Document:

EX-10.1

 Exhibit 10.1 

AMENDMENT NO. 1 
 TO

 FIRST AMENDED AND RESTATED 

AGREEMENT OF LIMITED PARTNERSHIP 

OF 
 EMPIRE STATE REALTY
OP, L.P. 
 August 26, 2014 

 THIS AMENDMENT NO. 1 (this “Amendment”) to the FIRST AMENDED AND RESTATED
AGREEMENT OF LIMITED PARTNERSHIP of EMPIRE STATE REALTY OP, L.P. is made and entered into as of August 26, 2014.  
 W I T N E
S S E T H: 
 WHEREAS, Empire State Realty OP, L.P. (the “Partnership”), a Delaware limited partnership, exists
pursuant to that certain First Amended and Restated Agreement of Limited Partnership dated as of October 1, 2013, as amended (the “Partnership Agreement”), and the Delaware Revised Uniform Limited Partnership Act; 

WHEREAS, Empire State Realty Trust, Inc., a Maryland corporation, is the sole general partner in the Partnership (the
“Company”); 
 WHEREAS, Section 4.03(a) of the Partnership Agreement provides that: (i) the General
Partner is authorized to cause the Partnership to issue additional Partnership Interests, in the form of Partnership Units, for any Partnership purpose, at any time or from time to time, to the Partners or to other Persons, for such consideration
and on such terms and conditions as shall be established by the General Partner in its sole and absolute discretion, all without the approval of any Limited Partners; (ii) without limiting the foregoing, the General Partner is expressly
authorized to cause the Partnership to issue Partnership Units in exchange for any Partnership Units and for less than fair market value, so long as the General Partner concludes in good faith that such issuance is in the best interests of the
General Partner and the Partnership; (iii) subject to Delaware law, any additional Partnership Interests may be issued in one or more classes, or one or more series of any of such classes, with such designations, preferences and relative,
participating, optional or other special rights, powers and duties as shall be determined by the General Partner, in its sole and absolute discretion without the approval of any Limited Partner, and set forth in a written document thereafter
attached to and made an exhibit to the Partnership Agreement (a “Partnership Unit Designation”); (iv) without limiting the generality of the foregoing, the General Partner shall have authority to specify (A) the
allocations of items of Partnership income, gain, loss, deduction and credit to each such class or series of Partnership Interests; (B) the right of each such class or series of Partnership Interests to share (on a pari passu, junior or
preferred basis) in Partnership distributions; (C) the rights of each such class or series of Partnership Interests upon dissolution and liquidation of the Partnership; (D) the voting rights, if any, of each such class or series of
Partnership Interests; and (E) the conversion, redemption or exchange rights applicable to each such class or series of Partnership Interests; and (v) upon the issuance of any additional Partnership Interest, the General Partner shall
cause such issuance to be reflected in the books and records of the Partnership or the Transfer Agent, as appropriate. 
 WHEREAS,
pursuant to Sections 7.03(c)(v) and (viii) of the Partnership Agreement, the Partnership Agreement may be amended by the General Partner without the consent of the Limited Partners to set forth the designations, preferences or other rights,
voting powers, restrictions, limitations as to distributions, qualifications or terms or conditions of redemption of the holders of any additional Partnership Units and to issue additional Partnership Interests in accordance with Section 4.03,
provided that the General Partner is required to provide notice to the Limited Partners when any such action is taken; 

 WHEREAS, the General Partner desires to establish a new series of Preferred Units which
shall be referred to as “Private Perpetual Preferred Units” and, pursuant to and in accordance with Section 14.02 of the Partnership Agreement, hereby amends the Partnership Agreement for the purpose of setting forth the rights
and preferences of the Private Perpetual Preferred Units; and  
 WHEREAS, pursuant to and in accordance with
Section 4.03 of the Partnership Agreement, the General Partner is causing the Partnership to issue Private Perpetual Preferred Units to certain Limited Partners in exchange for OP Units pursuant to an offer dated May 28, 2014 (the
“Offer”). 
 NOW, THEREFORE, the General Partner has set forth in this Amendment and in the related
Partnership Unit Designation to be attached to and made Exhibit E to the Partnership Agreement the preferences and other rights, voting powers, restrictions, limitations as to payments, qualifications and terms and
conditions of redemption of the Private Perpetual Preferred Units. 
 SECTION 1. DEFINED TERMS 

Capitalized terms used but not defined in this Amendment shall have the definitions assigned to such terms in the Partnership Agreement, but if
the same term is defined both in this Amendment and in the Partnership Agreement, the definition in this Amendment shall supersede and replace in its entirety the definition set forth in the Partnership Agreement for all purposes. The following
defined terms used in this Amendment shall have the meanings specified below: 
 “Available Cash” means, with respect to
any period for which such calculation is being made, the amount of cash available for distribution by the Partnership as determined by the General Partner in its sole and absolute discretion after giving effect to all payments required to be made to
holders of Private Perpetual Preferred Units. 
 “Private Perpetual Preferred Unit” means a fractional share of the
Partnership Interests that is designated as a Private Perpetual Preferred Unit and issued pursuant to Section 4.03(a) hereof. 

“Partnership Interest” means an ownership interest in the Partnership of either a Limited Partner or the General Partner and
includes any and all benefits to which the holder of such a Partnership Interest may be entitled as provided in this Agreement, together with all obligations of such Person to comply with the terms and provisions of this Agreement. There may be one
or more classes or series of Partnership Interests. A Partnership Interest may be expressed as a number of OP Units, LTIP Units, Private Perpetual Preferred Units, Preferred Units, Junior Units or other Partnership Units. 

SECTION 2. TERMS OF PRIVATE PERPETUAL PREFERRED UNITS. 

 

	 	(a)	In making distributions pursuant to Article V of the Partnership Agreement and allocations pursuant to Article VI of the Partnership Agreement, the General Partner shall take into account the provisions of
Exhibit E hereto. 

  
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	 	(b)	The exchange of OP Units for Private Perpetual Preferred Units pursuant to the Offer (the “Exchange”) is intended to be tax-free for U.S. federal income tax purposes consistent with the conclusions in
Revenue Ruling 84-52, 1984-1 CB 157 and Revenue Ruling 95-37, 1995-1 CB 130. The Capital Account balances of the Limited Partners attributable to the Private Perpetual Preferred Units shall be adjusted to equal the liquidation preference of $16.62
per unit. In connection with the Exchange, the General Partner also shall adjust the Capital Accounts (other than any portion attributable to the Private Perpetual Preferred Units) of all Partners to reflect the fair market value of the
Partnership’s assets as of the effective date of the Exchange (less the combined liquidation preference of the Private Perpetual Preferred Units issued in the Exchange). 

SECTION 3. ARTICLE XIII AMENDMENTS.  
  

	 	(a)	Article XIII of the Partnership Agreement shall be amended by adding the following new Section 13.02(a)(iv): 

“Fourth, to the holders of Private Perpetual Preferred Units, the Private Perpetual Preferred Unit Liquidation Preference, in accordance
with the terms of Section 4 of Exhibit E.” 
  

	 	(b)	Article XIII of the Partnership Agreement shall be amended by re-designating the existing Section 13.02(a)(iv) as Section 13.02(a)(v) and by adding at the end of such section: 

“and after giving effect to the distributions pursuant to Section 13.02(a)(iv) (provided, for the avoidance of doubt, that
distributions pursuant to Section 13.02(a)(iv) on account of unpaid Quarterly Preference Payments shall not reduce the Partners’ Capital Accounts)” 

SECTION 4. NEW EXHIBIT E.  

The Agreement is hereby supplemented by adding after Exhibit D thereof a new Exhibit E as follows: 

EXHIBIT E 

EMPIRE STATE REALTY OP, L.P. 

PARTNERSHIP UNIT DESIGNATION 

ESTABLISHING AND FIXING THE RIGHTS, LIMITATIONS AND 

PREFERENCES OF A SERIES OF PREFERRED UNITS 

Reference is made to the First Amended and Restated Agreement of Limited Partnership, as amended (the “Partnership Agreement”), of
Empire State Realty OP, L.P., a Delaware limited partnership (the “Partnership”), of which this Partnership Unit Designation shall become a part. 

  
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Capitalized terms used herein and not defined herein shall have the meanings ascribed thereto in the main part of the Partnership Agreement. Section references are (unless otherwise specified)
references to sections in this Partnership Unit Designation. 
 The General Partner has set forth in this Partnership Unit Designation the
following description of the preferences and other rights, voting powers, restrictions, limitations as to distributions, qualifications and terms and conditions of redemption of a class and series of Partnership Interests to be represented by
Partnership Units which shall be referred to as the “Private Perpetual Preferred Units”: 
 1. Designation and Number. A
series of Preferred Units, designated as the “Private Perpetual Preferred Units,” is hereby established. The number of Private Perpetual Preferred Units shall be 1,607,596. 

2. Ranking. The Private Perpetual Preferred Units shall, with respect to distribution rights and rights upon voluntary or involuntary
liquidation, dissolution or winding up of the Partnership, rank: 
 (a) senior to any classes or series of Partnership Units, if such
class or series shall be OP Units or LTIP Units or if the holders of Private Perpetual Preferred Units shall be entitled to receipt of preferential payments or of amounts distributable upon liquidation, dissolution or winding up, as the case may be,
in preference or in priority to the holders of the Partnership Units of such class or series; 
 (b) on parity with any other class or
series of Partnership Units, if the holders of such other class or series of Partnership Units and the Private Perpetual Preferred Units shall be entitled to the receipt of preferential payments or of amounts distributable upon liquidation,
dissolution or winding up in proportion to their respective amounts of accrued and unpaid preferential payments per Partnership Unit or liquidation preference, without preference or priority one over the other; and 

(c) junior to any class or series of Partnership Units, if the holders of such class or series of Partnership Units shall be entitled to
the receipt of preferential payments and of amounts distributable upon liquidation, dissolution or winding up, as the case may be, in preference or in priority to the holders of the Private Perpetual Preferred Units. 

The Private Perpetual Preferred Units will also rank junior in right of payment to the Partnership’s existing and future debt obligations. 

3. Preferential Payments. 

(a) Subject to the preferential rights of the holders of any class or series of Partnership Units ranking senior to the Private Perpetual
Preferred Units as to distributions, the holders of the Private Perpetual Preferred Units shall be entitled to receive, when, as and if authorized and declared by the General Partner out of funds legally available for that purpose, cumulative
preferential payments in cash at a fixed annual amount of $0.60 per unit, or $0.15 per quarter (“Quarterly Preference Payments”). Quarterly Preference Payments shall accrue on each 

  
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Private Perpetual Preferred Unit and be cumulative from, and including, the later of (i) July 1, 2014, or (ii) the day immediately following the date of the last Quarterly
Preference Payment that has been paid in full in accordance with Section 3(e), and shall thereafter be payable quarterly in arrears on each Quarterly Payment Date (as defined below); provided, however, that if any Quarterly
Payment Date falls on a date other than a Business Day, then the Quarterly Preference Payment that would otherwise have been payable on such Quarterly Payment Date shall be paid on the first Business Day immediately following such Quarterly Payment
Date. Quarterly Preference Payments will be payable to the holder(s) of record of Private Perpetual Preferred Units as they appear in the records of the Partnership on the applicable Partnership Record Date established by the General Partner for
regular quarterly distributions of Available Cash pursuant to Section 5.01 of the Partnership Agreement to holders of OP Units; provided, however, than not more than four Quarterly Preference Payments per year shall be made to
holders of Private Perpetual Preferred Units. The amount of any Quarterly Preference Payment made on the Private Perpetual Preferred Units for any period other than a full quarter shall be computed on the basis of a 360-day year consisting of twelve
30-day months. Notwithstanding any provision to the contrary contained herein, each outstanding Private Perpetual Preferred Unit shall be entitled to receive a Quarterly Preference Payment with respect to any Quarterly Payment Date equal to the
amount paid with respect to each other Private Perpetual Preferred Unit that is outstanding on such date. “Quarterly Payment Date” shall mean the date on which regular quarterly distributions of Available Cash pursuant to Section 5.01
of the Partnership Agreement are made to holders of OP Units; provided, however, that if no such distributions are paid to holders of OP Units for the applicable quarterly distribution period, the Quarterly Payment Date for such period
shall be the last day of each March, June, September and December, as applicable, and the Partnership Record Date for the Private Perpetual Preferred Unit holders entitled to such Quarterly Payment Period shall be the fifteenth day of each March,
June, September and December, as applicable. “Payment Period” shall mean the period commencing on, but excluding, a Quarterly Payment Date to and including the next Quarterly Payment Date. “Business Day” shall mean any day, other
than a Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions in New York City are authorized or required by law, regulation or executive order to close. 

(b) Notwithstanding anything contained herein to the contrary, Quarterly Preference Payments on the Private Perpetual Preferred Units shall
accrue whether or not the Partnership has earnings, whether or not there are funds legally available for the payment thereof, and whether or not they are declared. Accrued but unpaid Quarterly Preference Payments on the Private Perpetual Preferred
Units will accumulate, without compounding, as of the Quarterly Payment Date on which they first become payable. 
 (c) Except as provided
in Section 3(d) below, unless either (i) the full amount of accrued Quarterly Preference Payments on the Private Perpetual Preferred Units has been or contemporaneously is declared and paid or (ii) a sum sufficient for the payment
thereof is set apart for payment (without the need for any declaration) for all past Payment Periods and the Partnership projects in good faith that the cash available for Quarterly Preference Payments to holders of Private Perpetual Preferred Units
as of the next Quarterly Payment Date will be sufficient to fund the full payment of the accrued Quarterly Preference Payments at such time on the Private Perpetual Preferred Units and all other classes or series of Partnership Units ranking, as to
distributions, on parity with the Private Perpetual Preferred Units, no distributions or other 

  
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payments shall be declared and paid, and no other distribution of cash or other property may be declared and made, directly or indirectly, on or with respect to, any OP Units or any other class
or series of Partnership Units ranking, as to distributions, on parity with or junior to the Private Perpetual Preferred Units (other than a distribution paid in OP Units or in any other class or series of Partnership Units ranking junior to the
Private Perpetual Preferred Units as to distributions and upon liquidation or REIT Shares) for any period, nor shall any OP Units or any other class or series of Partnership Units ranking, as to distributions or upon liquidation, on parity with or
junior to the Private Perpetual Preferred Units be redeemed, purchased or otherwise acquired for any consideration, nor shall any funds be paid or made available for a sinking fund for the redemption of such units, and no other distribution of cash
or other property may be made, directly or indirectly, on or with respect thereto by the Partnership (except: (i) by conversion into or in exchange for other units of any class or series of Partnership Units ranking junior to the Private
Perpetual Preferred Units as to distributions and upon liquidation or REIT Shares; (ii) by redemption, purchase or acquisition of any class or series of Partnership Units made for the purposes of and in compliance with requirements of an
employee incentive, benefit or share purchase plan of the Partnership or the General Partner or any of their subsidiaries; (iii) for the redemption of Partnership Units corresponding to any shares of capital stock of the General Partner to be
redeemed or purchased by the General Partner pursuant to its Amended and Restated Certificate of Incorporation, as amended (the “Charter”), to the extent necessary to preserve the General Partner’s status as a real estate investment
trust for United States federal income tax purposes; provided, that such redemption shall be upon the same terms as the corresponding stock purchase pursuant to the Charter; (iv) for the redemption of Partnership Units corresponding to the
redemption, purchase or acquisition of any shares of any class or series of capital stock of the General Partner ranking senior to the REIT Shares as to payment of dividends and upon liquidation; and (v) for the purchase or redemption by the
Partnership of OP Units for cash in accordance with Article VIII of the Partnership Agreement, if the Partnership projects in good faith that it will have sufficient access to capital to satisfy its obligations). 

(d) When Quarterly Preference Payments are not paid in full (and a sum sufficient for such full payment is not so set apart) on the Private
Perpetual Preferred Units and on any other class or series of Partnership Units ranking, as to distributions, on parity with the Private Perpetual Preferred Units, all Quarterly Preference Payments declared upon the Private Perpetual Preferred Units
and all distributions declared upon each such other class or series of Partnership Units ranking, as to distributions, on parity with the Private Perpetual Preferred Units shall be declared pro rata so that the amounts of Quarterly Preference
Payments made per Private Perpetual Preferred Unit and distributions declared on such other class or series of Partnership Unit shall in all cases bear to each other the same ratio that accrued Quarterly Preference Payments per Private Perpetual
Preferred Unit and accrued distributions for such other class or series of Partnership Unit (which shall not include any accrual in respect of unpaid distributions on such other class or series of Partnership Units for prior distribution periods if
such other class or series of Partnership Units does not have a cumulative distribution) bear to each other. No interest, or sum of money in lieu of interest, shall be payable in respect of any payments on the Private Perpetual Preferred Units which
may be in arrears. 
 (e) Without limiting the other provisions of this Section 3, no Quarterly Preference Payments on Private
Perpetual Preferred Units (other than liquidating distributions made in accordance with Article XIII of the Partnership Agreement) shall be paid by the Partnership at 

  
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such time as the terms of any agreement of the Partnership or its affiliates or subsidiaries, relating to bona fide indebtedness for borrowed money, prohibits such payment or provides that
such payment would constitute a breach thereof or a default thereunder, or if such payment shall be restricted or prohibited by law (and such failure to pay Quarterly Preference Payments on the Private Perpetual Preferred Units shall prohibit other
distributions by the Partnership as described in Sections 3(c) and (d) above); for the avoidance of doubt, Quarterly Preference Payments on the Private Perpetual Preferred Units will nonetheless continue to accrue during any period in which
they cannot be paid pursuant to this Section 3(e). 
 (f) Except as provided in Section 4, holders of the Private Perpetual Preferred
Units shall not be entitled to any payment or other distribution, whether payable in cash, property or shares of stock, in excess of full cumulative Quarterly Preference Payments on the Private Perpetual Preferred Units as provided herein. Any
Quarterly Preference Payments made on the Private Perpetual Preferred Units shall first be credited against the earliest accrued but unpaid Quarterly Preference Payment due with respect to such units which remain payable. 

(g) The right to payments with respect to Private Perpetual Preferred Units shall be governed by this Section 3 and not by Article V of
the Partnership Agreement. The Quarterly Preference Payments made on the Private Perpetual Preferred Units are intended to constitute “guaranteed payments” for the use of capital within the meaning of Code Section 707(c). Accordingly,
Quarterly Preference Payments shall not constitute “distributions” for purposes of the provisions of the Partnership Agreement governing the maintenance of Capital Accounts, Distributions, Allocations, related definitions and similar
provisions. For the avoidance of doubt, but without limiting the generality of the foregoing, no allocations shall be made to holders of Private Perpetual Preferred Units under Section 6.02(a)(i)(E) of the Partnership Agreement. 

4. Liquidation Preference. 

(a) Upon any voluntary or involuntary liquidation, dissolution or winding up of the Partnership, before any distribution or payment shall be
made to holders of OP Units or any other class or series of Partnership Units ranking, as to rights upon any voluntary or involuntary liquidation, dissolution or winding up of the Partnership, junior to the Private Perpetual Preferred Units, the
holders of Private Perpetual Preferred Units shall be entitled to be paid out of the assets of the Partnership legally available for distribution to its unitholders, after payment of or provision for the debts and other liabilities of the
Partnership, a liquidation preference of $16.62 per unit, plus an amount equal to any accrued and unpaid Quarterly Preference Payments (whether or not declared) up to, but excluding the date of payment (the “Private Perpetual Preferred Unit
Liquidation Preference”). 
 (b) In the event that, upon such voluntary or involuntary liquidation, dissolution or winding up, the
available assets of the Partnership are insufficient to pay the full amount of the Private Perpetual Preferred Unit Liquidation Preference on all outstanding Private Perpetual Preferred Units and the corresponding amounts payable on all other
classes or series of Partnership Units ranking, as to liquidation rights, on parity with the Private Perpetual Preferred Units in the distribution of assets, then the holders of the Private Perpetual Preferred Units and the holders of each such
other class or series of Partnership Units ranking, as to rights upon any voluntary or involuntary liquidation, dissolution or winding up, on parity with the Private Perpetual Preferred Units shall share ratably in any such distribution of assets in
proportion to the full liquidating distributions to which they would otherwise be respectively entitled. 

  
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 (c) After payment of the full amount of the Private Perpetual Preferred Unit Liquidation
Preference to which the holders of the Private Perpetual Preferred Units are entitled pursuant to the above, the holders of the Private Perpetual Preferred Units will have no right or claim to any of the remaining assets of the Partnership. 

(d) The consolidation or merger of the Partnership with or into any other corporation, partnership, trust or entity or of any other
corporation, partnership, trust or entity with or into the Partnership, or an exchange of Partnership Units or Partnership Interests, or the voluntary sale, lease, transfer or conveyance of all or substantially all of the property or business of the
Partnership shall not be deemed to constitute a liquidation, dissolution or winding up of the Partnership. 
 5. Redemption. 

(a) The Partnership may redeem the Private Perpetual Preferred Units, in whole or in part, at any time if, but only to the extent, required to
preserve the status of the General Partner as a real estate investment trust for United States federal income tax purposes. 
 (b) If the
Partnership or the General Partner shall be a party to any transaction (including without limitation a merger, consolidation, unit exchange, self-tender offer for all or substantially all OP Units or other business combination or reorganization, or
sale of all or substantially all of the Partnership’s assets), in each case as a result of which OP Units shall be exchanged for or converted into the right, or the holders of OP Units shall otherwise be entitled, to receive cash, securities or
other property or any combination thereof (each of the foregoing being referred to herein as a “Transaction”), then in connection with such Transaction the Partnership shall have the right, at its option, to redeem the Private Perpetual
Preferred Units (the “Perpetual Preferred Redemption Right”), in whole but not in part, for cash at a redemption price equal to the Private Perpetual Preferred Unit Liquidation Preference multiplied by 200%, without interest, to the extent
the Partnership has funds legally available therefor (the “Perpetual Preferred Redemption Amount”). The Perpetual Preferred Redemption Right shall be deemed to have been exercised “in connection with” such Transaction if the
relevant notice of redemption is mailed to the holders of Private Perpetual Preferred Units not earlier than the 60 days prior to, nor later than 90 days after, the effective date of the Transaction. Holders of Private Perpetual Preferred Units to
be redeemed shall surrender such Private Perpetual Preferred Units at the place designated in such notice and shall be entitled to the Perpetual Preferred Redemption Amount payable upon such redemption following such surrender. If (i) notice of
redemption of any Private Perpetual Preferred Units has been given, (ii) the funds necessary for such redemption have been set aside by the Partnership in trust for the benefit of the holders of any Private Perpetual Preferred Units so called
for redemption, and (iii) irrevocable instructions have been given to pay the Perpetual Preferred Redemption Amount, then from and after the redemption date, Quarterly Preference Payments shall cease to accrue on such Private Perpetual
Preferred Units, such Private Perpetual Preferred Units shall no longer be deemed outstanding, and all rights of the holders of such units shall terminate, except the right to receive the Perpetual Preferred Redemption Amount. Subject to applicable
escheat laws, any such cash unclaimed at the end of two years from the redemption date shall revert to the general funds of the Partnership, after which reversion, the holders of such units so called for redemption shall look only to the general
funds of the Partnership for the payment of such cash. 

  
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 (c) The Private Perpetual Preferred Units are not redeemable at the option of the holder thereof
and, except as provided in Section 5(a) or (b), are not redeemable at the option of the Partnership. So long as full cumulative Quarterly Preference Payments on the Private Perpetual Preferred Units for all past Payment Periods that have ended
shall have been or contemporaneously are (i) declared and paid in cash, or (ii) declared and a sum sufficient for the payment thereof in cash is set apart for payment, nothing herein shall prevent or restrict the Partnership’s right
or ability to purchase, from time to time, either at a public or a private sale, all or any part of the Private Perpetual Preferred Units at such price or prices as the General Partner may determine, subject to the provisions of applicable law,
including the repurchase of Private Perpetual Preferred Units in open-market transactions duly authorized by the General Partner. 
 (d)
Notice of redemption pursuant to the Perpetual Preferred Redemption Right shall be mailed by the Partnership, postage prepaid, not fewer than 15 nor more than 60 days prior to the redemption date, addressed to the respective holders of record of the
Private Perpetual Preferred Units to be redeemed at their respective addresses as they appear on the records of the Partnership and may be conditional upon consummation of the relevant Transaction. No failure to give such notice or any defect
therein or in the mailing thereof shall affect the validity of the proceedings for the redemption of any Private Perpetual Preferred Units except as to the holder to whom such notice was defective or not given. In addition to any information
required by law, each such notice shall state: (i) the redemption date; (ii) the redemption price; (iii) the number of Private Perpetual Preferred Units to be redeemed; (iv) the place or places where the certificates, if any,
representing Private Perpetual Preferred Units are to be surrendered for payment of the redemption price; (v) procedures for surrendering noncertificated Private Perpetual Preferred Units for payment of the redemption price; (vi) that
Quarterly Preference Payments on the Private Perpetual Preferred Units to be redeemed shall cease to accrue on such redemption date; and (vii) that payment of the Perpetual Preferred Redemption Amount will be made upon presentation and
surrender of such Private Perpetual Preferred Units. 
 (e) From and after the date of any such redemption of Private Perpetual Preferred
Units, the Private Perpetual Preferred Units so redeemed shall no longer be outstanding, and all rights of the holders of such Private Perpetual Preferred Units shall terminate. 

(f) In addition, in the event of the liquidation, dissolution or winding up of the Partnership, the General Partner shall have the right to
redeem, on any payment date established by the General Partner for liquidating distributions pursuant to Article XIII of the Partnership Agreement, Private Perpetual Preferred Units in consideration for the Private Perpetual Preferred Unit
Liquidation Preference. 
 (g) Each holder of Private Perpetual Preferred Units covenants and agrees with the Partnership that all Private
Perpetual Preferred Units delivered for redemption pursuant to this Section 5 shall be delivered to the Partnership free and clear of all liens, encumbrances or other claims or charges and, notwithstanding anything contained herein to the
contrary, the Partnership shall not be under any obligation to acquire Private Perpetual Preferred Units which are or may be subject to any such liens, encumbrances or other claims or charges. 

  
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 6. Voting Rights. 

(a) Holders of the Private Perpetual Preferred Units shall only (a) have those voting rights required from time to time by non-waivable
provisions of applicable law, if any, and (b) have the additional voting rights that are expressly set forth in this Section 6. 

(b) So long as any Private Perpetual Preferred Units remain outstanding, the affirmative vote or consent of the holders of a majority of the
Private Perpetual Preferred Units outstanding at the time (voting separately as a class), given in person or by proxy, either in writing or at a meeting, will be required to amend, alter or repeal the provisions of this Partnership Unit Designation,
whether by merger, consolidation, transfer or conveyance of all or substantially all of its assets or otherwise (an “Event”), so as to materially and adversely affect the rights, preferences, privileges or voting powers of the Private
Perpetual Preferred Units; provided, however, that with respect to the occurrence of any Event, so long as the Private Perpetual Preferred Units remain outstanding with the terms thereof materially unchanged, taking into account that,
upon the occurrence of an Event, the Partnership may not be the surviving entity, the occurrence of such Event shall not be deemed to materially and adversely affect such rights, preferences, privileges or voting powers of Private Perpetual
Preferred Units, and in such case such holders shall not have any voting rights with respect to the occurrence of any Event or Events; provided, further, that such vote or consent will not be required with respect to any such
amendment, alteration or repeal that equally affects the terms of the Private Perpetual Preferred Stock and one or more other classes or series of preferred stock ranking on parity with the Private Perpetual Preferred Stock with respect to the
payment of distributions and rights upon any voluntary or involuntary liquidation, dissolution or winding up of the Partnership upon which like voting rights have been conferred, if such amendment, alteration or repeal is approved by the affirmative
vote or consent of the holders of a majority of the Private Perpetual Preferred Units and such other class or series of Preferred Units outstanding at the time, either in writing or at a meeting (voting as a single class). 

(c) Holders of Private Perpetual Preferred Units shall not be entitled to vote with respect to (A) any increase in the total number of OP
Units or LTIP Units or, except as provided in Section 6(c), Preferred Units, or (B) any increase in the number Private Perpetual Preferred Units or, except as provided in the immediately preceding paragraph, the creation or issuance of any
other class or series of Partnership Interests, or (C) any increase in the Partnership Interests of any other class or series, in each case referred to in clause (A), (B) or (C) above, ranking on parity with or junior to the Private
Perpetual Preferred Units with respect to the payment of distributions and rights upon any voluntary or involuntary liquidation, dissolution or winding up of the Partnership. Except as set forth herein, holders of the Private Perpetual Preferred
Units shall not have any voting rights with respect to, and the consent of the holders of the Private Perpetual Preferred Units shall not be required for, the taking of any partnership action by the General Partner, including an Event, regardless of
the effect that such partnership action or Event may have upon the powers, preferences, voting power or other rights or privileges of the Private Perpetual Preferred Units. 

(d) The foregoing voting provisions of this Section 6 shall not apply if, at or prior to the time when the act with respect to which such
vote would otherwise be required shall be effected, all outstanding Private Perpetual Preferred Units shall have been redeemed or (i) notice of redemption of all of the outstanding Private Perpetual Preferred Units has been given, (ii) the
funds necessary for such redemption have been set aside by the Partnership in trust for the benefit of the holders of such Private Perpetual Preferred Units so called for redemption, and (iii) irrevocable instructions have been given to pay the
redemption price and all accrued and unpaid distributions thereon. 

  
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 (e) In any matter in which the Private Perpetual Preferred Units may vote (as expressly provided
herein), each Private Perpetual Preferred Unit shall be entitled to one vote per $16.62 of liquidation preference (excluding amounts in respect of accumulated and unpaid dividends). 

7. Conversion. The Private Perpetual Preferred Units shall not be convertible into or exchangeable for any other Partnership Interests
or other property or securities of the Partnership or any other entity, including the General Partner. 
 8. Transfers. Transfers of
Private Perpetual Partnership Units shall be subject to Section 11.03 of the Partnership Agreement, including without limitation Section 11.03(b), it being understood that (a) Private Perpetual Preferred Units will not be listed on a
National Securities Exchange and (b) all Transfers of Private Perpetual Preferred Units will be effective as of the first day of the fiscal quarter of the Partnership immediately following the date when all requirements for the applicable
transfer have been satisfied. 
 9. Record Holders. The Partnership and its Transfer Agent may deem and treat the record holder of
any Private Perpetual Preferred Unit as the true and lawful owner thereof for all purposes, and neither the Partnership nor its Transfer Agent shall be affected by any notice to the contrary. 

10. No Creditor Rights. The rights of each Private Perpetual Preferred Unit holder pursuant to this Partnership Unit Designation arise
solely from its ownership as a Limited Partner of Partnership Interests in the Partnership and not from it being a creditor of the Partnership, and none of such shall constitute a “claim” as such term is defined in Section 101 of the
United States Bankruptcy Code as in effect as of the date of this Partnership Unit Designation; provided, however, that any rights in respect of such Private Perpetual Preferred Units shall constitute equity interests, it being agreed
and understood that no holder is waiving any equity interest it has in the Partnership or any rights to assert any such interests in any bankruptcy proceeding or otherwise. 

11. No Maturity or Sinking Fund. The Private Perpetual Preferred Units have no maturity date. No sinking fund has been established for
the retirement or redemption of Private Perpetual Preferred Units. 
 12. Withholding and Taxes. In the event any amount is required
to be withheld for federal, state, local or foreign taxes, or otherwise, with respect to any amount payable on the Private Perpetual Preferred Units, the provisions of Section 5.04 (Amounts Withheld) and Section 10.04 (Withholding) of the
Partnership Agreement shall apply as if such amounts payable on the Private Perpetual Preferred Units were “distributions.” Any amounts withheld by the Partnership with respect to any payment on or in liquidation or redemption of a Private
Perpetual Preferred Unit shall be treated as paid to the holder of such Unit under the applicable provision of this Exhibit E or the Partnership Agreement, as applicable. 

13. Exclusion of Other Rights. The Private Perpetual Preferred Units shall not have any preferences or other rights, voting powers,
restrictions, limitations as to dividends or other distributions, qualifications or terms or conditions of redemption other than expressly set forth in this Partnership Unit Designation. 

14. Headings of Subdivisions. The headings of the various subdivisions hereof are for convenience of reference only and shall not
affect the interpretation of any of the provisions hereof. 

  
 11 

 15. Severability of Provisions. If any preferences or other rights, voting powers,
restrictions, limitations as to preferential payments, qualifications or terms or conditions of redemption of the Private Perpetual Preferred Units set forth in this Partnership Unit Designation is invalid, unlawful or incapable of being enforced by
reason of any rule of law or public policy, all other preferences or other rights, voting powers, restrictions, limitations as to preferential payments, qualifications or terms or conditions of redemption of Private Perpetual Preferred Units set
forth in this Partnership Unit Designation which can be given effect without the invalid, unlawful or unenforceable provision thereof shall, nevertheless, remain in full force and effect and no preferences or other rights, voting powers,
restrictions, limitations as to preferential payments, qualifications or terms or conditions of redemption of the Private Perpetual Preferred Units herein set forth shall be deemed dependent upon any other provision thereof unless so expressed
therein. 
 16. No Preemptive Rights. No holder of Private Perpetual Preferred Units shall be entitled to, as such holder, any
preemptive right to purchase or subscribe for or acquire any additional Partnership Interests or any other security of the Partnership convertible into or carrying a right to subscribe to or acquire Partnership Interests. 

  
 12 

 IN WITNESS WHEREOF, Empire State Realty Trust, Inc., as General Partner in the
Partnership, has caused this Amendment to become effective, and the Partnership Agreement is hereby amended by giving effect to the terms set forth herein. 
  

			
	EMPIRE STATE REALTY OP, L.P.
		
	By:	 	EMPIRE STATE REALTY TRUST, INC.
	General Partner
		
	By:	 	 /s/ David A. Karp

	Name:	 	David A. Karp
	Title:	 	Executive Vice President, Chief Financial Officer and President

  
 13co31304803-ex10_1.htm

 

EXHIBIT 10.1

 

STOCK PURCHASE AGREEMENT

 

THIS STOCK PURCHASE AGREEMENT (“Agreement”), dated as of the 22nd day of August 2014, is made and entered into between LLOYD I. MILLER TRUST C (the “Purchaser”) and COSI, INC., a Delaware corporation (the “Company”).

 

WHEREAS, prior to entering into this Agreement, the Company and PLAISANCE FUND LP, a Delaware limited partnership (the “Investor”), have entered into that certain Stock Purchase Agreement, dated as of the 15th day of August 2014 (the “Transaction SPA”), pursuant to which the Investor has agreed to purchase up to 3,889,613 shares of common stock, par value $0.01 per share, at a purchase price of $1.15 per Share (the “Per Share Price”) (collectively, the “Transaction”), which number of shares to be purchased by the Investor may be reduced only by the number of shares to be purchased by the Purchaser pursuant to this Agreement; and

 

WHEREAS, pursuant to that certain Senior Secured Note Purchase Agreement, dated April 14, 2014 (the “MILFAM NPA”), between MILFAM II L.P. (“MILFAM”) and the Company, MILFAM has the right to participate in the Transaction on the same terms and conditions as the Investor; and

 

WHEREAS, pursuant to that certain letter agreement, dated as of August 18, 2014 (the “Letter Agreement”), entered into by and among the Company, Purchaser and MILFAM, MILFAM assigned its right to participate in the Transaction to Purchaser; and

 

WHEREAS, pursuant to the Letter Agreement, the Purchaser has elected to participate in the Transaction.

 

NOW, THEREFORE, the parties hereto agree as follows:

 

1.          Purchase and Sale.  Subject to the terms and conditions of this Agreement, at the Closing (as defined below), the Company will issue and sell to the Purchaser, and the  Purchaser will purchase from the Company, 521,739 shares (the “Shares”) of the Company’s common stock at the Per Share Price for an aggregate purchase price of $599,999.85 (the “Purchase Price”).  At the Closing, (a) the Purchase Price shall be paid by the Purchaser to the Company by wire transfer of immediately available funds to the account specified by the Company, in United States dollars, and (b) the Company shall deliver to Purchaser to the address specified by the Purchaser a certificate registered in the name of the Purchaser representing the Shares.  The Closing shall occur upon execution of this Agreement (the “Closing”).

 

2.          Reserved.

 

3.          Investor’s Purchase Commitment.  The Purchaser hereby acknowledges that, in the event the Purchaser does not close hereunder or purchases less than all of the Shares (the “Remaining Shares”), the Investor has a commitment to purchase all such Remaining Shares on the same terms and conditions, including the same Per Share Price, as set forth in the Transaction SPA.

 

  

 

  

 

4.           Acknowledgment.  Notwithstanding Sections 1, 2 and 3 above, the Company shall have no obligation whatsoever to issue any Shares (and accordingly, the Purchaser shall not have any obligation to pay the Purchase Price, or relevant portion thereof) (a) where shareholder approval would be required pursuant to any rule, regulation or law to which the Company is subject, including the NASDAQ Stock Market Rules, or (b) which would cause the Company to be in violation of its governing documents or any law, rule or regulation to which it is subject.

 

5.          Understandings of the Purchaser.  The Purchaser hereby represents and warrants to, and covenants with, the Company that the Purchaser is aware and understands that:

 

(a)             There are substantial risks incident to the purchase of the Shares.  An investment in the Shares is inherently speculative in nature, and the Purchaser may suffer a complete loss of the Purchaser’s investment, and the tax consequences to the Purchaser of an investment in the Shares will depend upon the Purchaser’s circumstances.

 

(b)             The Shares have not been registered under the Securities Act of 1933, as amended (the “Federal Securities Act”), any state’s securities act (collectively, the “State Securities Acts”) or any other laws of any other securities commission or regulatory authority (the “Other Securities Laws”), and are being offered for sale pursuant to applicable exemptions from registration.  No federal or state agency or regulatory authority or any other securities commission or regulatory authority has made any finding or determination as to the fairness of the offering of the Shares for public investment, or any recommendation or endorsement of the Shares.

 

(c)             The Purchaser may not sell, transfer or assign the Shares, or any portion thereof, without registration under the Federal Securities Act, the State Securities Acts or Other Securities Laws or qualification or perfection of an applicable exemption therefrom.

 

6.         Representations, Warranties and Covenants of the Purchaser.  The Purchaser hereby represents and warrants to, and covenants with, the Company as follows:

 

(a)             Immediately prior to consummation of this Agreement, the Purchaser, together with all of its affiliates which are required to be aggregated for Commission (as defined below) reporting purposes, beneficially owns 3,804,124 shares of the Company’s common stock or any class of stock or other securities of the Company.

 

(b)             The Purchaser is a trust validly existing under the laws of the state of formation.

 

(c)             The Purchaser has full power to execute and deliver this Agreement, to perform its obligations hereunder and to consummate the transactions contemplated hereby.

 

(d)             The execution and delivery of this Agreement, the performance of Purchaser’s obligations hereunder and the consummation of the transactions contemplated hereby have been duly and validly authorized by all necessary proceedings on the part of Purchaser.

  

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(e)             The execution, delivery and performance of this Agreement and the consummation of the transactions contemplated hereby will not violate any provision of the organizational instruments of the Purchaser and do not and will not conflict with or constitute a default under any instrument, agreement or document to which Purchaser is a party or by which it is bound.

 

(f)             This Agreement has been duly executed and delivered by Purchaser, and, assuming the due execution hereof by Seller, this Agreement constitutes the legal, valid and binding obligation of Purchaser, except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, and other laws of general application affecting enforcement of creditors’ rights generally, and (ii) as limited by laws relating to the availability of specific performance, injunctive relief, or other equitable remedies.

 

(g)             The Purchaser has had a full opportunity to ask questions of and receive answers from the Company or any person or persons acting on behalf of the Company concerning the terms and conditions of an investment in the Company.

 

(h)             The Purchaser confirms that it is not relying on any communication (written or oral) of the Company or any of its affiliates, as investment advice or as a recommendation to purchase the Shares. It is understood that information and explanations related to the terms and conditions of the Shares provided by the Company or any of its affiliates shall not be considered investment advice or a recommendation to purchase the Shares, and that neither the Company nor any of its affiliates is acting or has acted as an advisor to the Purchaser in deciding to invest in the Shares. The Purchaser acknowledges that neither the Company nor any of its affiliates has made any representation regarding the proper characterization of the Shares for purposes of determining the Purchaser’s authority to invest in the Shares.

 

(i)             The Purchaser confirms that the Company has not (i) given any guarantee or representation as to the potential success, return, effect or benefit (either legal, regulatory, tax, financial, accounting or otherwise) of an investment in the Shares or (ii) made any representation to the Purchaser regarding the legality of an investment in the Shares under applicable legal investment or similar laws or regulations. In deciding to purchase the Shares, the Purchaser is not relying on the advice or recommendations of the Company and the Purchaser has made its own independent decision that the investment in the Shares is suitable and appropriate for the undersigned.

 

(j)             The Purchaser:  (i) is acquiring the Shares solely for the Purchaser’s own account, and not for or on behalf of other persons; (ii) is acquiring such Shares for investment purposes only, and not for resale or distribution; and (iii) has no contract, agreement, undertaking or arrangement, and no intention to enter into any contract, agreement, undertaking or arrangement, to sell, transfer or pledge such Shares or any part thereof.  Furthermore, the Purchaser does not have any reason to anticipate any change in the Purchaser’s circumstances which would cause the Purchaser to sell the Shares.

 

(k)             The Purchaser understands and acknowledges that the Company is relying upon the representations and agreements contained in this Agreement (and any supplemental information) for the purpose of determining whether this transaction meets the requirements for

  

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applicable exemptions from registration under the Federal Securities Act, the State Securities Acts and Other Securities Laws.

 

(l)             The Purchaser hereby expressly represents that it (i) is an “Accredited Investor” within the meaning of Regulation D promulgated pursuant to the Federal Securities Act and (ii) has adequate means of providing for the Purchaser’s current financial needs, including possible future financial contingencies.  The Purchaser is able to bear the economic risks of this investment and, consequently, without limiting the generality of the foregoing, is able to hold the Purchaser’s Shares for an indefinite period of time and has a sufficient net worth to sustain a loss of Purchaser’s entire investment in the Shares.

 

(m)             The Purchaser has such knowledge and experience in financial and business matters that the Purchaser is capable of evaluating the merits and risks of an investment in the Shares.  With the assistance of the undersigned’s own professional advisors, to the extent that the undersigned has deemed appropriate, the undersigned has made its own legal, tax, accounting and financial evaluation of the merits and risks of an investment in the Shares and the consequences of this Agreement. The undersigned has considered the suitability of the Shares as an investment in light of its own circumstances and financial condition and the undersigned is able to bear the risks associated with an investment in the Shares and its authority to invest in the Shares.

 

(n)              The Purchaser understands that the Shares are “restricted securities” under applicable federal securities laws and that the Federal Securities Act and the rules of the U.S. Securities and Exchange Commission (the “Commission”) provide in substance that the undersigned may dispose of the Shares only pursuant to an effective registration statement under the Federal Securities Act or an exemption therefrom, and the undersigned understands that, except as otherwise agreed between the Company and the Purchaser pursuant to the Registration Rights Agreement,  the Company has no obligation or intention to register any of the Shares, or to take action so as to permit sales pursuant to the Federal Securities Act (including Rule 144 (ad defined below) thereunder). Accordingly, the undersigned understands that under the Commission’s rules, the undersigned may dispose of the Shares principally only in “private placements” which are exempt from registration under the Federal Securities Act, in which event the transferee will acquire “restricted securities” subject to the same limitations as in the hands of the undersigned.

 

(o)             The Purchaser agrees:  (i) it will not sell, assign, pledge, give, transfer or otherwise dispose of the Shares or any interest therein, or make any offer or attempt to do any of the foregoing, except pursuant to a registration of the Shares under the Federal Securities Act, all applicable State Securities Acts and Other Securities Laws, or in a transaction which is exempt from the registration provisions of the Federal Securities Act, all applicable State Securities Acts and Other Securities Laws; (ii) that the certificates representing the Shares will bear a legend making reference to the foregoing restrictions; and (iii) that the Company and its affiliates shall not be required to give effect to any purported transfer of such Shares (if any) except upon compliance with the foregoing restrictions.

 

(p)             The Purchaser acknowledges that neither the Company nor any other person offered to sell the Shares to it by means of any form of general solicitation or advertising,

  

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including but not limited to: (i) any advertisement, article, notice or other communication published in any newspaper, magazine or similar media or broadcast over television or radio; or (ii) any seminar or meeting whose attendees were invited by any general solicitation or general advertising.

 

(q)           The Purchaser will deliver to the Company any additional information in connection herewith, including the applicable “Know Your Client” information, as may be reasonably requested by counsel to the Company.

 

7.          Representations, Warranties and Covenants of the Company.  The Company hereby represents and warrants to and covenants with the Purchaser as follows:

 

(a)             The Company is a corporation duly incorporated, validly existing and in good standing under the laws of the State of Delaware and has all requisite corporate power and authority to carry on its business as presently conducted and as presently proposed to be conducted and to enter into and carry out the provisions of this Agreement and the Registration Rights Agreement (as defined in the Transaction SPA).

 

(b)             All corporate action on the part of the Company, its officers, directors and shareholders necessary for the authorization, execution and delivery of this Agreement, the performance of all obligations of the Company hereunder, and the authorization, issuance (or reservation for issuance), sale and delivery of the Shares being sold hereunder has been taken, and this Agreement constitutes the valid and legally binding obligation of the Company, enforceable in accordance with its terms, except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, and other laws of general application affecting enforcement of creditors’ rights generally, and (ii) as limited by laws relating to the availability of specific performance, injunctive relief, or other equitable remedies.  Except for the NASDAQ Notice, no consent approval, order or authorization of, or registration, qualification, designation, declaration or filing with, any federal, state, or local governmental authority on the part of the Company is required in connection with the offer, sale, or issuance of the Shares or the consummation of any other transaction contemplated hereby.

 

(c)             The execution, delivery and performance by the Company of this Agreement, and the consummation of the transactions contemplated thereby, do not and will not conflict with, or result in, a breach or violation of or default under any applicable law or any agreement or instrument to which the Company is a party.

 

(d)             The Shares being purchased by the Purchaser hereunder, when issued, sold and delivered in accordance with the terms of this Agreement for the consideration expressed herein, will be duly and validly issued, fully paid, and nonassessable, and will be free of all liens and restrictions on transfer other than restrictions on transfer under this Agreement and under the Federal Securities Act, State Securities Acts and any Other Securities Laws.

 

(e)             As of August 8, 2014, the authorized capital stock of the Company consists of 100,000,000 shares of Common Stock, 19,457,794 of which were issued and outstanding as of August 8, 2014.  All issued and outstanding shares have been duly authorized and validly issued and are fully paid and nonassessable. Other than as provided in the SEC

  

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Reports (as defined below), there are no outstanding rights, options, warrants, preemptive rights, rights of first refusal or similar rights for the purchase or acquisition from the Company of any securities of the Company nor are there any commitments to issue or execute any such rights, options, warrants, preemptive rights or rights of first refusal.  There are no outstanding rights or obligations of the Company to repurchase or redeem any of its securities. All outstanding securities have been issued in compliance with state and federal securities laws.

 

(f)             SEC Reports.  The Company has filed all reports, schedules, forms, statements and other documents (“SEC Reports”) required to be filed by the Company under the  Securities Act of 1933, as amended (“Securities Act”) and the Securities Exchange Act of 1933, as amended (“Securities Act” of 1934, as amended (“Exchange Act”) on a timely basis, except for certain beneficial ownership forms which were filed but may not have been timely and an amendment to the Company’s most recent Form10-K which will be filed to include certain disclosures which were also included in the Company’s proxy statement.  The Company’s SEC Reports complied in all material respects with the requirements of the Exchange Act as of their respective dates (except that the Company will be filing an amendment to reflect the disclosures in the preceding sentence) and did not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading.  Except as disclosed in the SEC Reports, since the last day of the fiscal year of the most recent audited financial statements included in the SEC Reports, there has been no occurrence or event which would reasonably be expected to have a material adverse effect on the financial condition, results of operations, properties or business of the Company.

 

(g)            Financial Statements.  The Company’s audited income statement, balance sheet, and statement of cash flows for the year ended December 30, 2013, included in the Company Annual Report on Form 10-K filed on April 14, 2014 (collectively, the “Financial Statements”) have been prepared in accordance with generally accepted accounting principles consistent with methods used in prior periods, and present fairly the financial condition and operating results of the Company as of the dates and for the periods indicated, subject to normal year-end audit adjustments and except that the unaudited statements included in the Financial Statements may not contain footnotes as would be required by generally accepted accounting principles. Except as disclosed in the Financial Statements, the Company is not a guarantor or indemnitor of any indebtedness of any other person or entity.  The Company maintains a standard system of accounting established and administered in accordance with generally accepted accounting principles.

 

(h)            Shell Company.  The Company is not, and has never been, a “shell company,” as described in paragraphs (i)(1)(i) and (ii) of Rule 144 promulgated under the Securities Act (“Rule 144”).

 

(i)             Liabilities.  Except as disclosed in the SEC Reports, the Company has no material Liabilities (as defined below), except for (a) Liabilities disclosed in the Financial Statements, (b) Liabilities relating to future executor obligations arising under the Company’s contracts, and (c) Liabilities which have arisen since December 31, 2013 in the ordinary course of business.  As used herein, “Liabilities” shall mean any and all debts, liabilities and obligations, whether known or unknown, absolute or contingent, accrued or unaccrued, disputed

  

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or undisputed, matured or unmatured, joint or several, due or to become due, fixed, determined or determinable.

 

8.            Further Assurances.  The Company and the Purchaser agree that, from time to time, whether at or after the Closing, each of them will execute and deliver such further instruments of conveyance and transfer and take such other action as may be necessary to carry out the purposes and intents of this Agreement.

 

9.            Survival.  All representations, warranties, covenants, agreements and restrictions contained in this  Agreement shall survive the acceptance of this subscription.

 

10.          Additional Information.  The Purchaser covenants and agrees to promptly furnish to the Company any and all information concerning the Purchaser and the Purchaser’s investment in the Company that the Company may from time to time request for the purpose of complying with any federal, state, local or foreign law, statute, rule, regulation or governmental or regulatory requirement, and the Purchaser warrants and represents that, at the time any such information is furnished to the Company, such information shall be accurate and complete.

 

11.          Binding Effect.  This Agreement shall be binding upon and inure to the benefit of the Company and its successors and shall not be assignable by it without the prior written consent of the Company.  This Agreement, upon acceptance by the Company shall, where applicable, be binding upon the Purchaser and the Purchaser’s successors and assigns.

 

12.          Registration Rights Agreement.    The Purchaser will have the right to include the Shares in any registration statement the Company files to register the MILFAM warrants issued under the MILFAM NPA or to register the Investor’s shares under (i) any registration rights agreement entered into between the Company and the Purchaser or the Investor and (ii) the Registration Rights Agreement, in each case, if applicable, so long as the Purchaser executes a joinder thereto in a form reasonably acceptable to the parties.

 

13.          Miscellaneous.

 

(a)             This Agreement shall be construed in accordance with and governed by the laws of the State of Delaware, without reference to its choice of law principles.

 

(b)             This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and may be amended only by a writing executed by each of the parties hereto; provided, however, that the Purchaser will not assign its rights or delegate its obligations under this Agreement without the express prior written consent of the Company.

 

(c)             This Agreement may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original and, all of which taken together, shall constitute one and the same Agreement.  Counterparts may be executed in either original or electronically transmitted form (e.g., facsimile or emailed portable document format (pdf)), and the parties hereby adopt as original any signatures received via electronically transmitted form.

  

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(d)             This Stock Purchase Agreement contains the entire understanding of the parties hereto with respect to the subject matter contained herein and therein, and supersedes and cancels all prior agreements, negotiations, correspondence, undertakings and communications of the parties, oral or written, regarding such subject matter.

 

(e)             This Agreement may not be modified or amended except by an instrument or instruments in writing signed by the party against whom enforcement of any such modification or amendment is sought.  Either party hereto may, only by an instrument in writing, waive compliance by the other party hereto with any term or provision of this Agreement on the part of such party hereto to be performed or complied with.  The waiver by any party hereto of a breach of any term or provision of this Agreement shall not be construed as a waiver of any subsequent breach.

 

 

[SIGNATURE PAGE FOLLOWS]

 

 

 

 

 

 

 

 

 

 

 

  

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[SIGNATURE PAGE TO STOCK PURCHASE AGREEMENT]

 

 

IN WITNESS WHEREOF, this Agreement has been signed by or on behalf of each of the parties as of the day first written above.

 

 

 

	 	THE PURCHASER:	 
	 	 	 
	 	LLOYD I. MILLER TRUST C	 
	 	 	 	 
	 	By:	MILFAM LLC	 
	 	 	 	 
	 	Its:	Investment Advisor	 
	 	 	 	 
	 	 	 	 
	 	 	By:	/s/ Lloyd I. Miller III	 
	 	 	 	 	 
	 	 	 	Name:  Lloyd I. Miller III	 
	 	 	 	 	 
	 	 	 	Title:    Manager	 
	 	 	 	 
	 	 	 	 
	 	THE COMPANY:	 
	 	 	 
	 	COSI, INC.	 
	 	 	 	 
	 	 	 	 
	
 

	
By: 

	/s/ Scott Carlock	 
	 	 	 	 
	 	 	Name:  Scott Carlock	 
	 	 	 	 
	 	 	Title:    Chief Financial Officer

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