Document:

exv10w1

 

EXHIBIT 10.1

Amendment No. 1 to Employment Agreement dated September 22, 2005,

by and between Home Products International, Inc. and F. Randall Chambers.

 

 

AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT

     THIS AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT (“Amendment No. 1”) is made and entered into
as of this 22d day of September, 2005, by and between Home Products International, Inc., a Delaware
corporation (the “Company”), and F. Randall Chambers (the “Executive”). Capitalized terms used and
not otherwise defined herein shall have the meanings ascribed to them in the Employment Agreement
dated January 3, 2005, by and between the Company and Executive (the “Employment Agreement”).

     WHEREAS, in connection with the termination of Executive’s employment with the Company
pursuant to Section 4.02 of the Employment Agreement, the Executive and the Company desire to amend
subsections (c) and (d) of said Section 4.02;

     NOW THEREFORE, in consideration of the premises and of the mutual covenants and agreements
hereinafter set forth, the parties hereto acknowledge and agree as follows:

     1. Sections 4.02(c) and 4.02(d) of the Employment Agreement are amended to read in their
entirety as follows:

    “(c) upon execution and delivery by Executive of the form of Release attached hereto as
Exhibit B, and the expiration of the seven-day revocation period provided in said
Release, without revocation of said Release by Executive:

        (i) the Company shall pay to Executive a severance payment equal to $195,000 in
the aggregate, payable over eighteen (18) months beginning on the Termination Date
in regular installments in accordance with the Company’s general payroll practices
for salaried employees; and

        (ii) if Executive elects COBRA continuation coverage, the Company shall
maintain for Executive and his eligible family members, until the earlier of (A)
the eighteen (18) month anniversary of the Termination Date or (B) such time as
Executive shall obtain employment or other engagement offering comparable or better
medical insurance coverage, medical insurance coverage that is the same as or
comparable to the coverage to which he was entitled immediately preceding the
Termination Date, at a cost to Executive no greater than the normal active employee
premiums at such time;

    (d) notwithstanding anything to the contrary in the Stock Option Plan, all vested and
unvested options granted to Executive under the Stock Option Plan will automatically be
cancelled without any payment or other notice to Executive, and Executive shall have no
interest of any kind in respect of the capital stock of the Company;”

     2. Miscellaneous. The provision of “Part Six – Miscellaneous” of the Employment
Agreement are incorporated herein by reference thereto as applicable hereto.

 

 

     IN WITNESS WHEREOF, the parties hereto have caused this Amendment No.1 to be duly executed as
of the date first hereinabove written.

	 	 	 	 	 
	 	HOME PRODUCTS INTERNATIONAL, INC.

 	 
	 	By:  	/s/ Douglas S. Ramsdale
 	 
	 	 	Douglas S. Ramsdale	 
	 	 	Chief Executive Officer 	 
	 
	 	EXECUTIVE:

 	 
	 	/s/ F. Randall Chambers
 	 
	 	F. Randall Chambersexv10w6

 

Exhibit 10.6

FIRST AMENDMENT

TO EMPLOYMENT AGREEMENT

     This first Amendment (the “Amendment”) to that certain Agreement (as that term is defined
below) is entered into as of September 7, 2005 by and between Grubb & Ellis Company, a Delaware
corporation having an address at 2215 Sanders Road, Suite 400, Northbrook, IL 60062 (the “Company”)
and Robert H. Osbrink (“Executive”).

     WHEREAS, the Company and Executive entered into that certain executive employment agreement
dated as of January 1, 2004 (the “Agreement”); and

     WHEREAS, each of Executive and the Company desire to amend the Agreement and modify certain of
its terms in accordance with the provisions of this Amendment.

     NOW THEREFORE, in consideration of each party’s undertakings, promises and covenants set forth
in this Amendment, and for other good and valuable consideration, the receipt and sufficiency of
which is hereby acknowledged, the parties hereto agree as follows:

     1. Section 2 of the Agreement is hereby amended by deleting the following two sentences in
their entirety:

     “Executive’s principal place of employment shall be, at the discretion of the
Company, either Newport Beach, California or, the Chicago, Illinois metropolitan
area. In the event that the Company provides written notice (the “Relocation
Notice”) to Executive to re-locate his principal place of business to the Chicago,
Illinois metropolitan area, Executive shall do so and shall also relocate his
principal place of residence to the Chicago, Illinois metropolitan area, subject
to the provisions of Section 4(b) and Section 5(b) below.”

     Section 2 of the Agreement shall remain unchanged in all other respects.

     2. Section 3(b) of the Agreement is hereby amended by changing the reference to “. . . calendar
year 2004 . . .” in the third sentence of such Section to “. . . calendar year 2005. . . .”
Section 3(b) of the Agreement shall remain unchanged in all other respects.

     3. Section 3 of the Agreement is hereby amended to add the new following Section 3(d) to the
Agreement:

     “(d) In accordance with the terms and conditions of that certain Restricted
Share Agreement in the form annexed hereto as Exhibit III (the “Restricted
Share Agreement”), Executive shall receive such number of restricted shares of the
Company’s common stock (the “Restricted

 

 

Shares”) that is equal to Two Hundred and Fifty Thousand Dollars
($250,000) divided by the closing price of the Company’s common stock on the
trading day immediately preceding the date on which the Restricted Share Agreement
is actually entered into by the parties (the “Fair Market Value”), rounded up to
the nearest whole share of common stock. As provided in the Restricted Share
Agreement, all of the Restricted Shares shall vest upon a “Change in Control” (as
that term is defined in Section 8(f) below). In the event that Executive is
terminated by the Company in accordance with Section 8(d) below, or Executive
terminates this Agreement in accordance with Section 8(e) below, or Executive’s
employment hereunder is terminated pursuant to Section 8(b) or Section 8(c) below,
all of the Restricted Shares shall nonetheless continue to vest in accordance with
the Restricted Share Agreement. Except in the event of a Change in Control, none
of the Restricted Shares shall vest until December 29, 2007 (the “Vesting Date”).
Accordingly, notwithstanding anything contained herein to the contrary, in the
event that (i) this Agreement is in full force and effect on the Vesting Date, or
(ii) (A) Executive’s employment is terminated as a result of Executive’s
incapacity under Section 8(b) below, (B) Executive’s employment is terminated as a
result of Executive’s death under Section 8(c) below, (C) Executive is terminated
by the Company in accordance with Section 8(d) below, or (D) Executive terminates
this Agreement in accordance with Section 8(e) below, all of the Restricted Shares
shall vest as the Vesting Date. The Restricted Shares shall otherwise be subject
to all of the terms and conditions set forth in the Restricted Share Agreement.
Executive shall have the right to receive the Restricted Shares, subject to the
terms of this Agreement and the Restricted Share Agreement, upon the full
execution and delivery of the Restricted Share Agreement by the parties.”

     4. Section 4(b) of the Agreement is hereby amended by deleting the following two (2)
sentences in their entirety:

     “In addition, in the event that the Executive is given the Relocation Notice
by the Company, the Company shall reimburse Executive for his documented,
customary and reasonable re-location expenses, up to an aggregate of $250,000, in
connection with moving his principal residence from Newport Beach, California to
the Chicago, Illinois metropolitan area. Such documented, reasonable re-location
expenses shall include, without limitation, living expenses in the Chicago,
Illinois metropolitan area for Executive and his spouse while searching for a new
residence, up to three (3) trips for Executive’s spouse to the Chicago, Illinois
metropolitan area to assist Executive in his search for a new residence in the
Chicago, Illinois metropolitan area, moving costs (including automobiles) of
Executive’s personal and household effects, and certain decorating costs (such as
painting, carpeting, drapes, etc. but not furniture).”

     The remainder of Section 4(b) shall remain unchanged.

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     5. Section 5(a) of the Agreement is amended by deleting the initial clause of the first sentence of
such Section, specifically, “Subject to the provisions of Section 5(b) below . . .” and starting
such sentence with the word “The” immediately following such clause. In addition, Section 5(b)
shall be deleted in its entirety. Accordingly, Section 5(a) shall now become Section 5, and shall
read as follows:

     “The term of Executive’s employment hereunder shall commence on January 1,
2004 and shall terminate four (4) years from the date first set above, on December
31, 2007, or such earlier time in accordance with Section 8 hereof. This
Agreement may be extended beyond December 31, 2007 upon the mutual written
agreement of the parties hereto.”

     6. Exhibit I annexed to the Agreement is amended by deleting the following sentence in its
entirety:

     “$300,000 (75% of Executive’s Base Compensation), subject to increase or
decrease in accordance with the criteria set for below.”

and replacing it with the following sentence:

     “$400,000 (100% of Executive’s Base Compensation), subject to increase or decrease in
accordance with the criteria set forth below.”

     7. Except as expressly set forth here to the contrary, all capitalized terms set
forth herein shall have the same meaning as ascribed to them in the Agreement.

     8. Except as expressly modified herein, all terms and provisions of the Agreement shall remain
unchanged and in full force and effect. In the event and to the extent there is an inconsistency
between the terms and provisions of this Amendment, the terms and provisions of the Agreement, the
terms and provisions of this Amendment shall govern.

     9. This Amendment may not be modified in any respect except by an instrument in writing signed
by all of the parties hereto. This Amendment may be executed in any number of original or
facsimile counterparts, each of which shall be deemed an original, but all which when taken
together shall constitute one and the same instrument.

     10. This Amendment shall be governed by, construed and enforced in accordance with the
internal laws of the State of Illinois, without giving reference to principles of conflict of laws.
Any dispute or controversy arising under, out of, in connection with or in relation to this
Amendment shall be finally determined and settled by arbitration. Arbitration shall be initiated
by one party making written demand upon the other party and simultaneously filing the demand
together with required fees in the office of the American Arbitration Association in Chicago,
Illinois. The arbitration proceeding shall be conducted in Chicago, Illinois by a single arbitrator in accordance

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     with the Expedited Procedures of the Employment Dispute Resolution Rules required by the arbitrator.
Except as required by the arbitrator, the parties shall have no obligation to comply with discovery
requests made in the arbitration proceeding. The arbitration award shall be a final and binding
determination of the dispute and shall be fully enforceable as an arbitration award in any court
having jurisdiction and venue over such parties.

[Remainder of Page Intentionally Left Blank]

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     IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the date first set
above.

	 	 	 	 	 
	 
	 	/s/ Robert H. Osbrink
	 
	 	 
	 
	 	ROBERT H. OSBRINK
	 
	 	 	 	 
	 
	 	GRUBB & ELLIS COMPANY
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Mark E. Rose
	 

	 	 	 	 
	 

	 	 	 	Name: Mark E. Rose

Title: Chief Executive Officer

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