Document:

Exhibit 10.2 - 1.6.2015

Exhibit 10.2

PROMISSORY NOTE
$5,000,000    December 31, 2014
FOR VALUE RECEIVED, IMH FINANCIAL CORPORATION, a Delaware corporation (the “Borrower”), promises to pay to SRE MONARCH LENDING, LLC, a Delaware limited liability company (“Lender”), or its assigns, the principal sum of FIVE MILLION DOLLARS ($5,000,000), or, if less, the unpaid principal amount of the aggregate advances (“Advances”) made by the Lender to the Borrower pursuant to the Loan Agreement (as defined below), as set forth on the attached Schedule, on the dates specified in the Loan Agreement, and to pay interest on the unpaid principal amount of each Advance on each day that such unpaid principal amount is outstanding, at the Interest Rate as provided in the Loan Agreement, on the Facility Maturity Date.
This Promissory Note (this “Note”) is issued pursuant to the Loan Agreement, dated as of December 31, 2014 (as amended, modified, supplemented or restated from time to time, the “Loan Agreement”), by and between the Borrower and the Lender.  Capitalized terms used but not defined herein shall have the meanings provided in the Loan Agreement.
Notwithstanding any other provisions contained in this Note, if at any time the rate of interest payable by the Borrower under this Note, when combined with any and all other charges provided for in this Note, in the Loan Agreement or in any other document (to the extent such other charges would constitute interest for the purpose of any applicable law limiting interest that may be charged on this Note), exceeds the highest rate of interest permissible under applicable law (the “Maximum Lawful Rate”), then for so long as the Maximum Lawful Rate would be exceeded, the rate of interest under this Note shall be equal to the Maximum Lawful Rate.  In no event shall the total interest received by the Lender under this Note exceed the amount which the Lender could lawfully have received had the interest due under this Note been calculated since the date of this Note at the Maximum Lawful Rate.
Payments of the principal of, and interest on, Advances represented by this Note shall be made by or on behalf of the Borrower to the holder hereof by wire transfer of immediately available funds in the manner and at the address specified for such purpose as provided in the Loan Agreement, or in such manner or at such other address as the holder of this Note shall have specified in writing to the Borrower for such purpose, without the presentation or surrender of this Note or the making of any notation on this Note.
If any payment under this Note falls due on a day that is not a Business Day, then such due date shall be extended to the next succeeding Business Day and interest shall be payable on any principal so extended at the applicable Interest Rate.

Exhibit 10.2

Payment of the principal amount of the Note shall become due and payable at the time or times set forth in the Loan Agreement.  No portion of the principal amount of this Note may be prepaid.  
The Borrower expressly waives presentment, demand, diligence, protest and all notices of any kind whatsoever with respect to this Note.
All amounts evidenced by this Note, the Lender’s Advances and all payments and prepayments of the principal hereof and the respective dates and maturity dates thereof shall be endorsed by the Lender on the schedule attached hereto and made a part hereof or on a continuation thereof, which shall be attached hereto and made a part hereof; provided, however, that the failure of the Lender to make such a notation shall not in any way limit or otherwise affect the obligations of the Borrower under this Note as provided in the Loan Agreement.
The holder hereof may sell, assign, transfer, negotiate, grant participations in or otherwise dispose of all or any portion of any Advances made by the Lender and represented by this Note and the indebtedness evidenced by this Note.  
The holder of this Note is entitled to the benefits of the Loan Agreement and may enforce the agreements of the Borrower contained in the Loan Agreement and exercise the remedies provided for by, or otherwise available in respect of, the Loan Agreement, all in accordance with, and subject to the restrictions contained in, the terms of the Loan Agreement.
This Promissory Note is the “Note” referred to in Section 2.1 of the Loan Agreement.
This Note shall be construed in accordance with and governed by the laws of the State of Illinois.  
[Remainder of Page Intentionally Left Blank]

Exhibit 10.2

IN WITNESS WHEREOF, the undersigned has executed this Note as on the date first written above.
	
		
	 
	IMH FINANCIAL CORPORATION, as the Borrower

	 
	By:   /s/ Lawrence D. Bain

	 
	Name: Lawrence D. Bain

	 
	Title:  CEO and Chairman

	
				
	Schedule attached to Promissory Note dated December 31, 2014 of IMH FINANCIAL CORPORATION payable to SRE MONARCH LENDING, LLC.

	Date of Advance or Repayment
	Principal Amount of Advance
	Principal Amount of Repayment
	Outstanding Principal Amount

	12/31/2014
	$5,000,000
	$—
	$5,000,000EX-10.1

 Exhibit 10.1 
 The Greenbrier Companies Nonqualified Deferred Compensation Plan 
  

 
  

	
	AMENDMENT No. 3

  
  

WHEREAS, The Greenbrier Companies, Inc. (“Employer”) has adopted The Greenbrier Companies Nonqualified Deferred Compensation Plan
(“Plan”) which became effective March 1, 1994, and which was most recently restated effective January 1, 2010; and 

WHEREAS, the Employer has the authority to amend the Plan and desires to do so; 
 NOW, THEREFORE, the Plan is amended and Section 2.01 of the Adoption Agreement is replaced in its entirety by the following: 
 2.01 Participant Designation. The Employer designates the following Employees or Contractors as Participants in the Plan (choose one of (a), (b) or (c)): 

 

	 ̈	(a) All top-hat Employees. All Employees whom the Employer from time to time designates in writing as part of a select group of management or highly compensated
employees. 

  

	 ̈	(b) All Employees with maximum qualified plan additions or benefits. All Employees who have reached or will reach their limit under Code §§415(b) or
(c) in the Employer’s qualified plan for the Taxable Year, or for the 415 limitation year ending in the Taxable Year. 

  

	x	(c) Specified Employees/Contractors by name, job title or classification: All Employees who are classified as “Highly Compensated Employees”
pursuant to Code section 414(q) during the preceding year, for purposes of the Greenbrier 401(k) Plan, and all Employees whose salary level would have resulted in their being so classified, but who are not yet so classified due to length of
employment with Employer. 

 This Amendment shall be effective January 1, 2014. 

 

			
		 	The Greenbrier Companies, Inc
		
	By:	 	 /s/ Martin R. Baker

		 	(Signature)
		
		 	 Martin R. Baker

		 	(Print or Type Name)
		
	Title:	 	Senior Vice President
		
	Date Signed:	 	March 7, 2014

 THIRD AMENDMENT 
 Effective 3/1/14EX-10.2

 Exhibit 10.2 
 THE GREENBRIER COMPANIES 
 NONQUALIFIED DEFERRED COMPENSATION PLAN

 Amendment No. 4 
 The Greenbrier Companies, Inc. (the “Company”) hereby adopts this Amendment No. 4 to The Greenbrier Companies Nonqualified Deferred Compensation Plan (the “Plan”) in order to
permit the Company to make discretionary contributions on behalf of selected Participants in the Plan who do not participate in the Target Benefit Program under the Plan. This Amendment No. 4 is effective as of October 28, 2014 (the
“Effective Date”) and amends the terms of the Adoption Agreement for the Plan executed on December 29, 2009, as previously amended. 
 1. Contributions. Section 2.03 of the Adoption Agreement is amended by adding the following provisions to Section 2.03(e) of the Adoption Agreement: 

“Supplemental Retirement Program. The Company has adopted this Supplemental Retirement Program to provide supplemental
retirement benefits to selected employees of the Company who do not participate in the Target Benefit Program under the Plan. 

A. Selection of Eligible Participants. The Compensation Committee may, from time-to-time select employees of the Company or its
affiliates who shall be eligible to receive annual discretionary Company contributions which shall be credited to a Supplemental Retirement Program Account on their behalf under the Plan. Employees who participate in the Target Benefit Program under
the Plan shall not be eligible to receive Supplemental Retirement Program Contributions. The employees who are eligible to participate in the Supplemental Retirement Program under the Plan as of the Effective Date are set forth on Appendix A. Any
additional employees shall begin participating in the Supplemental Retirement Program on the date specified in their designation of eligibility. If no date is specified in the designation of eligibility, the initial contribution shall be made in
January next following the date of the designation, for the calendar year during which the Participant was designated as eligible to participate in the Supplemental Retirement Program. 

B. Supplemental Retirement Program Contributions. Beginning with respect to the 2014 calendar year, the Company shall, subject to
approval by the Compensation Committee, make an annual discretionary Supplemental Retirement Program Contribution on behalf of each eligible Participant, in an amount equal to 6% of the Participant’s annual base salary as then in effect plus
actual bonus earned in the most recent fiscal year. Supplemental Retirement Program contributions shall be credited to eligible Participants’ accounts in January of the calendar year following the year for which the contribution is made.
Participants’ benefits under the Supplemental Retirement Program shall be fully vested and non-forfeitable at all times. 

C. Investment Options. Participants may direct the investment of their Supplemental Retirement Program accounts in accordance with
the terms of the Plan.’ 

 2. Effective Date. This Amendment No. 4 shall be effective as of the date set
forth above. Except as hereby amended, the Plan shall remain in full force and effect. 
 THE GREENBRIER COMPANIES, INC.

  

									
		  	By:	  	 /s/ Mark J. Rittenbaum
	  		  	
		  	Title:	  	Executive Vice President and Chief Financial Officer	  		  	

 The Supplemental Retirement Program as set forth in this Amendment No. 4 to The Greenbrier
Companies Nonqualified Deferred Compensation Plan was adopted and approved by the Compensation Committee of the Board of Directors on October 28, 2014. 

 APPENDIX A TO AMENDMENT NO. 4 TO THE GREENBRIER COMPANIES 

NONQUALIFIED DEFERRED COMPENSATION PLAN 
 As of the Effective Date of Amendment No. 4, the employees who are eligible to participate in the Supplemental Retirement Program under the Plan are the following: 

 

	 	1.	William A. Furman 

  

	 	2.	Martin Baker 

  

	 	3.	Adrian Downes 

  

	 	4.	William Glenn 

  

	 	5.	Walter T. Hannan 

  

	 	6.	Lorie L. Tekorius 

  

	 	7.	Anne T. Manning 

  

	 	8.	Brian Comstock 

  

	 	9.	James Cowan 

  

	 	10.	Martin Graham 

  

	 	11.	Rick Turner

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