Document:

benacquista8k051908ex10-5.htm

    
      

      

    

    Exhibit 10.5

    
 

    May 12,
2008

     

    In
reference to the Agreement of April 29, 2008 between Vibe Records, Inc., a
Delaware Corporation (Vibe), Benacquista Galleries, Inc., a Nevada corporation
(Benacquista), James Price, an Individual and Timothy Olphie, an individual, I,
James Price hereby grant a one-time-only extension under the Agreement under the
following terms:

     

    I must
receive an additional payment of $25,000 no later than 5:00 PM on Monday, May
12, 2008. This payment is non-refundable and governed by the same terms of the
Agreement. The remaining balance of $425,000 must be paid by May 16, 2008 by
5:00 PM. Failure to make any payment exactly as noted in this section results in
immediate cancellation of the Option in the Agreement and retention of any
non-refundable deposits as liquidated damages by me.

     

    In
addition, Mr. Price and Benacquista also agreed that Vibe Records would receive
an additional $25,000 worth of Benacquista common shares in the event that the
balance of the purchase price is paid by May 16, 2008. These shares are in lieu
of the shares Vibe Records would have received under the April 29, letter
agreement.

     

    All other
terms of the Agreement shall apply.

     

     

    /s/ James
Price____________________________________

    James
Price, an Individual

     

    

     

    /s/ James
Price____________________________________

    Benacquista
Galleries, Inc.

    James
Price, CEO

     

    

     

    /s/ Timothy J.
Olphie______________________________
_

    Timothy
J. Olphie, an Individual

     

    

     

    /s/ Timothy J.
Olphie_____________________________
__

    Vibe
Records, Inc.

    Timothy
J. Olphiebenacquista8k051908ex10-6.htm

    
      

      

    

    Exhibit
10.6

     

     

    May 16,
2008

     

    In
reference to the Agreement of May 12, 2008 between Vibe Records, Inc., a
Delaware Corporation (Vibe), Benacquista Galleries, Inc., a Nevada corporation
(Benacquista), James Price, an Individual and Timothy Olphie, an individual, I,
James Price hereby grant a one-time-only extension under the Agreement under the
following terms:

     

    I must
receive an additional payment of $25,000 no later than 5:00 PM on Monday, May
16, 2008. This payment is non-refundable and governed by the same terms of the
Agreement. The remaining balance of $425,000 must be paid by May 26, 2008 by
5:00 PM. Failure to make any payment exactly as noted in this section results in
immediate cancellation of the Option in the Agreement and retention of any
non-refundable deposits as liquidated damages by Mr. Price.

     

    In
addition, Mr. Price and Benacquista also agreed that Vibe Records would receive
an additional $50,000 worth of Benacquista common shares in the event that the
balance of the purchase price is paid by May 26, 2008. These shares are in lieu
of the shares Vibe Records would have received under the May 12, 2008, letter
agreement.

     

    All other
terms of the Agreement shall apply.

     

    

     

    /s/ James
Price                                                                       

    James
Price, an Individual

     

    

     

    /s/ James Price_________________________________ __

    Benacquista
Galleries, Inc.

    James
Price, CEO

     

     

     

    /s/ Timothy J.
Olphie_______________________________

    Timothy
J. Olphie, an Individual

     

     

     

    /s/ Timothy J.
Olphie_______________________________

    Vibe
Records, Inc.

    Timothy
J. OlphieEXHIBIT
10.1

 

RETIREMENT
AGREEMENT

 

AGREEMENT
made May 15, 2008 among TravelCenters of America LLC (“TA”), TravelCenters
of America Holding Company LLC (successor to TravelCenters of America, Inc.,
“Holding”), TA Operating LLC (successor to TA Operating Corporation, “Operating”
and together with Holding, the “Employers”) and Joseph A. Szima (“Szima”).

 

RECITAL

 

Szima and Holding are parties to a Success Bonus
Letter dated July 28, 2006 (amended October 2, 2006, “2006 Letter”),
a Stay Bonus Letter dated January 30, 2007 (“2007 Letter”) and certain
other unwritten agreements relating to Szima’s employment by the Employers
(collectively, the “Employment Related Agreements”).  Szima has also received shares of TA pursuant
to a Restricted Share Agreement dated November 26, 2007 (the “Share
Agreement”).  Szima and the Employers
desire to provide for Szima’s cooperation with regard to transitional duties in
planning for his retirement and end of employment with the Employers, Szima
desires to be relieved of his responsibilities as an executive officer of TA
and its subsidiaries and Szima and TA desire to provide for continued vesting
of the shares of TA which Szima received under the Share Agreement.

 

NOW,
THEREFORE, the parties covenant and agree as follows:

 

Section 1.                                            Employment Related
Agreements.  Szima acknowledges that he has received all
payments due him under the 2006 Letter and that the aggregate amount due him
under all other Employment Related Agreements is $663,699 (the “Payment”), which Payment will be paid on January 31,
2009.  The Payment is agreed to
satisfy any and all obligations and understandings (except as otherwise
specifically set forth in this Agreement), both written and oral, that may
exist among Szima, TA and the Employers .  
The Payment will be subject to reduction for federal, state and local
taxes and other regular payroll deductions.

 

Section 2.                                            Resignation. 
By execution of this Agreement, Szima hereby resigns as Executive Vice
President of Marketing of TA and of each of TA’s subsidiaries, effective May 20,
2008 (the “Resignation Date”).

 

Section 3.                                            Duties. 
From the date of this Agreement through May 20, 2008 (the “Full
Time Employment Period”), Szima will continue to devote his full working time
and energies to the business and affairs of TA and shall have such duties and
perform such tasks associated with transitioning his responsibilities and such
other duties and tasks for TA and its subsidiaries as are reasonably assigned
to him from time to time by the President and Chief Executive Officer of
TA.  From May 21, 2008 through January 31,
2009 (the “Part Time Employment Period”) Szima will make himself available
to provide services to TA and its subsidiaries at reasonable times and on
reasonable advance notice.

 

 

Section 4.                                            Compensation and Vesting.

 

(a)                                  During the Full Time Employment Period,
Szima will continue to receive his base salary at the rate of $345,000 per year
($28,750 per month), payable in bi-monthly installments in accordance with
Employers’ current practice including participation in such benefit
arrangements of the Employers in which Szima is participating in as of the date
of this Agreement.   During the Part Time
Employment Period, Szima will receive $14,375 per month, payable in monthly
installments in accordance with Employers’ current practice and continue
participating in the Employers’ group health plan paying the same portion of
the premiums for such medical coverage as if Szima had remained a full time
employee of the Employers but will not participate in any other benefit
arrangements.  Additionally, if the
Employers desire Szima to provide specific services during the Part Time
Employment Period, they shall so advise him in writing and pay and hourly fee
of $172.50 as well as reimburse Szima for approved out-of-pocket expenses.  At the expiration of the Part Time
Employment Period, the Employers will provide separate written notification of
Szima’s rights under COBRA to continue participation in the Employers’ group
health plan provided that if Szima (and/or his spouse and/or dependents)
properly elect continued medical COBRA coverage, Szima (and/or his spouse
and/or dependents) shall each pay the full premium for such medical coverage
provided the obligation of the Employers under this sentence shall cease on June 30,
2010; thereafter, if the Employers are permitted, after making commercially
reasonable efforts, to provide continued medical coverage under the Employers’
group health plans, Szima (and/or his spouse and/or dependents) may continue to
participate until November 30, 2016, so long as each pays the full premium
and costs for such medical coverage. All payments to Szima under this Section 4(a) shall
be subject to reduction for federal, state and local taxes and other regular
payroll deductions.  For avoidance of
doubt, the Employers’ current group health plan coverage of transitioned senior
employees will be revised to provide for Szima’s eligibility through November 30,
2016; open enrollment renewal will be required of Szima annually and continued
participation is contingent upon the Employers continuing to offer group health
plan coverage to employees generally.

 

(b)                                 Szima and TA agree that for purposes of Section 2(b) of
the Share Agreement, Szima shall be deemed to be providing “significant
services” to TA through the earlier of (i) November 26, 2011 (i.e.,
the date on which the Shares (as defined in the Share Agreement) issued to
Szima pursuant to the Share Agreement would be fully vested pursuant to the
terms thereof), and (ii) the date on which Szima commits a breach of any
of the Restrictive Covenants (defined below).

 

Section 5.                                            Covenants. 
Szima acknowledges that (i) TA and its subsidiaries are engaged in
the business of operating a travel center and truckstop network, with
facilities that provide motor fuel pumping along with one or more of the
following services:  truck care and
repair services, fast food restaurants, a full-service restaurant, a
convenience store, showers, laundry facilities, telephones, recreation rooms,
truck weighing scales and other compatible business services approved by TA
(the “Business”); (ii) Szima’s work for the Business has given him, and
will continue to give him, trade secrets of, and confidential and/or
proprietary information concerning, the Business; (iii) the agreements and
covenants contained in this Section 5 are essential to protect the
Business and the goodwill associated with it. 
Accordingly, Szima covenants and agrees as follows:

 

(a)   Confidential Information.  During the Employment Period, the Part Time
Employment Period and at any time thereafter, Szima shall not (i) disclose
to any person not 

 

 

employed by TA or a subsidiary, or not engaged to
render services to TA or a subsidiary or (ii) use for the benefit of
himself or others, any confidential information of TA, any of TA’s subsidiaries
or of the Business obtained by him, including, without limitation, “know-how,”
trade secrets, details of customers’, suppliers’, manufacturers’ or
distributors’ contracts with TA or any of TA’s subsidiaries, pricing policies,
financial data, operational methods, marketing and sales information, marketing
plans or strategies, product development techniques or plans, plans to enter
into any contract with any person or any strategies relating thereto, technical
processes, designs and design projects, and other proprietary information of
TA, TA’s subsidiaries or of the Business or the business of any of TA’s
subsidiaries; provided, however, that this provision shall not
preclude Szima from (a) making any disclosure required by law or court
order or (b) using or disclosing information (i) known generally to
the public (other than information known generally to the public as a result of
a violation of this Section 5(a) by Szima), (ii) acquired by
Szima independently of his affiliation with TA or any of TA’s subsidiaries, or (iii) of
a general nature (that is, not related specifically to the Business) that
ordinarily would be learned, developed or obtained by individuals similarly
active and/or employed in similar capacities by other companies in the same
Business as TA or any of TA’s subsidiaries. 
Szima agrees that all confidential information of  TA or any of TA’s subsidiaries shall remain
TA’s or TA’s subsidiaries, as the case may be, and to promptly return any
confidential information embodied in any physical or electronic medium to the
owner thereof upon the termination of Szima’s employment with TA or at any
other time on request.

 

(b) 
Nonsolicitation by Restricted Persons. 
From the date hereof through April 30, 2010, Szima shall not,
directly or indirectly, (a) solicit any employee to leave the employment
of TA or the employment of any of TA’s subsidiaries or (b) hire any
employee who has left the employ of TA or the employ of any of TA’s
subsidiaries  within six (6) months
after termination of such employee’s employment with TA or such employee’s
employment with any of TA’s subsidiaries, as the case may be (unless such
employee was discharged by TA without cause).

 

(c) 
Cooperation.  From and after the
date hereof, Szima shall reasonably cooperate with TA and its subsidiaries with
respect to all matters arising during or related to his employment, including
all matters (formal or informal) in connection with any government
investigation, internal investigation, litigation (potential or ongoing),
regulatory or other proceeding which may have arisen or which may hereafter
arise.  TA will reimburse Szima for all
out-of -pocket expenses (not including lost time or opportunity), and will
provide appropriate legal representation in a manner determined by TA and
reasonably acceptable to Szima.

 

Section 6.                                            Rights and Remedies upon
Breach of Covenants.

 

(a)                                  If Szima breaches, or threatens to commit
a breach of, any of the provisions of Section 5 (the “Restrictive
Covenants”), TA shall have the right and remedy to have the Restrictive
Covenants specifically enforced by any court having equity jurisdiction, it
being acknowledged and agreed that any such breach or threatened breach will
cause irreparable injury to TA, that such injury shall be presumed and need not
be proven, and that money damages will not provide an adequate remedy to
TA.  Such rights and remedies shall be
independent of the others and severally enforceable, and all of which rights
and remedies shall be in addition to, and not in lieu of, any other rights and
remedies available to TA at law or in equity.

 

 

(b)                                 Szima acknowledges and agrees that the
Restrictive Covenants are reasonable and valid in scope and in all other
respects.  If any court determines that
any of the Restrictive Covenants, or any part thereof, is invalid or
unenforceable, the remainder of the Restrictive Covenants shall not thereby be
affected and shall be given full effect to the greatest extent possible,
without regard to the invalid portions.

 

(c)                                  If any court construes any of the
Restrictive Covenants, or any part thereof, to be unenforceable because of the
duration of such provision or the scope, such court shall have the power to
reduce the duration or scope of such provision and, in its reduced form, such
provision shall be enforceable and shall be enforced to the greatest extent
possible.

 

Section 7.                                            Assignment. In the event that TA shall be merged
with, or consolidated into, any other person or entity, or in the event that it
shall sell and transfer substantially all of its assets to another person or
entity, the terms of this Agreement shall inure to the benefit of, and be
assumed by, the person or entity resulting from such merger or consolidation,
or to which the TA’s assets shall be sold and transferred. This Agreement shall
not be assignable by Szima.

 

Section 8.                                            Governing Law. This Agreement will be governed by the
laws of State of Ohio without regard to conflicts of laws principles that might
lead to the application of the laws of another jurisdiction.

 

Section 9.                                            Jurisdiction: Service of
Process.
Except as otherwise provided in Section 15, any action or proceeding
seeking to enforce any provision of, or based on any right arising out of, this
Agreement may be brought against either of the parties in the state courts of
Ohio or in the United States District Court in Cleveland, Ohio and each of the
parties consents to the jurisdiction of such courts (and of the appropriate
appellate courts) in any such action or proceeding and waives any objection to
venue laid therein. Process in any action or proceeding referred to in the
preceding sentence may be served on either party anywhere in the world.

 

Section 10.                                      Hold Harmless and
Indemnity.  Holding will indemnify and hold harmless
Szima as provided in Section 6.07 of the Agreement and Plan of Merger
among TravelCenters of America, Inc., Hospitality Properties Trust, HPT TA
Merger Sub Inc. and Oak Hill Capital Partners, L.P. dated September 15,
2006 and acknowledges he is a “Covered Party” as defined therein.  TA and the Employers will indemnify and hold
harmless Szima in connection with matters arising out of his having been an
officer of TA, the Employers or any of their subsidiaries as provided their
respective limited liability company agreements as in effect on the date
hereof; additionally Szima has been designated an “Indemnitee” under TA’s  limited liability company agreement with
respect to matters arising out of his services under this Agreement.

 

Section 11.             Release. Szima, for himself and his heirs, successors, and
assigns, hereby knowingly and voluntarily remises, releases and forever
discharges TA, its current and former officers, directors, agents,
representatives, shareholders, and employees, affiliates and subsidiaries
(collectively, the “Releasees”), from any and all debts, demands, actions,
causes of actions, accounts, covenants, contracts, agreements, claims, damages,
omissions, promises, and any and all claims and liabilities whatsoever, of
every name and nature, known or unknown, both 

 

 

in law and equity (“Claims”), which Szima now has or
ever had against the Releasees from the beginning of the world to the date
hereof; provided however that the foregoing release shall not apply to any
Claims to enforce this Agreement. The foregoing release of Claims shall apply
to any Claim of any type, including, without limitation, any and all Claims of
any type that Szima may have arising under the common law or under Title VII of
the Civil Rights Act of 1964, as amended, the Age Discrimination in Employment
Act of 1967, as amended, the Older Workers Benefit Protection Act, the
Americans With Disabilities Act, the Family and Medical Leave Act and any other
federal, state or local statutes, regulations, ordinances or common law
creating employment-related causes of action, and shall further apply, without
limitation, to any and all Claims for wages, vacation, severance, attorneys’
fees, costs and other forms of compensation, and to any and all Claims in
connection with, related to or arising out of Szima’s employment, or the
termination of his employment, with any Releasee; provided however that the
foregoing release shall not apply to any Claims to enforce this Agreement.

 

Szima also agrees to
execute and deliver to TA and the Employers on the Resignation Date a second
general release of claims in the form of Section 11 releasing any Claims
that may have arisen between the date of this Agreement and the Resignation
Date.

 

Section 12.                                      Counterparts. This Agreement may be executed in one
or more counterparts, each of which will be deemed to be an original copy of
this Agreement and all of which, when taken together, will be deemed to
constitute one and the same agreement, but in proving this Agreement, it shall
not be necessary to produce more than one of such counterparts.

 

Section 13.                                      Section Headings
Construction.
The headings of Sections in this Agreement are provided for convenience only
and will not affect its construction or interpretation. All references to “Section”
or “Sections” refer to the corresponding Section or Sections of this
Agreement unless otherwise specified. All words used in this Agreement will be
construed to be of such gender or number as the circumstances require. Unless
otherwise expressly provided, the word “including” does not limit the
preceding words or terms.

 

Section 14.                                      Notices. All notices, consents, waivers, and
other communications under this Agreement shall be in writing and will be
deemed to have been duly given when (a) delivered by hand, (b) sent
by electronic media (with a copy sent by nationally recognized overnight
delivery service) or (c) when sent by nationally recognized overnight
delivery service, in each case to the appropriate addresses set forth below (or
to such other addresses as a party may designate by notice to the other
parties):

 

	
  Szima:

  	
   

  	
  591 Buckhead Court

  
	
   

  	
   

  	
  Avon Lake, Ohio 44012

  
	
   

  	
   

  	
  Email:

  
	
   

  	
   

  	
   

  
	
  TA:

  	
   

  	
  TravelCenters of America LLC

  
	
   

  	
   

  	
  24601 Center Ridge Road, Suite 200

  
	
   

  	
   

  	
  Westlake, OH 44147

  
	
   

  	
   

  	
  Attention: President

  
	
   

  	
   

  	
  Email: obrien.tom@tatravelcenters.com

  

 

 

	
  with a copy to:

  	
   

  	
  Mark R. Young, General Counsel

  
	
   

  	
   

  	
  TravelCenters of America LLC

  
	
   

  	
   

  	
  400 Centre Street

  
	
   

  	
   

  	
  Newton, MA 02458

  
	
   

  	
   

  	
  Email: young.mark@tatravelcenters.com

  
	
   

  	
   

  	
   

  
	
  Notice to TA will constitute notice to the
  Employers.

  

 

Section 15.                                      Arbitration. 
Notwithstanding Section 9, if requested in writing by either Szima
or TA, any claim or controversy arising out of or relating to the
interpretation, construction and performance of this Agreement, or any alleged
breach hereof, shall be finally resolved by arbitration conducted in accordance
with such rules as may be agreed upon by the parties within thirty (30)
days following written notice by either party to the other identifying the
issue in dispute and the position of the party giving notice, or failing to
achieve such agreement, in accordance with the National Rules for the
Resolution of Employment Disputes of the American Arbitration Association.  Any award rendered in connection with the
foregoing arbitration shall be in writing and shall be final and binding upon
the parties, and judgment upon any such award may be entered and enforced in
any court of competent jurisdiction in accordance with the Federal Arbitration
Act.  The forum for such arbitration
shall be in Cleveland, Ohio and the governing law shall be the laws of the
State of Ohio without giving effect to conflict of laws provisions.  Notwithstanding any provision in this Section 15
to the contrary, TA shall have the right and power to seek and obtain equitable
relief in accordance with Section 6.

 

Section 16.                                      Entire Agreement. This Agreement and the Share Agreement
constitute the entire agreement between TA and the Employers, on the one hand,
and Szima, on the other hand, with respect to the subject matter and supersedes
all prior written and oral agreements and understandings between TA and Szima
with respect thereto. This Agreement may not be amended except by a written
agreement executed by the party to be charged with the amendment.

 

Section 17.                                      Consultation With
Counsel; Time for Signing; Revocation.  Szima has the
right to and should consult with an attorney prior to signing this
Agreement.  Szima has until twenty-one
(21) days from his receipt of this Agreement (June 5, 2008) to decide
whether to sign it.  Szima will have
seven (7) days after signing this Agreement to revoke his signature.  If Szima intends to revoke his signature,
Szima must do so in accordance with the provisions of Section 14 prior to
the end of the 7-day revocation period. 
This Agreement shall not become effective, and no party hereto shall
have any rights or obligations hereunder, until the expiration of the 7-day
revocation period.

 

 

EXECUTED under seal as of
the date first above written.

 

 

	
   

  	
  TravelCenters of America LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Thomas M.
  O’Brien

  
	
   

  	
   

  	
  Thomas M. O’Brien, President and Chief 

  Executive Officer

  

 

 

	
   

  	
  TravelCenters of America Holding Company LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Thomas M.
  O’Brien

  
	
   

  	
   

  	
  Thomas M. O’Brien, President and Chief 

  Executive Officer

  

 

	
   

  	
  TA Operating LLC

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Thomas M.
  O’Brien

  
	
   

  	
   

  	
  Thomas M. O’Brien, President and Chief 

  Executive Officer

  

 

 

	
   

  	
  /s/ Joseph A. Szima

  
	
   

  	
   Joseph A. Szima

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00142-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00142-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00142-of-00352.parquet"}]]