Document:

Exhibit 10.36

 

TERMINATION OF LEASE

 

This Early Termination of
Lease is made and entered into this 1st of March, 2004 by and between MIE Properties, Inc., as
Landlord and BBI Biotech Research Laboratories, Inc. as Tenant.

 

RECITALS

 

This Early Termination of
Lease is made with reference to the following facts and objectives:

 

A.            By Lease dated December 1, 1999 (collectively
referred to herein as “Lease”), Tenant leased from Landlord and Landlord leased
to  Tenant certain real property
consisting of approximately 35,560 square feet of area which are commonly known
as 5107 Pegasus Court Suites A-M, Frederick, MD 21704 (the “Premises”).

 

B.            Said Lease was to expire November 30, 2006.

 

C.            Landlord and Tenant entered into a Lease
dated as of the date hereof (referred to herein as the “New Lease”),  pursuant to which Tenant leased from
Landlord and Landlord leased to Tenant certain real property consisting of
approximately 65,160 square feet of area which is commonly known as 8425
Progress Drive, Suites A-Y, Frederick, MD 21701. The New Lease shall commence
on August 1, 2004.

 

D.            Tenant desires to terminate the Lease on July
31, 2004.

 

NOW, THEREFORE, Landlord and
Tenant hereby agree as follows:

 

1.                                       Tenant agrees to vacate the Premises on or
before July 31, 2004. The Lease will terminate on July 31, 2004. Tenant will
vacate the Premises by Midnight July 31, 2004. Notwithstanding anything in the
Lease to the contrary. Tenant shall be permitted to remove all bench work and
vacuum insulated piping in the existing repository areas of the Premises. In
addition to the liquid nitrogen bulk tank, all emergency generators, ATS
equipment and paralleling gear located at the Premises.

 

2.                                       Tenant shall be allowed to occupy the
Premises for the one month period commencing July 1, 2004 to July 31,
2004.  Tenant shall not be responsible
for any base rent during the one-month period commencing July 1, 2004 and
ending July 31, 2004.

 

3.             As of August 1, 2004, Tenant shall pay rent
on the New Premises and all other terms and conditions of the New Lease shall be enforced.

 

4.                                       This Early Termination of Lease is contingent
upon Tenant’s ability to use, occupy and enjoy the New Premises as of August 1, 2004, If Tenant is unable
to use, occupy and enjoy the New Premises on August 1, 2004, then Tenant shall
be entitled to continue in possession of the Premises on a month-to-month basis
until such time as Tenant vacates the Premises, subject to the following terms
and conditions:

 

a.                                       If Landlord has entered into a written lease
agreement for the Premises with another tenant with a term commencing on or
before October 1, 2004, and Tenant’s failure to vacate is due to Tenant’s
negligence or willful misconduct, or force majeure, then Tenant shall pay 150%
of the monthly rental installments under the Lease and all other provisions of
the Lease shall remain in full force and effect.

 

b.                                      If Landlord has not entered into a  written lease agreement for the Premises
with another tenant, or if Tenant’s failure to vacate is due to Landlord’s
negligence or willful misconduct, then Tenant shall pay the regular monthly
rental installments under the Lease and all other provisions of the Lease shall
remain in full force and effect.

 

 

5.                                       Notwithstanding anything herein to the
contrary, if the New Lease is terminated by Tenant on or before April 30, 2004,
this Early Termination of Lease shall be null and void and the Lease shall
continue in accordance with its terms.

 

IN WITNESS WHEREOF, Landlord
and Tenant have executed this Early Termination of Lease as of the date first
above written.

 

	
  WITNESS:

  	
  LANDLORD:
  MIE Properties, Inc.

  as agent for owner

  
	
   

  	
   

  
	
  By: 

  	
  /s/ Jennifer Roschel

  	
   

  	
  By:

  	
  /s/ Julianne
  A. Wagner

  	
   

  
	
   

  	
   

  
	
   

  	
  Printed Name:

  	
  Julianne A.
  Wagner

  	
   

  
	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
  Partner

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  WITNESS:

  	
  TENANT:
  BBI Biotech Research Laboratories, Inc.

  
	
   

  	
   

  
	
  By: 

  	
  /s/ Kristin Pettit

  	
   

  	
  By:

  	
  /s/ Mark Manak

  	
   

  
	
   

  	
   

  
	
   

  	
  Printed Name:

  	
  Mark Manak

  	
   

  
	
   

  	
  Title: 

  	
  Senior Vice
  Pres. & General Manager

  	
   

  
														

 

2

 

February
        , 2004

 

Mr. Mark Manak

BBI Biotech Research Laboratories

5107 Pegasus Court

Frederick, MD 21704

 

RE:          Letter of Understanding for BBI Biotech Research Laboratories located
at 8425 Progress Drive, Suite A-Y

 

Dear Mark:

 

Whereas, by the Lease dated
March  1, 2004 (the “Lease”), MIE
Properties, Inc (“Landlord”) leased BBI Biotech Research Laboratories
(“Tenant”) 65,160 square feet of rentable area located at 8425 Progress Drive,
Suites A-Y, Frederick, MD 21701 (the “Premises”);

 

Whereas, said Lease will
commence on August 1, 2004.

 

Now, therefore, in consideration
of the mutual covenants of the parties hereto, the parties agree as follows:

 

1)              Tenant shall not be responsible for any base
rent payments during the one-month period commencing July 1, 2004 and ending
July 31, 2004.   During the term of this
Letter of Understanding, unless otherwise provided in this Letter of
Understanding, the rights and obligations of the parties shall be governed by
the Lease, which is incorporated in this Letter of Understanding by reference.

 

2)              Tenant shall be responsible to pay all
utilities during the one-month period commencing July 1, 2004 and ending July
31, 2004.

 

3)              Upon termination of this Letter of
Understanding, Tenant shall occupy the Premises pursuant to the Lease.

 

4)              The parties represent to one another that they
have full power and authority to enter into this Letter of Understanding.

 

In witness, whereof, the
parties have caused this Letter of Understanding to be executed and delivered
as of the date of this Letter.

 

 

	
   

  	
  WITNESS:

  	
  MIE PROPERTIES, INC.

  
	
   

  	
   

  
	
   

  	
  /s/ Jennifer Roschel

  	
   

  	
  BY:

  	
  /s/ Julianne
  A. Wagner

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  WITNESS:

  	
  TENANT: BBI Biotech Research Laboratories,

  Inc.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Kristin
  Pettit

  	
   

  	
  BY:

  	
  /s/ Mark
  Manak

  	
   

  

 

 

February
27, 2004

 

Ms. Julianne Wagner

MIE Properties, Inc.

5104 Pegasus Court

Suite A

Frederick, MD 21704

 

Re:                               Lease dated March 1,  2004, by and between MIE Properties, Inc.
(“Landlord”) and BBI Biotech Research Laboratories, Inc. (“Tenant”) for the
premises located at 8425 Progress Drive, Suites A-Y, Frederick, Maryland (the
“Lease”).

 

Dear Ms. Wagner:

 

Pursuant to the
above-referenced Lease, Tenant has agreed to lease the Premises from Landlord
for a term of 11 years, which term shall commence no later than August 1, 2004. 
This letter sets forth our understanding with respect to Tenant’s right
to terminate the Lease on the terms and conditions contained herein.  Capitalized terms used but not defined
herein shall have the meanings given such terms in the Lease (including,
without limitation, all Exhibits thereto).

 

Notwithstanding anything to
the contrary elsewhere contained herein or in the Lease, provided that Tenant
uses commercially reasonable best efforts to obtain the issuance of all permits
required for the construction of the Tenant Improvements contemplated in the
Lease, if any governmental authority fails to issue any such required
permit(s), Tenant may, in its sole discretion, by written notice delivered to
Landlord on or before the close of business on April 30, 2004, terminate the
Lease and neither Landlord nor Tenant shall have any further obligation or
liability to the other under the Lease or otherwise.

 

In consideration of the
foregoing, Tenant is delivering to Landlord (i) a check in the amount of
$40,261,00, as the security deposit under and pursuant to the terms of the
Lease (the “Security Deposit”) and (ii) a check in the amount of $69,739,00
(the “Additional Deposit”). If Tenant elects to terminate the Lease in
accordance with the terms of this letter, then, notwithstanding the terms of
the Lease and the Security Deposit Agreement attached thereto, Landlord shall
be entitled to retain the Security Deposit and the Additional Deposit as
agreed-upon liquidated damages and such amounts shall be Landlord’s sole remedy
for Tenant’s termination of the Lease hereunder.

 

If Tenant does not deliver a
notice of termination to Landlord on or before the close of business on April
30, 2004, then Tenant shall be deemed to have waived its right

 

 

to terminate
hereunder and the Lease and the Security Deposit Agreement shall continue in
full force and effect in accordance with the terms thereof.  In such event, Landlord shall deliver the
Additional Deposit to Tenant no later than May 3, 2004 or, if earlier, two
business days after the date on which Tenant delivers written notice to
Landlord that Tenant has waived its right to terminate hereunder.  The parties agree that the Additional
Deposit shall not accrue interest.

 

Notices
required or permitted to be given pursuant to this letter shall be given in
accordance with the terms of the Lease.

 

	
   

  	
  Sincerely,

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  BBI Biotech Research Laboratories, Inc.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Mark Manak

  	
   

  
	
   

  	
   

  
	
   

  	
  Title:

  	
  General Manager & Sr. Vice Pres.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Agreed to and accepted this 1st
  day of March, 2004:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  MIE Properties, Inc.

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ Julianne A. Wagner

  	
   

  
	
   

  	
   

  
	
  Title: 

  	
  Partner

  	
   

  	
   

  
									

 

2Exhibit
10.1

 

AMENDMENT NO. 1

TO

EMPLOYMENT AGREEMENT

(James
J. Benard)

 

THIS
AMENDMENT NO. 1 dated effective January 1, 2004 (this “Amendment”) to the
Employment Agreement dated as of January 1, 2001 (the “Employment
Agreement”) between CARRIAGE SERVICES, INC., a Delaware corporation (the
“Company”), and JAMES J. BENARD, a resident of Sugar Land, Texas (the
“Employee”);

 

W
I  T  N  E  S  S  E  T  H:

 

WHEREAS,
the parties entered into the Employment Agreement so that the services of the
Employee would be made available to perform the duties of the Vice President of
Cemetery Operations of the Company; and

 

WHEREAS,
the Employment Agreement initially contemplated that it would expire on
December 31, 2003, and Employee has in fact continued as an employee of
the Company through the date hereof; and

 

WHEREAS,
the parties desire to amend the Employment Agreement to extend the term thereof
through December 31, 2006, as hereinafter provided;

 

WHEREAS, the parties also desire to amend
certain other terms of the agreement as hereinafter provided;

 

NOW
THEREFORE, for the sum of TEN DOLLARS ($10.00) and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties agree as follows:

 

1.             Term Amendment. 
The parties hereby agree to amend Section 1 of the Employment
Agreement in its entirety so that, as amended, Section 1 shall read as
follows:

 

“The Company hereby employs the Employee for
a term commencing on the date hereof and, subject to earlier termination as
provided in Section 7 hereof, ending on December 31, 2006 (such term
being herein referred to as the “term of this Agreement”).  The Employee agrees to accept such
employment and to perform the services specified herein, all upon the terms and
conditions hereinafter stated.”

 

2.             Duties Amendment. 
The parties hereby agree to amend Section 2 of the Employment
Agreement in its entirety so that, as amended, Section 2 shall read as
follows:

 

“The Employee shall serve the Company and
shall report to, and be subject to the general direction and control of, the
Chief Executive Officer of the Company or any other executive officer
designated by him.  The Employee shall
perform the management and administrative duties of Sr. Vice President-Cemetery
Operations and Sales of the Company. 
The Employee

 

1

 

shall also serve as Sr. Vice President of
Cemetery Operations of any subsidiary of the Company as requested by the
Company, and the Employee shall perform such other duties as are from time to
time assigned to him by the Chief Executive Officer as are not inconsistent
with the provisions hereof.

 

3.             Compensation Amendment. 
The parties hereby agree to amend Section  4 of the Employment
Agreement in its entirety so that, as amended, Section 4 shall read as
follows:

 

“During the term of this Agreement, the
Company shall pay the Employee a salary of $17,500.00 per full calendar month
of service completed, appropriately prorated for partial months at the
commencement and end of the term of this Agreement.  The salary set forth herein shall be payable in bi-weekly
installments in accordance with the payroll policies of the Company in effect
from time to time during the term of this Agreement. The Company shall have the
right to deduct from any payment of all compensation to the Employee hereunder
(x) any federal, state or local taxes required by law to be withheld with
respect to such payments, and (y) any other amounts specifically authorized to
be withheld or deducted by the Employee.”

 

4.             Restrictive Covenants Amendment. 
The parties hereby agree to amend Section 8 of the Employment
Agreement as follows:

 

The term of the Restrictive Covenant would
change from two years to one year only if the Employee is terminated without
cause as described in Section 7 (d) above.  Except for this specific change, all other parts of
Section 8 remain the same.

 

5.             Ratification; Binding Effect. 
The parties hereby ratify and confirm the continued effectiveness and
validity of the Consulting Agreement, which (subject to the foregoing
amendment) shall remain in full force and effect in accordance with its
terms.  This Amendment shall be binding
upon and inure to the benefit of the parties hereto and their respective heirs,
successors and assigns.

 

IN
WITNESS WHEREOF, the parties have executed and delivered this Amendment in one
or more counterparts effective for all purposes as of January 1, 2004.

 

 

	
   

  	
  CARRIAGE SERVICES, INC.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Melvin C. Payne

  	
   

  
	
   

  	
   

  	
  Melvin C. Payne

  
	
   

  	
   

  	
  Chairman of the Board and CEO

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  /s/ James J. Benard

  	
   

  
	
   

  	
   

  	
  James J. Benard

  
					

 

2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00066-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00066-of-00352.parquet"}]]