Document:

ex_10-20.htm

Exhibit 10.20

 

 

EXCLUSIVE LISTING AGREEMENT

 

PARTIES

 

	Vista International Technologies, Inc.	 	(“Owner”)
	 	 
	CCBN Texas Limited Partnership dba Colliers International	 (“Broker”)

  

PROPERTY

 

	
Name:

	
Tire Processing & Storage Facility

	  

 

	
Address:

	
 

	
1323 Fulghum Road, Hutchins, Texas 75141

	  	  	  

 

	
Total Sq. Ft (Project):

	
   1,171,764

	
 

	
Listing Sq. Ft.

	
1,171,764

 

	
Minimum Sales Price:  

	
$                 2,595,000

	
        Lease Rate:

	
    $                                        N/A

 

Business Sale Contingency:  Both parties agree that this listing agreement specifically includes the sale of the business, whether a stock sale or asset sale, or any other transfer of a majority of ownership in the business (Vista International Technologies, Inc.) to an unrelated third party.

 

Signage:  It is agreed that no signage will be placed on the property. Broker will only provide signage on the property if requested by the Owner.  Broker will comply with local law on size and types of signs.  Broker acknowledges that posting of signage is subject to Owner obtaining consent of the existing tenant, if any.

 

Colliers International Listing Agent (“Listing Agent”):     Chris Teesdale and Phil Rosenfeld 

 

	TERM:	TERMS OF AGREEMENT	 	 
	 	 	 	 
	Length of Term: 	Six (6)    Months	 	 
	 	 	 	 
	Commencement Date:	    July 1, 2010                            	 	 
	 	 	 	 
	Termination Date:  	    December 31, 2010                                         	 	 

 

In consideration of the services provided by Broker, Owner hereby irrevocably appoints Broker as its exclusive agent and lists with said Broker the Property described above, and Owner hereby grants said Broker the exclusive right to sell the same within said time at the price and on terms herein stated, or at such other price and terms which may be accepted by Owner, and to accept a deposit thereon.

 

  

  

  

BROKER REPRESENTATION

 

Owner acknowledges receipt of the Exhibit titled Information About Brokerage Services.  Broker will exclusively represent Owner in negotiations for the sale of the Property. Additionally, Owner authorizes Broker to act as an intermediary in the event Broker also represents a Buyer who expresses interest in the Property. In the event of a sale transaction originated and represented by a licensed agent, other than the Colliers Listing Agent, such licensed agent shall be deemed a Participating Broker (“Participating Broker”).

 

SALE

 

In the event of a sale and the closing of such sale, Owner hereby agrees a sale commission of six percent (6%) of the gross sale price of the first one million dollars ($1,000,000) and three percent (3%) thereafter of the gross sale price shall be paid to Colliers International at closing.  Broker is responsible for the payment of any commissions earned by Participating Brokers for procuring a buyer, provided Owner has compensated Broker in accordance with this Agreement. In the event of a sale, Owner agrees to furnish to buyer a standard owner’s Title Policy subject only to those matters agreed to by Owner and buyer in accordance with a Purchase and Sale Agreement (“PSA”) entered into between the parties, and Owner will convey the Special Warranty Deed free and clear of all liens, except for taxes and assessments not yet due and payable, as otherwise provided herein, or as set forth in the PSA.  Taxes, interest, insurance premiums, rents (if any) and other continuing items shall be prorated to date of transfer.  Notwithstanding the foregoing, buyer shall be responsible for obtaining its own insurance on the Property.

 

RENEWAL OPTION

 

Pursuant to this Exclusive Listing Agreement (“Agreement”) between Owner and Broker executed this the 1st day of July, 2010, it is hereby agreed between the Parties that following the Termination Date of the Agreement, the Agreement shall renew as a month-to-month Exclusive Listing Agreement under the same covenants and conditions contained herein with either party having the right to cancel the Agreement by providing 30 days prior written notice.

 

EXCLUSIONS

 

Owner is currently in negotiations with a third party competitor, Liberty Tire Recycling, LLC (“Liberty”).  It is anticipated that through these negotiations, a maximum price at which Liberty will purchase the land/business from Owner will determined hereinafter, “Initial Liberty Purchase Price”.  In the event that Owner sells the land/business for the Liberty Purchase Price, then Broker is excluded from receiving a commission, but will be paid a consulting fee of $5,000.  However, if Liberty purchases the land/business for an amount greater than the Initial Liberty Purchase Price, then Broker will be paid a commission equal to 6% of the amount above Initial Liberty Purchase Price.

 

OTHER PROVISIONS

 

If said property is sold by the Broker, the Owner or by any other person within 180 days after the expiration of this agreement or any renewal hereof to anyone with whom the Broker has presented the subject Property during the term of this agreement or any renewal hereof, subject to the provisions of this paragraph, the Owner agrees to pay the Broker a commission in cash either at closing or upon full execution of the Lease as provided herein.  Broker shall provide Owner a list of Prospects for registration (“Registration Letter”) within ten (10) days after the expiration of this agreement or any renewal hereof.

 

  

  

  

 

Broker shall be entitled to reasonable attorney’s fees and costs if it becomes necessary for Broker to institute legal action against Owner relating to this Agreement.  In such event, Owner shall remain liable for commissions earned as set forth herein.  Under Chapter 62, Texas Property Code, Broker is entitled to claim a lien against the Property to secure payment of an earned fee.

 

Owner acknowledges that it is Owner’s obligation to consult with independent experts and inform potential prospects of any material defects, ADA requirements applicable to the building and/or toxic waste (environmental hazards) present in or around the building and/or on the property. Owner shall not be obligated to conduct environmental testing or remedy any environmental hazards as a result of entering into this Exclusive Listing Agreement.   Further, Owner will protect, defend, indemnify and hold Broker harmless from and against any claims or causes of action, including without limitation, attorneys’ fees, damages and expenses, arising from Owner’s failure to disclose any material information or providing misleading information to prospective buyers or Broker.

 

Broker shall not be liable for damages or vandalism sustained by the Property during the term of this Exclusive Listing Agreement.

 

No commission shall be owed in the event of a sale in foreclosure and this Exclusive Listing Agreement shall terminate if the Property becomes subject to a foreclosure proceeding.  Nothwithstanding any provisions herein, the ownership interests of the Owner (i.e. The Voting Trustee, his designated successor and voting trust certificate holders) may transfer their interests among themselves and their family members without triggering Broker’s right to commission hereunder.

 

This Agreement may not be altered, waived or amended except by an instrument in writing signed by Owner and Broker.  This Agreement shall be binding on the parties hereto, their heirs, successors, legal representatives or assigns.

 

                Executed this the 1st day of July, 2010.

 

	BROKER:	 	 	OWNER:	 
	CCBN TEXAS LIMITED PARTNERSHIP	 	VISTA INTERNATIONAL
	dba Colliers International	 	TECHNOLOGIES, INC.
	 	 	 	 
	By:	 	/s/ Mark D. Noble	 	By: 	 	/s/ Thomas P. Pfisterer
	 	Mark D. Noble, SIOR	 	 	Thomas P. Pfisterer
	
Title:

	Managing Director	 	Title:	CEO
	 	 	 	 	 
	Address:	 	 	Address:	 
	4311 Oak Lawn Ave., Suite 400 	 	      88 Inverness Circle, Suite N-103
	 	 	 	 	 
	Dallas, Texas  75219	 	     Englewood, CO 80112

 

  

  

  

                                                                           

                    Approved by the Texas Real Estate Commission for Voluntary Use

 

Texas law requires all real estate licensees to give the following information

About brokerage services to prospective buyers, tenants, sellers and landlords.

 

INFORMATION ABOUT BROKERAGE SERVICES

 

Before working with a real estate broker, you should know that the duties of a broker depend on whom the broker represents.  If you are a prospective seller or landlord (owner) or a prospective buyer or tenant (buyer), you should know that the broker who lists the property for sale or lease is the owner’s agent.  A broker who acts as a subagent represents the owner in cooperating with the listing broker.  A broker who acts as a buyer’s agent represents the buyer.  A brokers may act as an intermediary between the parties if the parties consent in writing.  A broker can assist you in locating a property, preparing a contract or lease, or obtaining financing without representing you.  A broker is obligated by law to treat you honestly.

 

IF THE BROKER REPRESENTS THE OWNER:

The broker becomes the owner’s agent by entering into an agreement with the owner, usually through a written – listing agreement, or by agreeing to act as a subagent by accepting an offer of subagency from the listing broker.  A subagent may work in a different real estate office.  A listing broker or subagent can assist the buyer but does not represent the buyer and must place the interests of the owner first.  The buyer should not tell the owner’s agent anything the buyer would not want the owner to know because an owner’s agent must disclose to the owner any material information known to the agent.

 

IF THE BROKER REPRESENTS THE BUYER:

The broker becomes the buyer’s agent by entering into an agreement to represent the buyer, usually through a written buyer representation agreement.  A buyer’s agent can assist the owner but does not represent the owner and must place the interests of the buyer first.  The owner should not tell a buyer’s agent anything the owner would not want the buyer to know because a buyer’s agent must disclose to the buyer any material information known to the agent.

 

IF THE BROKER ACTS AS AN INTERMEDIARY:

A broker may act as an intermediary between the parties if the broker complies with The Texas Real Estate License Act.  The broker must obtain the written consent of each party to the transaction to act as an intermediary.  The written consent must state who will pay the broker and, in conspicuous bold or underlined print, set forth the broker’s obligations as an intermediary.  The broker is required to treat each party honestly and fairly and to comply with The Texas Real Estate License Act.  A broker who acts as an intermediary in a transaction:

 

	
  

	
1)

	
shall treat all parties honestly;

	
  

	
2)

	
may not disclose that the owner will accept a price less than the asking price unless authorized in writing to do so by the owner;

	
  

	
3)

	
may not disclose that the buyer will pay a price greater than the price submitted in a written offer unless authorized in writing to do so by the buyer; and

	
  

	
4)

	
may not disclose any confidential information or any information that a party specifically instructs the broker in writing not to disclose unless authorized in writing to disclose the information or required to do so by The Texas Real Estate License Act or a court order or if the information materially relates to the condition of the property.

 

With the parties’ consent, a broker acting as an intermediary between the parties may appoint a person who is licensed under The Texas Real Estate License Act and associated with the broker to communicate with and carry out instructions of one party and another person who is licensed under the Act and associated with the broker to communicate with and carry out instructions of the other party.

 

If you choose to have a broker represent you, you should enter into a written agreement with the broker that clearly establishes the broker’s obligations and your obligations.  The agreement should state how and by whom the broker will be paid.  You have the right to choose the type of representation, if any, you wish to receive.  Your payment of a fee to a broker does not necessarily establish that the broker represents you.  If you have any questions regarding the duties and responsibilities of the broker, you should resolve those questions before proceeding.

	 	 	 

Real estate licensee asks that you acknowledge receipt of this information about brokerage services for the licensee’s records.

 

	/s/ Thomas P. Pfisterer	7/1/10	 
	Buyer, Seller, Landlord or Tenant 	 Date	 

 

	Texas Real Estate Brokers and Salespersons are licensed and regulated by the Texas Real Estate Commission (TREC). If you have a question or complaint regarding a real estate licensee, you should contact TREC at P.O. Box 12188, Austin, TX 78711-2188 or 512/465-3960WebFilings | EDGAR view

 

EXHIBIT 10.1
 
FORM OF RESTRICTED
 
STOCK AWARD AGREEMENT
 
This Restricted Stock Award ("Award") is made this ____ day of _________, 201_ ("Date of Grant"), by Heritage-Crystal Clean, Inc.  (the "Company") to______________ (the "Grantee").
 
1. AWARD OF RESTRICTED STOCK. The Company hereby grants to Grantee a total of _______________ (_______) shares of Company Common Stock, par value $.01 per share (the "Restricted Stock") subject to the terms and conditions set forth below and made under the Heritage - Crystal Clean, Inc. Omnibus Incentive Plan of 2008 (the "Plan") which is incorporated into this Agreement by reference.  Any capitalized terms used herein that are otherwise undefined shall have the same meaning provided in the Plan.
 
2. RESTRICTIONS. The Restricted Stock is being awarded to Grantee subject to the transfer and forfeiture conditions set forth below (the "Restrictions") which shall lapse, if at all, as described in Sections 3 and 4 below. For purposes of this Award, the term Restricted Stock includes any additional shares of Common Stock granted to the Grantee with respect to the Restricted Stock, while it is subject to the Restrictions.
 
a.Grantee may not directly or indirectly, by operation of law or otherwise, voluntarily or involuntarily, sell,   assign, pledge, encumber, charge or otherwise transfer any of the Restricted Stock while it is subject to Restrictions. The Restricted Stock shall be forfeited if Grantee violates or attempts to violate these transfer restrictions.
 
b.Any Restricted Stock remaining subject to the Restrictions shall be automatically forfeited upon the Grantee's termination of employment with the Company or its subsidiary, Heritage - Crystal Clean, LLC (collectively, the “HCCI Companies”) for any reason other than death, permanent disability or retirement. The HCCI Companies will not be obligated to pay Grantee any consideration whatsoever for forfeited Restricted Stock.
 
3. LAPSE OF RESTRICTIONS. The Restrictions shall lapse as follows:
 
a.1/3 of the total number of shares of Restricted Stock shall no longer be subject to the Restrictions on or after January 1, 201_.
 
b.2/3 of the total number of shares of Restricted Stock shall no longer be subject to the Restrictions on or after January 1, 201_.
 
c.The total number of shares of Restricted Stock shall no longer be subject to the Restrictions on or after January 1, 201_.
 
Upon death or permanent disability all unvested restricted stock will immediately vest. Upon retirement an employee will continue to participate in the Plan with respect to vesting of restricted stock as though the employee continued as an active employee at the HCCI Companies. 
  
4. CHANGE IN CONTROL. Any remaining Restrictions shall also lapse at the effective time of a "Change in Control" of the Company as defined in the Plan. 
 
5. ADJUSTMENTS. If the number of outstanding shares of Common Stock of the Company is changed as a result of stock dividend, stock split or the like without additional consideration to the Company, the number of shares of Restricted Stock subject to this Award shall be adjusted to correspond to the change in outstanding shares.
 
6. VOTING AND DIVIDENDS. Subject to the Restrictions contained in Section 2 hereof, Grantee shall have all rights of a stockholder of the Company with respect to the Restricted Stock, including the right to vote the shares of Restricted Stock and the right to receive any cash or stock dividends. Stock dividends issued with respect to the Restricted Stock shall be treated as additional shares of Restricted Stock that are subject to the same restrictions and other terms and conditions that apply to the shares with respect to which such dividends are issued. If a dividend is paid in other property, the Grantee will be credited with the amount of property which would have been received had the Grantee owned a number of shares of Common Stock equal to the number of Restricted Stock credited to his or her account. The property so credited will be subject to the same Restrictions and other terms and conditions applicable to the Restricted Stock and will be paid out in kind at the time the Restrictions lapse.

 

 

 
7. DELIVERY OF CERTIFICATES OR EQUIVALENT. The Restricted Stock shall be registered in Grantee's name, but held by the Company along with a stock power signed in blank by the Grantee. Upon the lapse of Restrictions applicable to the Restricted Stock, the Company shall deliver to the Grantee a certificate representing a number of shares of Common Stock equal to the number of shares of Restricted Stock then subject to this Award, plus, a cash payment equal to the value of any fractional shares.
 
8. WITHHOLDING TAXES. The Company is entitled to withhold an amount equal to minimum statutory withholdings taxes required for the respective tax jurisdiction attributable to any share of Common Stock or property deliverable in connection with the Restricted Stock, or to otherwise require a direct payment of cash or other readily available funds from the Grantee The Company may permit the Grantee to satisfy any withholding obligation in whole or in part by retaining shares of the Restricted Stock having a fair market value on the date the Restrictions lapse equal to the minimum amount required to be withheld. Fair market value for this purpose shall be the closing price for a share of the Company's Common Stock on the last trading day before the date the Restrictions lapse. The official source for the closing price is the closing price per the NASDAQ.com website. 
 
9. NOTICES. Any written notice under this Award shall be deemed given on the date that is two business days after it is sent by registered or certified mail, postage prepaid, addressed either to the Grantee at his or her address set forth below or to the Company to Attention: Chief Accounting Officer. The Grantee and the Company may change the address to which notices are to be delivered by giving the other party notice in the manner set forth herein.
 
10. Public Offer Waiver.  By voluntarily accepting this Award, Grantee acknowledges and understands that his or her rights under the Plan are offered strictly as an employee of the HCCI Companies and that this Award is not an offer of securities made to the general public.
11. Transferability of Shares.  Grantee may not offer, sell or otherwise dispose of any Restricted Stock in a way which would: (i) require the Company to file any registration statement with the Securities and Exchange Commission (or any similar filing under state law or the laws of any other country) or to amend or supplement any such filing or (ii) violate or cause the Company to violate the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, the rules and regulations promulgated thereunder, any other state or federal law, or the laws of any other country.  The Company reserves the right to place restrictions on the Restricted Stock received by Grantee pursuant to this Award.
12. Conformity with the Plan.  This Award is intended to conform in all respects with, and is subject to all applicable provisions of the Plan.  Inconsistencies between this Agreement and the Plan shall be resolved in accordance with the terms of the Plan.
13. Interpretations.  Any dispute, disagreement or question which arises under, or as a result of, or in any way relates to the interpretation, construction or application of the Plan or this Agreement will be determined and resolved by the Compensation Committee of the Company's Board of Directors (the “Committee”) or its authorized delegate.  Such determination or resolution by the Committee or its authorized delegate will be final, binding and conclusive for all purposes.
14. No Rights to Continued Employment.  By voluntarily acknowledging and accepting this Award, Grantee acknowledges and understands that this Award shall not form part of any contract of employment between Grantee and any of the HCCI Companies.  Nothing in this Agreement or the Plan confers on Grantee any right to continue in the employ of the HCCI Companies or in any way affects the HCCI Companies' right to terminate the Grantee's employment without prior notice at any time or for any reason.  Grantee further acknowledges that this Award is for future services to the HCCI Companies and is not under any circumstances to be considered compensation for past services.
15. Consent to Transfer Personal Data.  By accepting this Award, Grantee voluntarily acknowledges and consents to the collection, use, processing and transfer of personal data as described in this Paragraph.  Grantee is not obliged to consent to such collection, use, processing and transfer of personal data.  The HCCI Companies hold certain personal information about Grantee, that may include Grantee name, home address and telephone number, fax number, email address, family size, marital status, sex, beneficiary information, emergency contacts, passport/visa information, age, language skills, drivers license information, date of birth, birth certificate, social security number or other employee identification number, nationality, C.V. (or resume), wage history, employment references, job title, employment or severance contract, current wage and benefit information, personal bank account number, tax related information, plan or benefit enrollment forms and elections, option or benefit statements, any shares of stock or directorships in the Company, details of all options or any other entitlements to shares of stock awarded, canceled, purchased, vested, unvested or outstanding in the Grantee's favor, for the purpose of managing and administering the Plan (“Data”).  The HCCI Companies will transfer Data amongst themselves as necessary for the purpose of 

 

 

implementation, administration and management of Grantee's participation in the Plan, and the HCCI Companies may further transfer Data to any third parties assisting the HCCI Companies in the implementation, administration and management of the Plan.  These recipients may be located throughout the world, including the United States.  Grantee authorizes them to receive, possess, use, retain and transfer the Data, in electronic or other form, for the purposes of implementing, administering and managing Grantee's participation in the Plan, including any requisite transfer of such Data as may be required for the administration of the Plan and/or the subsequent holding of shares of stock on Grantee's behalf to a broker or other third party with whom Grantee may elect to deposit any shares of stock acquired pursuant to the Plan.  Grantee may, at any time, review Data, require any necessary amendments to it or withdraw the consents herein in writing by contacting the Company.
16.  Miscellaneous.  
a.Modification.  The grant of this Award is documented by the records of the Committee or its delegate which shall be the final determinant of the number of shares granted and the conditions of this Agreement.  The Committee may amend or modify this Award in any manner to the extent that the Committee would have had the authority under the Plan initially to grant such Award, provided that no such amendment or modification shall impair Grantee's rights under this Agreement without Grantee's consent.  Except as in accordance with the two immediately preceding sentences and Paragraph 17, this Agreement may be amended, modified or supplemented only by an instrument in writing signed by both parties hereto.
 
b.Governing Law.  This Agreement and any controversy arising out of or relating to this Agreement shall be governed by and construed in accordance with the General Corporation Law of the State of Delaware as to matters within the scope thereof.  All other matters shall be governed by and construed in accordance with the internal laws of Illinois without regard to any state's conflict of law principles.  Any legal action related to this Plan shall be brought only in a federal or state court located in Illinois.
 
c.Successors and Assigns.  Except as otherwise provided herein, this Agreement will bind and inure to the benefit of the respective successors and permitted assigns of the parties hereto whether so expressed or not.
 
d.Waiver.  The failure of the Company to enforce at any time any provision of this Award shall in no way be construed to be a waiver of such provision or any other provision hereof.
 
e.Severability.  Whenever feasible, each provision of this Agreement will be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be prohibited by or invalid under applicable law, such provision will be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of this Agreement.
 
f.Impact Upon Termination of Employment.  By voluntarily acknowledging and accepting this Award, Grantee agrees that no benefits accruing under the Plan will be reflected in any severance or indemnity payments that the HCCI Companies may make or be required to make to Grantee in the future, regardless of the jurisdiction in which Grantee may be located.
 
17. Amendment.  By accepting this Award, Grantee agrees that the granting of the Award is at the discretion of the Committee and that this Award is no guarantee that future Awards will be granted under the Plan.  Notwithstanding anything in this Agreement or the Plan, or to the contrary, this Award may be amended by the Company without the consent of the Grantee, including but not limited to modifications to any of the rights granted to the Grantee under this Agreement, at such time and in such manner as the Company may consider necessary or desirable to reflect changes in law.  The Grantee understands that the Company may amend, resubmit, alter, change, suspend, cancel, or discontinue the Plan at any time without limitation.
 
18. Plan Documents.  The Plan is available by contacting the Chief Accounting Officer, Ellie Chaves, at (847)836-5670.
	
						
	GRANTEE
	 
	HERITAGE-CRYSTAL CLEAN, INC.
	 

	By:
	 
	 
	By:
	 
	 

	Print Name:
	 
	 
	Title:
	 
	 

	 
	 
	 
	Print Name:

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