
	 	THE PRIVATEBANK AND TRUST  COMPANY
	 	 
	 	By: 	/s/ Adam Panos
	 	 	Name: Adam Panos
	 	 	Title: Managing Director

 

	 	Acknowledged and Agreed to Myrtle:
	 	 	 
	 	SUMMIT MYRTLE, LLC,
	 	 	 
	 	By:  Summit Healthcare REIT, Inc., a Maryland corporation, its Manager
	 	 	 
	 	 	By: 	/s/ Kent Eikanas
	 	 	Name: Kent Eikanas
	 	 	Title: President

 

    	 

    	 

    

 

Exhibit A

 

Promissory Note

 

[see attached]

 

    	 

    	 

    

 

Exhibit B

 

Joinder

 

[see attached]

 

    	 

    	 

    

 

Exhibit C

 

Deed of Trust

 

[see attached]

 

    	 

    	 

    

 

Exhibit D

 

Assignment of Rents
and Leases

 

[see attached]

 

    	 

    	 

    

 

Exhibit E

 

Environmental Indemnity
Agreement

 

[see attached]

 

    	 

    	 

    

 

Exhibit F

 

Assignment of Representations
and Warranties

 

[see attached]

 

    	 

    	 

    

 

Exhibit G

 

Subordination Agreement

 

[see attached]Exhibit 10.2 Q1 2015

EXHIBIT 10.2

September 2, 2014

Mr. Gebhard F. Rainer
2017 West Shakespeare Ave
Chicago, IL 60647 

Dear Gebhard:
It is with great pleasure that I confirm our offer of the position of President and Chief Operating Officer of Coach, Inc. (“Coach” or the “Company”), reporting to Victor Luis, Chief Executive Officer of Coach. You will be a member of Coach’s Operating Group.  If you accept our offer, we would like you to start work by September 29, 2014 (the “Effective Date”).  If you would prefer another starting date, please let us know.  You will be considered an “officer” under Section 16 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), as well an “Executive Officer” of Coach pursuant to Rule 3b-7 of the Exchange Act.
 
		
	1.
	Base Salary 

 
$750,000 per annum.

Your salary will be paid monthly on the last Thursday of each calendar month.

Performance reviews are typically conducted at the end of our fiscal year, which presently runs from approximately July 1 through June 30. Any merit increases for which you may be eligible also would be determined at that time, and would take effect in September.  You will first be eligible for a merit increase in September 2015.

		
	2.
	Incentive Compensation

You will be eligible to participate in the Coach, Inc. 2013 Performance-Based Annual Incentive Plan ("SOPS"), a cash incentive program under which your payout is based on Coach's financial performance (as well as your individual performance).  The target bonus will be 100% of your salary actually earned during the fiscal year.  The actual bonus payout will range from 0% of target for performance below established thresholds to 200% of target for maximum performance, with performance components, measures and target values to be established by the Company’s Board of Directors. You will be eligible for SOPS beginning in fiscal year 2015, and any such SOPS bonus earned will be pro-rated in accordance with the Effective Date.

Any SOPS bonus is paid within three months of the end of the fiscal year and you must be an employee in good standing with Coach on the SOPS bonus payment date in order to be eligible to receive any such SOPS bonus payment.  After you are hired, please refer to the My Pay section of the Coach’s intranet, Coachweb, for governing terms of the SOPS bonus plan.  In 

Page 1 of 8

addition, Coach’s Board of Directors has adopted an incentive repayment policy (attached) for members of the Operating Group, which you must sign and return to me coincident with your acceptance of this offer of employment.
 
		
	3.
	Annual Equity Compensation

Your compensation package includes a guideline annual equity grant value of $1,500,000 to be granted in a fixed proportion of different equity vehicles as determined annually by the Committee.  Your first grant, with a grant date fair value at target of $1,500,000 will be made on the first business day of the fiscal month coincident with or following the Effective Date.  One-third of that value will be in the form of restricted stock units (“RSUs”), one-third of the value will be in performance restricted stock units (“PRSUs”) (at target) and one-third of the value will be in the form of stock options.  All equity awards are subject to approval by the Human Resources Committee (“the Committee”) of the Coach Board of Directors.  The target number of PRSUs and the RSUs that you will receive will be based on the closing price of Coach stock on the grant date (the “Grant Price”). PRSUs and RSUs cliff vest on the third anniversary of the grant date, with the number of PRSUs vesting varying from 0 – 170% of target subject to the performance conditions set forth in the grant agreement, which are expected to be based on Coach’s FY15-17 long-range plan.  The number of stock options that you will receive will be based on the Grant Price and on an industry standard valuation model, Black-Scholes, which determines the value of a stock option. Stock options are exercisable one-third after one year of the grant date, one-third after two years, and one-third after three years, and such options will expire 10 years after the date of grant. 

Coach may make additional, annual equity grants, and as an Operating Group member your annual grants will be in a fixed proportion of different equity vehicles and performance requirements as determined annually by the Committee.  Any future grants will be determined based on your position, performance, time in job and other criteria Coach determines it its discretion, which are subject to change. After you are hired, you will receive an email alert to view and accept your grant agreements and have access to the Coach, Inc. 2010 Incentive Award Plan (as it may be amended from time to time, the “Stock Plan”) prospectus through Coachweb.  You are subject to the terms and conditions of the grant agreements, including, but not limited to, the provisions relating to clawback of equity gains in certain post-employment scenarios.  Notwithstanding anything to the contrary in this letter, the Stock Plan’s terms and related grant agreements, as they may be changed from time to time, are controlling.

		
	4.
	Special New Hire Compensation

To replace the long term compensation you are forfeiting with your current employer, and to incent you to join Coach, within six weeks of the Effective Date, you will be paid a sign-on cash bonus in the amount of $500,000, subject to normal tax withholding. In addition, you will receive a one-time PRSU award with a target grant date value of $1,000,000, subject to approval by the Committee.  The target number of PRSUs that you receive will be based on the Grant Price, and the grant date will be the first business day of the fiscal month coincident with or following the Effective Date.  These PRSUs also cliff vest on the third anniversary of the grant date, with the number of PRSUs vesting varying from 0-170% of target subject to the performance conditions set forth in the grant agreement. The PRSU award will be subject to the same performance criteria and conditions as your annual PRSU award described above. After the grant is made, you will receive an email alert to view and accept your grant agreement and have 

Page 2 of 8

access to the Stock Plan prospectus through Coachweb.  Notwithstanding anything to the contrary in this letter, the Stock Plan's terms and related grant agreements, as they may be changed from time to time, are controlling.

		
	5.
	Relocation

You are eligible for relocation under the Coach U.S. Domestic Relocation Policy for Vice Presidents and Above. Please see the enclosed packet of information. Upon your acceptance, a member of the Benefits Department will be in touch with you to get started. Should you resign your employment within two years of your start date, or if your employment is terminated for “cause,” as defined below, Coach may require you to repay relocation expenses.

		
	6.
	Severance in Certain Circumstances 

If your employment at Coach should cease involuntarily for any reason other than for “cause,” as defined below (e.g. position elimination), you will receive the number of months of base salary you would be entitled to under the Coach, Inc. Severance Pay Plan. For more information, please view the Severance Plan document on Coachweb or contact Human Resources. To receive separation pay, you will be required to sign a waiver and release agreement in the form provided by Coach. This agreement will include restrictions on your ability to compete with Coach and solicit Coach employees.

		
	7.
	Section 409A of the Internal Revenue Code

It is expressly intended and contemplated that this letter comply with the provisions of Section 409A of the Code and the applicable guidance thereunder (“Section 409A”) and that the payments hereunder will either be exempt from Section 409A or will comply with the provisions of Section 409A.  This letter will be administered and interpreted in a manner consistent with this intent, and, notwithstanding any provision of this letter to the contrary, in the event that Coach determines that any amounts payable hereunder would be immediately taxable to you under Section 409A, Coach reserves the right (without any obligation to do so or to indemnify you for failure to do so) to amend this letter to satisfy Section 409A or be exempt therefrom (which amendment may be retroactive to the extent permitted by Section 409A).  Notwithstanding any other provision of this letter, if you are a “specified employee” within the meaning of Treas. Reg. §1.409A-1(i)(1), then the payment of any amount or the provision of any benefit under this letter which is considered deferred compensation subject to Section 409A of the Code shall be deferred for six (6) months after your “separation from service” or, if earlier, your death to the extent required by Section 409A(a)(2)(B)(i) of the Code (the “409A Deferral Period”).  In the event payments are otherwise due to be made in installments or periodically during the 409A Deferral Period, the payments which would otherwise have been made in the 409A Deferral Period shall be accumulated and paid in a lump sum on the Company’s first standard payroll date that arises on or after the 409A Deferral Period ends, and the balance of the payments shall be made as otherwise scheduled.  For purposes of any provision of this letter providing for reimbursements to you, such reimbursements shall be made no later than the end of the calendar year following the calendar year in which you incurred such expenses, and in no event shall the unused reimbursement amount during one calendar year be carried over into a subsequent calendar year.  For purposes of this letter, you shall not be deemed to have terminated employment unless you have a “separation from service” within the meaning of U.S. Treasury Regulations Section 1.409A-1(h) All rights to payments and benefits under this 

Page 3 of 8

letter shall be treated as rights to receive a series of separate payments and benefits to the fullest extent allowed by Section 409A of the Code. In no event shall any liability for failure to comply with the requirements of Section 409A be transferred from you or any other individual to Coach or any of its affiliates, employees or agents.

		
	8.
	Benefits

Your other major benefits will include medical, dental, vision, life insurance, short and long term disability, Coach, Inc. Savings & Profit Sharing Plan, Employee Stock Purchase Plan, employee discount program and 25 business days of vacation per calendar year, as generally provided by the Company at a comparable level in accordance with the plans, practices and programs of the Company.  We are enclosing a summary of executive benefits highlighting these programs in Your Coach Benefits Summary Kit.
 
As an employee of Coach, and as a part of this offer of employment, you will be subject to various Company policies set forth in the attached Addendum as well as those set forth in the Your Coach Benefits Summary Kit that accompanies this offer.  Such policies include, but are not limited to the following:

		
	•
	Incentive Repayment Policy;

		
	•
	Executive Stock Ownership Policy;

		
	•
	Notice of Intent to Terminate Employment;

		
	•
	Non-Competition and Non-Solicitation Policies; and

		
	•
	Other Terms and Conditions of Employment.

 
By accepting this offer of employment, you are also expressly accepting to be bound by the Company policies set forth in the attached Addendum and in the packet of materials that accompany this offer letter.

Gebhard, I am excited at the prospect of your joining us at Coach to build a great future. This is Coach's entire offer of employment. As you review this offer, please feel free to contact me at 212-629-2252 or 914-217-9684 with any questions. To accept the offer, and acknowledge you are not relying on any promise or representation that is not contained in this letter, please sign in the space below and return one of the attached copies to me by September 5, 2014.
Sincerely,
___/s/ Sarah J. Dunn_______________
Sarah J. Dunn
Global Human Resources Officer
Coach, Inc.

 
Agreed and accepted by: 
 
__/Gebhard F. Rainer_______    _____09/05/2014_____________
Gebhard F. Rainer                            Date

Page 4 of 8

	
	
	ADDENDUM

	 

	COMPANY POLICIES & CONDITIONS OF EMPLOYMENT

As an employee of Coach, you will be subject to the following policies.  Please sign the acknowledgement at the end noting your understanding and agreement.

		
	1.
	Incentive Repayment Policy

Coach's Board of Directors has adopted an incentive repayment policy affecting all performance-based compensation Coach pays to members of its Operating Group.  Information on this policy can be found in the Your Coach Benefits Summary Kit included with this letter. You agree that you will be subject to this repayment policy and that it may change from time-to-time as the Committee deems appropriate and/or as is required by law.

		
	2.
	Executive Stock Ownership Policy

Coach's Board of Directors has implemented a stock ownership policy for all Vice Presidents and above.  Information on this policy and the recommended amounts of stock ownership for your position can be found in the Your Coach Benefits Summary Kit included with this letter. As a Section 16(b) officer of Coach, Inc., you will be required to obtain pre-approval of all Coach stock transactions from the Coach Law Department.

		
	3.
	Notice of Intent to Terminate Employment

If at any time you elect to terminate your employment with Coach, including a valid retirement from Coach, you agree to provide twelve (12) weeks advance written notice of your intent to terminate your employment and such notice shall be provided via eMail to the Chief Executive Officer and Global Human Resources Officer.  After you have provided your required notice, you will continue to be an employee of Coach.  Your duties and other obligations as an employee of Coach will continue and you’ll be expected to cooperate in the transition of your responsibilities.  Coach shall, however, have the right in its sole discretion to direct that you no longer come to work or to shorten the notice period.  Nothing herein alters your status as an employee at-will.  Coach reserves all legal and equitable rights to enforce the advance notice provisions of this paragraph. You acknowledge and agree that your failure to comply with the notice requirements set forth in this paragraph shall result in: (i) Coach being entitled to an immediate injunction, prohibiting you from commencing employment elsewhere for the length of the required notice, (ii) Coach being entitled to claw back any bonus paid to you within 180 days of your last day of employment with Coach, (iii) the forfeiture of any unpaid bonus as of your last day of employment with Coach, (iv) any unvested or vested equity award held by you shall be automatically forfeited on your last day of employment with Coach, and (v) Coach being entitled to claw back any Financial Gain (as defined below) you realize from the vesting of any Coach equity award within the twelve (12) month period immediately preceding your last day of employment with Coach.  “Financial Gain” shall have the meaning set forth in the various equity award grant agreements that you receive during your employment with Coach.  

Page 5 of 8

		
	4.
	Non-Competition and Non-Solicitation Policies

You are prohibited from counseling, advising, consulting for, becoming employed by, or providing services to a “competitor” of Coach (as defined below) during employment and the twelve (12) month period beginning on your last day of employment with Coach.  You acknowledge that compliance with this paragraph is necessary to protect the business and good will of Coach and that a breach of any of these provisions will irreparably and continually damage Coach, for which money damages may not be adequate.  Accordingly, in the event that you breach this paragraph, you will forfeit any unpaid bonus and Coach shall be entitled to claw back any bonus paid to you within 180 days of your last day of employment with Coach.  In addition, Coach will be entitled to preliminarily or permanently enjoin you from violating this paragraph in order to prevent the continuation of such harm.  For the purposes of this provision, “competitor” includes the companies, together with their respective subsidiaries, parent entities, and all other affiliates as set forth on Exhibit A, attached hereto (such companies subject to change from time-to-time, as posted on Coach’s intranet, Coachweb).

You agree that if you are offered and desire to accept employment with another business, person or enterprise, including, but not limited to, a “competitor” of Coach (as defined above), during the twelve (12) month period beginning on your last day of employment with Coach, you will promptly inform Coach’s Global Human Resources Officer, in writing, of the identity of the prospective employer, your proposed title and duties with that business, person or enterprise, and the proposed starting date of that employment.  You also agree that you will inform that prospective employer of the terms of these provisions.  Failure to abide by the requirements of this paragraph will also be deemed a failure to provide the required advance written notice set forth above under Notice of Intent to Terminate Employment.

You acknowledge: (a) that the scope and duration of the restrictions on your activities under these provisions are reasonable and necessary to protect the legitimate business interests of Coach; (b) that Coach does business worldwide and, therefore, you specifically agree that, in order to adequately protect Coach, the scope of the restrictions in this provision is reasonable; and (c) that you will be reasonably able to earn a living without violating the terms of these provisions.

You agree that during employment and the twelve (12) month period beginning on your last day of employment with Coach, you will not, without the prior written consent of Coach, alone, or in association with others, solicit on behalf of you, or any other person, firm, corporation or entity, any employee of Coach, or any of its operating divisions, subsidiaries or affiliates, for employment, consulting or other independent contractor arrangements. For purposes of this paragraph and to avoid any ambiguity, you and Coach agree that it will be presumed that you solicited an employee of Coach if such employee commences employment for or on behalf of you or any entity to which you provide services prior to the end of the twelve (12) month period beginning on your last day of employment with Coach.  You acknowledge that compliance with this paragraph is necessary to protect the business and good will of Coach and that a breach of any of these provisions will irreparably and continually damage Coach, for which money damages may not be adequate.  Accordingly, in the event that you breach this paragraph, you will forfeit any remaining earned but unpaid bonus and Coach shall be entitled to claw back any bonus paid to you within 180 days of your last day of employment with Coach. In addition, Coach will be entitled to preliminarily or permanently enjoin you from violating this paragraph in order to prevent the continuation of such harm.

Page 6 of 8

		
	5.
	Other Terms and Conditions of Employment

If you accept Coach's offer of employment, our relationship is "employment-at-will." That means you are free, at any time, for any reason, to end your employment with Coach and that Coach may do the same, subject to the advance notice requirements set forth above under Notice of Intent to Terminate Employment. The Company has “cause” to terminate your employment upon (i) your willful failure to substantially perform the duties as President (other than any such failure resulting from your permanent Disability), which is not remedied within 30 days after receipt of written notice from the Company specifying such failure; (ii) your failure to carry out, or comply with, in any material respect any lawful and reasonable directive of the Chief Executive Officer, which is not remedied within 30 days after receipt of written notice from the Company specifying such failure; (iii) your commission at any time of any act or omission that results in a conviction, plea of no contest, or imposition of un-adjudicated probation for any felony or crime involving fraud, embezzlement, material misconduct, misappropriation or moral turpitude; (iv) your willful taking of or failure to take any action, which action or omission is materially injurious to the Company, whether monetarily or otherwise (including, without limitation, any act or omission that is materially detrimental to the business or reputation of the Company); (v) your unlawful use (including being under the influence) or possession of illegal drugs on the Company’s premises or while performing your duties and responsibilities; or (vi) your willful commission at any time of any act of fraud, embezzlement, misappropriation, material misconduct, or breach of fiduciary duty against the Company (or any predecessor thereto or successor thereof).
Our agreement regarding employment-at-will may not be changed, except specifically in writing signed by both the Committee and you. Coach may in its discretion add to, discontinue, or change compensation, duties, benefits and policies.  Notwithstanding the foregoing two sentences, nothing in the preceding two sentences shall be construed as diminishing the financial obligations of either of the parties hereunder, including, without limitation, Coach’s obligations to pay Salary, Bonus, Severance, Equity Compensation, etc., pursuant to the pertinent provisions set forth above. All payments made hereunder are subject to the usual withholdings required by law.  In the event of a breach by you of any provision of this offer letter and/or any of the Company policies which are included herewith, you agree to reimburse Coach for any and all reasonable attorney’s fees and expenses related to the enforcement of this agreement, including, but not limited to, the clawback of gains specified hereunder. 
Our offer of employment is contingent on the following: 
		
	•
	Formal ratification of this agreement by the Committee;

		
	•
	Your passing a credit/background check and verification of your identity and authorization to be employed in the United States;

		
	•
	Your returning a signed copy of this offer letter before your first day of work;  

		
	•
	Your agreement to be bound by, and adhere to, all of Coach's policies in effect during your employment with Coach, including the Executive Stock Ownership Policy and Incentive Repayment Policy, and our Confidentiality, Information Security and Privacy Agreement; and

		
	•
	The terms and conditions of individual equity award agreements.

Page 7 of 8

EXHIBIT A

Competitor List
(as of August 2014)
        
Burberry Group PLC
Cole Haan LLC
Diane von Furstenberg Studio, L.P.
Fast Retailing Co., Ltd.
Fung Group
The Gap, Inc.
Kering
J. Crew Group, Inc.
Kate Spade and Company
L Brands, Inc.
LVMH Moet Hennessy Louis Vuitton SA
Michael Kors Holdings Limited
PVH Corp.
Prada, S.p.A.
Proenza Schouler
Rag & Bone
Ralph Lauren Corporation
Tory Burch LLC
Tumi Holdings, Inc.
V.F. Corporation

Page 8 of 8

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00237-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00237-of-00352.parquet"}]]