Document:

exv10w2

Exhibit 10.2

THIRD AMENDMENT TO

STOCK SUBSCRIPTION AGREEMENT

     THIS THIRD AMENDMENT TO STOCK SUBSCRIPTION AGREEMENT (this “Amendment”) is entered into by and
between James C. Mastandrea (the “Employee”) and Paragon Real Estate Equity and Investment Trust, a
Maryland trust (the “Company”), as of September 28, 2010 (the “Effective Date”).

     WHEREAS, the Employee and the Company are parties to that certain Stock Subscription Agreement
dated September 29, 2006 (the “Original Subscription Agreement”);

     WHEREAS, under the Original Subscription Agreement, the Company agreed to provide to the
Employee, and the Employee agreed to receive 44,444 shares of the Company’s Class C convertible
preferred shares of beneficial interest, $0.01 par value per share (the “Subscription Shares”) in
exchange for the Employee’s services as an officer of the Company for a prescribed period of time;

     WHEREAS, the Subscription Shares are subject to forfeiture and restricted from being
transferred by the Employee until the completion of a prescribed vesting schedule;

     WHEREAS, as of the Effective Date the Subscription Shares are nonvested, subject to
substantial risk of forfeiture and nontransferable;

     WHEREAS, the Employee and the Company have agreed to amend the Original Subscription Agreement
to extend the period for which the Employee shall provide services to the Company and to postpone
the vesting of the Subscription Shares until the completion of that extended period;

     WHEREAS, the Board of Trustees of the Company has determined that the provisions of this
Amendment, including the extension of the period for which the Employee shall serve as an officer
of the Company and the postponement of the vesting of the Subscription Shares, are in the best
interest of the Company.

          NOW, THEREFORE, in consideration of the mutual covenants herein contained, the parties hereto
agree to amend the Original Subscription Agreement as follows:

          1.     Defined Terms. Capitalized words and phrases not otherwise defined herein shall
have the meanings set forth in the Original Subscription Agreement.

          2.     Extension of the Vesting Period. The last two sentences of Section 1 of the
Original Subscription Agreement are hereby amended and restated in their entirety as follows:

“As consideration for the purchase of Stock, Investor hereby agrees to pay to the
Company the sum of $200,000 (the “Purchase Price”) in the form of services as

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an officer for the three-year period beginning September 29, 2006 and ending
September 29, 2011. The Subscription Shares will be subject to forfeiture and
restricted from being sold by Investor until the later to occur of:

	 	(i)	 	a public offering by the Company sufficient to
liquidate the Subscription Shares,	 
	 
	 	(ii)	 	an exchange of the Company’s existing shares for new
shares, and	 
	 
	 	(iii)	 	September 29, 2011.”	 

          3.     Extension of Forfeiture Period Upon Termination. The last two sentences of Section
3(d) are hereby amended and restated in their entirety as follows:

“If Investor is terminated prior to August 31, 2011, Investor will return a
proportionate number of Subscription Shares. If Investor dies prior to August
31, 2011, the Investor’s estate will not be required to return any Subscription
Shares and the restrictions will no longer apply.”

          4.     Terms of Original Subscription Agreement Ratified and Confirmed. Except as
expressly modified, amended or supplemented by this Amendment, all terms, covenants and conditions
of the Original Subscription Agreement remain unchanged and in full force and effect. The parties
hereto hereby acknowledge that all of the terms, covenants and conditions of the Original
Subscription Agreement, as hereby modified, amended or supplemented by this Amendment, are hereby
ratified and confirmed and shall continue to be and remain in full force and effect throughout the
remainder of the term of the Original Subscription Agreement, and that the Original Subscription
Agreement and this Amendment shall be read and interpreted as if it was one agreement.

          5.     Conflict. In the event of a conflict between the terms and conditions of this
Amendment and the terms and conditions of the Original Subscription Agreement, such conflict shall
be resolved in favor of the terms and conditions of this Amendment and the Original Subscription
Agreement shall be construed accordingly.

          6.     Binding Effect and Counterparts. It is understood and agreed that this Amendment
shall not be binding upon any of the parties hereto until all of the parties hereto shall have
executed and delivered the same. This Amendment may be executed in multiple counterparts, each of
which shall be deemed an original and all of which shall constitute one agreement, and the
signature of any party to any counterpart shall be deemed to be a signature to, and may be appended
to, any other counterpart. Delivery of an executed counterpart of this Amendment by facsimile
shall be equally as effective as delivery of a manually executed counterpart of this Amendment.
Any party delivering an executed counterpart of this Amendment by facsimile also shall deliver a
manually executed counterpart of this Amendment, but failure to deliver a manually executed
counterpart shall not affect the validity, enforceability and binding effect of this Amendment.

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          7.     Governing Law; Amendments. The construction, interpretation, and enforcement of
this Amendment shall be governed by the laws of the State of Ohio, without resort to choice of law
principles. In the event any provision of this Amendment is deemed to be unenforceable under
applicable law, the remaining provisions of this Amendment shall not be affected and shall remain
enforceable unless the effect of the unenforceability of the provision at issue materially alters
the agreement evidenced hereby. This Amendment cannot be changed orally, and can be changed only
by an instrument in writing signed by the party against whom enforcement of such change is sought.

     IN WITNESS WHEREOF, the parties have executed this Amendment as of the Effective Date.

	 	 	 	 	 
	 	PARAGON REAL ESTATE EQUITY AND

INVESTMENT TRUST, a Maryland trust

 	 
	 	   /s/ John J. Dee
 	 
	 	By:  John J. Dee 	 
	 	Its:   Secretary 	 
	 	 	 
	 	   /s/ James C. Mastandrea
 	 
	 	James C. Mastandrea 	 
	 	 	 
	 

3Exhibit 10.1

 

Exhibit 10.1

Separation Agreement and General Release

This Separation Agreement and General Release (this “Agreement”) is entered into on October
19, 2010, by and between Christopher Mengler, R.Ph. (the “Executive”) and Impax Laboratories, Inc.
(the “Company”).

In consideration of the mutual promises, agreements and representations contained herein, and
intending to be legally bound hereby, the Executive and the Company agree as follows:

1. Confirmation of Termination. The Executive’s employment with the Company will
terminate as of October 19, 2010 (the “Termination Date”). The Executive acknowledges that the
Termination Date is the termination date of his employment for purposes of participation in and
coverage under all benefit plans and programs sponsored by or through the Company except as
otherwise set forth in this Agreement. The Executive acknowledges and agrees that the Company
shall not have any obligation to rehire the Executive, nor shall the Company have any obligation to
consider him for employment, after the Termination Date. The Executive agrees that he will not
seek employment with the Company at any time in the future.

2. Resignation. Effective as of the Termination Date, the Executive hereby resigns as
an officer of the Company and any of its affiliates and from any positions held with any other
entities at the direction or request of the Company or any of its affiliates. The Executive agrees
to promptly execute and deliver such other documents as the Company shall reasonably request to
evidence such resignations. In addition, the Executive hereby agrees and acknowledges that the
Termination Date shall be date of his termination from all other offices, positions, trusteeships,
committee memberships and fiduciary capacities held with, or on behalf of, the Company or any of
its affiliates.

3. Termination Benefits. Upon the Executive’s execution and delivery of this
Agreement and failure to revoke it within the time specified in Section 10 below, then, subject to
Section 9 below, the Executive will be entitled to receive the following payments and benefits (the
"Termination Benefits”) from the Company, subject to taxes and all applicable withholding
requirements:

(a) $650,000, to be paid in a lump sum on or before November 30, 2010, which payment
the Executive and the Company believe constitutes a short term deferral within the meaning
of Section 409A of the Internal Revenue Code;

(b) the immediate vesting of those unvested stock options and restricted stock
previously granted to the Executive that are scheduled to vest within 12 months following
the Termination Date, which the Executive acknowledges consists of 26,875 stock options and
10,750 shares of restricted stock;

(c) the right to exercise all vested stock options held by the Executive for six
months following the Termination Date, notwithstanding any provision to the contrary in the
related option agreements; and

 

 

 

(d) for a period of 12 months following the Termination Date, all group life,
disability, hospital, surgical and major medical insurance benefits received by the
Executive immediately prior to the Termination Date.

Notwithstanding anything herein to the contrary, the Executive’s right to receive the Amounts
and Benefits (as defined in the Employment Agreement effective as of January 1, 2010 between the
Company and the Executive (the “Employment Agreement”) shall not be subject to Executive’s
execution and delivery of this Agreement. The Executive acknowledges and agrees that the
Termination Benefits exceed any payment, benefit, or other thing of value to which the Executive
might otherwise be entitled under any policy, plan or procedure of the Company and/or any agreement
between the Executive and the Company, except as provided above.

4. General Releases and Waiver. (a) In consideration of the Termination Benefits,
and for other good and valuable consideration, receipt of which is hereby acknowledged, the
Executive for himself and for his heirs, executors, administrators, trustees, legal representatives
and assigns (collectively, the “Releasors”), hereby releases, remises, and acquits the Company and
its affiliates and all of their respective past, present and future parent entities, subsidiaries,
divisions, affiliates and related business entities, any of their successors and assigns, assets,
employee benefit plans or funds, and any of their respective past and/or present directors,
officers, fiduciaries, agents, trustees, administrators, managers, supervisors, shareholders,
investors, employees, legal representatives, agents, counsel and assigns, whether acting on behalf
of the Company or its affiliates or, in their individual capacities (collectively, the “Releasees”
and each a “Releasee”) from any and all claims, known or unknown, which the Releasors have or may
have against any Releasee arising on or prior to the date of this Agreement and any and all
liability that any such Releasee may have to the Executive, whether denominated claims, demands,
causes of action, obligations, damages or liabilities arising from any and all bases, however
denominated, including (a) any claim under the Age Discrimination in Employment Act of 1967, the
Americans with Disabilities Act of 1990, the Family and Medical Leave Act of 1993, the Civil Rights
Act of 1964, the Civil Rights Act of 1991, Section 1981 of the Civil Rights Act of 1866, the Equal
Pay Act, the Immigration Reform and Control Act of 1986, the Employee Retirement Income Security
Act of 1974, (excluding claims for accrued, vested benefits under any employee benefit or pension
plan of the Company, subject to the terms and conditions of such plan and applicable law), the
Sarbanes-Oxley Act of 2002, all as amended; (b) any claim under the California Fair Employment and
Housing Act and any other provision of the California Labor Law, all as amended; (c) any claim
under any other Federal, state, or local law and any workers’ compensation or disability claims
under any such laws; and (d) any claim for attorneys’ fees, costs, disbursements and/or the like
related to such claims. The foregoing release includes any and all claims arising from or relating
to the Executive’s employment relationship with Company and his service relationship as an officer
of the Company, or as a result of the termination of such relationships. The Executive further
agrees that he will not file or permit to be filed on his behalf any such claim. Notwithstanding
the preceding sentence or any other provision of this Agreement, the foregoing release is not
intended to interfere with the Executive’s right to file a charge with the Equal Employment
Opportunity Commission (“EEOC”) in connection with any claim he believes he may have against any
Releasee. However, by executing this Agreement, the Executive hereby waives the right to recover
in any proceeding he may bring before the EEOC or any state human rights commission or in any
proceeding brought by the EEOC or any state human rights commission on his behalf. The

 

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foregoing release is for any relief, no matter how denominated, including injunctive relief,
wages, back pay, front pay, compensatory damages, or punitive damages; provided, however, that the
release shall not apply to (i) the obligation of the Company to provide the Executive with the
Amounts and Benefits and the Termination Benefits; (ii) the Executive’s rights to indemnification
from the Company or rights to be covered under any applicable insurance policy with respect to any
liability the Executive incurred or might incur as an employee, officer or director of the Company
including the Executive’s rights under Section 8 of the Employment Agreement; (iii) any right
Executive may have to be defended from, and to be indemnified for, any costs of defense against any
claim or action, by a private or governmental agency or party, arising from or related to the
Executive’s service with the Company, or any events transpiring or actions taken during or related
to the Executive’s period of service with the company, whether such actions were by the Executive
or others; or (iv) any right the Executive may have to obtain contribution as permitted by law in
the event of entry of judgment against the Executive as a result of any act or failure to act for
which the Executive, on the one hand, and Company or any other Releasee, on the other hand, are
jointly liable.

(b) In consideration of the Executive’s general release, and for other good and valuable
consideration, receipt of which is hereby acknowledged, the Company hereby releases, remises, and
acquits the Executive from any and all claims, known or unknown, which the Company has or may have
against the Executive arising on or prior to the date of this Agreement (including any claim for
recovery of a portion of Executive’s hiring bonus pursuant to the Company’s offer of employment
dated November 12, 2008) and any and all liability that the Executive may have to the Company,
whether denominated claims, demands, causes of action, obligations, damages or liabilities arising
from any and all bases, however denominated.

5. Continuing Covenants of Executive. The Executive acknowledges and agrees that he
remains subject to the provisions of Section 7 of the Employment Agreement, which shall remain in
full force and effect for the periods set forth therein.

6. Additional Covenant of the Company. The Company agrees to take such steps as may
reasonably be required to enable the Executive to retain for his personal use the mobile telephone
number (845) 216-1596.

7. Heirs and Assigns. The terms of this Agreement shall be binding upon and inure to
the benefit of the parties named herein and their respective successors and permitted assigns.

8. Miscellaneous. This Agreement will be construed and enforced in accordance with
the laws of the State of Delaware without regard to the principles of conflicts of law. If any
provision of this Agreement is held by a court of competent jurisdiction to be illegal, void or
unenforceable, such provision shall have no effect; however, the remaining provisions will be
enforced to the maximum extent possible. The parties acknowledge and agree that, except as
otherwise set forth herein, this Agreement constitutes the complete understanding between the
parties with regard to the matters set forth herein and, except as otherwise set forth herein,
supersedes any and all agreements, understandings, and discussions, whether written or oral,
between the parties. No other promises or agreements are binding unless in writing and signed by
each of the parties after the Agreement Effective Date (as defined below). Should any provision of
this Agreement require interpretation or construction, it is agreed by the parties that the entity interpreting or construing this Agreement shall not apply a presumption against one
party by reason of the rule of construction that a document is to be construed more strictly
against the party who prepared the document.

 

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9. Knowing and Voluntary Waiver. The Executive acknowledges that he: (a) has
carefully read this Agreement in its entirety; (b) has had an opportunity to consider it for at
least 21 days; (c) is hereby advised by the Company in writing to consult with an attorney of his
choosing in connection with this Agreement; (d) fully understands the significance of all of the
terms and conditions of this Agreement and has discussed them with his independent legal counsel,
or had a reasonable opportunity to do so; (e) has had answered to his satisfaction any questions he
has asked with regard to the meaning and significance of any of the provisions of this Agreement
and has not relied on any statements or explanations made by any Releasee or their counsel; (f)
understands that he has seven days within which to revoke this Agreement (as described in Section
10) after signing it and (g) is signing this Agreement voluntarily and of his own free will and
agrees to abide by all the terms and conditions contained herein.

10. Effective Time of Agreement. The Executive may accept this Agreement by signing
it and delivering it to the Company within 21 days of his receipt hereof. After executing this
Agreement, the Executive will have seven days (the “Revocation Period”) to revoke this Agreement by
indicating his desire to do so in writing delivered to the Company by no later than 5:00 p.m. EST
on the seventh day following the date on which he executes and delivers this Agreement. The
effective date of this Agreement shall be the eighth day after the Executive executes and delivers
this Agreement (the “Agreement Effective Date”). If the last day of the Revocation Period falls on
a Saturday, Sunday or holiday, the last day of the Revocation Period will be deemed to be the next
business day. If the Executive does not execute this Agreement or exercises his right to revoke
hereunder, he shall forfeit his right to receive any of the Termination Benefits, and to the extent
such Termination Benefits have already been provided, the Executive agrees that he will immediately
reimburse the Company for the amounts of such payment.

IN WITNESS WHEREOF, the parties have duly executed this Agreement as of the date first set
forth above.

	 	 	 	 	 
	 	IMPAX LABORATORIES, INC.

 	 
	 	By:  	/s/ Arthur A. Koch
 	 
	 	 	Senior Vice President, Finance 	 
	 	 	 	 
	 
	 	 	 
	 	     /s/ Christopher Mengler
 	 
	 	Christopher Mengler, R.Ph. 	 
	 	 	 
	 

 

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