Document:

Purchase and Sale Agreement

 Exhibit 10.27 
 

 
  
 1. PURCHASE AND SALE: Hughes Supply, Inc.
(“Buyer”) agrees to buy and Hughes, Inc. (“Seller”) agrees to sell the property described as: Street Address: 951 Pierce Street, Clearwater, Florida 
  
 Legal Description: See Exhibit “A” 
  
 and the following Personal Property: None 
  
 (all collectively referred to as the “Property”) on the terms and conditions set forth below. The “Effective Date” of this Contract is the date on
which the last of the Parties signs the latest offer. Time is of the essence in this Contract. Time periods of 5 days or less will be computed without including Saturday, Sunday, or national legal holidays and any time period ending on a
Saturday, Sunday or national legal holiday will be extended until 5:00 p.m. of the next business day. 
  

				
	2. PURCHASE PRICE:	  	$	1,650,000.00
	 	  	
	

		
	     (a) Deposit held in escrow by Thomas Recicar Attorney
	  	$	50,000.00
	 	  	
	

		
	     (b) Additional deposit to be made within NA days from Effective Date
	  	$	                    
		
	     (c) Total mortgages (as referenced in Paragraph 3)
	  	$	                    
		
	     (d) Other: NA
	  	$	                    
		
	     (e) Balance to close, subject to adjustments and prorations, to be made with cash, locally drawn certified or
cashier’s check or wire transfer.
	  	$	1,600,000.00
	 	  	
	

  
 3. THIRD PARTY FINANCING:
Within NA days from Effective Date (“Application Period”), Buyer will, at Buyer’s expense, apply for third party financing in the amount of $
                     or NA % of the purchase price to be amortized over a period of         
years and due in no less than          years and with a fixed interest rate not to exceed  ̈
        % per year or variable interest rate not to exceed  ̈        % at origination with a lifetime cap not to exceed         % from initial rate, with additional terms as follows: 
  
 Buyer will pay for the mortgagee title insurance policy and for all loan expenses.
Buyer will timely provide any and all credit, employment, financial and other information reasonably required by any lender Buyer will notify Seller immediately upon obtaining financing or being rejected by a lender. If
Buyer, after diligent effort, fails to obtain a written commitment within      days from Effective Date (“Financing Period”), Buyer may cancel the Contract by giving prompt notice to Seller
and Buyer’s deposit(s) will be returned to Buyer in accordance with Paragraph 9. 
  

 Buyer (        )
(        ) and Seller (        ) (        ) acknowledge receipt of a copy of this page, which is page
1 of 5 Pages, 
  

			
	CC-2         ©1997 Florida Association of REALTORS®         All Rights Reserved	  	

 4. TITLE: Seller has the legal capacity to and will convey marketable title to the Property by  ̈ statutory warranty deed x other Special Warranty Deed, free of liens, easements and encumbrances of record or
known to Seller, but subject to property taxes for the year of closing; covenants, restrictions and public utility easements of record; and (list any other matters to which title will be subject) See Addendum 
  
 provided there exists at closing no violation of the foregoing and none of them prevents
Buyer’s intended use of the Property as presently being used by the Buyer 
  
 (a) Evidence of Title: Seller will, at (check one) x Seller’s  ̈ Buyer’s expense and within 45 days x from Effective Date  
  
  ̈ prior to Closing
Date  ̈ from date Buyer meets or waives financing contingency in Paragraph 3, deliver to Buyer (check one) 
  
 x a title insurance commitment by a
Florida licensed title insurer and, upon Buyer recording the deed, an owner’s policy in the amount of the purchase price for fee simple title subject only to exceptions stated above. 
  
  ̈ an abstract of title, prepared or brought current by an existing abstract firm or certified as correct by an existing firm. However, if such an abstract is not available to Seller, then a prior owner’s
title policy acceptable to the proposed insurer as a base for reissuance of coverage. The prior policy will include copies of all policy exceptions and an update in a format acceptable to Buyer from the policy effective date and certified to
Buyer or Buyer’s closing agent together with copies of all documents recited in the prior policy and in the update 
  
 (b) Title Examination: Buyer will, within 15 days from receipt of the evidence of title deliver written notice to Seller of title
defects. Title will be deemed acceptable to Buyer if (1) Buyer fails to deliver proper notice of defects or (2) Buyer delivers proper written notice and Seller cures the defects within 10 days from receipt of the
notice (“Curative Period”). If the defects are cured within the Curative Period, closing will occur within 10 days from receipt by Buyer of notice of such curing. Seller may elect not to cure defects if Seller
reasonably believes any defect cannot be cured within the Curative Period. If the defects are not cured within the Curative Period, Buyer will have 10 days from receipt of notice of Seller’s inability to cure the defects to
elect whether to terminate this Contract or accept title subject to existing defects and close the transaction without reduction in purchase price. The party who pays for the evidence of title will also pay related title service fees including title
and abstract charges and title examination. 
  
 (c)
Survey: (check applicable provisions below) 
  
 x Seller will, within 10 days from Effective Date, deliver to Buyer copies of prior surveys, plans, specifications, and engineering documents, if any, and the following
documents relevant to this transaction: 
  
                                        
                     , prepared for Seller or in Seller’s possession, which show all currently existing structures.

  
 x Buyer
will, at  ̈ Seller’s  ̈ Buyer’s expense and within the time period allowed to deliver and examine title evidence, obtain a current certified survey of the Property from a registered surveyor. If the survey reveals encroachments on the Property
or that the improvements encroach on the lands of another,  ̈ Buyer will accept the Property with existing
encroachments x such encroachments will constitute a title defect to be cured within the Curative Period. 
  
 (d) Ingress and Egress: Seller warrants that the Property presently has ingress and egress. 
  
 (e) Possession: Seller will deliver possession and keys for
all locks and alarms to Buyer at closing. 
  
 5. CLOSING DATE AND
PROCEDURE: This transaction will be closed in Orange County, Florida on or before the                     ,
     or within 75 days from Effective Date (“Closing Date”), unless otherwise extended herein. x Seller  ̈ Buyer will designate the closing agent. Buyer and Seller will, within 45 days from Effective Date, deliver to Escrow Agent signed
instructions which provide for closing procedure. If an institutional lender is providing purchase funds, lender requirements as to place, time of day, and closing procedures will control over any contrary provisions in this Contract. 
  
 (a) Costs: Buyer will pay taxes and recording fees on notes,
mortgages and financing statements and recording fees for the deed. Seller will pay taxes on the deed and recording fees for documents needed to cure title defects. If Seller is obligated to discharge any encumbrance at or prior to
closing and fails to do so, Buyer may use purchase proceeds to satisfy the encumbrances. 
  
 (b) Documents: Seller will provide the deed, bill of sale, mechanic’s lien affidavit, assignments of leases, updated rent roll, tenant
and lender estoppel letters, assignments of permits and licenses, corrective instruments and letters notifying tenants of the change in ownership/rental agent. If any tenant refuses to execute an estoppel letter, Seller will certify that
information regarding the tenant’s lease is correct. If Seller is a corporation, Seller will deliver a resolution of its Board of Directors authorizing the sale and delivery of the deed and certification by the corporate Secretary
certifying the resolution and setting forth facts showing the conveyance conforms with the requirements of local law. Seller will transfer security deposits to Buyer. Buyer will provide the closing statement, mortgages and
notes, security agreements and financing statements. 
  

			
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 Buyer
(        ) (        ) and Seller (        )
(        ) acknowledge receipt of a copy of this page, which is page 2 of 5 Pages. 

 (c) Taxes, Assessments, and Prorations: The following items will be made current and prorated
x as of Closing Date  ̈ as of __________________________: real estate taxes, bond and assessment payments
assumed by Buyer, interest, rents, association dues, insurance premiums acceptable to Buyer, operational expenses and _________________________. If the amount of taxes and assessments for the current year cannot be ascertained, rates
for the previous year will be used with due allowance being made for improvements and exemptions. Seller is aware of the following assessments affecting or potentially affecting the Property:
___________________________________________________________________________. Buyer will be responsible for all assessments of any kind which become due and owing on or after Effective Date, unless the improvement is substantially completed as
of Closing Date, in which case Seller will be obligated to pay the entire assessment. 
 (d) FIRPTA Tax Withholding: The Foreign
Investment in Real Property Act (“FIRPTA”) requires Buyer to withhold at closing a portion of the purchase proceeds for remission to the Internal Revenue Service (“I.R.S.”) if Seller is a “foreign person”
as defined by the Internal Revenue Code. The parties agree to comply with the provisions of FIRPTA and to provide, at or prior to closing, appropriate documentation to establish any applicable exemption from the withholding requirement. If
withholding is required and Buyer does not have cash sufficient at dosing to meet the withholding requirement, Seller will provide the necessary funds and Buyer will provide proof to Seller that such funds were properly
remitted to the I.R.S 
  
 6. ESCROW: Buyer and Seller
authorize Thomas Recicar Attorney Telephone: 407-788-0250 Facsimile: 407-788-7244 Address: 986 Douglas Avenue, Altamonte Springs, Florida, 32714 to act as “Escrow Agent” to receive
funds and other items and, subject to clearance, disburse them in accordance with the terms of this Contract. Escrow Agent will deposit all funds received in x a non-interest bearing escrow account  ̈ an interest bearing escrow account with interest accruing to ______________________________ with interest disbursed (check one)  ̈ at closing  ̈ at
________________________ intervals. If Escrow Agent receives conflicting demands or has a good faith doubt as to Escrow Agent’s duties or liabilities under this Contract, he/she may (a) hold the subject matter of the escrow until the parties
mutually agree to its disbursement or until issuance of a court order or decision of arbitrator determining the parties’ rights regarding the escrow or (b) deposit the subject matter of the escrow with the clerk of the circuit court having
jurisdiction over the dispute. Upon notifying the parties of such action, Escrow Agent will be released from all liability except for the duty to account for items previously delivered out of escrow. If a licensed real estate broker, Escrow Agent
will comply with applicable provisions of Chapter 475, Florida Statutes. In any suit or arbitration in which Escrow Agent is made a party because of acting as agent hereunder or interpleads the subject matter of the escrow, Escrow Agent will recover
reasonable attorneys’ fees and costs at all levels, with such fees and costs to be paid from the escrowed funds or equivalent and charged and awarded as court or other costs in favor of the prevailing party. The parties agree that Escrow Agent
will not be liable to any person for misdelivery to Buyer or Seller of escrowed items, unless the misdelivery is due to Escrow Agent’s willful breach of this Contract or gross negligence. 
  
 7. PROPERTY CONDITION: Seller will deliver the Property to Buyer at the time
agreed in its present “as is” condition, ordinary wear and tear excepted, and will maintain the
landscaping and grounds in a comparable condition. Seller makes no warranties other than marketability of title. By accepting the Property “as is,” Buyer waives all claims against Seller for any defects in the
property. (Check (a) or (b)) 
  ̈
(a) As Is: Buyer has inspected the Property or waives any right to inspect and accepts the Property in its “as is” condition. 
 x (b) Due Diligence Period: Buyer will, at Buyer’s expense and within 45 days from Effective Date (“Due Diligence Period”), determine whether the Property is
suitable, in Buyer’s sole and absolute discretion, for Buyer’s intended use and development of the Property as specified in Paragraph 4. During the Due Diligence Period, Buyer may conduct any tests, analyses, surveys
and investigations (“Inspections”) which Buyer deems necessary to determine to Buyer’s satisfaction the Property’s engineering, architectural, environmental properties; zoning and zoning restrictions; flood zone
designation and restrictions; subdivision regulations; soil and grade; availability of access to public roads, water, and other utilities; consistency with local, state and regional growth management and comprehensive land use plans; availability of
permits, government approvals and licenses; compliance with American with Disabilities Act; absence of asbestos, soil and ground water contamination; and other inspections that Buyer deems appropriate to determine the suitability of the
Property for Buyer’s intended use and development. Buyer shall deliver written notice to Seller prior to the expiration of the Due Diligence Period of Buyer’s determination of whether or not the Property is
acceptable. Buyer’s failure to comply with this notice requirement shall constitute acceptance of the Property in its present “as is” condition. Seller grants to Buyer, its agents, contractors and assigns, the
right to enter the Property at any time during the Due Diligence Period for the purpose of conducting inspections; provided, however, that Buyer, its agents, contractors and assigns enter the Property and conduct Inspections at their own
risk. Buyer shall indemnify and hold Seller harmless from losses, damages, costs, claims and expenses of any nature, including attorneys’ fees at all levels, and from liability to any person, arising from the conduct of any and
all inspections or any work authorized by Buyer. Buyer will not engage in any activity that could result in a mechanic’s lien being filed against the Property without Seller’s prior written consent. In the event this
transaction does not close, (1) Buyer shall repair all damages to the Property resulting from the Inspections and return the Property to the condition it was in prior to conduct of the Inspections, and (2) Buyer shall, at
Buyer’s expense, release to Seller all reports and other work generated as a result of the Inspections. Should Buyer deliver timely notice that the Property is not acceptable, Seller agrees that Buyer’s
deposit shall be immediately returned to Buyer and the Contract terminated. 
  
 Buyer (        ) (        ) and Seller (        )
(        ) acknowledge receipt of a copy of this page, which is page 3 of 5 Pages. 
  

			
	 	  	 

  
  

 (c) Walk-through Inspection: Buyer may, on the day prior to closing or any other time
mutually agreeable to the parties, conduct a final “walk-through” inspection of the Property to determine compliance with this paragraph and to ensure that all Property is on the premises 
  
 (d) Disclosures: 
  
 1. Radon Gas: Radon is a naturally occurring radioactive gas that,
when it has accumulated in a building in sufficient quantities, may present health risks to persons who are exposed to it over time. Levels of radon that exceed federal and state guidelines have been found in buildings in Florida. Additional
information regarding radon and radon testing may be obtained from your county public health unit. 
  
 2. Energy Efficiency: Buyer may have determined the energy efficiency rating of the building, if any is located on the Real Property.

  
 8. OPERATION OF PROPERTY DURING CONTRACT PERIOD: Seller will
continue to operate the Property and any business conducted on the Property in the manner operated prior to Contract and will take no action that would adversely impact the Property, tenants, lenders or business, if any. Any changes, such as renting
vacant space, that materially affect the Property or Buyer’s intended use of the Property will be permitted x only with Buyer’s consent  ̈ without Buyer’s consent. 
  
 9. RETURN OF DEPOSIT: Unless otherwise specified in the Contract, in the event any condition of this Contract is not met and Buyer has timely given any
required notice regarding the condition having not been met, Buyer’s deposit will be returned in accordance with applicable Florida laws and regulations 
  
 10. DEFAULT: 
  
 (a) In the event the sale is not closed due to any default or failure on the part of Seller other than failure to make the title marketable
after diligent effort, Buyer may either (1) receive a refund of Buyer’s deposit(s) or (2) seek specific performance. If Buyer elects a deposit refund, Seller will be liable to Broker for the full amount of the
brokerage fee. 
  
 (b) In the event the sale is not
closed due to any default or failure on the part of Buyer, Seller may either (1) retain all deposit(s) paid or agreed to be paid by Buyer as agreed upon liquidated damages, consideration for the execution of this Contract, and in full
settlement of any claims, upon which this Contract will terminate or (2) seek specific performance, If Seller retains the deposit, Seller will pay the Listing and Cooperating Brokers named in Paragraph 12 fifty percent of all forfeited
deposits retained by Seller (to be split equally among the Brokers) up to the full amount of the brokerage fee. 
  
 11. ATTORNEY’S FEES AND COSTS: In any claim or controversy arising out of or relating to this Contract, the prevailing party, which for purposes of
this provision will include Buyer, Seller and Broker, will be awarded reasonable attorneys’ fees, costs and expenses. 
  
 12. BROKERS: Neither Buyer nor Seller has utilized the services of, or for any other reason owes compensation to, a licensed real estate
Broker other than: 
  
 (a) Listing Broker:
Realty Capital Advisors, Inc., Austin Caruso, Jr. & Ouentin Caruso, who is x an agent of Hughes, Inc.  ̈ a transaction broker  ̈ a nonrepresentative and who will be compensated by x Seller  ̈ Buyer  ̈ both parties pursuant to  ̈ a listing agreement  ̈ other (specify) 
  
 (b) Cooperating Broker: NA, who is  ̈ an agent of
______________________________  ̈ a transaction broker  ̈ a nonrepresentative and who will be compensated by  ̈ Buyer  ̈ Seller  ̈ both parties pursuant to  ̈ an MLS or other offer of compensation to a cooperating broker  ̈ other (specify) 
  
 (collectively referred to as “Broker”) in connection with any act relating to the Property, including but not limited to inquiries, introductions, consultations and negotiations resulting in this transaction. Seller and
Buyer agree to Indemnify and hold Broker harmless from and against losses, damages, costs and expenses of any kind, including reasonable attorneys’ fees at all levels, and from liability to any person, arising from (1) compensation
claimed which is inconsistent with the representation in this Paragraph, (2) enforcement action to collect a brokerage fee pursuant to Paragraph 10, (3) any duty accepted by Broker at the request of Buyer or Seller, which duty is
beyond the scope of services regulated by Chapter 475, F.S., as amended, or (4) recommendations of or services provided and expenses incurred by any third party whom Broker refers, recommends or retains for or on behalf of Buyer or
Seller. 
  
 13. ASSIGNABILITY; PERSONS BOUND: This Contract may be
assigned to a related entity, and otherwise x is not assignable  ̈ is assignable. The terms
“Buyer,” “Seller” and “Broker” may be singular or plural. This Contract is binding upon Buyer, Seller and their heirs, personal representatives, successors and assigns (if assignment is permitted). 

  

			
	 	  	 

  
 Buyer
(        ) (        ) and Seller (        ) (        )
acknowledge receipt of a copy of this page, which is page 4 of 5 Pages. 

 14. OPTIONAL CLAUSES: (Check if any of the following clauses are applicable and are attached as an addendum to
this Contract): 
  

													
	  ̈
	  	Arbitration	 	  ̈
	  	Seller Warranty	 	  ̈
	  	Existing Mortgage
	 x
	  	Section 1031 Exchange	 	  ̈
	  	Coastal Construction Control Line	 	 x
	  	Other	 	Addendum to Contract
	  ̈
	  	Property Inspection and Repair	 	  ̈
	  	Flood Area Hazard Zone	 	 x
	  	Other	 	Exhibits A, B & C
	  ̈
	  	Seller Representations	 	  ̈
	  	Seller Financing	 	  ̈
	  	Other	 	 

  
 15. MISCELLANEOUS: The
terms of this Contract constitute the entire agreement between Buyer and Seller. Modifications of this Contract will not be binding unless in writing, signed and delivered by the party to be bound Signatures, initials, documents
referenced in this Contract, counterparts and written modifications communicated electronically or on paper will be acceptable for all purposes, including delivery, and will be binding. Handwritten or typewritten terms inserted in or attached to
this Contract prevail over preprinted terms. If any provision of this Contract is or becomes invalid or unenforceable, all remaining provisions will continue to be fully effective. This Contract will be construed under Florida law and will not be
recorded in any public records. Delivery of any written notice to any party’s agent will be deemed delivery to that party. 
  
 THIS IS INTENDED TO BE A LEGALLY BINDING CONTRACT. IF NOT FULLY UNDERSTOOD, SEEK THE ADVICE OF AN ATTORNEY PRIOR TO SIGNING. BROKER ADVISES BUYER AND SELLER TO VERIFY
ALL FACTS AND REPRESENTATIONS THAT ARE IMPORTANT TO THEM AND TO CONSULT AN APPROPRIATE PROFESSIONAL FOR LEGAL ADVICE (FOR EXAMPLE, INTERPRETING CONTRACTS, DETERMINING THE EFFECT OF LAWS ON THE PROPERTY AND TRANSACTION, STATUS OF TITLE, FOREIGN
INVESTOR REPORTING REQUIREMENTS, ETC.) AND FOR TAX, PROPERTY CONDITION, ENVIRONMENTAL AND OTHER SPECIALIZED ADVICE. BUYER ACKNOWLEDGES THAT BROKER DOES NOT OCCUPY THE PROPERTY AND THAT ALL REPRESENTATIONS (ORAL, WRITTEN OR OTHERWISE) BY BROKER ARE
BASED ON SELLER REPRESENTATIONS OR PUBLIC RECORDS UNLESS BROKER INDICATES PERSONAL VERIFICATION OF THE REPRESENTATION. BUYER AGREES TO RELY SOLELY ON SELLER, PROFESSIONAL INSPECTORS AND GOVERNMENTAL AGENCIES FOR VERIFICATION OF THE PROPERTY
CONDITION, SQUARE FOOTAGE AND FACTS THAT MATERIALLY AFFECT PROPERTY VALUE. 
  
 DEPOSIT RECEIPT: Deposit of $50,000.00 by  ̈
                         check  ̈ other
                                        
         received on             
                    ,
                         by
                                        
                                        
                                        
                 
 Signature of
Escrow Agent 
  
 OFFER: Buyer offers to purchase the Property on the
above terms and conditions. Unless acceptance is signed by Seller and a signed copy delivered to Buyer or Buyer’s agent no later than 5:00  ̈ a.m. x p.m. on October 15th, 2004, Buyer may revoke this offer and receive a refund of all deposits. 
  

															
	Date:	 	10-7-04    	 	BUYER:	  	 /s/ John Z. Paré
	 	Tax ID No:	 	 59-0559446

	 	 	 	 	 	  	Hughes Supply, Inc.	 	 	 	 

  

																	
	 	 	 	 	 	 	     Title:	  	 Sr. Vice President
	  	 Telephone:     407-841-4755
	    	Facsimile:	 	407-872-6941

															
	 	 	 	 	        Address:	  	 One Hughes Way, Orlando, Florida, 32805

  

															
	Date:	 	 	 	BUYER:	  	 	 	Tax ID No:	 	 
	 	 	 	 	 	  	 	 	 	 	 

  

																	
	 	 	 	 	 	 	         Title:	  	 	  	 Telephone:
	 	 	    	Facsimile:	 	 

															
	 	 	 	 	            Address:	  	 

  
 ACCEPTANCE: Seller accepts
Buyer’s offer and agrees to sell the Property on the above terms and conditions ( ̈ subject to the attached counter offer).

  

															
	Date:	 	10-12-04    	 	SELLER:	  	 /s/ Vincent S. Hughes
	 	Tax ID No:	 	 59-6062958

	 	 	 	 	 	  	Vincent S. Hughes - Hughes, Inc.	 	 	 	 

  

																	
	 	 	 	 	 	 	   Title:	  	 	  	 Telephone:
	 	407-648-8587	    	Facsimile:	 	407-648-0170

															
	 	 	 	 	    Address:	  	 P. O. Box 568065, Orlando, Florida 32856-8065

  

															
	Date:	 	 	 	SELLER:	  	 	 	Tax ID No:	 	 
	 	 	 	 	 	  	 	 	 	 	 

  

																	
	 	 	 	 	 	 	   Title:	  	 	  	 Telephone:
	 	 	    	Facsimile:	 	 

															
	 	 	 	 	    Address:	  	 

  

 Buyer (         )
(        ) and Seller (         ) (         ) acknowledge receipt of a copy of this page, which
is page 5 of 5 Pages. 
  
 The Florida Association of REALTORS makes
no representation as to the legal validity or adequacy of any provision of this form in any specific transaction. This standardized form should not be used In complex transactions or with extensive riders or additions. This form is available for use
by the entire real estate Industry and is not intended to identify the user as a REALTOR. REALTOR is a registered collective membership mark which may be used only by real estate licensees who are members of the
NATIONAL ASSOCIATION OF REALTORS and who subscribe to its Code of Ethics. 
  
 The
copyright laws of the United States (17 U.S.Code) forbid the unauthorized reproduction of this form by any means including facsimile or computerized forms. 
  

											
	CC-2	 	©1997 Florida Association of REALTORS®	 	            All Rights Reserved	 	

	  	 

  
 ADDENDUM TO CONTRACT FOR SALE
AND PURCHASE 
  
 THIS ADDENDUM TO CONTRACT FOR SALE AND PURCHASE
is made by and between HUGHES, INC., a Florida corporation (“Seller”) and HUGHES SUPPLY, INC. a Florida corporation (“Buyer”), and forms a part of that certain “Commercial Contract” of even date herewith between Seller
and Buyer as if originally incorporated therein. 
  
 1. That
attached hereto and made a part hereof is a copy of the Survey prepared by Thompson and Associates Land Surveyors under Job No. 003-314 dated December 2, 2003, hereinafter referred to (“Survey”). Attached also is a list of exceptions to
title attached as Exhibit “B”, together with copies of those exceptions attached as composite Exhibit “C” and made a part hereof hereinafter referred to as (“Permitted Exceptions”). Seller has disclosed to the Buyer
that the South half of Lot 25 of the Property described in Exhibit “A” attached was acquired by Seller from the spouse and children of Amos Honor Miller who died on December 3,1981, Sellers also have paid all Real Estate Taxes on said
parcel since 1981. 
  
 Seller shall cause the Title Commitment to
be issued within the forty-five (45) day period as provided in paragraph 4a of the Contract. In the event that any additional matters appear other than the Permitted Exceptions then the same shall be treated as title defects and cleared by the
Seller if created by them subsequent to the date hereof, or if not cured by the Seller within ten (10) days of notification of such title defects Buyer shall have the alternative of either terminating the Contract and receiving a return of all
deposits paid hereunder, or waiving said title defects and proceeding to Closing with those additional exceptions. 
  
 2. Buyer is purchasing this property in “as is” condition and acknowledges and agrees that the Buyer has been the Tenant for many years and the
Lease currently in effect between the Seller and the Buyer as Landlord and Tenant respectively shall terminate as of the day of Closing if in fact this Commercial Contract closes. In the event for any reason this Commercial Contract does not close
the Lease shall remain in full force and effect. 
  
 3. All other
terms of the Commercial Contract to which this Addendum is attached shall remain in full force and effect and in the event of a conflict between the terms of the Commercial Contract and this Addendum, the Addendum shall control. 
  
 IN WITNESS “WHEREOF, the parties hereto have executed this Addendum to
Contract for Sale and Purchase as of the day and year indicated next to their signature. 
  
 Signed, sealed and delivered in the presence of: 
  

									
	 	 	 	 	 	 	 “SELLER”

				
	 	 	 	 	 	 	 HUGHES, INC., a Florida corporation

					
	 Dated:
	 	 10/12/04
	 	 	 	 By:
	 	 /s/ Vincent S. Hughes

	 	 	 	 	 	 	 Title:
	 	 President

  

									
	 	 	 	 	 	 	 “BUYER”

				
	 	 	 	 	 	 	 HUGHES SUPPLY, INC., a Florida corporation

					
	 Dated:
	 	  	 	 	 	 By:
	 	 /s/ John Z. Paré

	 	 	 	 	 	 	 Title:
	 	 Sr. Vice PresidentForm of Severence Agreement

 Exhibit 10.28 
  
 SEVERANCE AGREEMENT 
  
 THIS SEVERANCE AGREEMENT (as hereinafter defined, this “Agreement”) is made and entered into as of the     
day of             , 20    , by and between
                     (as hereinafter defined, the “Executive”) and HUGHES SUPPLY, INC., a Florida corporation (as hereinafter
defined, the “Company”). 
  
 W I T N E S S E T H: 
  
 WHEREAS, the Company considers it essential to the best interests of its stockholders, employees, and creditors to foster the continued employment of key management personnel; 
  
 WHEREAS, the Executive is currently in the position of
                                 of the Company, and performs for the Company such
duties as customarily are assigned to key executives; and 
  
 WHEREAS, the Board has determined that appropriate steps should be taken to encourage the retention of key members of the Company’s management, including the Executive. 
  
 NOW, THEREFORE, in consideration of the promises and obligations of the Company and the Executive under this Agreement, and
other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and the Executive hereby agree as follows: 
  
 1. Definitions. In addition to the terms defined elsewhere in this Agreement, for purposes of this Agreement the following capitalized terms
shall have the respective meanings as follows: 
  
 “Agreement” shall mean this Severance Agreement, together with all written amendments hereto that hereafter may be executed and delivered by the parties. 
  
 “Base Amount” shall mean the Executive’s annualized includible compensation for income tax purposes
for the Base Period, all determined pursuant to the rules prescribed in Section 280G of the Code. 
  
 “Base Period” shall mean the period consisting of the most recent five (5) taxable years ending before the date on which the Change of
Control actually occurs (or such portion of such five-year period during which the Executive shall have been employed by the Company), all determined pursuant to the rules prescribed in Section 280G of the Code. 
  
 “Board” shall mean the Board of Directors of the Company.

  
 “Cause” for termination by the Company of the
Executive’s employment shall mean: 
  
 (a) the death or the
Disability of the Executive; 
  
 (b) that the Executive has
engaged in acts or omissions with respect to the Company that constitute intentional misconduct or a knowing violation of law that materially and adversely affects the Company or the business of the Company; 
  
 (c) that the Executive has personally received a benefit in money, property
or services from the Company or from another person dealing with the Company in violation of applicable law; 

 (d) that the Executive has either intentionally or through gross negligence breached his covenants to
the Company relating to Confidential and Proprietary Information as set forth in Section 4 of this Agreement; 
  
 (e) that subsequent to the date hereof the Executive has been convicted of a felony or some other crime involving moral turpitude; or 
  
 (f) that the Executive has been grossly negligent in the performance of his
duties to the Company; 
  
 provided, however, that “Cause” shall
not exist unless and until (1) the Company provides the Executive with at least ten (10) days prior written notice of its intention to terminate his employment for Cause, and a written statement describing the nature of the Cause, including the
clause or clauses of this definition that the Company deems applicable, and (2) if the item constituting the Company’s “Cause” for termination of the Executive is clause (f) above, thirty (30) days to cure any acts or omissions on
which the finding of Cause is based. If the Executive cures, in accordance with the terms of the written notice, the acts or omissions on which the finding of Cause is based, the Company shall not have Cause to terminate the Executive’s
employment hereunder. 
  
 “Change of Control”
shall mean an event or series of events by which: 
  
 (a) any
“person” (as such term is used in Section 13(d) and 14(d) of the Securities Exchange Act of 1934) is or becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act, except that a person shall be
deemed to have “beneficial ownership” of all shares that any such individual or entity has the right to acquire, whether such right is exercisable immediately or only after the passage of time), directly or indirectly (including through
ownership of the voting capital stock of an entity owning, directly or indirectly, a majority of the voting capital stock of the Company), of securities representing 49% or more of the combined voting power of the Company’s voting capital
stock; 
  
 (b) any one person, or more than one person acting as
a group, acquires ownership of stock of the Company that, together with stock held by such person or group, possesses more than fifty percent (50%) of the fair market value or total voting power of the stock of the Company; provided,
however, that an increase in the percentage of stock of the Company owned by any one person, or persons acting as a group, as a result of a transaction in which the Company acquires its stock in exchange for property will be treated as an
acquisition of stock of the Company for purposes of this clause (b); 
  
 (c) during any period of twenty-four (24) consecutive months, individuals who at the beginning of such period constituted the Board of Directors (together with any new or replacement directors whose election by the Board of Directors, or
whose nomination for election by the Company’s shareholders, was approved by a vote of at least a majority of the directors then still in office who were either directors at the beginning of such period or whose election or nomination for
election was previously so approved) cease for any reason to constitute a majority of the directors then in office; 
  
 (d) substantially all of the Company’s assets shall be sold in any transaction or series of transactions outside of the ordinary course of business
unless after such transaction or transactions all or substantially all of the Company’s assets are owned by one or more entities directly or indirectly controlled by, or under common control with, the Company; or 
  
 (e) the consolidation or merger of the Company with any other entity (other
than a wholly-owned subsidiary of the Company) shall occur, unless after such transaction (1) the Company’s books, records, and accounting records are maintained as if the Company had remained a separate entity, and (2) there is no commingling
of any other entity’s assets or employees with those of the Company. 
  

 -2- 

 “Change of Control Date” shall mean the earlier of (a) the date when a Change of Control
occurs, and (b) the date when the possibility of a particular Change of Control is announced to the public if such Change of Control in fact occurs within one hundred eighty (180) days thereafter. 
  
 “Code” shall mean the Internal Revenue Code of 1986, as
amended from time to time. 
  
 “Company” shall
mean Hughes Supply, Inc., a Florida corporation, together with any person succeeding to the Company or the assets of the Company, whether by virtue of a Change of Control or otherwise. 
  
 “Compensation” shall mean all wages, salary, commissions and bonuses paid to the Executive by the Company
including (a) all bonuses (including all accrued but unpaid bonuses), (b) all taxable fringe benefits, taxable reimbursements and taxable expense allowances, including automobile allowances, (c) compensation deferred by the Employee into the
Company’s tax qualified retirement plan (i.e., 401(k) plan) and/or cafeteria plan, and (d) compensation deferred by the Employee out of his regular salary or bonus to a non-qualified plan of deferred compensation. 
  
 “Confidential or Proprietary Information” shall have the
meaning set forth in Section 4 of this Agreement. 
  
 “Date of Termination” shall mean, with respect to any purported termination of the Executive’s employment during the Term: 
  
 (a) If the Executive’s employment is terminated for Disability, thirty (30) days after Notice of Termination is given (provided that the Executive
shall not have returned to the full-time performance of the Executive’s duties during such thirty (30) day period); 
  
 (b) If the Executive’s employment is terminated by the Company for any other reason, the date specified in the Notice of Termination which shall not
be less than thirty (30) days, except in the case of a termination for Cause which may be immediate; and 
  
 (c) If the Executive’s employment is terminated by the Executive, not less than thirty (30) days nor more than sixty (60) days, respectively, from
the date such Notice of Termination is given. 
  
 “Disability” shall be deemed the reason for the termination by the Company of the Executive’s employment, if, as a result of the Executive’s incapacity due to physical or mental illness, the Executive shall have
been absent from the full-time performance of the Executive’s duties with the Company for a period of four (4) consecutive months, the Company shall have given the Executive a Notice of Termination for Disability, and, within thirty (30) days
after such Notice of Termination is given, the Executive shall not have returned to the full-time performance of the Executive’s duties. 
  
 “Good Reason” for termination by the Executive of the Executive’s employment shall mean the occurrence of one or more of the
following events subsequent to the occurrence of a Change of Control: 
  
 (a) any reduction by the Company of the Executive’s Compensation; 
  
 (b) loss of the Executive’s title or position with the Company by action of the Company or the Board; 
  

 -3- 

 (c) significant diminution of the Executive’s duties and responsibilities with the Company by
action of the Company or the Board; or 
  
 (d) any requirement
that the Executive relocate (other than on a sporadic or intermittent basis) to adequately perform his duties and responsibilities for the Company to a location other than the geographic location where the Executive has historically performed such
duties and responsibilities, or any requirement that the Executive perform more of his duties (other than on a sporadic or intermittent basis) from a geographic location that is different from the location where he performed most of his duties prior
to the Change of Control (whether caused by a change in the Company’s principal place of business or otherwise). 
  
 “Notice of Termination” shall mean a notice that shall indicate the specific termination provision in this Agreement relied upon and
shall set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of the Executive’s employment under the provision so indicated. 
  
 “Severance Payment” shall have the meaning set forth in Section 5 of this Agreement. 
  
 “Term” shall have the meaning set forth in Section 2 hereof.

  
 “Without Cause” shall mean a termination by
the Company of the Executive’s employment for no reason or for any reason other than for Cause. 
  
 2. Term of Agreement. The term of this Agreement (“Term”) shall commence on the date and year first written above and shall
continue in effect for two years; provided, however, that if any Change of Control Date shall occur during such two-year period, then the Term shall be deemed extended until the later of (a) sixty (60) days following the date that is
twenty-four (24) months after the Change of Control Date, or (b) the date when all sums, if any, payable by the Company under this Agreement shall have been paid. 
  
 3. Company’s Covenants. In order to induce the Executive to remain in the employ of the Company and in
consideration of the Executive’s covenants set forth in Section 4 hereof, the Company agrees to pay the Executive, but only under the conditions described herein, the Severance Payment and/or any other payments required of the Company
hereunder. This Agreement shall not be construed as creating an express or implied contract of employment, and except as expressly set forth in some other written agreement between the Executive and the Company, the Executive shall not have any
right to be retained in the employ of the Company. Nothing herein shall be deemed to require the Severance Payment of the Company if the Company terminates the Executive, either with Cause or Without Cause, at any time prior to the Change of Control
Date. 
  
 4. Executive’s Covenants. 

 
 (a) Subject to the terms and conditions of this Agreement, the Executive
shall remain in the employ of the Company until the earliest of (1) the date of termination by the Executive of the Executive’s employment for Good Reason or by reason of death, Disability or retirement, or (2) the termination by the Company of
the Executive’s employment for any reason. 
  
 (b) The
Executive hereby covenants and agrees that he will not, either during the Term or at any time thereafter, disclose to any person not employed by the Company any Confidential or Proprietary Information of the Company. As used herein,
“Confidential or Proprietary Information” shall include all information of any nature and in any form which is owned by the Company and which is not publicly available or generally known to persons engaged in businesses similar to those of
the Company. Confidential or 

  

 -4- 

 
Proprietary Information shall include, without limitation, the Company’s development projects; computer software and related documentation and
materials; designs, practices, processes, methods, know-how and other facts relating to the Company’s business or to the Company’s sales, advertising, promotions, financial matters, customers, customer lists or customers’ purchases of
goods or services from the Company; and all other secrets and other information of a confidential or proprietary nature. 
  
 5. Severance Payment. 
  
 (a) If at any time that is both (x) during the Term of this Agreement, and (y) within twenty-four (24) months following any Change of Control Date, the
Executive’s employment is terminated by the Company Without Cause or by the Executive for Good Reason, then the Company shall pay the Executive a lump sum severance payment (the “Severance Payment”), in cash, equal to the lesser of:

  
 (1) the product of three (3) times the average annual
Compensation paid to the Executive during the three (3) year period prior to the Date of Termination or, if higher, in effect immediately prior to the first occurrence of an event or circumstance constituting Good Reason; or 
  
 (2) an amount equal to one dollar ($1.00) less than the product of three (3)
times the Base Amount. 
  
 It is the intention of the foregoing provision and the
express agreement of the parties that in every case the amount of the Severance Payment actually payable to the Executive shall be at least one dollar ($1.00) less than the amount that would result in either (A) the Company’s not receiving a
deduction for a portion of the Severance Payment pursuant to Section 280G of the Code, or (B) the Executive’s being required to pay an excise tax on a portion of the Severance Payment pursuant to Section 4999 of the Code. 
  
 (b) The Severance Payment shall be made to the Executive within fifteen (15)
days of the Date of Termination. 
  
 (c) The rights provided for
in this Agreement are in addition to and not in lieu of any other rights that the Executive may have under any other contract or under the Company’s standard employment policies. 
  
 6. Notice of Termination. Any purported termination of the Executive’s employment (other than by reason
of death) shall be communicated by written Notice of Termination from one party hereto to the other party hereto in accordance with Section 7 hereof. The Executive may terminate the Executive’s employment for Good Reason by giving at least
thirty (30) days written Notice of Termination to the Board of his intention to terminate his employment for Good Reason, which termination shall be effective if the Company has not cured the Executive’s Good Reason by the end of such thirty
(30) days. 
  

 -5- 

 7. Notices. For purposes of this Agreement, all notices and communications provided for in
this Agreement shall be in writing and shall be deemed to have been duly given when delivered or mailed by United States registered mail, return receipt requested, postage prepaid, addressed as forth below, or such other address as either party may
have furnished to the other in writing in accordance herewith, except that notice of change of address shall be effective only upon actual receipt: 
  

			
	To the Company:	 	Hughes Supply, Inc.
	 	 	One Hughes Way
	 	 	Orlando, Florida 32805
	 	 	Attention: General Counsel
		
	To the Executive:	 	  

	 	 	  

	 	 	  

  
 8. No
Mitigation. The Company agrees that the Executive is not required to seek other employment or to attempt in any way to mitigate his damages and thereby reduce the Severance Payment. The Severance Payment shall not be reduced by any
compensation earned by the Executive as the result of employment by another employer or by retirement benefits. 
  
 9. Successors; Binding Agreement. 
  
 (a) In addition to any obligations imposed by law upon any successor to the Company, the Company will require any successor to all or substantially all of
the business and/or assets of the Company (whether direct or indirect, by purchase, merger, consolidation, or otherwise) to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be
required to perform if no such succession had taken place. Failure of the Company to obtain such assumption and agreement prior to the effectiveness of any such succession shall be a breach of this Agreement and shall entitle the Executive to
compensation from the Company in the same amount and on the same terms as the Executive would be entitled to hereunder if the Executive were to terminate the Executive’s employment for Good Reason, except that, for purposes of implementing the
foregoing, the date on which any such succession becomes effective shall be deemed the Date of Termination. 
  
 (b) This Agreement shall inure to the benefit of and be enforceable by the Executive’s personal or legal representatives, executors, administrators,
successors, heirs, distributees, devisees, and legatees. 
  
 10. Settlement of Disputes; Arbitration. 
  
 (a) All claims by the Executive for benefits under this Agreement shall be directed to and determined by the Board and shall be in writing. Any denial by the Board of a claim for benefits under this Agreement shall be delivered to the
Executive in writing and shall set forth the specific reasons for the denial and the specific provisions of this Agreement relied upon. 
  
 (b) Any further dispute or controversy arising under or in connection with this Agreement shall be settled exclusively by arbitration in Orlando, Florida,
in accordance with the rules of American Arbitration Association then in effect; provided, however, that each of the parties shall have discovery rights in accordance with the Federal Rules of Civil Procedure. Judgment may be entered
on the arbitrator’s award in any court having jurisdiction. 
  

 -6- 

 11. Legal Fees and Expenses. If there should be any action to construe or enforce this
Agreement, the prevailing party shall be entitled to recover from the non-prevailing party the costs, expenses and reasonable attorneys’ and paralegals’ fees and expenses incurred in connection with such proceeding. 
  
 12. Governing Law. The validity, interpretation, construction,
and performance of this Agreement shall be governed by the local laws of the State of Florida, and venue for any legal proceeding or action at law arising out of or construing this Agreement shall lie in the state courts of Orange County, Florida,
or the United States District Court for the Middle District of Florida, Orlando Division. 
  
 13. Waiver, Modification, or Discharge. No provision of this Agreement may be modified, waived, or discharged unless such waiver, modification, or discharge is agreed to in writing and signed by the
Executive and such officer as may be specifically designated by the Board. No waiver by either party hereto at any time of any breach by the other party hereto of, or of any lack of compliance with, any condition or provision of this Agreement to be
performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. 
  
 14. Withholding Tax. Any payments provided for hereunder shall be paid net of any applicable withholding tax required under federal, state,
or local law and any additional withholding tax to which the Executive has agreed. 
  
 15. Survival of Obligations. The obligations of the Company and the Executive under this Agreement which by their nature may require either partial or total performance after the expiration of the Term
shall survive such expiration. 
  
 16. Validity. The
invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, which shall remain in full force and effect. 
  
 17. Counterparts. This Agreement may be executed in several
counterparts, each of which shall be deemed to be an original but all of which together will constitute one and the same instrument. 
  
 18. Effective Date. This Agreement shall be effective as of the date and year first written above and provided the Executive has delivered
to the Company the Noncompetition Agreement of even date herewith. 
  

 -7- 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date and year first above written.

  

			
	“EXECUTIVE”
	
	  

	 (Name)

	 (Title)

	
	“COMPANY”
	
	 HUGHES SUPPLY, INC.

		
	 By:
	 	  

	 	 	Thomas I. Morgan, CEO and President

  

 -8-

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