Document:

EX-10.1

 Exhibit 10.1 
 FIFTH AMENDMENT TO 
 RESTRICTED SHARE AGREEMENT 

THIS FIFTH AMENDMENT TO RESTRICTED SHARE AGREEMENT (this “Amendment”) is entered into by and between Paragon Real
Estate Equity and Investment Trust, a Maryland real estate investment trust (the “Trust”), and             (the “Trustee”), as of
September 28, 2012 (the “Effective Date”). 
 WHEREAS, the Trust and the Trustee are parties to
that certain Restricted Share Agreement dated September 29, 2006 (the “Original Agreement”); 

WHEREAS, under the Original Agreement, the Trust agreed to issue to the Trustee, and the Trustee agreed to receive 12,500 restricted
shares of the Trust’s Class C Convertible Preferred Shares (the “Restricted Shares”) in exchange for the Trustee’s services as a trustee of the Trust for a prescribed period of time; 

WHEREAS, the Restricted Shares are subject to forfeiture and restricted from being transferred by the Trustee until the completion of a
prescribed vesting schedule; 
 WHEREAS, as of the Effective Date the Restricted Shares are nonvested, subject to substantial
risk of forfeiture and nontransferable; 
 WHEREAS, the Trustee and the Trust have agreed to amend the Original Agreement to
extend the period for which the Trustee shall provide services as a trustee of the Trust and to postpone the vesting of the Restricted Shares until the completion of that extended period; 

WHEREAS, the Board of Trustees of the Trust has determined that the provisions of this Amendment, including the extension of the period
for which the Trustee shall serve as a trustee of the Trust and the postponement of the vesting of the Restricted Shares, are in the best interest of the Trust. 
 NOW, THEREFORE, in consideration of the mutual covenants herein contained, the parties hereto agree to amend the Original Agreement as follows: 

1. Defined Terms. Capitalized words and phrases not otherwise defined herein shall have the meanings set forth in the Original
Agreement. 
 2. Extension of Period of Services. Section 1 of the Original Agreement is hereby amended and restated
in its entirety as follows: 
 “1) GRANTING OF RESTRICTED SHARES. The Trust will issue to the Trustee a total of
12,500 restricted shares of the Trust’s Class C Convertible Preferred Shares (“Restricted Shares”) for his services as a trustee of the Trust for the period beginning as of the date of this Agreement through September 30,
2013.” 

  
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 3. Extension of Period of Restrictions on Transferability. The third sentence of
Section 2 of the Original Agreement is hereby amended and restated in its entirety as follows: 
 “However, the holder
of any Restricted Shares may not otherwise transfer, sell, assign or dispose of any of the Restricted Shares until they have vested as provided for in this Agreement; provided however, that notwithstanding whether or not some or all of the
Restricted Shares have vested as provided for in this Agreement, the holder of any Restricted Shares may not transfer or sell any of the Restricted Shares until the seventh anniversary of the date of this Agreement.” 

4. Extension of Vesting Period. The first sentence of Section 3 of the Original Agreement is hereby amended and restated in
its entirety as follows: 
 “The Restricted Shares will vest upon the latest to occur of: 

 

	 	(i)	a public offering by the Trust sufficient to liquidate the Restricted Shares; 

 

	 	(ii)	an exchange of the Trust’s existing shares for new shares, and 

  

	 	(iii)	September 30, 2013.” 

5. Extension of Forfeiture Period. The last sentence of Section 3 is hereby amended and restated in its entirety as follows:

 “The holder of the Restricted Shares will automatically and without notice be forfeited and cease to have any right,
title or interest to any of the Restricted Shares that remain subject to forfeiture immediately if the Trustee resigns from being a member of the Board of Trustees of the Trust prior to September 30, 2013.” 

6. Terms of Original Agreement Ratified and Confirmed. Except as expressly modified, amended or supplemented by this Amendment,
all terms, covenants and conditions of the Original Agreement remain unchanged and in full force and effect. The parties hereto hereby acknowledge that all of the terms, covenants and conditions of the Original Agreement, as hereby modified, amended
or supplemented by this Amendment, are hereby ratified and confirmed and shall continue to be and remain in full force and effect throughout the remainder of the term of the Original Agreement, and that the Original Agreement and this Amendment
shall be read and interpreted as if it was one agreement. 
 7. Conflict. In the event of a conflict between the terms
and conditions of this Amendment and the terms and conditions of the Original Agreement, such conflict shall be resolved in favor of the terms and conditions of this Amendment and the Original Agreement shall be construed accordingly. 

  
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 8. Binding Effect and Counterparts. It is understood and agreed that this Amendment
shall not be binding upon any of the parties hereto until all of the parties hereto shall have executed and delivered the same. This Amendment may be executed in multiple counterparts, each of which shall be deemed an original and all of which shall
constitute one agreement, and the signature of any party to any counterpart shall be deemed to be a signature to, and may be appended to, any other counterpart. Delivery of an executed counterpart of this Amendment by facsimile shall be equally as
effective as delivery of a manually executed counterpart of this Amendment. Any party delivering an executed counterpart of this Amendment by facsimile also shall deliver a manually executed counterpart of this Amendment, but failure to deliver a
manually executed counterpart shall not affect the validity, enforceability and binding effect of this Amendment. 
 9.
Governing Law; Amendments. The construction, interpretation, and enforcement of this Amendment shall be governed by the laws of the State of Ohio, without resort to choice of law principles. In the event any provision of this Amendment is
deemed to be unenforceable under applicable law, the remaining provisions of this Amendment shall not be affected and shall remain enforceable unless the effect of the unenforceability of the provision at issue materially alters the agreement
evidenced hereby. This Amendment cannot be changed orally, and can be changed only by an instrument in writing signed by the party against whom enforcement of such change is sought. 

IN WITNESS WHEREOF, the parties have executed this Amendment as of the Effective Date. 

 

			
	PARAGON REAL ESTATE EQUITY AND
	INVESTMENT TRUST, a Maryland real estate investment trust
	
	 /s/ John J. Dee

	 By:
	 	 John J. Dee

	 Its:
	 	 Secretary

	
	 
	 Trustee

  
 3EX-10.2

 Exhibit 10.2 
 FIFTH AMENDMENT TO 
 STOCK SUBSCRIPTION AGREEMENT 

THIS FIFTH AMENDMENT TO STOCK SUBSCRIPTION AGREEMENT (this “Amendment”) is entered into by and between James C.
Mastandrea (the “Employee”) and Paragon Real Estate Equity and Investment Trust, a Maryland trust (the “Company”), as of September 28, 2012 (the “Effective Date”).

 WHEREAS, the Employee and the Company are parties to that certain Stock Subscription Agreement dated September 29, 2006
(the “Original Subscription Agreement”); 
 WHEREAS, under the Original Subscription Agreement, the
Company agreed to provide to the Employee, and the Employee agreed to receive 44,444 shares of the Company’s Class C convertible preferred shares of beneficial interest, $0.01 par value per share (the “Subscription
Shares”) in exchange for the Employee’s services as an officer of the Company for a prescribed period of time; 
 WHEREAS, the Subscription Shares are subject to forfeiture and restricted from being transferred by the Employee until the completion of a prescribed vesting schedule; 

WHEREAS, as of the Effective Date the Subscription Shares are nonvested, subject to substantial risk of forfeiture and nontransferable;

 WHEREAS, the Employee and the Company have agreed to amend the Original Subscription Agreement to extend the period for which
the Employee shall provide services to the Company and to postpone the vesting of the Subscription Shares until the completion of that extended period; 
 WHEREAS, the Board of Trustees of the Company has determined that the provisions of this Amendment, including the extension of the period for which the Employee shall serve as an officer of the Company
and the postponement of the vesting of the Subscription Shares, are in the best interest of the Company. 
 NOW, THEREFORE, in
consideration of the mutual covenants herein contained, the parties hereto agree to amend the Original Subscription Agreement as follows: 
 1. Defined Terms. Capitalized words and phrases not otherwise defined herein shall have the meanings set forth in the Original Subscription Agreement. 

2. Extension of the Vesting Period. The last two sentences of Section 1 of the Original Subscription Agreement are hereby
amended and restated in their entirety as follows: 

  
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 “As consideration for the purchase of Stock, Investor hereby agrees to pay to the
Company the sum of $200,000 (the “Purchase Price”) in the form of services as an officer for the seven-year period beginning September 29, 2006 and ending September 30, 2013. The Subscription Shares will be subject to forfeiture
and restricted from being sold by Investor until the later to occur of: 
  

	 	(i)	a public offering by the Company sufficient to liquidate the Subscription Shares, 

 

	 	(ii)	an exchange of the Company’s existing shares for new shares, and 

  

	 	(iii)	September 30, 2013.” 

3. Extension of Forfeiture Period Upon Termination. The last two sentences of Section 3(d) are hereby amended and restated in
their entirety as follows: 
 “If Investor is terminated prior to August 31, 2013, Investor will return a proportionate
number of Subscription Shares. If Investor dies prior to August 31, 2013, the Investor’s estate will not be required to return any Subscription Shares and the restrictions will no longer apply.” 

4. Terms of Original Subscription Agreement Ratified and Confirmed. Except as expressly modified, amended or supplemented by this
Amendment, all terms, covenants and conditions of the Original Subscription Agreement remain unchanged and in full force and effect. The parties hereto hereby acknowledge that all of the terms, covenants and conditions of the Original Subscription
Agreement, as hereby modified, amended or supplemented by this Amendment, are hereby ratified and confirmed and shall continue to be and remain in full force and effect throughout the remainder of the term of the Original Subscription Agreement, and
that the Original Subscription Agreement and this Amendment shall be read and interpreted as if it was one agreement. 
 5.
Conflict. In the event of a conflict between the terms and conditions of this Amendment and the terms and conditions of the Original Subscription Agreement, such conflict shall be resolved in favor of the terms and conditions of this
Amendment and the Original Subscription Agreement shall be construed accordingly. 
 6. Binding Effect and Counterparts.
It is understood and agreed that this Amendment shall not be binding upon any of the parties hereto until all of the parties hereto shall have executed and delivered the same. This Amendment may be executed in multiple counterparts, each of which
shall be deemed an original and all of which shall constitute one agreement, and the signature of any party to any counterpart shall be deemed to be a signature to, and may be appended to, any other counterpart. Delivery of an executed counterpart
of this Amendment by facsimile shall be equally as effective as delivery of a manually executed counterpart of this Amendment. Any party delivering an executed counterpart of this Amendment by facsimile also shall deliver a manually executed
counterpart of this Amendment, but failure to deliver a manually executed counterpart shall not affect the validity, enforceability and binding effect of this Amendment. 

  
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 7. Governing Law; Amendments. The construction, interpretation, and enforcement of
this Amendment shall be governed by the laws of the State of Ohio, without resort to choice of law principles. In the event any provision of this Amendment is deemed to be unenforceable under applicable law, the remaining provisions of this
Amendment shall not be affected and shall remain enforceable unless the effect of the unenforceability of the provision at issue materially alters the agreement evidenced hereby. This Amendment cannot be changed orally, and can be changed only by an
instrument in writing signed by the party against whom enforcement of such change is sought. 
 IN WITNESS WHEREOF, the parties
have executed this Amendment as of the Effective Date. 
  

			
	 PARAGON REAL ESTATE EQUITY AND
 INVESTMENT TRUST, a Maryland trust

	
	 /s/ John J. Dee

	 By:
	 	John J. Dee
	 Its:
	 	Secretary
	
	 /s/ James C. Mastandrea

	James C. Mastandrea

  
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