Document:

ck0001698538-ex1010_271.htm

Exhibit 10.10

 

AMENDMENT NO. 1 TO THE THIRD AMENDED AND RESTATED

LIMITED PARTNERSHIP AGREEMENT

OF

SSSHT OPERATING PARTNERSHIP, L.P.

 

In accordance with Article 11 of the Third Amended and Restated Limited Partnership Agreement dated May 1, 2018 (the “Partnership Agreement”) of SSSHT Operating Partnership, L.P. (the “Partnership”), the Partnership Agreement is hereby amended by this Amendment No. 1 thereto (this “Amendment”) to revise certain definitions in connection with the incentive provisions in Section 5.2 of the Partnership Agreement.  Capitalized terms used and not otherwise defined herein shall have the meanings set forth in the Partnership Agreement.

WHEREAS, Sections 5.2(c) and 5.2(e) of the Partnership Agreement provide for incentive distributions payable to the Special Limited Partner under certain circumstances which were intended to be equivalent to the Net Sale Proceeds payable to the Special Limited Partner pursuant to Section 5.2(b) of the Partnership Agreement;

WHEREAS, the calculation of the Subordinated Incentive Listing Distribution and Subordinated Distribution Due Upon Extraordinary Transaction do not currently operate in a manner consistent with the calculation of Net Sale Proceeds;

WHEREAS, the parties hereto desire to revise the definitions of Subordinated Distribution Due Upon Extraordinary Transaction and Subordinated Incentive Listing Distribution by entering into this Amendment.

NOW THEREFORE, in consideration of the mutual covenants contained herein, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:

Section 1.  Amendments to Defined Terms

	
The following definitions are hereby revised and restated defined terms in the 
	
Partnership Agreement:

Subordinated Distribution Due Upon Extraordinary Transaction means 15% of the amount by which (i) the Transaction Amount (plus the amount payable pursuant to Section 5.2(e) hereof), plus the total of all Distributions paid to Common Stockholders (excluding any stock dividends and Distributions paid on REIT Shares redeemed by the General Partner) from the General Partner’s inception until the date that Transaction Amount is determined, exceeds (ii) the sum of (A) Invested Capital and (B) the total Distributions required to be paid to Common Stockholders in order to pay the Stockholders’ 6% Return from inception through the date Transaction Amount is determined.

Subordinated Incentive Listing Distribution means 15% of the amount by which (i) the Market Value (plus the amount payable pursuant to Section 5.2(c) hereof), plus the total of all Distributions paid to Common Stockholders (excluding any stock dividends and Distributions paid on REIT Shares redeemed by the General Partner) from the General Partner’s inception until the date that Market Value is determined, exceeds (ii) the sum of (A) Invested Capital and (B) the total Distributions required to be paid to Common Stockholders in order to pay the Stockholders’ 6% Return from inception through the date Market Value is determined.  

Section 2.  Continuation of Partnership Agreement

The Partnership Agreement and this Amendment shall be read together and shall have the same force and effect as if the provisions of the Partnership Agreement and this Amendment were contained in one document.  Any provisions of the Partnership Agreement not amended by this Amendment shall remain in full force and effect as provided in the Partnership Agreement immediately prior to the date hereof.  In the event of a conflict between the provisions of this Amendment and the Partnership Agreement, the provisions of this Amendment shall control.

[Signature Page Follows.]

1

 

 

IN WITNESS WHEREOF, the parties hereto have executed this Amendment to the Partnership Agreement as of the 26th day of September, 2018.

 

SSSHT OPERATING PARTNERSHIP, L.P.

	
 
	
By:
	
Strategic Student & Senior Housing Trust, Inc., its sole general partner

	
 
	
By:
	
/s/ H. Michael Schwartz
Name: H. Michael Schwartz
Title: Chief Executive Officer

STRATEGIC STUDENT & SENIOR HOUSING TRUST, INC.

	
 
	
By:
	
/s/ H. Michael Schwartz
Name: H. Michael Schwartz
Title: Chief Executive Officer

1ex-10.41

 Executive Recruitment Retained  Search Agreement
 

 

 	 	
	 COMPANY:
	 Triton Emission Solutions, Inc.

	 Contractor Name: 
	 Flagship Management LLC

	 Contractor Contact: 
	 Craig Johnson

	 Contractor Email: 
	 craig@flagshipmgl.com

	 Contractor Telephone: 
	 1 401 935 7486

 

 Scope of Work: 
 

 ·
 To identify, source, and vet companies and candidates that meet the qualifications outlined, so that COMPANY has a qualified slate of companies and candidates and is able to and does conclude an arrangement with one of them.
 

 Contractor will:
 

 ·
 Develop a comprehensive understanding of COMPANY's needs for the position outlined, namely to joint venture with, or license a company for the engineering and sales of COMPANY's scrubber, or, at the option of the COMPANY, to hire a CEO to assist the COMPANY in connection with the foregoing.
 ·
 Identify the characteristics of the best qualified companies and candidates
 ·
 Determine the core competencies required in the ideal companies and candidates and develop an arrangement profile.
 ·
 Develop a target list of companies and candidates
 ·
 Identify the best-qualified companies and candidates for the position using CONTRACTOR'S database, research techniques and extensive network of contacts.
 

 Deliverables:
 

 ·
 Communication, via phone with COMPANY regarding progress related to the search at least once a week beginning in week two. Prepare Advertising and receive all resumes, filtering to a short list.
 ·
 Documentation in relation to the identification and recruitment of potential companies and candidates.
 ·
 Exert reasonable efforts to verify the companies' and candidates' backgrounds.
 

 Estimated number of days to complete: 90 days.
 

 The Services of CONTRACTOR shall continue until the earlier of: (i) successful candidates commence employment with COMPANY; (ii) the Agreement or this Job Assignment is terminated by COMPANY; or (iii) Fifteen (15) months from commencement of the Job Assignment.
 

 

 

 
 Total projected cost:
 

 The Retained fee will be a flat fee of $50,000.00. This equates to $50,000.00 paid according to the following schedule:
 

 1.
 1st invoice submission of $7,500.00 at the commencement of the search and after both parties have executed this agreement;
 2.
 2nd invoice submission of $7,500.00 upon delivery to client of a client approved short list and after meetings have been scheduled with companies and candidates.
 3.
 3rd invoice submission of $35,000.00 when a company enters into a joint venture or license agreement with the COMPANY, or when COMPANY enters into an employment relationship with the candidate.
 

 A fee for additional candidates who are introduced to COMPANY through this Retained Agreement, but who are hired to a different COMPANY position within twelve (12) months after COMPANY'S last contact with the candidate(s), will be payable in an amount of 20% of such candidate's total first year cash compensation comprised of base salary and published bonus target.
 

 If, for any reason, COMPANY decides to cancel the assignment, CONTRACTOR fees are considered earned to the date of cancellation. However, the retained fee plus associated preapproved overhead and expenses are considered earned in their entirety at the commencement of the assignment regardless of the date of cancellation.
 

 The COMPANY may add additional roles to this retainer within 90 days of the commencement of the search. Such roles shall be mutually agreed to by the COMPANY and the CONTRACTOR prior to inclusion in this Retained Agreement.
 

 All agreed upon out-of-pocket expenses, including travel, associated with an authorized search for COMPANY, must be billed monthly. CONTRACTOR will pass these direct costs onto COMPANY without mark-up (at same cost) on a monthly  basis.
 

 Special terms:
 

 If, within nine months from the date of hire, the company or candidate selected is terminated or resigns other than for good reason, the CONTRACTOR will conduct a search at no further fee to find a replacement, charging only direct preapproved expenses. If, after nine months but within twenty-four months from the date of hire, the company or candidate selected is terminated for cause or for reasons that the CONTRACTOR should have identified during the search process, or resigns other than for good reason, the CONTRACTOR will conduct a search for a fee of fifty percent (50%) of the original fee plus direct expenses to find a replacement. The foregoing is the limit and extent of CONTRACTOR's liability related to the termination or resignation of the recruited candidate.
 

 
 

 The COMPANY understands that reports and information received about companies and candidates are confidential, and are exclusively for COMPANY'S own use and are to be used solely for the evaluation of the candidates for employment with the COMPANY.
 

 The CONTRACTOR shall have the exclusive right to represent the COMPANY with regard to the Search.
 

 CONTRACTOR will not forward companies or candidates presented by CONTRACTOR to COMPANY to any other organization for consideration for a period of thirty (90) days after of such presentation without the COMPANY's prior written consent.
 

 Governing Law:
 

 This agreement will be governed by and enforced in accordance with the laws of the state of Florida. The parties agree that state courts within the state of Florida shall have the exclusive jurisdiction over any litigation brought or arising out of this agreement. The parties further agree and consent that venue of any action brought hereunder shall be exclusively in Broward County, Florida. All parties agree that Broward County is a convenient forum for litigation.
 

 Confidentiality
 

 COMPANY and CONTRACTOR shall keep secret and retain in confidence, and shall not, without prior written consent of the other, furnish, make available or disclose to any third party, any information relating in any manner to the business or affairs of the other, except for such information was or becomes available to a party from a source which is not under an obligation of confidentiality, or a party is compelled to disclose by a final binding order of a court or agency of competent jurisdiction, provided that the disclosing party has given the other reasonable advance notice of such order and an opportunity to contest the same.
 

 Termination and Survivability
 

 Either party may cancel this contract with 30 days written notice. In the event of cancellation all provisions of the contract survive in their entirety until one year from the last referral to the COMPANY.
 

 

 

 

 
 

 Entire Agreement
 

 This Agreement is executed and delivered with the understanding that it embodies the entire agreement between the parties and that there are no other representations, warranties, or agreements relating to the subject matter herein. He parties agree to comply with all applicable federal, state and local law s, rules and regulations relating to this Agreement.
 

 	 	 	
	 Flagship Management LLC
	  
	 Triton Emission Solutions Inc.

	 

 /s/ Craig H. Johnson
	  
	 

 /s/ Robert C. Kopple

	 By: Craig H. Johnson
	  
	 By: Robert C. Kopple

	 Title: Partner
	  
	 Title: Chairman

	 Date: August 8, 2018
	  
	 Date: August 8, 2018

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