Document:

ex10-2.htm

    Exhibit
10.2

     

     

     

     

     

     

     

     

     

     

    
      
        

      

    

     

    ADDENDUM

     

    TO

     

    EMPLOYMENT
AGREEMENT

     

     

      
        

      

    

     

    between

     

    Tankers
Services AS

     

    and

     

    Tom
R. Kjeldsberg

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Wiersholm,
Melibye & Bech, advokatfirma AS - M.N.A

    Ruseløkkveien 26. P O
Box 1400 Vika, N-0115 Oslo, Norway. T: +47 210 210 00. F: +47 210 210 01.
www.wiersholm.no

    Bank
Account No: 6011.05.43908. Reg. No. 981 371 593 MVA

     

     

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
 

    This
addendum agreement (the “Addendum”) has been made on
this 29th  of May, 2008, by and between:

     

    Tankers Services AS, a company
incorporated under the laws of Norway having its registered office at Haakon
VII’s gt 1, Oslo, Norway (“Employer”), and

     

    Tom R. Kjeldsberg, an
individual having his address in Suhmsgate 28, 0362 Oslo, Norway (“Executive”).

     

    hereinafter
referred to as “Party” in the singular and the “Parties” in the
plural:

     

    
      
        	
                1.

              	
                BACKGROUND

              

      

       

      On the
19th of March, 2007, the Parties entered into an employment agreement (the
“Agreement”).

       

      Now, the
Parties have agreed to make this Addendum to the Agreement.

       

      
        	
                2.

              	
                DEFINITIONS

              

      

       

      Unless
otherwise provided for herein, all definitions in this Addendum shall have the
same meaning as set out in the Agreement.

       

      
        	
                3.

              	
                TERMINATION
      UPON DEATH OR DISABILITY

              

      

       

      This
clause 3 shall replace clause 3.6 of the Agreement.

       

      
        	
                 
      

              	
                a.

              	
                Executive’s
      employment with Employer shall terminate immediately upon Executive’s
      death or Disability (as defined below). In the event Executive’s
      employment terminates due to death or Disability, then Employer shall
      continue to pay Executive’s Salary through the first anniversary of the
      effective date of such termination of
  employment.

              

      

       

      
        	
                 
      

              	
                b.

              	
                For
      purposes of this Agreement, the term “Disability” shall mean the inability
      of Executive, due to illness, accident or any other physical or mental
      incapacity, to perform Executive’s duties in a normal manner for a period
      of 365 days or such longer period required for the Employer to be entitled
      to lawfully terminate the Executive’s employment under Section 15-8 of the
      Employment Act.

              

      

       

      
        	
                4.

              	
                USE
      OF DATA SYSTEMS, E-MAIL AND
INTERNET

              

      

       

      
        	
                4.1.

              	
                The
      Employer’s and/or the Parent Company’s internal and external information
      system (e.g. electronic mail system, data bases and other computer based
      systems for internet and intranet) are the exclusive property of the
      Employer and the Parent Company. The Executive shall, as a general rule,
      use the Employer’s and Parent Company’s information systems exclusively in
      connection with his work.

              

      

       

      
        	
                4.2.

              	
                The
      Employer and the Parent Company may without prior warning access and take
      printouts of all business-related data which the Employer and/or the
      Parent Company has a justified interest in having access to or taking
      printouts of. The term data includes incoming and outgoing electronic
      mail, documents, data bases and other electronically stored material, Data
      may typically be accessed if the Executive is absent from work due to
      illness, holiday etc, but also in other circumstances if the Employer
      and/or the Parent Company in its sole discretion considers that it has
      justifiable grounds.

              

      

       

      
        	
                4.3.

              	
                If
      the Executive uses the Employer’s and/or the Parent Company’s information
      systems for private purposes, he shall ensure that data is marked so that
      it is visible for the Employer and/or the Parent Company that it is of a
      private nature. The Employer and/or the Parent Company reserves the right
      to access and take printouts of data that appears to be or is marked
      private if the Employer and/or the Parent Company has reasonable grounds
      to believe that there is a breach of this employment contract that can
      give grounds for dismissal or summary dismissal or there are other weighty
      reasons for access.

              

      

       

       

       

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

       

       

       

      
        	
                4.4.

              	
                Where
      practicable and there are no justifiable reasons to the contrary, the
      Employer and/or the Parent Company shall endeavour to notify the Executive
      before data is accessed in order that the Executive or his
      representative may attend

              

      

       

      
        	
                4.5.

              	
                The
      Executive acknowledges that the Employer and/or the Parent Company keeps
      an automatic log of the Executive’s Internet activity through the
      Employer’s and/or Parent Company’s information systems for the purpose of
      administrating the information systems and detecting and resolving
      security violations.

              

      

       

      
        	
                4.6.

              	
                The
      Executive also acknowledges that use of the Employer’s and/or the Parent
      Company’s information systems will be reviewed at regular intervals to
      ascertain whether it is suited to the Employer’s and/or the Parent
      Company’s needs and whether the safety strategy is sufficiently secure.
      The Executive also acknowledges that all attempts at unauthorised use of
      the Employer’s and/or the Parent Company’s information systems are
      registered.

              

      

       

      
        	
                4.7.

              	
                The
      Executive hereby acknowledges and consents that the Employer and/or the
      Parent Company can handle personal information, including accessing and
      taking printouts of documents described above, and can access the
      Executive’s use of the Employer’s [and/or the Parent Company’s information
      system for Internet etc.

              

      

       

      
        	
                4.8.

              	
                The
      Executive shall familiarise himself with and at all times keep himself
      up-to-date on the Employer’s and/or the Parent Company’s guidelines for
      use of the Employer’s and/or the Parent Company’s internal and external
      information systems and the consequences of breach of these
      guidelines.

              

      

       

      
        	
                5.

              	
                THE
      AGREEMENT

              

      

       

      The
Agreement shall otherwise continue in full force and effect.

       

                                              * * *

       

      This
Addendum is signed in two original counterparts, of which the parties keep one
counterpart each.

       

       

       

      
        	
                For
      and on behalf Tankers Services AS

              	
                Tom
      R. Kjeldsberg

                 

                 

              
	/s/
      Ole Jacob Diesen         	/s/
      Tom R. Kjeldsberg    
	Ole
      Jacob Diesen	Tom
      R. Kjeldsberg

    

      
 

       

       3ex1057071stamendloanfretus.htm

    
 

    EX-10.57.07

    FIRST
AMENDMENT TO LOAN AGREEMENT

    (Amended
and Restated)

    

     

    THIS FIRST AMENDMENT TO LOAN
AGREEMENT (Amended and Restated) (this “Amendment”) is made as of April 25, 2008, by and among the twenty-three (23) Delaware
limited liability companies or limited partnerships listed on Schedule A attached
hereto and made a part hereof (together with their respective successors and
assigns, the “Borrowers”, and individually, a “Borrower”), and CAPMARK BANK, a
Utah industrial bank (together with its successors and assigns,
“Lender”).

     

    RECITALS

     

    A.           Borrowers
and other borrower parties obtained forty-eight (48) loans from Lender in the
aggregate principal sum of $90,000,000.00, as evidenced and governed by that
certain Loan Agreement dated August 31, 2005 (the “Original Loan
Agreement”).

     

    B.           Borrowers
subsequently requested that the loans evidenced and governed by the Original
Loan Agreement be consolidated into two (2) loans and increased to an aggregate
of $140,000,000.00, with one note for $132,000,000.00 and the second for
$8,000,000.00, and Lender agreed to such consolidation and increase upon certain
conditions which were set forth in an Amended and Restated Loan Agreement (the
“Loan Agreement”) dated February 28, 2007.

     

    C.           The
$8,000,000.00 note has been paid in full.

     

    D.           Borrower
has requested, and Lender has agreed, to revise such Loan Agreement on the terms
and conditions hereinafter set forth.

     

    AGREEMENT

     

    NOW, THEREFORE, in
consideration of Ten and No/100 Dollars ($10.00) and other good and valuable
consideration, the sufficiency of which is hereby acknowledged, it is hereby
agreed as follows:

     

    1.           Potential Release
of Certain Borrowers and Facilities from Agreement.

     

    Upon
receipt of a principal reduction of $99,260,660.00, resulting in an outstanding
balance of $32,739,340.00 under the $132,000,000.00 note, Lender shall release
the specific Borrowers listed on Exhibit B (the “Released Borrowers”), attached
hereto and incorporated herein by reference, from the Loan Agreement and other
documents relating to the Loan Agreement.  Upon such release, the Loan
Agreement shall be automatically amended so that the term “Borrowers” shall
refer only to the following entities:

     

    a.           Fretus
Investors Houston LLC (Champion Oaks Facility),

     

    b.           Fretus
Investors Greenwood LLC (Greenwood Facility),

     

    c.           Fretus
Investors San Antonio LLC (Woodbridge Estates Facility),

     

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

    d.           Fretus
Investors El Paso LLC (Cielo Vista Facility), and

     

    e.           Fretus
Investors Indianapolis LLC (Meridian Oaks Facility).

     

    All
Mortgages or Deeds of Trust and Security Agreements made by the Released
Borrowers shall be referred to as the “Released
Mortgages”.   Upon such release, all obligations under this Loan
Agreement and the Loan Documents related to the Released Borrowers and the
Released Mortgages shall be deemed fully satisfied and the properties encumbered
shall be fully released from the liens created by the Released Mortgages and
Loan Documents.

     

    2.           Sale of
Certain Facility.  Borrowers have
informed Lender that the Facility known as “Meridian Oaks” in Indianapolis,
Indiana is intended to be sold prior to the Maturity Date under the
Note.  So long as no Event of Default exists at the time of such sale,
Lender shall consent to a sale of Meridian Oaks in consideration of a repayment
of principal to Lender of $3,200,000.00 from the sales proceeds of the
sale.  Upon payment of $3,200,000.00, Lender shall release the
mortgage encumbering Meridian Oaks as well as release the owner of Meridian
Oaks, Fretus Investors Indianapolis LLC, from the Loan Agreement and other
related Loan Documents.

     

    3.           Appraisals.  The following is
hereby added as Section 3.34 of the Loan Agreement:

     

    Lender
has ordered new appraisals on four (4) of the Facilities, namely:

     

    1.           Champion
Oaks Facility,

    2.           Greenwood
Facility,

    3.           Woodbridge
Estates Facility, and

    4.           Cielo
Vista Facility.

     

    Borrowers
shall be responsible for any and all costs associated with such
appraisals.  Should the four (4) appraisals reflect a loan to value
ratio greater than 75%, Borrowers shall pay down the Loan within 15 days of
notice from Lender in an amount sufficient to result in a loan to value ratio of
75% or less.

     

    4.           Incorporation
of Loan Agreement.  Except as amended
herein, the Loan Agreement is in full force and effect and the terms and
conditions of the Loan Agreement are incorporated herein by
reference.

     

    IN WITNESS WHEREOF, Borrowers
and Lender have caused this Amendment to be properly executed by their
respective duly authorized representatives as of the date first above
written.

     

    PLEASE BE ADVISED THAT ORAL
AGREEMENTS OR ORAL COMMITMENTS TO LOAN MONEY, EXTEND CREDIT, OR FORBEAR FROM
ENFORCING REPAYMENT OF A DEBT ARE UNENFORCEABLE UNDER WASHINGTON
LAW.

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    CAPMARK BANK, a Utah
industrial bank

    

    

    By:           ___________________________(Seal)

    Name:                      ___________________________

    Its:           ___________________________

    

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    FRETUS
Investors Chandler LLC

    FRETUS
Investors Glendale LLC

    FRETUS
Investors Mesa LLC

    FRETUS
Investors Orange Park LLC

    FRETUS
Investors Jacksonville LLC

    FRETUS
Investors Melbourne LLC

    FRETUS
Investors Orlando LLC

    FRETUS
Investors Winter Springs LLC

    FRETUS
Investors Fort Wayne LLC

    FRETUS
Investors Indianapolis LLC

    FRETUS
Investors Greenwood LLC

    FRETUS
Investors Las Vegas LLC

    each a Delaware limited liability
company

    

    By:           FRETUS
Investors LLC, a Washington limited liability company

    Its:           Manager

    

    By:           Emeritus
Corporation, a Washington corporation

    Its:           Administrative
Member

    

    

    

    By:           /s/ Eric
Mendelsohn                                                      

    Eric Mendelsohn

    Its:           Senior
Vice President Corporate Development

    

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    FRETUS Investors Austin LP, a
Delaware limited partnership

    By:           Duval
Oaks Investors LLC, a Delaware limited liability company

    Its:           General
Partner

    FRETUS Investors Dallas LP, a
Delaware limited partnership

    By:           Kingsley
Oaks Investors LLC, a Delaware limited liability company

    Its:           General
Partner

    FRETUS Investors El Paso LP, a
Delaware limited partnership

    By:           Village
Oaks Cielo Vista Investors LLC, a Delaware limited liability
company

    Its:           General
Partner

    FRETUS Investors Farmers Branch
LP, a Delaware limited partnership

    By:           Village
Oaks Farmers Branch Investors LLC, a Delaware limited liability
company

    Its:           General
Partner

    FRETUS Investors Fort Worth
LP, a Delaware limited partnership

    By:           Tanglewood
Oaks Investors LLC, a Delaware limited liability company

    Its:           General
Partner

    FRETUS Investors Hollywood Park
LP, a Delaware limited partnership

    By:           Village
Oaks Hollywood Park Investors LLC, a Delaware limited liability
company

    Its:           General
Partner

    FRETUS Investors Houston LP, a
Delaware limited partnership

    By:           Champion
Oaks Investors LLC, a Delaware limited liability company

    Its:           General
Partner

    FRETUS Investors Memorial Oaks
Houston LP, a Delaware limited partnership

    By:           Memorial
Oaks Investors LLC, a Delaware limited liability company

    Its:           General
Partner

    FRETUS Investors Plano LP, a
Delaware limited partnership

    By:           Collin
Oaks Investors LLC, a Delaware limited liability company

    Its:           General
Partner

    FRETUS Investors San Antonio
LP, a Delaware limited partnership

    By:           Northwest
Oaks Investors LLC, a Delaware limited liability company

    Its:           General
Partner

    FRETUS Investors Sugar Land
LP, a Delaware limited partnership

    By:           Sugar
Land Investors LLC, a Delaware limited liability company

    Its:           General
Partner

    

    By:           FRETUS
Investors LLC, a Washington limited liability company

    Its:           Managing
Member

    

    By:           Emeritus
Corporation, a Washington corporation

    Its:           Administrative
Member

    

    

    

    By:           /s/
Eric
Mendelsohn                                                      

    Eric Mendelsohn

    Its:           Senior
Vice President Corporate Development

    

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    SCHEDULE
A

    

    [List of
Borrowers]

    

    

    
      	
              FRETUS
      Investors Chandler LLC

            
	
              FRETUS
      Investors Glendale LLC

            
	
              FRETUS
      Investors Mesa LLC

            
	
              FRETUS
      Investors Orange Park LLC

            
	
              FRETUS
      Investors Jacksonville LLC

            
	
              FRETUS
      Investors Melbourne LLC

            
	
              FRETUS
      Investors Orlando LLC

            
	
              FRETUS
      Investors Winter Springs LLC

            
	
              FRETUS
      Investors Fort Wayne LLC

            
	
              FRETUS
      Investors Indianapolis LLC

            
	
              FRETUS
      Investors Greenwood LLC

            
	
              FRETUS
      Investors Las Vegas LLC

            
	
              FRETUS
      Investors Austin LP

            
	
              FRETUS
      Investors Dallas LP

            
	
              FRETUS
      Investors El Paso LP

            
	
              FRETUS
      Investors Farmers Branch LP

            
	
              FRETUS
      Investors Fort Worth LP

            
	
              FRETUS
      Investors Hollywood Park LP

            
	
              FRETUS
      Investors Houston LP

            
	
              FRETUS
      Investors Memorial Oaks Houston LP

            
	
              FRETUS
      Investors Plano LP

            
	
              FRETUS
      Investors San Antonio LP

            
	
              FRETUS
      Investors Sugar Land LP

            

    

    

    

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    SCHEDULE
B

    

    [List of
Borrowers Being Released]

    

    

    
      	
              FRETUS
      Investors Chandler LLC

            
	
              FRETUS
      Investors Glendale LLC

            
	
              FRETUS
      Investors Mesa LLC

            
	
              FRETUS
      Investors Orange Park LLC

            
	
              FRETUS
      Investors Jacksonville LLC

            
	
              FRETUS
      Investors Melbourne LLC

            
	
              FRETUS
      Investors Orlando LLC

            
	
              FRETUS
      Investors Winter Springs LLC

            
	
              FRETUS
      Investors Fort Wayne LLC

            
	
              FRETUS
      Investors Las Vegas LLC

            
	
              FRETUS
      Investors Austin LP

            
	
              FRETUS
      Investors Dallas LP

            
	
              FRETUS
      Investors Farmers Branch LP

            
	
              FRETUS
      Investors Fort Worth LP

            
	
              FRETUS
      Investors Hollywood Park LP

            
	
              FRETUS
      Investors Memorial Oaks Houston LP

            
	
              FRETUS
      Investors Plano LP

            
	
              FRETUS
      Investors Sugar Land LP

            

    

    

    
      
         

      

      
        7

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