Document:

Exhibit 10.1

 

FOURTH
AMENDMENT

of
the

EMPLOYMENT
AGREEMENT

between

THOMAS
C. PRENDERGAST

and

HERITAGE
PROPERTY INVESTMENT TRUST, INC.

 

This agreement (the “Agreement”), dated this
30th day of December, 2005, is by and between Heritage Property
Investment Trust, Inc., a corporation organized under the laws of the
State of Maryland and having its principal place of business at 131 Dartmouth
Street, Boston, Massachusetts 02116 (the “Company”), and Thomas C. Prendergast,
an individual currently residing at 62 Jack Pine Drive, Sudbury, Massachusetts
01776 (the “Executive”):

 

WITNESSETH
THAT:

 

WHEREAS,
the Executive and the Company have heretofore entered into an employment
agreement, dated as of July 9, 1999 (the “Employment Agreement”);

 

WHEREAS,
the Employment Agreement may be amended by a written instrument signed by the
Executive and a duly authorized representative of the Board of Directors of the
Company;

 

WHEREAS,
the Company and the Executive have previously amended the Employment Agreement
by their written agreements dated April 3, 2000, February 1, 2001 and
July 24, 2002;

 

WHEREAS, the Company and the Executive desire and intend to further amend the Employment Agreement as provided herein, to reflect and document certain additional agreements of the parties relating to the compensation of the Executive which are based on the decisions of the Company’s Board of Directors upon the recommendation of the Compensation Committee of the Board;
 
NOW, THEREFORE, the Company and the Executive hereby agree that the Employment Agreement shall be and is hereby amended to modify provisions thereof as follows.  The provisions of this instrument shall supersede and take precedence over any provision of the Employment Agreement, as heretofore amended, which is in conflict therewith.
 
1.                                      Appendix B of the Employment Agreement is amended to add the following sentence to the end of Appendix B:  “Notwithstanding anything to the contrary contained in this Appendix B or the Employment Agreement, the Executive shall not be entitled to receive, and the Company shall not be required to pay, any Tax Offset Payments with respect to the issuance or exercise of stock options, including any stock options issued pursuant to Sections 4(a) or 5(b) of the Employment Agreement, irrespective of the date of issuance or exercise of such stock options.
 
2.                                      In consideration for the Executive’s agreement to the amendment provided in Section 1 of this Agreement, the Company shall pay to the Executive the sum of $6,400,000 in cash on or about December 30, 2005; provided, however, that the cash payment provided to the Executive pursuant to this Section 2 shall not be considered Compensation under the Company’s Supplemental Executive Retirement Plan, of which the Executive is a participant.
 
3.                                       Except as hereinabove specifically amended, all provisions of the Employment Agreement, as heretofore amended, shall continue in full force and effect.
 
[Remainder of Page Intentionally Left Blank]
 

 
IN WITNESS WHEREOF, and intending to be legally bound hereby, the parties hereto have caused this Agreement to be duly executed under seal as of the date first above written.
 

	HERITAGE PROPERTY INVESTMENT                    THOMAS C. PRENDERGAST

	TRUST, INC.
	 

	 
	 

	By:
	/s/ Robert J. Watson
	 
	/s/
	Thomas C. Prendergast
	 

	 
	Robert J. Watson,
	 
	Thomas C. Prendergast

	 
	Chairman, Compensation CommitteeExhibit 10.23

 

PURCHASE AND SALE AGREEMENT

(Membership Interests)

 

This Purchase and Sale Agreement (this “Agreement”) is made as of this
26th day of December, 2005 by and between Inland American Acquisitions, Inc.,
a Delaware corporation (“Seller”) and Minto Builders (Florida), Inc., a
Florida corporation (“Purchaser”).

 

RECITALS

 

A.                                   Seller is the sole member of and owns all of
the Membership Interest (the “GP Membership Interest”) of Inland American
Pearland Silverlake Village GP, L.L.C., a Delaware limited liability company (“GP”).

 

B.                                     Seller is the sole member of and owns all of
the Membership Interest (the “LP Membership Interest”) of Inland American
Pearland Silverlake Village LP, L.L.C., a Delaware limited liability company (“LP”).  The GP Membership Interests and the LP
Membership Interests are hereinafter collectively referred to as the “Membership
Interests.”

 

C.                                     Collectively, GP and LP own all the
partnership interests in A-S 68 Hwy 288-Silver Lake, LP., a Texas limited
partnership (the “Partnership”).  The
Partnership owns that certain property described as the Cinemark 12 Pearland
located in Pearland, Texas.

 

D.                                    Seller desires to sell and Purchaser desires
to purchase all of the Membership Interest.

 

NOW THEREFORE, in consideration of the foregoing and for other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:

 

1.                                       Purchase and Sale.  Subject to the terms and conditions of this
Agreement, the Seller hereby agrees to sell and assign to Purchaser all of the
Membership Interests in and to the LP and GP. Subject to the terms and
conditions of this Agreement, Purchaser hereby agrees to purchase from Seller
all of the Membership Interests in and to the GP and LP.

 

2.                                       Purchase Price.  At
closing, Purchaser agrees to pay Seller a purchase price of $9,278,968.70 plus
or minus prorations at closing.

 

 

3.                                       Closing.  Closing shall occur through an
escrow at Chicago Title & Trust Company, Chicago, Illinois on December 28,
2005.

 

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

 

 

	
  SELLER:

  	
  PURCHASER:

  
	
   

  	
   

  
	
  Inland American
  Acquisitions, Inc.

  	
   

  	
  Minto Builders (Florida), Inc.

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ Karen M Kautz

  	
   

  	
  By:

  	
  /s/ Debra A. Palmer

  	
   

  
	
   

  	
   

  
	
  Name:

  	
  Karen M Kautz

  	
   

  	
  Name:

  	
  Debra A. Palmer

  	
   

  
	
   

  	
   

  
	
  Its:

  	
  Vice President

  	
   

  	
  Its:

  	
  Assistant Secretary

  	
   

  
									

 

2Exhibit 10.24

 

ASSIGNMENT
AND ASSUMPTION

OF
PURCHASE AND SALE AGREEMENT

 

This ASSIGNMENT AND ASSUMPTION, OF PURCHASE AND SALE AGREEMENT (this “Assignment”)
is made and entered into this 23rd day of September, 2005 by Inland
Real Estate Acquisitions, Inc., an Illinois Corporation, (“Assignor”), and
Inland American Pearland Silverlake Village GP, L.L.C., a Delaware limited
liability company and Inland American Silverlake Village LP, L.L.C., a Delaware
limited Liability company (collectively the “Assignee”).

 

RECITALS

 

A.                                   Assignor and the various entities designated
therein as sellers have previously entered into that certain Purchase and Sale
Agreement dated as of May 18, 2005 (the “Purchase Agreement”), relating to
the sale, inter alia, of the equity interests in the entity that owns a certain
property commonly known as the Cinemark-12 located in the City of Pearland,
Texas (the “Property”).

 

B.                                     Assignor desires to assign an interest in and
to the Purchase Agreement to Assignee upon the terms and conditions contained
herein.

 

NOW, THEREFORE, in consideration of the receipt of Ten and 00/100
Dollars ($10.00) and other good and valuable consideration in hand paid by
Assignee to Assignor, the receipt and sufficiency of which are hereby
acknowledged by Assignor, the parties hereby agree as follows:

 

1.                                       Recitals.  The foregoing recitals are, by
this reference, incorporated into the body of this Assignment as if the same
had been set forth in the body hereof in their entirety,

 

2.                                       Assignment and Assumption. 
Assignor hereby assigns, conveys, transfers, and sets over to Assignee
all of Assignor’s right, title, and interest in and to the Purchase Agreement
with respect to the acquisition of the equity interests in the entity that
currently owns the Property.  Assignee hereby
accepts the foregoing Assignment and assumes, and agrees to perform, all
duties, obligations, liabilities, indemnities, covenants, and agreements of
Assignor set forth in the Purchase Agreement with respect to the acquisition of
the equity interests in the entity that currently owns the Property.

 

3.                                       Counterparts.  This
document may be executed in any number of counterparts, each of which may be
executed by any one or more of the parties hereto, but all of which must
constitute one instrument and shall be binding and effective when all parties
hereto have executed at least one counterpart.

 

4.                                       Successors.  This Assignment shall be
binding upon and for the benefit of the parties hereto and their respective
Successors and Assigns.

 

 

IN WITNESS WHEREOF, Assignor and Assignee have caused this Assignment
to be executed as of the day and year first written above.

 

 

	
  ASSIGNOR:

  
	
   

  
	
  INLAND REAL ESTATE ACQUISITIONS, INC.,

  
	
  An Illinois Corporation

  
	
   

  
	
   

  
	
  By:

  	
  /s/ Karen Kautz

  	
   

  
	
  Name:

  	
  Karen Kautz

  	
   

  
	
  Title:

  	
  Sr. Vice President

  	
   

  
	
   

  
	
   

  
	
  ASSIGNEE:

  
	
   

  
	
  By:

  	
  Inland American Pearland Silverlake Village
  GP, L.L.C.,

  
	
   

  	
  a Delaware limited liability company, its
  general partner

  
	
   

  
	
  By:

  	
  Inland American Acquisitions, Inc.,

  
	
   

  	
  a Delaware corporation, its sole member

  
	
   

  
	
   

  	
  By:

  	
  /s/ Karen Kautz

  	
   

  
	
   

  	
  Name:

  	
  Karen Kautz

  	
   

  
	
   

  	
  Title:

  	
  Sr. Vice President

  	
   

  
	
   

  
	
   

  
	
  By:

  	
  Inland American Pearland Silverlake Village
  LP, L.L.C.,

  
	
   

  	
  a Delaware limited liability company, its general partner

  
	
   

  
	
  By:

  	
  Inland American Acquisitions, Inc.,

  
	
   

  	
  a Delaware corporation, its sole member

  
	
   

  
	
   

  	
  By:

  	
  /s/ Karen Kautz

  	
   

  
	
   

  	
  Name:

  	
  Karen Kautz

  	
   

  
	
   

  	
  Title:

  	
  Sr. Vice President

  	
   

  
								

 

2

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