Document:

Exhibit
10.5

 

FIRST AMENDMENT TO AMENDED AND
RESTATED LEASE AGREEMENT

 

THIS
FIRST AMENDMENT TO AMENDED AND RESTATED LEASE AGREEMENT (this “Amendment”) is made and
entered into as of June 23, 2004 by and among each of the parties identified on
the signature page hereof as landlord, as landlord (collectively, “Landlord”),
and FIVE
STAR QUALITY CARE TRUST, a Maryland business trust, as tenant (“Tenant”).

 

W  I  T
N  E  S  S  E  T  H:

 

WHEREAS, pursuant to the terms of that certain
Amended and Restated Lease Agreement, dated as of March 1, 2004, as amended by
that certain Partial Termination and Amendment of Lease Agreement, dated as of
April 19, 2004 (as so amended, the “Consolidated Lease”), Landlord
leases to Tenant, and Tenant leases from Landlord, the Property (this and other
capitalized terms used but not otherwise defined herein having the meanings
given such terms in the Consolidated Lease), all as more particularly described
in the Consolidated Lease; and

 

WHEREAS, SPTIHS
Properties Trust has acquired certain real property and related improvements in
St. Joseph, Missouri known as Beverly Manor and located on the land which is
more particularly described on Exhibit A attached hereto (the “Additional
Property”); and

 

WHEREAS,
SPTIHS Properties Trust, the other entities comprising Landlord and Tenant wish
to further amend the Consolidated Lease to include the Additional Property;

 

NOW,
THEREFORE, in
consideration of the mutual covenants herein contained and other good and
valuable consideration, the mutual receipt and legal sufficiency of which are
hereby acknowledged, Landlord and Tenant hereby agree as follows:

 

1.             Effective
as of the date hereof, Exhibit A-31 of the Consolidated Lease is hereby deleted
in its entirety and replaced with Exhibit A attached hereto.

 

2.             Effective
as of May 1, 2004, the definition of “Minimum Rent” set forth in
Section 1.67 of the Consolidated Lease is hereby amended by deleting the
existing definition and replacing it with the following definition:

 

“Minimum Rent”
shall mean Seventeen Million Eight Hundred Eighty Thousand Two Hundred
Sixty-Nine Dollars ($17,880,269) per annum.

 

 

3.             Effective
as of May 1, 2004, Tenant shall pay all Additional Rent and Additional Charges
related to the Property described on Exhibit A attached hereto as if such
Property had been included as part of the Leased Property as of May 1, 2004.

 

4.             Provided
that no Event of Default shall have occurred and be continuing under the
Consolidated Lease and Tenant shall otherwise comply with the applicable
provisions of Article 6 of the Consolidated Lease, Landlord agrees to
provide Tenant with an allowance of up to $200,000 (the “Allowance”) to
pay for capital repairs and improvements to the Additional Property.  Tenant shall provide Landlord with
appropriate invoices and such other documentation and information as Landlord
shall reasonably request each time Tenant requests a disbursement of all or any
portion of the Allowance.  There shall
be no adjustment of Minimum Rent in connection with any such disbursement of
the Allowance to Tenant.  If Tenant
incurs any amounts in excess of $200,000 in connection with any capital repairs
or improvements to the Additional Property, Tenant shall pay for all such
amounts in excess of $200,000 at Tenant’s sole cost and expense; provided,
however, that nothing contained in this paragraph shall impair or otherwise
limit Tenant’s right to require Landlord to disburse such amounts subject to an
adjustment in Minimum Rent, all as further described in the Consolidated Lease.

 

5.             As
amended hereby, the Consolidated Lease is hereby ratified and confirmed.

 

 

[Signatures on following page.]

 

 

2

 

IN
WITNESS WHEREOF,
Landlord and Tenant have caused this Amendment to be duly executed, as a sealed
instrument, as of the date first set forth above.

 

	
   

  	
  LANDLORD:

  
	
   

  	
   

  
	
   

  	
  ELLICOTT CITY LAND I LLC, ELLICOTT CITY LAND II LLC, HRES2
  PROPERTIES TRUST, SNH CHS PROPERTIES TRUST, SPTIHS PROPERTIES TRUST,
  SPT-MICHIGAN TRUST, and
  SPTMNR
  PROPERTIES TRUST

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John R. Hoadley

  	
   

  
	
   

  	
   

  	
  John R. Hoadley

  
	
   

  	
   

  	
  Treasurer of each of
  the foregoing entities

  
	
   

  	
   

  	
   

  
	
   

  	
  TENANT:

  
	
   

  	
   

  	
   

  
	
   

  	
  FIVE STAR QUALITY CARE TRUST

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Bruce J. Mackey Jr.

  	
   

  
	
   

  	
   

  	
  Bruce J. Mackey Jr.

  
	
   

  	
   

  	
  Treasurer

  

 

3

 

EXHIBIT
A

 

THE ADDITIONAL
LAND

 

[See attached
legal description]

 

The
following exhibit to the Amendment has been omitted:

 

	
  Exhibit

  	
   

  	
  Exhibit
  Title

  
	
  A

  	
   

  	
  The Additional Land

  

 

The
Registrant agrees to furnish supplementally a copy of the foregoing omitted
exhibit to the Securities and Exchange Commission upon request.Exhibit 10.1

	
  

  	
  National Equipment Services, Inc.
8770 West Bryn Mawr, 4th Floor,

  Chicago, IL 60631

  Ph: 773.695.3999  Fax: 773.714.0538

  www.nesrentals.com

  

  

 

May 25, 2004

 

Mr. Andrew P. Studdert

2844 Blackhawk Road

Wilmette, IL 60091

 

Dear Andy:

 

This letter will conform the discussions we have had, and the agreement
we have reached concerning the terms of your employment as President and Chief
Executive Officer of National Equipment Services, Inc.  Your signature to this letter acknowledges
acceptance and agreement to the provisions and terms outlined herein.

 

•                       As we
discussed, the position of President and CEO will report to the Board of
Directors of NES.  You will be elected a
Director of NES upon your appointment as CEO.

 

•                       The annual
salary for the position will be $400,000. 
Your salary for the remainder of 2004 will be paid at that annual
rate.  We have agreed that your official
start date will be June 1, 2004.

 

•                       Your annual
incentive cash bonus will be 87.5% of your salary.  In 2004 the bonus will be based upon a potential award of
$210,000.  The performance criteria for
75% of this amount will be based upon achievement of established goals, and the
remaining 25% will be paid at the discretion of the Board.  In subsequent years, the incentive bonus
will be based upon a similar establishment and weighting of objectives and
goals.

 

•                       The Board
has granted you an option effective June 1, 2004 to purchase 500,000
shares of NES stock at $10 per share. 
Twenty five percent of the options will vest in each of your first two
years of employment, vesting on a quarterly basis.  The remaining 50% will cliff vest annually in equal installments
in years 3-5.  In the event of change of
ownership or control, all outstanding options will vest immediately.

 

•                       As an
employee of NES, you will receive five weeks of vacation annually.  For the balance of 2004, you will be
entitled to three weeks of vacation. 
Vacation usage and accrual will follow typical employee benefit
procedures.

 

•                       You will be
covered and entitled to participate in all NES employee benefit plans.  Eligibility will be governed by individual
plan provisions.  For your information,
the medical/dental program requires completion of a 60 day waiting period upon
commencement of your employment beginning June 1, 2004.

 

 

•                       In the
unlikely termination of your employment for any reason other than misfeasance,
malfeasance, or voluntary resignation, you will receive one year of salary as
severance and applicable benefits coverage for that period of time.

 

Andy, I am delighted to represent the Board in welcoming you to
NES.  We believe that with your
leadership and integrity the organization will be truly successful.

 

If you are in agreement with these terms, please sign below, retaining
a copy for your files.

 

Sincerely,

 

	
  /s/ John P. Neafsey

  	
   

  	
  /s/ Andrew P. Studdert

  
	
  John P. Neafsey

  Chairman, NES Board of Directors

  	
   

  	
  Andrew P. Studdert

  
	
   

  	
   

  
	
   

  	
   

  	
  Date:

  	
  5/26/04

  

 

 

	
  

  	
  NES Rentals
  Holdings, Inc.

  
	
  8770 W. Bryn Mawr, 4th Floor

  
	
  Chicago, IL 60631

  
	
  PH: (773)695-3999

  
	
  FX: (773) 714-0538

  

 

 

August 11,
2004

 

Mr. Andrew P.
Studdert

2844 Blackhawk
Road

Wilmette,
Illinois  60091

 

Dear Andy:

 

This letter
will confirm the changes to the terms of your employment as President and Chief
Executive Officer of NES Rentals Holdings, Inc. as originally reflected in your
letter of May 25, 2004.  Your signature
to this letter acknowledges acceptance and agreement to the provisions and
terms outlined herein.  The fourth
bullet point of the first letter is hereby amended by replacing the existing
provision in its entirety with the following paragraph:

 

•                  The Board has
granted you an option effective August 11, 2004 to purchase 500,000 shares of
NES stock at $7.80 per share.  Twenty
percent of the options will vest immediately, and twenty percent shall vest at
the end of each of the next four succeeding years of employment, vesting on an
annual basis.  In the event of a change
of ownership or control, all outstanding options will vest immediately.

 

If you are in
agreement with these terms, please sign below, retaining a copy for your files.

 

Sincerely,

 

 

	
  /s/ John P.
  Neafsey

  	
   

  	
  /s/ Andrew
  P. Studdert

  	
   

  
	
  John P.
  Neafsey

  	
  Andrew P.
  Studdert

  
	
  Chairman,
  NES Board of Directors

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Date:

  	
     August
  11, 2004

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