Document:

Split-Dollar Agreement

 Exhibit 10.5 
 SPLIT-DOLLAR AGREEMENT 
 THIS AGREEMENT, made
and entered into as of the 15th day of November, 1997, by and between SUNSTONE HOTEL INVESTORS INC., a Maryland corporation (hereinafter referred to
as the “Corporation”), and Robert A. Alter (hereinafter referred to as the “Employee”), 
 WITNESSETH THAT: 

WHEREAS, the Employee is employed by the Corporation; 
 WHEREAS, the Employee wishes to provide life insurance protection for his family in the event of his death, under a policy of life insurance insuring his life (hereinafter referred to as the “Policy”), which
is described in Exhibit A attached hereto and by this reference made a part hereof, and which is being issued by the insurer designated in Exhibit A (hereinafter referred to as the “Insurer”); 
 WHEREAS, the Corporation is willing to pay the premiums due on the Policy as an additional employment benefit for the Employee, on the terms and
conditions hereinafter set forth; 
 WHEREAS; the Employee is the owner of the Policy and, as such, possesses all incidents of ownership in
and to the Policy; and 
 WHEREAS, the Corporation wishes to have the Policy collaterally assigned to it by the Employee, in order to secure
the payment of the amounts which it will pay toward the premiums on the Policy, or the cash surrender value of the Policy if greater; 
 NOW,
THEREFORE, in consideration of these premises and of the mutual promises contained herein, the parties hereto agree as follows: 
 1.    Purchase of Policy.  The Employee will purchase the Policy from the Insurer in the total face amount designed in Exhibit A attached hereto. The parties hereto agree that they will take all
necessary action to cause the Insurer to issue the Policy, and shall take any further action which may be necessary to cause the Policy to conform to the provisions of this Agreement. The parties hereto agree that the Policy shall be subject to the
terms and conditions of this Agreement and of the collateral assignment filed with the Insurer relating to the Policy. 
 2.    Ownership of Policy.  The Employee shall be the sole and absolute owner of the Policy, and may exercise all ownership rights greeted to the owner thereof by the terms of the Policy, except as may
otherwise be provided herein. 
 3.    Payment of Premiums.  On or before the due date of each Policy premium, or within
the grace period provided therein, the Corporation shall pay the full amount of the premium to the Insurer, and shall, upon request, promptly furnish the Employee evidence of timely payment of such premium. The Corporation shall annually furnish the
Employee a statement of the amount of income reportable by the Employee for federal and state income tax purposes, as a result of the insurance protection provided the Employee’s beneficiary. 

 4.    Collateral Assignment.  To secure the payment to the Corporation of the amount
of the premiums on the Policy paid by it hereunder or the cash Surrender value of the Policy if greater, the Employee, has, contemporaneously herewith, assigned the Policy to the Corporation as collateral. The collateral assignment of the Policy to
the Corporation hereunder shall not be terminated, altered or amended by the Employee, without the express written consent of the Corporation. The parties hereto agree to take all action necessary to cause such collateral assignment to conform to
the provisions of this Agreement. 
 5.    Limitations on Employees Rights in Policy. 
 a.    Except as otherwise provided herein, the Employee shall not sell, assign, transfer, borrow against, surrender or cancel the
Policy, nor change the beneficiary designation provision thereof, without in any such case, the express written consent of the Corporation. 
 b.    Notwithstanding any provision hereof to the contrary, the Employee shall have the right to absolutely arid irrevocably give to a donee all of his right, title and interest in and to the Policy, subject to the
collateral assignment of the Policy to the Corporation pursuant hereto. The Employee may exercise this right by executing a written transfer of ownership in the form used by the Insurer for irrevocable gifts of insurance policies (or by the
execution of any other similar document acceptable to the Corporation), and delivering such form to the Corporation. Upon receipt of such form, executed by the Employee and duly accepted by the donee thereof, the Corporation shall consent thereto in
writing, and shall thereafter treat the Employee’s donee as the sole owner of all of the Employee’s right, title and interest in and to the Policy, subject to this Agreement and the collateral assignment of the Policy to the Corporation
pursuant hereto. Thereafter, the Employee shall have no right, title or interest in and to the Policy, all such rights being vested in and exercisable only by such donee. 
 6.    Collection of Death Proceeds. 
 a.    Upon the death of
the Employee, the Corporation shall cooperate with the beneficiary or beneficiaries designated by the Employee to take whatever action is necessary to collect the death benefit provided under the Policy; when such benefit has been collected and paid
as provided herein, this Agreement shall thereupon terminate. 
 b.    Upon the death of the Employee, the Corporation
shall have the unqualified right to receive a portion of such death benefit equal to the greater of the total amount of the premiums paid by it hereunder or the then cash surrender value of the policy, reduced by any outstanding indebtedness which
was incurred by the Corporation and secured by the Policy, including any interest due on such indebtedness. The balance of the death benefit provided under the Policy, if any, shall be paid directly to the beneficiary or beneficiaries designated by
the Employee, in the manner and in the amount or amounts provided in the beneficiary designation provision of the Policy. 
 In no event shall the amount
payable to the Corporation hereunder exceed the Policy proceeds payable at the death of the Employee. No amount shall be paid from such death benefit to the beneficiary or beneficiaries designated by the Employee until the full amount due the
Corporation hereunder has been paid. The parties hereto agree that the beneficiary designation provision of the Policy shall conform to the provisions hereof. 
  

 2 

 c.    Notwithstanding any provision hereof to the contrary, in the event that, for
any reason whatsoever, no death benefit is payable under the Policy upon the death of the Employee and in lieu thereof the Insurer refunds all or any part of the premiums paid for the Policy, the Corporation and the Employee’s beneficiary or
beneficiaries shall have the unqualified right to share such premiums based on their respective cumulative contributions thereto. 
 7.    Termination of the Agreement During the Employee’s Lifetime. 
 a.    This Agreement shall terminate, during the Employee’s lifetime, without notice, upon the Occurrence of any of the following events: (a) total cessation of the Corporation’s business;
(b) bankruptcy, receivership or dissolution of the Corporation; or (c) termination of Employee’s employment by the Corporation (other than by reason of his death). 
 b.    In addition, the Employee may terminate this Agreement, while no premium under the Policy is overdue, by written notice to the
Corporation. Such termination shall be effective as of the date of such notice. 
 8.    Disposition of the Policy on Termination of
the Agreement During the Employee’s Lifetime. 
 a.    For sixty (60) days after the date of the
termination of this Agreement during the Employee’s lifetime, the Employee shall have the option of obtaining the release of the collateral assignment of the Policy to the Corporation. To obtain such release, the Employee shall pay to the
Corporation the greater of the total amount of the premium payments made by the Corporation hereunder or the then cash surrender value of the Policy, less any indebtedness secured by the Policy which was incurred by the Corporation and remains
outstanding as of the date of such termination, including any interest due on such indebtedness. Upon receipt of such amount, the Corporation shall release the collateral assignment of the Policy, by the execution and delivery of an appropriate
instrument of release. 
 b.    If the Employee fails to exercise such option within such sixty (60) day period,
then, at the request of the Corporation, the Employee shall execute any document or documents required by the Insurer to transfer the interest of the Employee in the Policy to the Corporation. Alternatively, the Corporation may enforce its right to
be paid from the cash surrender value of the Policy under the collateral assignment of the Policy. 
 9.    Insurer Not a
Party.  The Insurer shall be fully discharged from its obligations under the Policy by payment of the Policy death benefit to the beneficiary or beneficiaries named in the Policy, subject to the terms and conditions of the Policy. In
no event shall the Insurer be considered a party to this Agreement, or any modification or amendment hereof. No provision of this Agreement, nor of any modification or amendment hereof, shall in any way be construed as enlarging, changing, varying,
or in any other way affecting the obligations of the Insurer as expressly provided in the Policy, except insofar as the provisions hereof are made a part of the Policy by the collateral assignment executed by the Employee and filed with the Insurer
in connection herewith. 
  

 3 

 10.    Named Fiduciary, Determination of Benefits, Claims Procedure and Administration.

 a.    The Corporation is hereby designated as the named fiduciary under this Agreement. The named fiduciary shall have
authority to control and manage the operation and administration of this Agreement, and it shall be responsible for establishing and carrying out a funding policy and method consistent with the objectives of this Agreement. 
 b.     (1) Claim. 
 A person who believes that he or she is being denied a benefit to which he or she is entitled under this Agreement (hereinafter referred to as a “Claimant”) may file a written request for such benefit with the Corporation, setting
forth his or her claim. The request must be addressed to the President of the Corporation at its then principal place of business. 
 (2)
Claim Decision. Upon receipt of a claim, the Corporation shall advise the Claimant that a reply will be forthcoming within ninety (90) days and shall, in fact, deliver such reply within such period. The Corporation may, however, extend
the reply period for an additional ninety (90) days for reasonable cause. 
 If the claim is denied in whole or in part, the Corporation
shall adopt a written opinion, using language calculated to be understood by the Claimant, setting forth: (a) the specific reason or reasons for such denial; (b) the specific reference to pertinent provisions of this Agreement on which
such denial is based; (c) a description of any additional material or information necessary for the Claimant to perfect his or her claim and an explanation why such material or such information is necessary; (d) appropriate information as
to the steps to be taken if the Claimant wishes to submit the claim for review; and (e) the time limits for requesting a review under subsection (3) and for review under subsection (4) hereof. 
 (3) Request for Review. Within sixty (60) days after the receipt by the Claimant of the written opinion described above, the Claimant may
request in writing that the Secretary of the Corporation review the determination of the Corporation. Such request must be addressed to the Secretary of the Corporation, at its then principal place of business. The Claimant or his or her duly
authorized representative may, but need not, review the pertinent documents and submit issues and comments in writing for consideration by the Corporation. If the Claimant does not request a review of the corporation’s determination by the
Secretary of the Corporation within such sixty (60) day period, he or she shall be barred and estopped from Challenging the Corporation’s determination. 
 (4) Review of Decision. Within sixty (60) days after the Secretary’s receipt of a request for review, he or she will review the Corporation’s determination. After considering all materials
presented by the Claimant, the Secretary will render a written opinion, written in a manner calculated to be understood by the Claimant, setting forth the specific reasons for the decision and containing specific references to the pertinent
provisions of this Agreement on which the decision is based. If special circumstances require that the sixty (60) day time period be extended, the Secretary will so notify the Claimant and will render the decision as soon as possible, but no
later than one hundred twenty (120) days after receipt of the request for review. 
  

 4 

 11.    Amendment.  This Agreement may not be amended, altered or modified, except by
a written instrument signed by the parties hereto, or their respective successors or assigns, and may not be otherwise terminated except as provided herein. 
 12.    Binding Effect.  This Agreement shall be binding upon and inure to the benefit of the Corporation and its successors and assigns, and the Employee, his successors, assigns, heirs, executors,
administrators and beneficiaries. 
 13.    Notices.  Any notice, consent or demand required or permitted to be given
under the provisions of this Agreement shall be in writing, and shall be signed by the party giving or making the same. If such notice, consent or demand is mailed to a party hereto, it shall be sent by United States certified mall, postage prepaid,
addressed to such party’s last known address as shown on the records of the Corporation. The date of such mailing shall be deemed the date of notice, consent or demand. 
 14.    Governing Law.  This Agreement, and the rights of the parties hereunder, shall be governed by and construed in accordance with the laws of the State of California.

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement, in duplicate, as of the day and year first above written. 

 

							
	 	  	SUNSTONE, HOTEL INVESTORS, INC.
			
	/s/ Robert A. Alter	  	By  	 	/s/ Robert A. Alter
	 	  		 	 
	Robert A. Alter	  		 	Print Name:  	 	Robert A. Alter
	 	  		 		 	 
	“Employee”	  		 	Print Title:	 	President
		  		 		 	 
		  		 		 	“Corporation”

  

 5 

 EXHIBIT A 
 The following life insurance policy is subject to the attached Split-Dollar Agreement: 
  

			
	 Insurer
	  	
	 Insured
	  	
		  	 
	 Policy Number
	  	
		  	 
	 Face Amount
	  	
		  	 
	 Date of Issue
	  	
		  	 

  

 6Amendment No. 3 to Majority Stockholder Consent Agreement

 Exhibit 10.19C 
 AMENDMENT NO. 3 TO MAJORITY STOCKHOLDER CONSENT AGREEMENT 
 [XU HONG BIN] 
 THIS AMENDMENT NO. 3 TO MAJORITY STOCKHOLDER CONSENT AGREEMENT (this
“Amendment”) is made and entered into as of October 30, 2008, by and among HECKMANN CORPORATION, a Delaware corporation (“Parent”),
XU HONG BIN (the “Consenting Stockholder”), and Kotex Development Limited, a company organized under the laws of the British Virgin Islands
(“Affiliated Entity”) and amends that certain Majority Stockholder Consent Agreement (the “Agreement”) by and between Parent and the Consenting Stockholder dated as of May 19, 2008, as amended by
Amendment No. 1 to Majority Stockholder Consent Agreement dated as of September 19, 2008 and Amendment No. 2 to Majority Stockholder Consent Agreement dated as of September 26, 2008. 
 RECITALS 
 A.    Parent, Heckmann Acquisition II Corp., a Delaware corporation and a wholly owned Subsidiary of Parent (“Merger Sub”) and China Water and Drinks, Inc., a Nevada corporation (the
“Company”) have entered into an agreement and plan of merger and reorganization (the “Merger Agreement”), pursuant to which the Company will be merged with and into Merger Sub (the
“Merger”) with the Company ceasing to exist and Merger Sub remaining as a wholly owned subsidiary of Parent. 
 B.    Pursuant to Section 7.2 of the Agreement, Parent and the Consenting Stockholder may amend the Agreement by signing an instrument in writing. 
 C.    The Consenting Stockholder has advised Parent that Consenting Stockholder may transfer to the Affiliated Entity all of
the shares of Parent Common Stock that will be owned by the Consenting Stockholder after the consummation of the Merger, and Parent has agreed to permit such transfer subject to the terms and conditions set forth in this Amendment No. 3.

 D.    Capitalized terms used in this Amendment and not otherwise defined shall have the meaning ascribed to
such terms in the Agreement. 
 Now therefore, in accordance with the procedures for amendment of the Agreement set forth in Section 7.2
thereof, and in consideration of the foregoing and the mutual agreements herein set forth, the parties hereby agree as follows: 
 SECTION
1: AMENDMENT 
 1.1    The Agreement is amended by inserting a new Recital H immediately
following Recital G as it currently exists, reading in its entirety as follows: 
 “H.    Contemporaneously with the closing of the Merger, the Consenting Stockholder will instruct the exchange agent in the Merger to issue to the Affiliated Entity 16,532,100 shares of Parent Common Stock
issuable in the Merger in exchange for shares of Company Common Stock beneficially owned by the Consenting Stockholder (the “Transferred Shares”).” 
 1.2    The Agreement is amended to renumber Recital H as Recital I. 

 1.3    Section 5.4 of the Agreement is amended by adding the following
immediately prior to the final sentence of Section 5.4: 
 “The Affiliated Entity shall give prompt notice to Parent of the
occurrence, or failure to occur, of any event, which occurrence or failure to occur causes, or would be reasonably likely to cause (a) any representation or warranty of the Affiliated Entity contained in this Agreement to be untrue or
inaccurate in any respect, or (b) any covenant, condition or agreement not to be complied with or satisfied by it under this Agreement.” 
 1.4    Section 5.5 of the Agreement is modified by ending the following sentence at the end thereof: 
 “Notwithstanding anything to the contrary, contemporaneously with the closing of the Merger, the Consenting Stockholder may instruct the exchange agent in the Merger to issue to the Affiliated Entity the Transferred Shares subject to
the remaining provisions of this Agreement.” 
 1.5    Section 5.8 of the Agreement is amended and
restated in its entirety to read as follows: 
 “5.8    Escrow. 
 5.8(a) In order to secure the Consenting Stockholder’s and Affiliated Entity’s obligations under Section 3,
Section 5.1, and Section 5.5 above and Section 6 below, as applicable, Parent shall hold the certificates evidencing the Transferred Shares, in escrow together with separate stock powers executed by the Affiliated
Entity in blank for transfer. Parent shall not retain the Transferred Shares except as provided in Section 6 of this Agreement. In the event Parent is entitled to any Transferred Shares under Section 6 below, Parent is hereby
authorized by the Affiliated Entity, as the Affiliated Entity’s attorney-in-fact, to date and complete the stock powers necessary for the transfer of the Transferred Shares to which Parent is then entitled and to transfer such Transferred
Shares in accordance with the terms hereof. 
 5.8(b) On March 31, 2010, Parent shall deliver to the Affiliated Entity
the certificates representing 80% of the Transferred Shares and, on the date that is the two year anniversary of the Closing Date, Parent shall deliver to the Affiliated Entity the certificates representing the remaining Transferred Shares, in each
case, less the number of Transferred Shares having a Value (as determined in the manner set forth in Section 6.2(e)) below (but based on the 15-day trading period ending on the day before the release date) equal to the good faith
estimate of Losses that the Parent Indemnified Parties have incurred or expect to incur for claims made under Section 6.2. The Affiliated Entity shall retain the full power to vote its Parent Shares in its discretion and the Transferred
Shares shall remain the sole property of the Affiliated Entity, in each case, unless and until such Transferred Shares shall have been recovered pursuant to Section 6.2(e). At such time as any Transferred Shares are no longer subject to
the provisions of Section 2, Section 5.1, Section 5.5 or Section 6, Parent shall, at the written request of the Affiliated Entity, deliver to the Affiliated Entity the certificates representing such
Transferred Shares.” 
 5.8(c) The parties agree to discuss in good faith the creation by the Consenting Stockholder and
funding with shares of Company Common Stock or Parent Common Stock, as the case may be, of a trust, escrow or other arrangement for the benefit of his children, in an amount not to exceed $3.5 million.” 
  

 2 

 1.6    Section 6.2(b)(i) of the Agreement is amended and restated in its
entirety to read as follows: 
 “(i) A Parent Indemnified Party shall give written notice of a claim for
indemnification under Section 6.2(a) to the applicable Stockholder Indemnifying Party and to the Affiliated Entity promptly after receipt of any written claim by any third party and in any event not later than twenty (20) business
days after receipt of any such written claim (or not later than ten (10) business days after the receipt of any such written claim in the event such written claim in the form of a formal complaint filed with a court of competent jurisdiction
and served on the Parent Indemnified Party or in the form of a final determination by any Governmental Body), specifying in reasonable detail the amount, nature and source of the claim, and including therewith copies of any notices or other
documents received from third parties with respect to such claim; provided, however, that failure to give such notice shall not limit the right of the Parent Indemnified Party to recover indemnity or reimbursement except to the extent that the
Stockholder Indemnifying Party suffers any material prejudice or material harm with respect to such claim as a result of such failure. The Parent Indemnified Party shall also provide the Stockholder Indemnifying Party and to the Affiliated Entity
with such further information concerning any such claims as the Stockholder Indemnifying Party may reasonably request by written notice.” 
 1.7    Section 6.2(e) is hereby amended by deleting each instance of the words “Parent Shares” appearing therein and replacing such words with the words “Transferred Shares.” 

SECTION 2: MISCELLANEOUS PROVISIONS 
 2.1    Covenants of Consenting Stockholder. The Consenting Stockholder agrees to make or obtain all ownership, registration, tax, stamp duty of other required filings, payments or approvals that may be
required in connection with the transfer of the Transferred Shares by the Consenting Stockholder to the Affiliated Entity. 
 2.2    Accession by the Affiliated Entity to the Agreement. Upon execution of this Amendment, the Affiliated Entity will become a party to the Agreement and shall be deemed to have made the same
representations and warranties contained in Sections 3.1, 3.3, 3.4 and 3.5 to have agreed to the covenants of the Consenting Stockholder contained in Sections 5.3, 5.4, 5.5, and 6 as if the Affiliated Entity were the Consenting Stockholder.

 2.3    Effectiveness. This Amendment shall become effective upon execution. 
 2.4    Limited Nature of Amendment. Except as expressly amended hereby, the Agreement remains in full force and effect
in accordance with its terms and this Amendment shall not by implication or otherwise alter, modify, amend or in any way affect any of the terms, conditions, obligations, representations, warranties, covenants or agreements contained in the
Agreement, all of which are ratified and affirmed in all respects and shall continue in full force and effect. 
 2.5    Governing Law. Except to the extent that the corporate laws of the State of Delaware apply to a party, this Amendment shall be governed by, and construed in accordance with, the laws of the State of
New York, regardless of the laws that might otherwise govern under applicable principles of conflicts of law thereof. 
  

 3 

 2.6    Execution of Agreement; Counterparts; Electronic Signatures.

          2.4(a) This Amendment may be executed in several counterparts, each of which
shall be deemed an original and all of which shall constitute one and the same instrument, and shall become effective when counterparts have been signed by each of the parties and delivered to the other parties; it being understood that all parties
need not sign the same counterpart. 
          2.4(b) The exchange of copies of this
Amendment and of signature pages by facsimile transmission (whether directly from one facsimile device to another by means of a dial-up connection or whether mediated by the worldwide web), by electronic mail in “portable document format”
(“.pdf” format), or by any other electronic means intended to preserve the original graphic and pictorial appearance of a document, or by a combination of such means, shall constitute effective execution and delivery of this
Amendment as to the parties and may be used in lieu of an original Amendment for all purposes. Signatures of the parties transmitted by facsimile shall be deemed to be their original signatures for all purposes. 
          2.4(c) Notwithstanding the Electronic Signatures in Global and National Commerce Act (15
U.S.C. Sec. 7001 et seq.), the Uniform Electronic Transactions Act, or any other Legal Requirement relating to or enabling the creation, execution, delivery, or recordation of any contract or signature by electronic means, and notwithstanding
any course of conduct engaged in by the parties, no party shall be deemed to have executed this Amendment or any other document contemplated by this Amendment (including any amendment or other change thereto) unless and until such party shall have
executed this Amendment or such document on paper by a handwritten original signature or any other symbol executed or adopted by a party with current intention to authenticate this Amendment or such other document contemplated. 
 2.7    Legal Representation of the Parties. This Amendment was negotiated by the parties with the benefit of legal
representation and any rule of construction or interpretation otherwise requiring this Amendment to be construed or interpreted against any party shall not apply to any construction or interpretation hereof. 
 2.8    Headings. The headings contained in this Amendment are for convenience of reference only, shall not be deemed to
be a party of this Amendment and shall not be referred to in connection with the construction or interpretation of this Amendment. 
 [Remainder of page intentionally left blank – signature page follows] 
  

 4 

 IN WITNESS WHEREOF, the parties have
caused this Amendment to be executed as of the date first above written: 
  

			
	PARENT:
	
	HECKMANN CORPORATION
		
	By:	 	/s/ Richard J. Heckmann
		
	Name:	 	Richard J. Heckmann
		
	Title:	 	Chairman & CEO
	
	CONSENTING STOCKHOLDER:
	
	/s/ Xu Hong Bin
	XU HONG BIN
	
	AFFILIATED ENTITY:
	
	Kotex Development Limited
		
	By:	 	/s/ Xu Hong Bin
		
	Name:	 	Xu Hong Bin

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00149-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00149-of-00352.parquet"}]]