Document:

Exhibit

EXHIBIT 10.61

WAIVER AND AMENDMENT NO. 1 TO LOAN AGREEMENT
by and among
731 RETAIL ONE LLC and 731 COMMERCIAL LLC 
as Borrower
THE LENDERS PARTY HERETO
as Lenders,
and
JPMORGAN CHASE BANK, N.A.
as Administrative Agent

Date:    As of October 10, 2019

WAIVER AND AMENDMENT NO. 1 TO LOAN AGREEMENT
This WAIVER AND AMENDMENT NO. 1 TO LOAN AGREEMENT (this “Amendment”) is entered into as of October 10, 2019 among 731 RETAIL ONE LLC (“731 Retail”), a Delaware limited liability company, and 731 COMMERCIAL LLC (“731 Commercial”), a Delaware limited liability company (731 Retail and 731 Commercial are jointly, severally and collectively, “Borrower”); the Lenders party to the Loan Agreement hereinafter described (individually, a “Lender” and, collectively, the “Lenders”); and JPMORGAN CHASE BANK, N.A., as administrative agent for the Lenders (in such capacity, “Administrative Agent”).
W I T N E S S E T H :
WHEREAS, Borrower, Administrative Agent and the Lenders entered into a certain Loan Agreement, dated as of August 5, 2015 (the “Loan Agreement”) (all capitalized terms used but not defined in this Amendment shall have the meanings ascribed to them in the Loan Agreement, as amended hereby);
WHEREAS, pursuant to and subject to the terms of the Loan Agreement, the Lenders made certain Loans to Borrower secured by, among other things, the Project; 
WHEREAS, a DSCR Trigger Event has occurred as a result of the Debt Service Coverage Ratio being less than the Required DSCR as of the two (2) immediately preceding DSCR Calculation Dates, and a Cash Management Period has therefore commenced (such Cash Management Period being herein referred to as the “Existing Cash Management Period”);
WHEREAS, Borrower has requested that the Lenders and Administrative Agent waive the imposition of certain so-called “hard lockbox” procedures set forth in the Loan Agreement upon the commencement of the Existing Cash Management Period; and
WHEREAS, the Lenders and Administrative Agent are willing to agree to Borrower’s request upon and subject to the terms and conditions set forth herein.
NOW, THEREFORE, in consideration of the mutual agreements contained herein and ten ($10.00) dollars and other good and valuable consideration, the receipt of which is hereby acknowledged, Borrower, the Lenders and Administrative Agent hereby agree as follows:
1.    Incorporation of Recitals.  The foregoing Recitals are incorporated herein as if fully set forth herein.
2.    Waiver.
(a)    The Lenders and Administrative Agent hereby waive, effective as of the commencement of the Existing Cash Management Period, the requirements that, during the Existing Cash Management Period, (i) all available funds on deposit in the Restricted Account be transferred on each Business Day from the Restricted Account to the Cash Management Account in accordance with Section 4.1(5) of the Loan Agreement, (ii) the funds deposited from time to 

 time into the Cash Management Account be disbursed in accordance with Sections 4.2(5) and  4.2(6) of the Loan Agreement, and (iii) Borrower deposit with Administrative Agent Monthly Insurance Premium Deposits, Monthly Tax Deposits and Monthly Condominium Charges Deposits in accordance with Sections 3.1(8), 9.2(2) and 9.28 of the Loan Agreement, respectively (the “Waiver”).
(b)    The Waiver shall terminate upon the occurrence of any Event of Default. In addition, Administrative Agent shall have the right, at its option (exercised by written notice to Borrower and the Lenders), to terminate the Waiver upon the occurrence any Potential Default, including, without limitation, any failure by Borrower to comply with its obligations under Sections 4.4, 8.1 and/or 9.22 of the Loan Agreement (as modified by this Amendment).  If the Waiver terminates as provided above, (1) Administrative Agent shall notify Restricted Account Bank that a Cash Management Period is in effect and that all available funds on deposit in the Restricted Account shall thereafter be disbursed on each Business Day to the Cash Management Account and (2) Borrower will commence making (or causing to be made) Monthly Insurance Premium Deposits, Monthly Tax Deposits and Monthly Condominium Charges Deposits in accordance with Sections 3.1(8), 9.2(2) and 9.28 of the Loan Agreement on the Payment Date immediately following such termination (or, if such termination occurred within ten (10) Business Days of such Payment Date, on or prior to such tenth (10th) Business Day).
(c)    This Amendment shall not waive or modify any of the terms and provisions of the Loan Agreement except as expressly waived or modified pursuant to this Amendment, including, without limitation, Borrower’s obligations during the Existing Cash Management Period to establish and maintain the Cash Management Account in accordance with Section 4.2 of the Loan Agreement and to provide budgets in accordance with Section 8.4 of the Loan Agreement.
3.    Amendments.  The Loan Agreement is hereby amended as follows, effective as of the commencement of the Existing Cash Management Period and continuing until the earlier to occur of (i) such time (if any) as the Waiver shall be terminated as provided above or (ii) the expiration of the Existing Cash Management Period (after which time the following amendments shall no longer be in effect):
(a)    The following definitions are added to Section 1.1 in the appropriate alphabetical order:
“Actual Operating Revenues” means, with respect to the month in question, all revenues actually received by Borrower during such month from the use, ownership and operation of the Project, as determined on a cash basis.
“Actual Operating Expenses” means, with respect to the month in question, all expenses actually paid by Borrower during such month in connection with the operation, management, maintenance, repair and use of the Project (including, without limitation, leasing costs, capital expenditures and Approved Extraordinary Expenses), as determined on a cash basis.

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“Excess Cash Flow” means, with respect to any month, the amount by which (i) Actual Operating Revenues received during such month shall exceed (ii) the sum of (x) Actual Operating Expenses (including Approved Extraordinary Expenses) paid by Borrower during such month (excluding, however, any amounts released from the Excess Cash Flow Sweep Account with respect to such month in accordance with Section 4.4 hereof) and (y) actual debt service in respect of the Loans for such month.
“Excess Cash Flow Sweep Account” means a “blocked” account established and maintained at JPMCB, which account shall be in the name of Borrower for the benefit of Administrative Agent, on behalf of the Lenders, provided that (i) Borrower shall be the owner of all funds on deposit in such accounts for federal and applicable state and local tax purposes and such account shall be assigned the tax identification number of Borrower and (ii) such account shall be under the sole and exclusive dominion and control of Administrative Agent and, except as may be expressly provided in this Agreement, neither Borrower, Manager nor any other party claiming on behalf of, or through, Borrower or Manager shall have any right to transfer, withdraw, access or otherwise direct the disposition of funds on deposit in such account or have any other right or power with respect to such account.
(b)    Section 4.4 is deleted in its entirety and the following new Section 4.4 is inserted in lieu thereof:
         Section 4.4      Debt Service Coverage Ratio.
For purposes of this Agreement, a “DSCR Trigger Event” shall occur if the Debt                      Service Coverage Ratio as of two (2) consecutive DSCR Calculation Dates shall be less than the Required DSCR (it being acknowledged and agreed that a DSCR Trigger Event occurred as of June 30, 2019), and shall continue in effect until such time as (i) the Debt Service Coverage Ratio as of two (2) consecutive DSCR Calculation Dates shall be equal to or greater than the Required DSCR or (ii) when the amount on deposit in the Excess Cash Flow Sweep Account equals or exceeds an amount equal to the DSCR Shortfall (Cash Management Test). Notwithstanding the foregoing, a DSCR Trigger Event shall not be deemed to have occurred if Borrower shall deposit with Administrative Agent, not later than ten (10) days after Administrative Agent shall notify Borrower that a DSCR Trigger Event has occurred cash or a Qualified Letter of Credit in an amount equal to the DSCR Shortfall (Cash Management Test). During the existence of a DSCR Trigger Event, Borrower shall, not later than twelve (12) Business Days after the end of each calendar month, deposit all Excess Cash Flow with respect to such month into the Excess Cash Flow Sweep Account.  All amounts deposited into the Excess Cash Flow Sweep Account and all amounts and other collateral otherwise deposited with Administrative Agent pursuant this Section shall be deemed Additional Collateral.  All calculations to be made under this Section 4.4 shall be made by Borrower based on the information and documentation delivered to Administrative Agent pursuant to Section 8.1 hereof and shall be subject to Administrative Agent’s review and approval, which review and approval shall be conclusive and binding on Borrower absent manifest error.  Any Additional Collateral held by Administrative Agent pursuant to this Section 4.4 at the time of payment in full of the Indebtedness shall be promptly returned to Borrower after the Indebtedness has been paid in full. If any Additional Collateral is provided to Administrative Agent pursuant to this Section 4.4, and thereafter the Debt Service Coverage Ratio shall be equal to or greater than the Required DSCR  

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as of two (2) consecutive DSCR Calculation Dates without taking into account the Additional Collateral then held by Administrative Agent pursuant to this Section 4.4, then Administrative Agent shall release such Additional Collateral to Borrower within ten (10) days after Borrower’s written request therefor and Administrative Agent’s confirmation of the satisfaction of Borrower’s compliance with such condition, provided that no Event of Default then exists and except to the extent such Additional Collateral constitutes Restricted Collateral.  In addition, Administrative Agent shall release portions of the amounts held in the Excess Cash Flow Sweep Account to pay Actual Operating Expenses provided for in the Approved Annual Budget and Approved Extraordinary Expenses incurred by Borrower in connection with the Project from time to time (but not more frequently than once per month), within ten (10) days after Borrower’s written request therefor and Administrative Agent’s receipt and approval of documentation evidencing the costs and expenses included in such request.
(c)    Section 8.1(4) is deleted in its entirety and the following new Section 8.1(4) is inserted in lieu thereof:
(4)Monthly Operating Statements.  During a Cash Management Period, no later than twelve (12) Business Days after the end of each calendar month, a certificate executed by a Responsible Person of Borrower, in form and substance reasonably satisfactory to Administrative Agent, (i) setting forth the Actual Operating Revenues and Actual Operating Expenses (including leasing costs, capital expenditures and Approved Extraordinary Expenses) paid by Borrower during such month), as well as the Excess Cash Flow with respect to such month, (ii) comparing such Actual Operating Expenses with the Approved Operating Expenses and Approved Extraordinary Expenses for such month.  The certificate executed by the Responsible Person of Borrower shall certify that, to the best of his or her knowledge, the information included in such certificate is true and correct, in all material respects, as of the date of the certificate, and shall be accompanied by such back-up information and documentation as Administrative Agent shall reasonably require.
4.    Conditions Precedent.  On or prior to the date hereof, Borrower shall perform or satisfy all of the conditions precedent to the agreement of Administrative Agent and the Lenders to the terms and provisions of this Amendment, including, without limitation, the following:
(a)    Administrative Agent shall have received (i) this Amendment duly executed by Borrower, Guarantor, Administrative Agent and the Lenders and (ii) an Assignment of Deposit Account substantially in the form attached hereto as Exhibit A duly executed by Borrower and Administrative Agent; and
(b)    Borrower shall have paid all reasonable, out-of-pocket costs and expenses (including reasonable attorneys’ fees and disbursements) incurred by Administrative Agent in connection with this Amendment 
5.    Defaults; Set Offs; Counterclaims.  Borrower acknowledges and agrees that it has no defenses, rights of set off or counterclaims with respect to any of its obligations under the Loan Agreement and the other Loan Documents, as modified by this Amendment, and further 

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represents that no Potential Default or Event of Default exists under the Loan Agreement and the other Loan Documents, as modified by this Amendment.
6.    Loan Documents Ratified.  As modified by this Amendment, the Loan Agreement and the other Loan Documents are hereby ratified and confirmed, and remain in full force and effect in accordance with the terms thereof.
7.    Reaffirmation of Representations and Warranties.  Borrower represents and warrants that, except as set forth on Schedule I attached hereto, all of the representations and warranties set forth in the Loan Agreement and the other Loan Documents are true and correct in all material respects as of the date hereof, except to the extent such representations and warranties are matters which by their nature can no longer be true and correct as a result of the passage of time or changes in facts or circumstances that were not caused by a breach or default by Borrower under the Loan Agreement or any other Loan Documents.
8.    Counterparts.  This Amendment may be executed in any number of identical counterparts, each of which for all purposes is to be deemed an original, but all of which shall constitute collectively one agreement.  Delivery of an executed counterpart of a signature page of this Amendment by telecopy, emailed pdf. or any other electronic means that reproduces an image of the actual executed signature page shall be effective as delivery of a manually executed counterpart of this Agreement.
9.    Successors and Assigns.  The terms and provisions of this Amendment shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and permitted assigns.
10.    Governing Law.  This Amendment is and shall be deemed to be a contract entered into pursuant to the internal laws of the State of New York and shall in all respects be governed, construed, applied and enforced in accordance with such laws.
[Document continues on next page]

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IN WITNESS WHEREOF, the parties hereto have executed this Waiver and Amendment No. 1 to Loan Agreement as of the day and year first above written.
		
	ADMINISTRATIVE AGENT:
	JPMORGAN CHASE BANK, N.A.

By: /s/ Natalya M. Robles               
     Name:  Natalya M. Robles
     Title:    Authorized Signatory

[Signature page for Waiver and 
Amendment No. 1 to Loan
Agreement continued]

		
	LENDER:
	JPMORGAN CHASE BANK, N.A.

By: /s/ Natalya M. Robles               
     Name:  Natalya M. Robles
     Title:    Authorized Signatory

[Signature page for Waiver and 
Amendment No. 1 to Loan
Agreement continued]

		
	LENDER:
	WELLS FARGO BANK, N.A. 

By: /s/ Erich Horeis                  
Name: Erich Horeis
Title:   Vice President

[Signature page for Waiver and 
Amendment No. 1 to Loan
Agreement continued]

	
		
	LENDER:

	LANDESBANK BADEN-WÜRTTEMBERG, NEW YORK Branch

	

	By: /s/ Lisa Komm                                        
Name:   Lisa Komm
Title:       Director
By: /s/ Chase Cassidy                                  
Name:   Chase Cassidy
Title:    Associate Director

[Signature page for Waiver and 
Amendment No. 1 to Loan
Agreement continued]

	
		
	LENDER:

	THE BANK OF NEW YORK MELLON

	

	By: /s/ Rick Laudisi                                    
Name:   Rick Laudisi
Title:   Managing Director

[Signature page for Waiver and 
Amendment No. 1 to Loan
Agreement continued]

		
	BORROWER:
	731 RETAIL ONE LLC, 
a Delaware limited liability company,

		
	By: 
	731 Commercial LLC,  
a Delaware limited liability company 
its sole member

		
	By:
	731 Commercial Holding LLC, 
a Delaware limited liability company, its sole member

		
	By: 
	Alexander’s Inc.,  
a Delaware corporation, 
its sole member

By:  /s/ Alan J. Rice              
Name:  Alan J. Rice
Title:    Secretary

731 COMMERCIAL LLC,
a Delaware limited liability company,
		
	By: 
	731 Commercial Holding LLC,  
a Delaware limited liability company,  
its sole member

		
	By:
	Alexander’s Inc., 
a Delaware corporation,  
its sole member

By: /s/ Alan J. Rice              
Name:  Alan J. Rice
Title:    Secretary

[Signature page for Waiver and 
Amendment No. 1 to Loan
Agreement continued]

The undersigned Guarantor is executing this Amendment for the sole purpose of evidencing its consent to the terms hereof.

	
		
	GUARANTOR:

	ALEXANDER’S, INC.,
a Delaware corporation

	

	By: /s/ Alan J. Rice                            
Name:   Alan J. Rice
Title:     Secretary

EXHIBIT A

	
		
	

	Assignment of Deposit Account

Dated as of October ___, 2019

731 RETAIL ONE LLC and 731 COMMERCIAL LLC, each a Delaware limited liability company, whose address is c/o Vornado Realty Trust, 210 Route 4 East, Paramus, New Jersey 07652 (collectively, the “Assignor” or the “Borrower”), pledge, assign, transfer and grant a security interest

to JPMORGAN CHASE BANK, N.A., whose address is 237 Park Avenue, 6th Floor, New York, New York 10172, as Administrative Agent for the Lenders under the Loan Agreement (as defined below) (together with its successors and assigns, the “Bank”), in the Account (as defined below) owned by the Assignor, all of the Account in which Assignor has rights or power to transfer rights and all of the Account in which the Assignor later acquires ownership, other rights or the power to transfer rights. “Account” means each and all of Account No. 641000257, any interest, additions and proceeds due or to become due on the Account and any substitutions, which Account is held at JPMorgan Chase Bank, N.A. (together with its successors and assigns, “Financial Institution”) and includes all of the above described deposits, deposit accounts, payment intangibles, financial assets and other obligations of the Financial Institution, whether they are deposit accounts, negotiable or non-negotiable or book entry certificates of deposit, book entry investment time deposits, savings accounts, money market accounts, transaction accounts, time deposits, negotiable order of withdrawal accounts, share draft accounts, demand deposit accounts, instruments, general intangibles, chattel paper or otherwise, and all funds held in or represented by any of the foregoing, and any successor Account howsoever numbered, and all Accounts issued in renewal, extension or increase or decrease of or replacement or substitution for any of the foregoing; and all promissory notes, checks, cash, certificates of deposit, passbooks, deposit receipts, instruments, certificates and other records from time to time representing or evidencing the Account described above and any supporting obligations relating to any of the foregoing property.

This Assignment secures the payment and performance of the Liabilities (as hereinafter defined). 

Control Agreement with Financial Institution and Power of Attorney. The Bank’s presentation of a copy of this Assignment to the financial institution holding or issuer of the Account, including Financial Institution, is the Assignor’s authentication of an irrevocable instruction to that financial institution or issuer now or hereafter maintaining the Account to follow the Bank’s instructions with respect to any of the Account without the Assignor’s further consent concerning (1) the payment or reinvestment of cash dividends, dividends or distributions and (2) the redemption, transfer, sale or any other disposition or transaction concerning the Account or the income and principal proceeds, substitutions and reinvestment of Account and (3) any other matter relating to the Account. The Bank is given an irrevocable power of attorney coupled with an interest that survives death or disability of the Assignor to execute any control agreement in the Assignor’s name with the Financial Institution or other institution or issuer in form and substance satisfactory to the Bank and to perform any obligation of the Assignor under this Assignment. The Assignor also irrevocably authorizes and directs each financial institution or issuer including the Financial Institution to send all notices, statements and all other communications concerning the Account to the Bank upon request of the Bank. The Bank is authorized at any time to restyle the Account or any portion thereof in its name or its nominee’s name. Each financial institution and issuer, including Financial Institution, is directed to follow all of the Bank’s instructions without investigating the reason for any action taken by the Bank or the existence of any default and may rely on the instructions of the Bank without any liability to the Assignor. The rights and powers granted to the Bank in this Assignment are powers coupled with an interest and will neither be affected by the death, dissolution, termination of existence or bankruptcy of the undersigned nor by the lapse of time.

Liabilities. The term “Liabilities” in this Assignment means the Indebtedness (as defined in the Loan Agreement). The term “Loan Agreement” in this Assignment means that certain Loan Agreement among 

the Assignor, the Bank and the Lenders party thereto dated as of August 5, 2015, as amended from time to time.

Representations, Warranties and Covenants. The Assignor represents, warrants and covenants that it will not withdraw any moneys from the Account and that it has not and will not assign the Account or any part of it. The passbook, certificate or other evidence of the Account has been delivered to the Bank. If at any time any part of the Account includes an International Banking Facility Time Deposit (as defined in Regulation D of the Board of Governors of the Federal Reserve System), any extensions of credit made by the Bank in reliance on this Assignment and that part of the Account shall be used only to support the undersigned’s non-U.S. activities and that of its foreign affiliates. If any person or entity other than the Assignor acquires a present right of withdrawal as to any or all of the Account, whether by contract, operation of law or otherwise, the Assignor will immediately notify (a) that person or entity of the Bank’s security interest, lien and assignment in the Account and (b) the Bank of that person’s or entity’s acquisition of a right of withdrawal and of the Assignor’s notification to that person or entity of the Bank’s interest.

Default/Remedies. If an Event of Default (as such term is defined in the Loan Agreement) has occurred and is continuing, then the Bank shall have the right immediately, without notice, at the Bank’s option, to withdraw (even if an early withdrawal penalty is imposed as a result) all or any portion of the Account and apply those moneys to the Liabilities whether or not the Liabilities have been declared to be due and owing, provided that, to the extent any Liabilities consist of extensions of credit to the Borrower by the issuance of letters of credit or other like obligations of the Bank to third parties which have not then been utilized, such proceeds shall be held by the Bank in a cash collateral account as security for the Liabilities.

Preferential Payments. The Assignor agrees that to the extent any payment or transfer is received by the Bank in connection with the Liabilities, and all or any part of such payment or transfer is subsequently invalidated, declared to be fraudulent or preferential, set aside or required to be transferred or repaid by the Bank or transferred to or paid over to a trustee, receiver or any other person or entity, whether under any bankruptcy act or otherwise (any such payment or transfer is hereinafter referred to as a “Preferential Payment”), then this Assignment shall continue to be effective or shall be reinstated, as the case may be, and whether or not the Bank is in possession of this Assignment or whether this Assignment has been marked paid, cancelled, released or returned to the Assignor, and, to the extent of the payment or repayment or other transfer by the Bank, the Liabilities or part intended to be satisfied by the Preferential Payment shall be revived and continued in full force and effect as if the Preferential Payment had not been made. If this Assignment must be reinstated, the Assignor agrees to execute and deliver to the Bank any new assignments and agreements, if necessary or if requested by the Bank, in form and substance acceptable to the Bank, covering the Account.

Miscellaneous. The Assignor consents to any extension, postponement or renewal of any Liabilities, the release or discharge of all or any part of any security for the Liabilities, and the release or discharge or suspension of any rights and remedies against any person who may be liable for any of the Liabilities. The Bank does not have to look to any other right, any other collateral, or any other person for payment before it exercises its rights under this Assignment. The Assignor’s obligations to the Bank under this Assignment are not subject to any condition, precedent or subsequent. If more than one person or entity signs this Assignment as Assignor, their obligations, covenants, representations and warranties are joint and several and the Account includes any property that is owned by any one or more, individually or jointly with any other person or entity. This Assignment is binding on the Assignor and its heirs, successors and assigns, and is for the benefit of the Bank and its successors and assigns. The use of section headings shall not limit the provisions of this Assignment. The Assignor authorizes the Bank to take whatever actions, and to execute any agreement, document or instrument, which the Bank deems necessary or desirable to accomplish the purposes of this Assignment. A carbon, photographic or other reproduction of this Assignment is sufficient as, and can be filed as, a financing statement.  The Assignor authorizes the Bank to file one or more financing statements related to the security interests created by this Assignment and further authorizes the Bank, instead of the Assignor, to sign such financing statements (to the extent that a signature is required thereto).

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Assignment in Addition to Other Assignments. This Assignment is in addition to and not in substitution or replacement of any other assignment executed by the Assignor in favor of the Bank, and the Bank’s rights under this Assignment and any such other assignment are cumulative.

Governing Law and Venue. This Assignment shall be governed by and construed in accordance with the laws of the State of  New York (without giving effect to its laws of conflicts), and to the extent applicable, federal law, except to the extent that the laws regarding the perfection and priority of security interests of the state(s) in which either the Assignor or any property securing the Liabilities is located, are applicable. The Assignor agrees that any legal action or proceeding with respect to any of its obligations under this Assignment may be brought by the Bank in any state or federal court located in the State of  New York, as the Bank in its sole discretion may elect. By the execution and delivery of this Assignment, the Assignor submits to and accepts, for itself and in respect of its property, generally and unconditionally, the non-exclusive jurisdiction of those courts. The Assignor waives any claim that the State of New York is not a convenient forum or the proper venue for any such suit, action or proceeding.

WAIVER OF SPECIAL DAMAGES. THE ASSIGNOR WAIVES, TO THE MAXIMUM EXTENT NOT PROHIBITED BY LAW, ANY RIGHT THE UNDERSIGNED MAY HAVE TO CLAIM OR RECOVER FROM THE BANK IN ANY LEGAL ACTION OR PROCEEDING ANY SPECIAL, EXEMPLARY, PUNITIVE OR CONSEQUENTIAL DAMAGES.

JURY WAIVER. THE ASSIGNOR AND THE BANK (BY ITS ACCEPTANCE HEREOF) HEREBY VOLUNTARILY, KNOWINGLY, IRREVOCABLY AND UNCONDITIONALLY WAIVE ANY RIGHT TO HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE (WHETHER BASED ON CONTRACT, TORT, OR OTHERWISE) BETWEEN THE ASSIGNOR AND THE BANK ARISING OUT OF OR IN ANY WAY RELATED TO THIS DOCUMENT. THIS PROVISION IS A MATERIAL INDUCEMENT TO THE BANK TO PROVIDE THE FINANCING DESCRIBED HEREIN.

This Assignment may be executed in any number of identical counterparts, each of which for all purposes is to be deemed an original, but all of which shall constitute collectively one assignment.  Delivery of an executed counterpart of a signature page of this Assignment by telecopy, emailed pdf or any other electronic means that reproduces an image of the actual executed signature page shall be effective as delivery of a manually executed counterpart of this Assignment.

Assignor:

731 RETAIL ONE LLC,
a Delaware limited liability company,

		
	By: 
	731 Commercial LLC,  
a Delaware limited liability company 
its sole member

		
	By:
	731 Commercial Holding LLC,  
a Delaware limited liability company,  
its sole member

		
	By:
	Alexander’s Inc., 
a Delaware corporation,  
its sole member

By:  _________________________
Name:
Title:

3

731 COMMERCIAL LLC,
a Delaware limited liability company,

		
	By: 
	731 Commercial LLC,  
a Delaware limited liability company 
its sole member

		
	By:
	731 Commercial Holding LLC,  
a Delaware limited liability company,  
its sole member

		
	By:
	Alexander’s Inc., 
a Delaware corporation,  
its sole member

By:  _________________________
Name:
Title:

The Bank acknowledges that the Account has been assigned to the Bank and is subject to a lien, security interest, pledge and assignment in the Bank’s favor and that the Bank has control of the Account and has recorded the Bank’s interest in the Account in the books and records of JPMorgan Chase Bank, N.A. and the Bank will follow the Bank’s instructions without the Assignor’s further consent.

	
	
	Bank:

	JPMORGAN CHASE BANK, N.A., 
as Administrative Agent
By:__________________________ 
Name: 
Title:

4

SCHEDULE I

EXCEPTIONS TO REPRESENTATIONS AND WARRANTIES

[None]trtc_ex101.htm

EXHIBIT 10.1

 

AMENDED AND RESTATED EXECUTIVE EMPLOYMENT AGREEMENT

 
THIS AMENDED AND RESTATED EXECUTIVE EMPLOYMENT AGREEMENT
 (“Agreement
”) is made and entered effective as of ________ ___, 2019 (“Commencement Date
”), by and between OneQor Technologies, Inc., a Delaware Corporation (the “Company
”) and Matthew Morgan (the “Executive
”) and supersedes and replaces any prior employment agreement or employment letter between the Parties.
 
W I T N E S S E T H:

 
WHEREAS
, Executive and Company previously entered into that certain Employment Agreement dated as of January 17, 2019 (“Original Employment Agreement
”); 
 
WHEREAS
, Executive and Company desire to amend and restate the Original Employment Agreement in favor of this Agreement; 
 
WHEREAS
, the Board of Directors of the Company (the “Board
”) has approved the Company entering into an employment agreement with the Executive;
 
WHEREAS
, the Executive is now the Chief Executive Officer of the Company and thus the principal executive of the Company;
 
WHEREAS
, the Company and Executive would like to set forth the terms of Executive’s continued employment;
 
NOW THEREFORE
, in consideration of the recitals and the mutual agreements herein set forth, the Company and the Executive agree as follows:
 
ARTICLE 1
EMPLOYMENT AND TERM
 
 
1.1 Employment; Place of Performance

. The Company hereby employs Executive and Executive accepts continued employment as Chief Executive Officer of the Company. As its Chief Executive Officer, Executive shall render such services to the Company as are customarily rendered by the Chief Executive Officer of comparable companies and as required by the articles and by-laws of the Company, and such services shall be rendered at the Company’s primary Arizona office at least 50% of the time. Executive accepts such employment and, consistent with fiduciary standards which exist between an employer and an employee, shall perform and discharge the duties commensurate with his position that may be assigned to him from time to time by the Company. The principal place of Executive’s employment shall be the Company’s executive office currently located in Phoenix, Arizona; provided
, however
, the Company agrees that Executive may work remotely for extended periods of time during the Term.
 
1.2 Term and Renewal

. The term of this Agreement shall commence on the Commencement Date and shall continue for a term of three (3) years from the Commencement Date (“Initial Term
”); provided, however, that commencing on the third (3rd) anniversary of the Commencement Date and on each anniversary of the Commencement Date thereafter (each, an “Extension Date
”), the term of Executive’s employment under this Agreement shall be automatically extended for an additional one (1) year period (each, a “Renewal Term
”), unless the Company or the Executive provides the other at least ninety (90) days prior written notice before the next Extension Date that the Initial Term or Renewal Term, as applicable, shall not be extended (a “Non-Renewal Notice
”); or unless otherwise terminated under Article 2 below. The period of time between the Commencement Date and the termination of this Agreement shall be referred to herein as the “Term
.”
 
	 
	1
	
 
	 

 
1.3 Compensation and Benefits

. During the Term of this Agreement, the Executive shall be entitled to the compensation (“Compensation
”) and benefits (“Benefits
”) described in Exhibit A attached hereto.
 
ARTICLE 2
TERMINATION OF EMPLOYMENT AND SEVERANCE BENEFITS

 
2.1 Termination by the Company for Cause or Termination by the Executive without Good Reason

. If, during the Term, the Executive’s employment is terminated by the Company for Cause, or voluntary termination of employment by the Executive without Good Reason, then the Executive shall only be entitled to any earned but unpaid base salary as well as any other amounts or benefits owing to Executive under the terms of any employee benefit plan of the Company (the “Accrued Benefits
”). Accrued Benefits shall include any accrued paid time off pursuant to the Company’s policy and practices. The Accrued Benefits shall be payable upon Executive’s termination within the time provided by law. 
 
2.2 Termination by the Company without Cause, for Death or Disability, or by the Executive for Good Reason

. 
If, during the Term: (i) the Executive’s employment with the Company is terminated by the Company other than for Cause, (ii) if Executive’s employment with the Company ends due to death or Disability, (iii) Executive resigns for Good Reason, or (iv) the Company provides a Non-Renewal Notice (each of which is considered a “Qualified Termination
”), then the Executive shall be entitled to the Severance Benefits as described in Section 2.3 herein as well as his Accrued Benefits. For purposes of this Agreement, Executive will be deemed to have a “Disability” if he is unable to perform the essential duties of his position, with or without accommodation, by reason of physical or mental disability or infirmity for a period of six (6) consecutive months. The Company shall comply with the Americans with Disabilities Act and any other applicable federal or state laws in making a determination whether Employee’s condition constitutes a disability.
 
2.3 Severance Benefits

. In the event of a Qualified Termination, the Company shall pay and provide the Executive with the following “Severance Benefits
”:
 
(a) The greater of (i) the remaining base pay compensation during the Initial Term, or (ii) two (2) times the Executive’s then current annual base salary, less any taxes and withholding as may be necessary pursuant to law, to be paid in equal installments in accordance with the Company’s normal payroll practices.
 
(b) To the extent the Executive and Executive’s dependents elect coverage under the Company’s health insurance plan pursuant to the Consolidated Omnibus Budget Reconciliation Act (“COBRA
”), the Company shall pay the COBRA premium payments for a period of up to twelve (12) months after the date of termination, to the extent allowed by and in accordance with applicable laws.
 
	 
	2
	
 
	 

 
(c) As a condition to receiving the Severance Benefits contemplated by this Section 2.3, within thirty (30) days after the effective date of such Qualified Termination (i.e., the end of the then-current Term), Executive shall execute and deliver an irrevocable general release (including, but not limited to, all matters relating to employment with the Company) in favor of the Company and its affiliates in such form as the Company shall reasonably request (the effective date of which shall be eight days after Executive delivers the signed release to the Company, provided it has not been revoked). Notwithstanding anything herein to the contrary, in the event such 30-day period falls into two (2) calendar years, the payments contemplated in this Section 2.3 shall not commence until the second calendar year. The Severance Benefits shall terminate immediately upon the Executive violating any of the provisions of Article 4 of this Agreement. The conditions set forth in this paragraph are together referred to as the “Termination Conditions
”.
 
2.4 Good Reason

. For purposes of this Agreement, “Good Reason
” shall mean the occurrence of any of the following, without the Executive’s prior written consent: (i) a material reduction in Executive’s Base Salary, (ii) a relocation of the Executive’s primary place of employment to a location more than fifty (50) miles from Phoenix, Arizona, (iii) any requirement that the Executive report to anyone other than the Board, (iv) termination of Executive’s employment for any reason other than Cause during the 12-month period following the effective date of any "Change in Control
”, or (v) any material breach of this Agreement. However, none of the foregoing events or conditions will constitute Good Reason unless: (x) the Executive provides the Company with written objection to the event or condition within thirty (30) days following the occurrence thereof, (y) the Company does not reverse or cure the event or condition within thirty (30) days of receiving that written objection, and (z) the Executive resigns his employment within ten (10) days following the expiration of that cure period.
 
2.5 Cause

. For purposes of this Agreement, “Cause
” shall be deemed to exist upon any of the following events: (i) the Executive’s conviction of, or plea of nolo contendere, to a felony, (ii) Executive’s failure or refusal to perform his duties and responsibilities (iii) failure of Executive to adhere to directives of the Board or Executive’s immediate supervisor, (iv) Executive’s material misconduct or gross negligence, (v) a material violation of any Company policy, or (vi) any material breach of this Agreement. The Board must provide thirty (30) days written notice of its intent to terminate the Executive’s employment for Cause and if such grounds for Cause are curable, Executive shall have thirty (30) days following the receipt of such written notice to cure such curable event that would otherwise constitute Cause.
 
2.6 Accelerated Vesting of Equity Awards

. The Executive’s outstanding and unvested stock options will accelerate and become vested in the event of a Qualified Termination and compliance with the Termination Conditions. If the Executive’s employment is terminated for any reason other than Cause, death, or “permanent and total disability”, the Executive may exercise the vested portion of any stock options until the expiration date of such option. 
 
	 
	3
	
 
	 

 
ARTICLE 3
ADDITIONAL CONSIDERATION

 
3.1 Change of Control

. As incentive for Executive to actively pursue the best interests of Company's stockholders, in the event of a Change of Control (as that term is defined below), then Executive shall earn a minimum bonus of $500,000, which shall be paid in one lump sum payment within ten business days from the effective date of the Change of Control.
 
As used in this Agreement, a “Change of Control
” shall mean the occurrence of any of the following events: 
 
(a) Ownership

. Any “Person” (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended) becomes the “Beneficial Owner” (as defined in Rule 13d-3 under said Act), directly or indirectly, of securities of the Company representing fifty percent (50%) or more of the total voting power represented by the Company’s then outstanding voting securities (excluding for this purpose any such voting securities held by the Company, or any affiliate, parent or subsidiary of the Company, or by any employee benefit plan of the Company) pursuant to a transaction or a series of related transactions; 
 
(b) Merger/Sale of Assets

. (1) A merger, reverse merger, or consolidation of the Company or a subsidiary of the Company or an acquisition of assets or an entity by the Company or a subsidiary of the Company whether or not approved by the Board, other than a merger or consolidation or acquisition of assets or an entity which would result in the holders of the voting securities of the Company outstanding immediately prior thereto continuing to hold (either by remaining outstanding or by being converted into voting securities of the surviving entity or the parent of such corporation) at least fifty percent (50%) of the total voting power represented by the voting securities of the Company or such surviving entity or parent of such entity, as the case may be, outstanding immediately after such merger or consolidation; or (2) the sale or disposition by the Company of all or substantially all of the Company’s assets to any person other than a wholly or majority owned direct or indirect subsidiary of Company; or
 
(c) Change in Board Composition

. A change in the composition of the Board, as a result of which fewer than a majority of the directors are Incumbent Directors. “Incumbent Directors
” shall mean directors who either (1) are directors of the Company as of the date of this Agreement, or (2) are elected, or nominated for election, to the Board with the affirmative votes of at least a majority of the Incumbent Directors, or by a committee of the Board made up of at least a majority of the Incumbent Directors, at the time of such election or nomination (but shall not include an individual whose election or nomination is in connection with an actual or threatened proxy contest relating to the election of directors).
 
ARTICLE 4
RESTRICTIVE COVENANTS

 
4.1 Confidentiality and Nondisclosure
. 
Confidentiality and nondisclosure provisions are defined in the Employee Inventions and Confidentiality Agreement, which Executive shall sign contemporaneously with this Agreement. Consistent with that separate agreement, the Executive will not use or disclose to any individual or entity any Proprietary Information (as that term is defined in that separate agreement) except (i) in the performance of Executive’s duties for the Company, (ii) as authorized in writing by the Company, or (iii) as required by subpoena or court order, provided that, prior written notice of such required disclosure is provided to the Company and, provided further that all reasonable efforts to preserve the confidentiality of such information shall be made. The restrictions on the use or disclosure of Proprietary Information shall continue after Executive’s employment terminates for any reason for so long as the information is not generally known to the public.
 
	 
	4
	
 
	 

 
4.2 Non-Competition
. During the term of Executive’s employment with Company and for the period ending 12 months after the termination of Executive’s employment with Company, or, in the alternative, in the event any reviewing court finds 12 months to be overbroad or unenforceable, for a period of nine months after the termination of Executive’s employment with Company, or, in the alternative, in the event any reviewing court finds nine months to be overbroad or unenforceable, for a period of six months after the termination of Executive’s employment with Company, or, in the alternative, in the event any reviewing court finds six months to be overbroad or unenforceable, for a period of three months after the termination of Executive’s employment with Company (“Restricted Period
”), regardless of the reason therefor, Executive shall not (whether directly or indirectly, as owner, principal, agent, stockholder, director, officer, manager, employee, partner, participant, or in any other capacity) engage in or become financially interested in any competitive business conducted within the Restricted Territory (as defined below). As used herein, the term “competitive business” shall mean any business that designs, develops, markets, or supports products and services competitive with the Company; and the term “Restricted Territory
” shall mean any location within the United States where the Company conducts business.
 
4.3 Non-Solicitation of Employees and Customers
. During the employment of the Executive under this Agreement and during the Restricted Period, Executive shall not at any time (i) solicit or induce, on his own behalf or on behalf of any other person or entity, any employee of the Company or any of its affiliates to leave the employ of the Company or any of its affiliates; or (ii) solicit or induce, on his own behalf or on behalf of any other person or entity, any customer or Prospective Customer of the Company or any of their respective affiliates to reduce its business with the Company or any of its affiliates. For the purposes of this Agreement, “Prospective Customer” shall mean any individual, corporation, trust or other business entity which has either (a) entered into a nondisclosure agreement with the Company or any Company subsidiary or affiliate or (b) has within the preceding 12 months received a currently pending and not rejected written proposal in reasonable detail from the Company or any of the Company’s subsidiary or affiliate (“Prospective Customer
”).
 
4.4 Defend Trade Secrets Act Information

. Executive acknowledges that, notwithstanding the foregoing limitations on the disclosure of trade secrets, Executive may not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret that (a) is made (i) in confidence to a Federal, State or local government official, either directly or indirectly, or to an attorney, and (ii) solely for the purpose of reporting or investigating a suspected violation of law, or (b) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. In addition, if Executive files a proceeding against the Company in connection with a report of a suspected legal violation, Executive may disclose the trade secret to the attorney representing Executive and use the trade secret in the court proceeding, if Executive files any document containing the trade secret under seal and does not disclose the trade secret, except pursuant to court order.
 
	 
	5
	
 
	 

 
4.5 Non-Disparagement

. The Executive will not at any time during employment with the Company, or after the termination of employment with the Company, directly or indirectly (i) disparage, libel, defame, ridicule or make negative comments regarding, or encourage or induce others to disparage, libel, defame, ridicule or make negative comments regarding, the Company, or any of the Company’s officers, directors, employees or agents, or the Company’s products, services, business plans or methods; or (ii) engage in any conduct or encourage or induce any other person to engage in any conduct that is in any way injurious or potentially injurious to the reputation or interests of the Company or any of the Company’s, officers, directors, employees or agents.
 
4.6 Survival of Termination Covenants

. Executive’s obligations under this Agreement shall survive Executive’s termination of employment with the Company and the termination of this Agreement.
 
4.7 Equitable Relief

. Executive hereby acknowledges and agrees that the Company and its goodwill would be irreparably injured by, and that damages at law are an insufficient remedy for, a breach or violation of the provisions of this Agreement, and agrees that the Company, in addition to other remedies available to it for such breach shall be entitled to a preliminary injunction, temporary restraining order, or other equivalent relief, restraining Executive from any actual breach of the provisions hereof, and that the Company’s rights to such equitable relief shall be cumulative and in addition to any other rights or remedies to which the Company may be entitled.
 
ARTICLE 5
MISCELLANEOUS

 
5.1 Entire Agreement

. 
This Agreement contains the entire understanding of the Company and the Executive with respect to the subject matter hereof.
 
5.2 Prior Agreement

. This Agreement supersedes and replaces any prior oral or written employment or severance agreement between the Executive and the Company.
 
5.3 Subsidiaries

. Where appropriate in this Agreement the term “Company
” shall also include any direct or indirect subsidiaries of the Company.
 
5.4 Code Sections 409A and 280G

.

 
(a) In the event that the payments or benefits set forth in Article 2 of this Agreement constitute “non-qualified deferred compensation” subject to Section 409A of the Internal Revenue Code of 1986, as amended and the regulations and guidance promulgated thereunder (collectively, “409A”), then the following conditions apply to such payments or benefits:
 
(i) Any termination of Executive’s employment triggering payment of benefits under Article 2 must constitute a “separation from service” under Section 409A(a)(2)(A)(i) of the Code and Treas. Reg. §1.409A-1(h) before distribution of such benefits can commence. To the extent that the termination of Executive’s employment does not constitute a separation of service under Section 409A(a)(2)(A)(i) of the Code and Treas. Reg. §1.409A-1(h) (as the result of further services that are reasonably anticipated to be provided by Executive to the Company at the time Executive’s employment terminates), any such payments under Article 2 that constitute deferred compensation under Section 409A shall be delayed until after the date of a subsequent event constituting a separation of service under Section 409A(a)(2)(A)(i) of the Code and Treas. Reg. §1.409A-1(h). For purposes of clarification, this Section shall not cause any forfeiture of benefits on Executive’s part, but shall only act as a delay until such time as a “separation from service” occurs. 
 
	 
	6
	
 
	 

 
(ii) Notwithstanding any other provision with respect to the timing of payments under Article 2 if, at the time of Executive’s termination, Executive is deemed to be a “specified employee” of the Company (within the meaning of Section 409A(a)(2)(B)(i) of the Code), then limited only to the extent necessary to comply with the requirements of Section 409A, any payments to which Executive may become entitled under Article 2 which are subject to Section 409A (and not otherwise exempt from its application) shall be withheld until the first (1st) business day of the seventh (7th) month following the termination of Executive’s employment, at which time Executive shall be paid an aggregate amount equal to the accumulated, but unpaid, payments otherwise due to Executive under the terms of Article 2.
 
(iii) It is intended that each installment of the payments and benefits provided under Article 2 of this Agreement shall be treated as a separate “payment” for purposes of Section 409A. Neither the Company nor Executive shall have the right to accelerate or defer the delivery of any such payments or benefits except to the extent specifically permitted or required by Section 409A.
 
(iv) Notwithstanding any other provision of this Agreement to the contrary, this Agreement shall be interpreted and at all times administered in a manner that avoids the inclusion of compensation in income under Section 409A, or the payment of increased taxes, excise taxes or other penalties under Section 409A. The parties intend this Agreement to be in compliance with Section 409A. Executive acknowledges and agrees that the Company does not guarantee the tax treatment or tax consequences associated with any payment or benefit arising under this Agreement, including but not limited to consequences related to Section 409A.
 
	 
	7
	
 
	 

 
(b) If any payment or benefit Executive would receive under this Agreement, when combined with any other payment or benefit Executive receives pursuant to a Change of Control (for purposes of this section, a “Payment
”) would: (i) constitute a “parachute payment” within the meaning of Section 280G the Code; and (ii) but for this sentence, be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax
”), then such Payment shall be either: (A) the full amount of such Payment; or (B) such lesser amount (with cash payments being reduced before stock option compensation) as would result in no portion of the Payment being subject to the Excise Tax, whichever of the foregoing amounts, taking into account the applicable federal, state and local employments taxes, income taxes, and the Excise Tax, results in Executive’s receipt, on an after-tax basis, of the greater amount of the Payment notwithstanding that all or some portion of the Payment may be subject to the Excise Tax.
 
5.5 Severability

. 
It is mutually agreed and understood by the parties that should any of the restrictions and covenants contained in Article 4 be determined by any court of competent jurisdiction to be invalid by virtue of being vague, overly broad, unreasonable as to time, territory or otherwise, then the Agreement shall be amended retroactive to the date of its execution to include the terms and conditions which such court deems to be reasonable and in conformity with the original intent of the parties and the parties hereto consent that under such circumstances, such court shall have the power and authority to determine what is reasonable and in conformity with the original intent of the parties to the extent that such restrictions and covenants are enforceable. In the event any other provision of this Agreement shall be held illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining parts of the Agreement, and the Agreement shall be construed and enforced as if the illegal or invalid provision had not been included.
 
5.6 Modification

. 
No provision of this Agreement may be modified, waived, or discharged unless such modification, waiver, or discharge is agreed to in writing and signed by the Executive and by an authorized officer of the Company on the Company’s behalf, or by the respective parties’ legal representations and successors.
 
5.7 Dispute Resolution & Applicable Law

. 
The parties agree that any controversy, dispute or claim arising out of or relating to this Agreement or Executive’s employment with the Company shall be resolved by arbitration to be administered by the American Association of Arbitration. To the extent not preempted by the laws of the United States, the terms and provisions of this Agreement are governed by and shall be interpreted in accordance with, the laws of Arizona, without giving effect to any choice of law principles.
 
5.8 Successors and Assigns

. This Agreement shall inure to the benefit of and be enforceable by the Company’s successors and/or assigns and shall be enforceable by the Executive against the Company’s successors and assigns.
 
5.9 Headings/References

. The headings in this Agreement are inserted for convenience only and shall not be deemed to constitute a part hereof nor to affect the meaning thereof.
 
5.10 Indemnification

. As additional consideration for Executive’s agreement to perform the duties outlined herein, Executive shall be indemnified and held harmless by the Company for any and all claims, costs or expenses including legal fees and advancement of expenses, except in the case of willful, reckless or grossly negligent misconduct, for any activity in any suit brought against him or the Company for actions undertaken by Executive on behalf of the Company to the maximum extent provided by law, regardless of whether such indemnification is specifically authorized by statute, the Company’s Articles of Incorporation or Bylaws or any other agreement. 
 
	 
	8
	
 
	 

 
5.11 Notices

. 
Any notice, request, instruction, or other document to be given hereunder shall be in writing and shall be deemed to have been given: (a) on the day of receipt, if sent by electronic mail (provided sender demonstrates evidence of transmission) or overnight courier; (b) upon receipt, if given in person; (c) five days after being deposited in the mail, certified or registered mail, postage prepaid, and in any case addressed as follows:
 
If to the Company:

 
11811 N. Tatum Blvd, Ste. 3050
Phoenix, Arizona 85028
Attn: Board of Directors
 
with copy sent to the attention of the Chairman of the Board of Directors at the same address
 
If to the Executive:

 
Matthew Morgan
3256 E Valley Vista Lane
Paradise Valley, Arizona 85253
 
or to such other address or to the attention of such other person as the recipient party has specified by prior written notice to the sending party.
 
IN WITNESS WHEREOF
, the parties have executed this Agreement on _________ __, 2019.
 
	 	ONEQOR TECHNOLOGIES, INC.
	
	 	 	 	 
		By:		
	 
	 
	
Larry Martin, Director
	 
	 	 		 
	 	EXECUTIVE
	 
	 
	 
	 
	 

	 
	 
	 
	 

	 
	Matthew Morgan 
	 

 
	 
	9
	
 
	 

 
EXHIBIT A

EXECUTIVE’S COMPENSATION AND BENEFITS

 
1. Base Salary
: $500,000 (or any increased amount approved by the Board of Directors or the Compensation Committee) paid in accordance with the Company’s standard payroll practices for senior executives (Base Salary
).
 
2. Performance-Based Incentive
: Executive shall be eligible to receive an annual cash bonus (the “Annual Performance Bonus
”), with the target amount of such Annual Performance Bonus equal to 200% of Executive’s Base Salary (the “Target Performance Bonus
”) in the year to which the Annual Performance Bonus relates; provided
 that the actual amount of the Annual Performance Bonus may be greater or less than the Target Performance Bonus. The Annual Performance Bonus shall be based on performance and achievement of Company goals and objectives as defined by the Board or Compensation Committee. The amount of the Annual Performance Bonus shall be determined by the Board or Compensation Committee in its sole discretion, and shall be paid to Executive no later than March 15th of the calendar year immediately following the calendar year in which it was earned. Executive must be employed by the Company on the date that the Annual Performance Bonus is paid to Executive in order to be eligible for, and to be deemed as having earned, such Annual Performance Bonus. If, during the Term: (i) the Executive’s employment with the Company is terminated by the Company other than for Cause, or (ii) Executive resigns for Good Reason, then Executive will receive a pro-rated bonus for the time worked based on the percentage worked of the calendar year, which bonus will be paid within thirty (30) days after the date of termination or resignation. The Company shall deduct from the Annual Performance Bonus all amounts required to be deducted or withheld under applicable law or under any employee benefit plan in which Executive participates.

 
3. Paid Time Off
: Executive shall be entitled to paid time off pursuant to the terms and conditions of the Company’s policy and practices as applied to the Company’s senior executives.
 
4. Health & Welfare Benefits
: Executive shall be eligible to participate in all health and welfare benefits as provided generally to other senior level employees of the surviving entity of the merger. This includes but is not limited to short-term and long-term disability, life insurance and supplemental coverage. The Company shall also reimburse Executive for his premiums for Medicare coverage.
 
5. Car Allowance.
 Executive shall be paid a car allowance in the amount of $1,000 per month.

 
6. Retirement Benefits
: Executive shall be eligible to participate in all retirement benefits provided generally to other employees of the Company
 
	 
	A-1
	
  

	 

 
AMENDMENT TO

AMENDED AND RESTATED EXECUTIVE EMPLOYMENT AGREEMENT

 
This Amendment to the Amended and Restated Executive Employment Agreement (this “Amendment
”) is dated as of February 13, 2020 and is entered into by and between OneQor Technologies, Inc. (the “Company
”) and Matthew Morgan (the “Executive
”).
 
WHEREAS
, the Company and the Executive entered into an Amended and Restated Executive Employment Agreement, dated as of October 29, 2019 (the “Agreement
”); 
 
WHEREAS
, the Company anticipates entering into a corporate transaction (the “Merger
”) pursuant to the Agreement and Plan of Merger by and among the Company, Terra Tech Corp., and certain other parties dated as of October 30, 2019, as amended (the “Merger Agreement
”); 
 
WHEREAS
, the parties wish to amend certain terms of the Agreement as set forth herein; and 
 
WHEREAS
, all capitalized terms not otherwise defined herein shall have the meaning ascribed to them in the Agreement.
 
NOW, THEREFORE
, the parties hereby agree as follows: 

 
1. Section 1.2 of the Agreement is hereby deleted in its entirety and replaced with the following: 
 
“1.2 Term and Renewal.

 The term of this Agreement shall commence on the Commencement Date and shall continue for a term of one (1) year from the Commencement Date. For the avoidance of doubt, a termination due to expiration of the Term shall not be deemed a Qualified Termination (as defined below). The period of time between the Commencement Date and the termination of this Agreement shall be referred to herein as the "Term."”
 
2. Section 2.2 of the Agreement is hereby amended by deleting the first sentence therein and replacing it with the following: 
 
“If, during the Term: (i) the Executive's employment with the Company is terminated by the Company other than for Cause, (ii) if Executive's employment with the Company ends due to death or Disability, or (iii) Executive resigns for Good Reason, (each of which is considered a "Qualified Termination"),
 then the Executive shall be entitled to the Severance Benefits as described in Section 2.3 herein as well as his Accrued Benefits.”
 
3. Section 2.3(a) of the Agreement is hereby deleted in its entirety and replaced with the following: 
 
“(a) One (1) times the Executive's then current annual base salary, less any taxes and withholding as may be necessary pursuant to law, to be paid in equal installments in accordance with the Company's normal payroll practices.”
 
	 
	1
	
  

	 

 
4. Section 2.4 of the Agreement is deleted in its entirety and replaced with the following: 
 
“2.4 Good Reason

. For purposes of this Agreement, "Good Reason" shall mean the occurrence of any of the following, without the Executive's prior written consent: (i) a material reduction in Executive's Base Salary or (ii) a relocation of the Executive's primary place of employment to a location more than fifty (50) miles from Phoenix, Arizona. However, none of the foregoing events or conditions will constitute Good Reason unless: (x) the Executive provides the Company with written objection to the event or condition within thirty (30) days following the occurrence thereof, (y) the Company does not reverse or cure the event or condition within thirty (30) days of receiving that written objection, and (z) the Executive resigns his employment within ten (10) days following the expiration of that cure period.”
 
5. Article 3 of the Agreement is deleted in its entirety and replaced with the following: “[Reserved
].”
 
6. Executive hereby unconditionally and irrevocably waives, releases and forever discharges the Company and its affiliates from any and all liabilities of any kind or nature whatsoever related to Article 3 of the Agreement. Executive acknowledges and agrees that no payments are or shall become payable under Article 3 of the Agreement. 
 
7. Section 1 of Exhibit A to the Agreement is hereby amended to set the “Base Salary” to $300,000 by deleting the reference to “$500,000” and replacing it with “$300,000”.
 
8. Section 2 of Exhibit A to the Agreement is hereby amended to set the “Target Performance Bonus” to 100% by deleting the reference to “200%” and replacing it with “100%”.
 
9. Section 5 of Exhibit A to the Agreement is hereby amended to set the car allowance to $500 by deleting the reference to “$1,000” and replacing it with “$500”.
 
10. Executive hereby acknowledges that this Amendment and all actions hereunder, including, without limitation, the changes in compensation, reduction in the Term, and other changes herein, shall not serve as a basis for “Good Reason” nor constitute a “Non-Renewal Notice” under the Agreement. 
 
11. This Amendment is binding on the parties on the date it is executed by the parties. The terms of this Amendment shall become effective immediately prior to the closing of the Merger; provided, however, if the Merger is not consummated, then this Amendment shall become null and void without the terms having become effective.
 
12. Except as specifically modified herein, any of the other terms of the Agreement shall remain in full force and effect.
 
[Signature Page Follows] 
 
	 
	2
	
  

	 

 
IN WITNESS WHEREOF
, the parties hereto have executed this Amendment as of the date first written above.
 
 
	 	ONEQOR TECHNOLOGIES, INC.

	
	 	 	 	 
		By:	/s/ John King	
	 
	Name:
	John King	 
	 	Title:	Chief Financial Officer	 
	 	 	 	 
	 
	 
	 
	 

	 
	EXECUTIVE

	 

	 
	 
	 
	 

	 
	 
	/s/ Matthew Morgan
	 

	 
	 
	Matthew Morgan
	 

 
 
[Signature Page to Amendment]
 
	 
	3

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