Document:

Unassociated Document

 

REGULATION S SUBSCRIPTION AGREEMENT

AND INVESTMENT REPRESENTATION

This Regulation S Subscription and Investment Representation is entered into this 18th day of August, 2014 between Aoxin Tianli Group, Inc., a British Virgin Islands corporation (the “Company”),  and Hubei Aoxin Science and Technology Group Co., Ltd., a company organized under the laws of the PRC (the “Investor”).

Preliminary Statement

The Company has offered the Investor the opportunity to purchase 3,000,000 common shares of the Company (the “Shares”) for a total purchase price $7,200,000 (the “Purchase Price”), or $2.40 per Share, to be paid in cash at the closing and the Investor has agreed to do so on the terms and conditions set forth herein.

 

NOW THEREFORE, intending to be legally bound the parties hereto agree as follows:

SECTION 1

1.1           Subscription.

The Investor, intending to be legally bound, hereby irrevocably subscribes for and agrees to purchase the Shares for the Purchase Price, which is equivalent to $2.40 per Share, and the Company, intending to be legally bound, hereby agrees to issue the Shares to the Investor against receipt of the Purchase Price.

 

SECTION 2

2.1           Closing.  The closing (the "Closing") of the purchase and sale of the Shares, on the terms and subject to the conditions set forth in this subscription agreement, shall occur simultaneously with the acceptance by the Company of the Investor's subscription, as evidenced by the Company’s execution of this Subscription Agreement.  The parties have agreed that the Closing shall take place no later than August 20, 2014.  At the Closing the Investor will deliver the Purchase Price to the Company and, within five days, the Company will deliver to the Investor a certificate representing the Shares registered in the name of the Investor.   With the consent of the Company, not to be unreasonably withheld, the Investor can satisfy his obligation to pay the Purchase Price at Closing by paying the amount in Renminbi equal to the dollar amount of the Purchase Price.

 

  

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SECTION 3

3.1           Investor Representations and Warranties.   The Investor hereby acknowledges, represents and warrants to, and agrees with, the Company as follows:

(a)           Investment Purposes.  The Investor is acquiring the Shares for its own account as principal, not as a nominee or agent, for investment purposes only, and not with a view to, or for, resale, distribution or fractionalization thereof in whole or in part in any transactions that would be in violation of the Securities Act or any state securities or "blue-sky" laws. No other person has a direct or indirect beneficial interest in, and the Investor does not have any contract, undertaking, agreement or arrangement with any person to sell, transfer or grant participations to such person or to any third person, with respect to, the Shares or any part of the Shares for which the Investor is subscribing that would be in violation of the Securities Act or any state securities or "blue-sky" laws.

(b)           Authority.  The Investor has full power and authority to enter into this Agreement, the execution and delivery of this Agreement has been duly authorized, and this Agreement constitutes a valid and legally binding obligation of the Investor.

(c)           Exemption from Registration.  The Investor acknowledges its understanding that the offering and sale of the Shares is intended to be exempt from registration under the Securities Act.  In furtherance thereof, in addition to the other representations and warranties of the Investor made herein, the Investor further represents and warrants to and agrees with the Company and its affiliates that the Investor has been provided an opportunity for a reasonable period of time prior to the date hereof to obtain additional information concerning the offering of the Shares, the Company and all other information to the extent the Company possesses such information or can acquire it without unreasonable effort or expense.

(d)           No Other Company Representations.  No representations or warranties have been made to the Investor by the Company, or any officer, employee, agent, affiliate or subsidiary of the Company, other than the representations of the Company contained herein, and in subscribing for Shares the Investor is not relying upon any representations other than those contained herein.

(e)           Compliance with Laws.  Any resale of the Shares during the ‘distribution compliance period’ as defined in Rule 902(f) to Regulation S shall only be made in compliance with exemptions from registration afforded by Regulation S.  Further, any such sale of the Shares in any jurisdiction outside of the United States will be made in compliance with the securities laws of such jurisdiction.  The Investor will not offer to sell or sell the Shares in any jurisdiction unless the Investor obtains all required consents, if any.

(f)           Regulation S Exemption.  The Investor understands that the Shares are being offered and sold in reliance on an exemption from the registration requirements of United States federal and state securities laws under Regulation S promulgated under the Securities Act and that the Company is relying upon the truth and accuracy of the representations, warranties, agreements, acknowledgments and understandings of the Investor set forth herein in order to determine the applicability of such exemptions and the suitability of the Investor to acquire the Shares.  In this regard, the Investor represents, warrants and agrees that:

 

  

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(g)           The Investor is not a U.S. Person (as defined in the Securities Act) and is not acquiring the Shares for the account or benefit of a U.S. Person.

(h)           At the time of the origination of contact concerning this Agreement and the date of the execution and delivery of this Agreement, the Investor was outside of the United States.

(i           The Investor will not, during the period commencing on the date of issuance of the Shares and ending on the first anniversary of such date, or such shorter period as may be permitted by Regulation S or other applicable securities law (the “Restricted Period”), offer, sell, pledge or otherwise transfer the Shares in the United States, or to a U.S. Person for the account or for the benefit of a U.S. Person, or otherwise in a manner that is not in compliance with Regulation S.

(j)           The Investor will, after expiration of the Restricted Period, offer, sell, pledge or otherwise transfer the Shares only pursuant to registration under the Securities Act or an available exemption therefrom and, in accordance with all applicable state and foreign securities laws.

(k)           The Investor was not in the United States, engaged in, and prior to the expiration of the Restricted Period will not engage in, any short selling of or any hedging transaction with respect to the Shares, including without limitation, any put, call or other option transaction, option writing or equity swap.

(l)           Neither the Investor nor or any person acting on its behalf has engaged, nor will engage, in any directed selling efforts to a U.S. Person with respect to the Shares and the Investor and any person acting on his behalf have complied and will comply with the “offering restrictions” requirements of Regulation S under the Securities Act.

(m)           The transactions contemplated by this Agreement have not been pre-arranged with a buyer located in the United States or with a U.S. Person, and are not part of a plan or scheme to evade the registration requirements of the Securities Act.

(n)           Neither the Investor nor any person acting on its behalf has undertaken or carried out any activity for the purpose of, or that could reasonably be expected to have the effect of, conditioning the market in the United States, its territories or possessions, for any of the Shares.  The Investor agrees not to cause any advertisement of the Shares to be published in any newspaper or periodical or posted in any public place and not to issue any circular relating to the Shares, except such advertisements that include the statements required by Regulation S under the Securities Act, and only offshore and not in the U.S. or its territories, and only in compliance with any local applicable securities laws.

 

  

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(o)           Each certificate representing the Shares shall be endorsed with the following legends, in addition to any other legend required to be placed thereon by applicable federal or state securities laws:

(A)           “THE SECURITIES ARE BEING OFFERED TO INVESTORS WHO ARE NOT U.S. PERSONS (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT OF 1933, AS AMENDED (“THE SECURITIES ACT”)) AND WITHOUT REGISTRATION WITH THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION UNDER THE SECURITIES ACT IN RELIANCE UPON REGULATION S PROMULGATED UNDER THE SECURITIES ACT.”

(B)           “TRANSFER OF THESE SECURITIES IS PROHIBITED, EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S, PURSUANT TO REGISTRATION UNDER THE SECURITIES ACT, OR PURSUANT TO AVAILABLE EXEMPTION FROM REGISTRATION.  HEDGING TRANSACTIONS MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE SECURITIES ACT.”

(C)           “TRANSFER OF THESE SECURITIES PRIOR TO TWELVE MONTHS FROM THE DATE OF THIS CERTIFICATE IS PROHIBITED.  THEREAFTER, THESE SECURITIES MAY NOT BE SOLD OR OTHERWISE TRANSFERRED FOR A PRICE OF LESS THAN $2.40 PER SHARE.

(p)           The Investor consents to the Company making a notation on its records or giving instructions to any transfer agent of the Company, if any, in order to implement the restrictions on transfer of the Shares set forth in this Section.

(q)           Receipt of Information.  The Investor has received all documents, records, books and other information pertaining to the Investor’s investment in the Company that has been requested by the Investor.

(r)           No Reliance.  Other than as set forth herein, the Investor is not relying upon any other information, representation or warranty by the Company or any officer, director, stockholder, agent or representative of the Company in determining to invest in the Shares.  The Investor has consulted, to the extent deemed appropriate by the Investor, with the Investor’s own advisers as to the financial, tax, legal and related matters concerning an investment in the Shares and on that basis believes that its investment in the Shares is suitable and appropriate for the Investor.

(s)           No Governmental Review.  The Investor is aware that no federal or state agency has (i) made any finding or determination as to the fairness of this investment, (ii) made any recommendation or endorsement of the Shares or the Company, or (iii) guaranteed or insured any investment in the Shares or any investment made by the Company.

 

  

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SECTION 4

The Investor covenants and agrees with the Company that it will not sell or otherwise transfer all or any portion of the Shares for a period of 12 months commencing on the date of the Closing or thereafter at a price of less than $2.40 per share (subject to adjustment in the event of any stock splits).

SECTION 5

5.1           Company’s Representations and Warranties.  The Company represents and warrants to the Investor as follows:

(a)            Organization of the Company.  The Company is a corporation duly organized and validly existing and in good standing under the laws of the British Virgin Islands.

(b)           Authority.   (a)  The Company has the requisite corporate power and authority to enter into and perform its obligations under this Agreement; (b) the execution and delivery of this Agreement by the Company and the consummation by it of the transactions contemplated hereby and thereby have been duly authorized by all necessary corporate action and no further consent or authorization of the Company or its Board of Directors or stockholders is required; and (c) this Agreement has been duly executed and delivered by the Company and constitutes a valid and binding obligation of the Company enforceable against the Company in accordance with its terms, except as such  enforceability  may be limited by applicable bankruptcy, insolvency, or similar laws relating to, or affecting generally the enforcement of, creditors' rights and remedies or by other equitable principles of general application.

(c)           Exemption from Registration; Valid Issuances.  The Shares, in accordance with the terms and on the bases of the representations and warranties of the Investor set forth herein, may and shall be properly issued by the Company to the Investor pursuant to any applicable federal or state law. When issued and paid for as herein provided the Shares shall be duly and validly issued, fully paid, and non-assessable. Neither the sales of the Shares pursuant to, nor the Company's performance of its obligations under, this Agreement shall (i) result in the creation or imposition of any liens, charges, claims or other encumbrances upon the Shares or any of the assets of the Company. The Shares shall not subject the Investor to personal liability by reason of the ownership thereof.

(d)           No General Solicitation or Advertising in Regard to this Transaction.  Neither the Company nor any of its affiliates nor any person acting on its or their behalf (a) has conducted or will conduct any general solicitation (as that term is used in Rule 502(c) of Regulation D) or general advertising with respect to any of the Shares, or (b) made any offers or sales of any security or solicited any offers to buy any security under any circumstances that would require registration of the Common Stock under the Securities Act.

 

  

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SECTION 6

6.1             Indemnity.  The Investor agrees to indemnify and hold harmless the Company, its officers and directors, employees and its affiliates and their respective successors and assigns and each other person, if any, who controls any thereof, against any loss, liability, claim, damage and expense whatsoever (including, but not limited to, any and all expenses whatsoever reasonably incurred in investigating, preparing or defending against any litigation commenced or threatened or any claim whatsoever) arising out of or based upon any false representation or warranty or breach or failure by the Investor to comply with any covenant or agreement made by the Investor herein or in any other document furnished by the Investor to any of the foregoing in connection with this transaction.

6.2           Modification.  Neither this Agreement nor any provisions hereof shall be modified, discharged or terminated except by an instrument in writing signed by the party against whom any waiver, change, discharge or termination is sought.

6.3           Notices.  Any notice, demand or other communication which any party hereto may be required, or may elect, to give to anyone interested hereunder shall be sufficiently given if (a) deposited, prepaid, with a recognized international courier service,  (b) delivered personally at such address, (c) upon the expiration of twenty four (24) hours after transmission, if sent by facsimile if a confirmation of transmission is produced by the sending machine (and a copy of each facsimile promptly shall be sent as provided in clause (a), (in each case to the parties at their respective addresses set forth below their signatures to this Agreement (or at such other address for a party as shall be specified by like notice; provided that the notices of a change of address shall be effective only upon receipt thereof).

6.4           Counterparts.  This Agreement may be executed through the use of separate signature pages or in any number of counterparts and by facsimile, and each of such counterparts shall, for all purposes, constitute one agreement binding on all parties, notwithstanding that all parties are not signatories to the same counterpart. Signatures may be facsimiles.

6.5           Binding Effect.  Except as otherwise provided herein, this Agreement shall be binding upon and inure to the benefit of the parties and their successors, legal representatives and assigns.

6.6           Entire Agreement.  This Agreement and the documents referenced herein contain the entire agreement of the parties and there are no representations, covenants or other agreements except as stated or referred to herein and therein.

6.7           Assignability.  This Agreement is not transferable or assignable by the Investor.

 

  

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6.8             Further Assurances.  Upon request from time to time, the Investor shall execute and deliver all documents and do all other acts that may be necessary or desirable, in the reasonable opinion of the Company or its counsel, to effect the subscription for the Shares in accordance herewith.

 

[signature page is on following page]

 

  

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IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year this subscription has been accepted by the Company as set forth below.

  

	 	 
HUBEI AOXIN SCIENCE AND TECHNOLOGY GROUP CO., LTD.

 

By:  /s/Houliang Yu

Houliang Yu

CFO

 

	
Address: 

	
Room 3M-3,3rd floor of Zhonghuan Mansion

No. 31 Yunlin Street

Jiang’an District

Wuhan City

 

ACCEPTANCE OF SUBSCRIPTION

 

ACCEPTED BY:

Aoxin Tianli Group, Inc.

 

By: /s/ Ping Wang

       Ping Wang

       Chairman and CEO

Address:

Suite K, 12th Floor, Building A, Jiangjing Mansion

228 Yanjiang Ave., Jiangan District, Wuhan City

Hubei Province, China 430010

8Exhibit 10.2

 

RETIREMENT AGREEMENT

 

THIS RETIREMENT AGREEMENT (this “Agreement”) is made January 31, 2014   among TravelCenters of America LLC (“TA”), TravelCenters of America Holding Company LLC (“Holding”), TA Operating LLC ( “Operating” and together with Holding and TA, the “Employers”) and Ara A. Bagdasarian (“you” or “your”).

 

RECITAL

 

You and TA wish to memorialize the terms and conditions regarding your separation from employment with TA and desire to provide for your cooperation with regard to transitional duties in planning for the end of your employment with the Employers.  In addition, your desire to be relieved of your responsibilities as an executive officer of TA and its subsidiaries.

 

NOW, THEREFORE, the parties covenant and agree as follows:

 

Section 1.                                           Resignation.  By execution of this Agreement, you hereby resign as Executive Vice President of TA and of each of TA’s subsidiaries, effective at the close of business on April 30, 2014, and agree to take any action requested by TA to evidence such resignation.

 

Section 2.                                           Duties; Location.  From the date of this Agreement through April 30, 2014 (the “First Transition Period”), you will continue to devote your full working time and energies to the business and affairs of TA and its subsidiaries and shall have such duties and perform such tasks associated with transitioning your responsibilities and such other duties and tasks for TA and its subsidiaries as are reasonably assigned to you from time to time by the President and Chief Executive Officer of TA.  From May 1, 2014, through December 31, 2014 (the “Second Transition Period”), you will provide thirty (30) hours of services per week to TA and its subsidiaries.

 

Section 3.                                           Compensation and Vesting.

 

(a)                                 During the First Transition Period and the Second Transition Period, you will continue to receive your base salary at the rate of $267,000 per year ($22,333.00 per month), payable in semi-monthly installments in accordance with the Employers’ general practice and you (and your family members as are currently covered under benefit arrangements of Employers, including Employers’ group health plan) will continue to participate in the Employers’ benefit arrangements, including the group health plan, paying the same portion of the premiums for such coverages as if you had remained a full time employee of the Employers.  At the expiration of the Second Transition Period, the Employers will provide written notification to you of your rights under the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”) to continue participation in the Employers’ group health and certain other benefits plans provided that if you (and/or your spouse and/or dependents) properly elect continued COBRA coverage, you (and/or your spouse and/or dependents) shall pay the full premium for such coverages.

 

 

(b)                                 Provided that you have not revoked the release described in Section 10(a) hereof or otherwise defaulted under the terms of this Agreement, the Employers will pay you a bonus of Two Hundred Thousand Hundred Dollars ($200,000), payable to you on January 9, 2015 (the “Bonus”).

 

(c)                                  Provided you execute and deliver the Vesting Agreement in the form attached hereto as Exhibit A simultaneously with your execution of this Agreement, and provided that the Employers determine that you have complied with all of the conditions of this Agreement and the Vesting Agreement (including, without limitation, paying all applicable income taxes in connection with the vesting of the Unvested Shares (as that term is defined in the Restricted Share Agreements dated November 26, 2007, November 24, 2008, December 8, 2009 December 1, 2010, November 29, 2011, December 4, 2012, and November 19, 2013 (collectively referred to as the “Restricted Share Agreements”)), TravelCenters of America LLC will change the vesting date of the stock granted to you on November 26, 2007, November 24, 2008, December 8, 2009, December 1, 2010, November 29, 2011, December 4, 2012, and November 19, 2013, so that all of your Unvested Shares are fully vested on January 1, 2015 (based on the closing price of TA’s stock on December 31, 2014) and secure a waiver of the repurchase rights under the Restricted Share Agreements provided that you agree to pay all taxes incurred by reason of the grant of shares.  These taxes will be collected by TA as provided in the Vesting Agreement.  If you do not execute and deliver the Vesting Agreement as provided herein, TA may at any time exercise its rights to purchase, pursuant to the terms of the Restricted Share Agreements, all of your Unvested Shares.  You agree to cooperate and assist in the execution of any documents, or to take other steps, necessary to effectuate the purchase of your Unvested Shares.

 

You and TA agree that for purposes of the Restricted Share Agreements, you shall be deemed to be providing “significant services” to TA through the earlier of (i) December 31, 2014, and (ii) the date on which you commit a breach of this Agreement including, without limitation, by failing to provide the services required hereunder or by breaching the Restrictive Covenants (defined below).

 

Section 4.                                           Covenants.  You acknowledge that (i) TA and its subsidiaries are engaged in the business of operating facilities that provide motor fuel pumping, truck care and repair services, restaurants, convenience stores, showers, laundry facilities, telephones, recreation rooms, truck weighing scales and other compatible businesses (the “Business”); (ii) your work for the Employers has given you, and will continue to give you, trade secrets of, and confidential and/or proprietary information concerning, the Business; (iii) the agreements and covenants contained in this Section 4 are essential to protect the Business and the goodwill associated with it.  Accordingly, you covenant and agree as follows:

 

(a)                                 Confidential Information.  During the First Transition Period, the Second Transition Period and at any time thereafter, you shall not (i) disclose to any person not employed by TA or a subsidiary, or not engaged to render services to TA or a subsidiary or (ii) use for the benefit of yourself or others, any confidential information of TA, any of TA’s subsidiaries or of the Business obtained by you, including, without limitation, “know-how,” trade secrets, details of customers’, suppliers’, manufacturers’ or distributors’ contracts with TA or any

 

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of TA’s subsidiaries, pricing policies, financial data, operational methods, marketing and sales information, marketing plans or strategies, product development techniques or plans, plans to enter into any contract with any person or any strategies relating thereto, technical processes, designs and design projects, information of third parties that TA has agreed to keep confidential, and other proprietary information of TA, TA’s subsidiaries or of the Business; provided, however, that this provision shall not preclude you from (a) making any disclosure required by law or court order or (b) using or disclosing information (i) known generally to the public (other than information known generally to the public as a result of a violation of this Section 4(a) by you), (ii) acquired by you independently of your affiliation with TA or any of TA’s subsidiaries, or (iii) of a general nature (that is, not related specifically to the Business) that ordinarily would be learned, developed or obtained by individuals similarly active and/or employed in similar capacities by other companies in the same business as TA or any of TA’s subsidiaries.  You agree that all confidential information of TA or any of TA’s subsidiaries shall remain TA’s or TA’s subsidiaries, as the case may be, and to promptly return any confidential information embodied in any physical or electronic medium to the owner thereof on or prior to December 31, 2014, or such earlier date as may be requested by TA.

 

(b)                                 Nonsolicitation; Noncompetition.  From the date hereof to and including December 31, 2016, you shall not, directly or indirectly, (a) solicit any employee to leave the employment of TA or the employment of any of TA’s subsidiaries or (b) hire or cause to be hired any employee who has left the employ of TA or the employ of any of TA’s subsidiaries within six (6) months after termination of such employee’s employment with TA or any of TA’s subsidiaries, as the case may be (unless such employee was discharged by TA without cause).  You agree that, from the date hereof to and including December 31, 2015 and December 31, 2016, with respect to Select Competitors (hereinafter defined), you shall not, directly or indirectly, through an affiliate or otherwise, for your own benefit or otherwise, without the prior written consent of TA which consent may be withheld by TA in its sole discretion, compete in any place in the United States of America or Canada with any aspect of the Business in any manner or capacity (e.g., through any form of ownership or as an advisor, principal, agent, partner, officer, directors, employee, employer, consultant, member of any association, lender or otherwise).  For purposes of this Agreement, the term “Select Competitors” shall mean Pilot Travel Centers LLC (d/b/a Pilot/Flying J), Love’s Travel Stops and Country Stores, Inc., Speedco, Inc. and WilcoHess, LLC, entities that are under full or partial common ownership with any of the foregoing, and their respective lessees, joint venture partners, affiliates, subsidiaries, successors and assigns.  You hereby acknowledge that (i) the geographic boundaries, scope of prohibited activities and the time duration of the covenant not to compete in this Section 4(b) are reasonable and are no broader than are necessary to protect the legitimate business interests of the Employers and (ii) the provisions of such covenant were bargained for as a condition to the Employers’ entry into this Agreement.

 

(c)                                  Cooperation.  From and after the date hereof, you shall reasonably cooperate with TA and its subsidiaries with respect to all matters arising during or related to your employment, including all matters (formal or informal) in connection with any government investigation, internal investigation, litigation (potential or ongoing), regulatory or other proceeding which may have arisen or which may hereafter arise.  TA will reimburse you for all out-of-pocket expenses (not including lost time or opportunity), and will provide appropriate legal representation at such times and in a manner determined by TA in its sole discretion.

 

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(d)                                 Nondisparagement.  You agree that at all times hereafter you will not make, or cause to be made, any public statement, observation or opinion that (a) accuses or implies that the Employers or any of the Releasees (as defined below) engaged in any wrongful, unlawful or improper conduct, whether relating to your employment with the Employers or the termination thereof, the Business or any of the Releasees or otherwise; or (b) disparages, impugns or in any way reflects adversely upon the Business or reputation of the Employers or any of the Releasees.  Nothing in this Section 4(d) shall prevent you from truthfully responding in connection with governmental inquiries or as required by subpoena, court order or legal process; provided, however, that you agree to first give prompt written notice to the Employers of any such legal requirement in order to permit the Employers sufficient time to obtain an appropriate protective order or other remedy.

 

Section 5.                                           Rights and Remedies upon Breach of Covenants.

 

(a)                                 If you breach, or threaten to commit a breach of, any of the provisions of Section 4 (the “Restrictive Covenants”), the Employers shall have the right and remedy to have the Restrictive Covenants specifically enforced, in accordance with Section 9 hereof, by any court having equity jurisdiction, it being acknowledged and agreed that any such breach or threatened breach will cause irreparable injury to the Employers, that such injury shall be presumed and need not be proven, and that money damages will not provide an adequate remedy to the Employers.  Such rights and remedies shall be independent of the others and severally enforceable, and all of which rights and remedies shall be in addition to, and not in lieu of, any other rights and remedies available to the Employers at law or in equity.

 

(b)                                 You acknowledge and agree that the Restrictive Covenants are reasonable and valid in scope and in all other respects and that, but for your agreement to comply with the Restrictive Covenants, the Employers would not have entered into this Agreement.  If any court determines that any of the Restrictive Covenants or any part thereof, is invalid or unenforceable, the remainder of the Restrictive Covenants shall not thereby be affected and shall be given full effect to the greatest extent possible, without regard to the invalid portions.

 

(c)                                  If any court construes any of the Restrictive Covenants, or any part thereof, to be unenforceable because of the duration of such provision or the scope, such court shall have the power to reduce the duration or scope of such provision and, in its reduced form, such provision shall be enforceable and shall be enforced to the greatest extent possible.

 

Section 6.                                           Return of the Employers’ Property.  You agree that, on or prior to December 31, 2014, or such earlier date as may be requested by TA, you will return to the Employers any and all of the Employers’ property, including without limitation, mailing lists, reports, files, memoranda, records and software, credit cards, door and file keys, computer access codes or disks and instructional manuals, and other physical or personal property which you received or prepared or helped prepare in connection with your employment with the Employers, and you will not retain any copies, duplicates, reproductions or excerpts thereof in any form whatsoever.

 

Section 7.                                           Assignment. In the event that TA shall be merged with, or consolidated into, any other person or entity, or in the event that it shall sell and transfer substantially all of its

 

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assets to another person or entity, the terms of this Agreement shall inure to the benefit of, and be assumed by, the person or entity resulting from such merger or consolidation, or to which TA’s assets shall be sold and transferred. This Agreement shall not be assignable by you.

 

Section 8.                                           Governing Law.  This Agreement will be governed by the laws of the State of Ohio without regard to conflicts of laws principles that might lead to the application of the laws of another jurisdiction.

 

Section 9.                                           Jurisdiction: Service of Process. Any action or proceeding seeking equitable relief (in whole or in part) to enforce any provision of, or based on any right arising out of, Section 4, 5 and 6 hereof may be brought by the Employers in the state courts of Ohio or in the United States District Court in Cleveland, Ohio, and each of the parties consents to the jurisdiction of such courts (and of the appropriate appellate courts) in any such action or proceeding and waives any objection to venue laid therein.  Process in any action or proceeding referred to in the preceding sentence may be served on you anywhere in the world.

 

Section 10.                                    Release.

 

(a)                                 You, for yourself and your heirs, successors, and assigns, hereby knowingly and voluntarily remise, release and forever discharge TA, its current and former officers, directors, agents, representatives, shareholders, and employees, affiliates and subsidiaries (collectively, the “Releasees”), from any and all debts, demands, actions, causes of actions, accounts, covenants, contracts, agreements, claims, damages, omissions, promises, and any and all claims and liabilities whatsoever, of every name and nature, known or unknown, both in law and equity (“Claims”), which you now have or ever had against the Releasees from the beginning of the world to the date hereof; provided, however, that the foregoing release shall not apply to any Claims to enforce this Agreement or to rights or obligations arising under the Indemnification Agreement between TA and you dated August 16, 2011. The foregoing release of Claims shall apply to any Claim of any type, including, without limitation, any and all Claims of any type that you may have arising under the common law or under Title VII of the Civil Rights Act of 1964, as amended, the Age Discrimination in Employment Act of 1967, as amended, the Older Workers Benefit Protection Act, the Americans With Disabilities Act, the Family and Medical Leave Act and any other federal, state or local statutes, regulations, ordinances or common law creating employment-related causes of action, and shall further apply, without limitation, to any and all Claims for wages, vacation, severance, attorneys’ fees, costs and other forms of compensation, and to any and all Claims in connection with, related to or arising out of your employment, or the termination of your employment, with any Releasee.

 

(b)                                 As a condition to the receipt of the Bonus, you must agree to execute and deliver to the Employers on December 31, 2014, and not subsequently revoke, a second general release of claims substantially similar to that set forth in Section 10(a) releasing any Claims that may have arisen between the date of this Agreement and December 31, 2014.

 

Section 11.                                    Counterparts. This Agreement may be executed in one or more counterparts, each of which will be deemed to be an original copy of this Agreement and all of which, when taken together, will be deemed to constitute one and the same agreement, but in proving this Agreement, it shall not be necessary to produce more than one of such counterparts.

 

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Section 12.                                    Section Headings Construction. The headings of Sections in this Agreement are provided for convenience only and will not affect its construction or interpretation. All references to “Section” or “Sections” refer to the corresponding Section or Sections of this Agreement unless otherwise specified. All words used in this Agreement will be construed to be of such gender or number as the circumstances require. Unless otherwise expressly provided, the word “including” does not limit the preceding words or terms.

 

Section 13.                                    Notices. All notices, consents, waivers, and other communications under this Agreement shall be in writing and will be deemed to have been duly given when (a) delivered by hand, (b) sent by electronic media (with a copy sent by nationally recognized overnight delivery service) or (c) when sent by nationally recognized overnight delivery service, in each case to the appropriate addresses set forth below (or to such other addresses as a party may designate by notice to the other parties):

 

	
You:
    	
See   Exhibit C attached hereto.
    
	
 
    	
 
    
	
TA:
    	
TravelCenters   of America LLC
    
	
 
    	
24601   Center Ridge Road, Suite 200
    
	
 
    	
Westlake,   OH 44145
    
	
 
    	
Attention:   President
    
	
 
    	
Email:   tobrien@ta-petro.com
    
	
 
    	
 
    
	
with   a copy to:
    	
Mark   R. Young, General Counsel
    
	
 
    	
TravelCenters   of America LLC
    
	
 
    	
255   Washington Street, Suite 210
    
	
 
    	
Newton,   MA 02458
    
	
 
    	
Email:   myoung@ta-petro.com
    

 

Notice to TA will constitute notice to the Employers.

 

Section 14.                                    Payments Subject to Taxes.  All payments under this Agreement will be subject to reduction for federal, state and local taxes, other regular payroll deductions, including, without limitation, payroll deductions related to share vesting.

 

Section 15.                                    Arbitration.  Except as set forth in Section 9, if requested in writing by either you or TA, any claim or controversy arising out of or relating to the interpretation, construction and performance of this Agreement, or any alleged breach hereof, shall be finally resolved by arbitration conducted in accordance with such rules as may be agreed upon by the parties within thirty (30) days following written notice by either party to the other identifying the issue in dispute and the position of the party giving notice, or failing to achieve such agreement, in accordance with the National Rules for the Resolution of Employment Disputes of the American Arbitration Association.  Any award rendered in connection with the foregoing arbitration shall be in writing and shall be final and binding upon the parties, and judgment upon any such award may be entered and enforced in any court of competent jurisdiction in accordance with the Federal Arbitration Act.  The forum for such arbitration shall be in Boston,

 

6

 

Massachusetts and the governing law shall be the laws of the Commonwealth of Massachusetts without giving effect to conflict of laws provisions.

 

Section 16.                                    Entire Agreement. This Agreement and the Restricted Share Agreements constitute the entire agreement between the Employers, on the one hand, and you, on the other hand, with respect to the subject matter hereof and supersede all prior written and oral agreements and understanding between the Employers and you with respect thereto.  This Agreement may not be amended except by a written agreement duly executed by each party hereto.

 

Section 17.                                    Consultation With Counsel; Time for Signing; Revocation.  You have the right to and should consult with an attorney prior to signing this Agreement.  You acknowledge that you have been offered twenty-one (21) days from your receipt of this Agreement to decide whether to sign it.  You will have seven (7) days after signing this Agreement to revoke your signature.  If you intend to revoke your signature, you must do so in accordance with the provisions of Section 13 prior to the end of the 7-day revocation period.  This Agreement shall not become effective, and no party hereto shall have any rights or obligations hereunder, until the expiration of the 7-day revocation period, after which it shall become immediately and irrevocably effective.

 

(Signature Page Follows)

 

7

 

EXECUTED as of the date first above written.

 

	
 
    	
 
    
	
 
    	
TravelCenters   of America LLC
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Thomas   M. O’Brien, President and Chief Executive Officer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
TravelCenters   of America Holding Company LLC
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Thomas   M. O’Brien, President and Chief Executive Officer
    
	
 
    	
 
    
	
 
    	
TA   Operating LLC
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Thomas   M. O’Brien, President and Chief Executive Officer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Ara   A. Bagdasarian
    

 

 

Exhibit A

 

Vesting Agreement

 

See attached.

 

 

Exhibit B

 

Form of Release

 

See attached.

 

 

RELEASE AGREEMENT

 

This Release Agreement (this “Release”) is dated December 31, 2014, and is made by Ara A. Bagdasarian in favor of TravelCenters of America LLC (“TA”), TravelCenters of America Holding Company LLC (“Holding”), TA Operating LLC ( “Operating” and together with Holding and TA, the “Employers”).

 

In consideration of the Retirement Agreement dated as of January 28, 2014 (the “Retirement Agreement”), among the Employers and me, I, for myself and my heirs, successors, and assigns, hereby knowingly and voluntarily remise, release and forever discharge TravelCenters of America LLC, its current and former officers, directors, agents, representatives, shareholders, and employees, affiliates and subsidiaries (collectively, the “Releasees”), from any and all debts, demands, actions, causes of actions, accounts, covenants, contracts, agreements, claims, damages, omissions, promises, and any and all claims and liabilities whatsoever, of every name and nature, known or unknown, both in law and equity (“Claims”), which I now have or ever had against the Releasees from the beginning of the world to the date hereof; provided, however, that the foregoing release shall not apply to any Claims to enforce the Retirement Agreement or to rights or obligations arising under the Indemnification Agreement between TA and me dated August 16, 2011. The foregoing release of Claims shall apply to any Claim of any type, including, without limitation, any and all Claims of any type that I may have arising under the common law or under Title VII of the Civil Rights Act of 1964, as amended, the Age Discrimination in Employment Act of 1967, as amended, the Older Workers Benefit Protection Act, the Americans With Disabilities Act, the Family and Medical Leave Act and any other federal, state or local statutes, regulations, ordinances or common law creating employment-related causes of action, and shall further apply, without limitation, to any and all Claims for wages, vacation, severance, attorneys’ fees, costs and other forms of compensation, and to any and all Claims in connection with, related to or arising out of my employment, or the termination of my employment, with any Releasee.

 

Executed this 31st day of December, 2014.

 

 

	
 
    	
 
    
	
 
    	
Ara A. Bagdasarian
    

 

 

Exhibit C

 

Ara A. Bagdasarian

6790 Ridgecliff Drive

Solon, OH 44139

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