Document:

Exhibit 10.5

 

[EKAE LETTERHEAD]

 

Derek Peine

922 A. Ave. East

Albia, IA 52531

 

Dear Derek:

 

This letter will confirm the decision of the Board of Directors of East
Kansas Agri-Energy, L.L.C. to offer you employment as its Plant Manager.  If accepted, your employment will commence on
April 4, 2005.  You will be
paid on a salary basis, on our normal payroll intervals, at the annual rate of
Eighty-six Thousand Dollars ($86,000.00). 
You will receive a one-time payment of Ten Thousand Dollars ($10,000.00)
to defray your moving expenses on April 15, 2005.  You will also be eligible for payment of an
eight percent annual bonus based on performance guidelines that will be
determined by the Board.  All other terms
and conditions of your employment shall be contained in the policies adopted by
the Board as part of its Employee Handbook covering all employees of East
Kansas Agri-Energy, L.L.C.

 

Please acknowledge your acceptance of our employment offer by your
signature below.

 

 

	
   

  	
   /s/
  William R. Pracht

  	
   

  
	
   

  	
  For the
  Board of Directors

  
	
   

  	
  East Kansas
  Agri-Energy, L.L.C.      5-5-05

  
	
   

  	
   

  
	
   

  	
   

  
	
     /s/
  Derek Peine

  	
  5-5-05

  	
   

  	
   

  
	
  Derek PeineExhibit 10.2

 

EMPLOYMENT AGREEMENT

 

THIS AGREEMENT made and entered into as of the 31st day of
January, 1998, by and between REALTY ReFUND TRUST, an unincorporated
association in the form of a business trust organized under the laws of the
State of Ohio having its principal business address at 1750 Huntington
Building, 925 Euclid Avenue, Cleveland, Ohio 44114 (the “Trust”), and JAMES F.
WIRTH, c/o InnSuites Hotels LLC, 1615 East Northern Avenue, Suite 105,
Phoenix, Arizona 85020-3998 (“Employee”).

 

RECITALS:

 

The Trust has been engaged since 1971 in the business of refinancing
existing income-producing commercial, industrial and multi-unit residential
real property by supplementing or replacing existing financing and is currently
redirecting its business to developing and owning lodging properties.  The Trust is party to an Advisory Agreement,
dated as of June 15, 1971, as the same has been extended and amended (the “Advisory
Agreement”), with Mid-America ReaFund Advisors, Inc. (The “Adviser”),
assignee of ReaFund Advisors, Inc. 
Under the terms of the Advisory Agreement, the Adviser has agreed to
furnish advice and recommendations in respect of all aspects of the business
and affairs of the Trust and to furnish day-to-day administration for the
Trust.

 

The Employee is Chairman, President and Director of the Adviser.  He has, effective on the date hereof, also
been elected Chairman and President of the Trust.  The Trustees determined that it was desirable
to provide for continuity and to assure the Trust that the services presently
being furnished to it by the Adviser would be furnished by the Employee without
any cost or expense to the Trust in excess of that called for under the terms
of the Advisory Agreement in the event of any termination of the Advisory Agreement.

 

AGREEMENTS:

 

NOW, THEREFORE, in consideration of the foregoing, and their mutual
covenants and agreements herein contained, the parties hereto do hereby agree
as follows:

 

1.                                       Employment

 

The Trust hereby employs Employee as the Chairman, Chief Executive
Officer and President of the Trust, and Employee hereby accepts such employment
upon the terms and conditions hereinafter set forth.

 

2.                                       Term

 

Subject to the provisions for earlier termination as hereinafter
provided, this Agreement shall commence upon the execution hereof and shall
continue through and including the 31st day of December, 2007.

 

1

 

3.                                       Duties

 

(A)                              Employee shall devote
such business time, attention and energies to the business of the Trust as he
shall deem necessary to perform for the Trust all of the duties and services
required of him hereunder and shall serve both diligently and to the best of
his ability.  Employee further shall
perform such other duties as he shall deem to be normally incident to the
positions of Chairman, Chief Executive Officer and President of the Trust.  In addition to his duties as Chairman, Chief
Executive Officer and President, Employee shall perform or provide for the performance
of all of the duties and services set forth in Section 1 of the Advisory
Agreement; provided, however, that so long as the Advisory Agreement shall
remain in full force and effect, the Advisor shall perform the Advisory duties
thereunder.

 

(B)                                If the Trustees of the
Trust request the Employee to engage in other activities which complement the
Trust’s investments, Employee may receive compensation or commissions therefor
from the Trust or such other persons.

 

4.                                       Compensation

 

During the term of this Agreement, so long as the Adviser is performing
its services and duties under the terms of the Advisory Agreement and being
paid compensation in respect thereof, the Trust shall not pay to the Employee
any monetary consideration. In the event that at any time during the term
hereof the Adviser shall cease to serve the Trust as its Adviser under the
terms of the Advisory Agreement and to receive compensation therefor
(regardless of the reason for such cessation), then and thereafter during the
remaining term of this Agreement the Employee shall receive as compensation in
full for all of his services hereunder an amount equal to one hundred percent
(100%) of the Regular Compensation and the Incentive Compensation that would
have been paid to the Adviser in respect of such period pursuant to Sections 9,
10 and

11(a) of the Advisory Agreement; and bear all expenses and pay all costs and
charges of the kind or nature that would have been paid or borne by the Adviser
prior to the termination of the Advisory Agreement.

 

In the event of cessation of the Advisory Agreement, the Employee’s
compensation shall be subject to adjustment by the Trust in accordance with,
and upon completion of, the annual audit of the Trust’s financial statements,
and subject to the same limitations on the compensation of Adviser as contained
in Section 15 of the Advisory Agreement.

 

Employee shall, in addition to the foregoing, participate in any
employee benefit programs established by the Trust, including, but not limited
to, health and accident insurance, group life insurance, stock option plans,
pension plans and profit sharing plans.

 

2

 

5.                                       Termination

 

At the option of the Trust, this Agreement may be terminated
immediately upon written notice of termination from the Trust to Employee if
any of the following events shall occur:

 

(i)                                     If Employee
materially shall violate any provision of this Agreement and, after written
notice of such violation, shall not cure such default within thirty (30) days
(provided, however, that if Employee shall not be reasonably able to cure such
default within such thirty (30) day period, if Employee shall not have
commenced promptly to cure such default and diligently pursued the same to
completion); or

 

(ii)                                  If Employee shall
die; or

 

(iii)                               If Employee shall become
disabled for a period of twelve (12) consecutive months.  As used herein, “disabled” shall mean such
physical or mental impairment of Employee as shall result in his being unable
to perform his full duties hereunder; or

 

(iv)                              If Employee shall so
consent.

 

6.                                       Covenant
Against Competition

 

(A)                              During the period
commencing with the date hereof and continuing until the latter of the
expiration of the term of this Agreement or until December 31, 2008 if
this Agreement shall be terminated for the reasons specified in Section 5(A)(i) hereof,
Employee agrees that, except as an employee of the Adviser while the Adviser is
serving as adviser to the Trust pursuant to the terms of the Advisory
Agreement, Employee shall not, without the prior approval of the Trustees,
directly or indirectly:

 

(i)                                     Act as the
investment advisor for any other person or entity (“person”) or enter into an
investment advisory contract therewith or contract to perform other services
with any other real estate investment trust or other person the investment
policy of which is substantially similar to that of the Trust at that
time.  However, Employee may act as an
investment advisor and perform other services for persons other than the Trust
in situations in which such persons are participating in investments with the
Trust or which have investment policies substantially dissimilar to that of the
Trust.

 

(ii)                                  Either as an
individual for Employee’s own account or as an investor, or other participant
in, or as an employee, agent or representative of, any other business
enterprise:

 

3

 

(a)                                  solicit, divert,
entice, take away or interfere with, or attempt to solicit, divert, entice or
take away or interfere with, any of the Trust’s business, patronage, borrowers
or investment opportunities except as permitted pursuant to Subparagraph (i) hereof;
or

 

(b)                                 engage or participate
in or finance, aid or be connected with, any commercial enterprise which
competes with any of the business activities which the Trust is conducting at
such time.

 

The foregoing, however, shall not be deemed to prohibit the investment
without a role in management by Employee in the equity or debt securities of
any company otherwise within the ambit of this covenant and registered with the
Securities and Exchange Commission pursuant to Section 12 of the
Securities and Exchange Act of 1934.

 

(B)                                If it shall be
judicially determined that Employee has violated any of the covenants or
agreements to be performed and/or observed by Employee pursuant to the
provisions of this Section 6, then the period applicable to such of said
covenants or agreements as shall have been so determined to have been violated
by Employee shall automatically be extended by that period of time which shall
be co-extensive with the period during which said violations have occurred.

 

(C)                                Subject only to the rules and
procedures set forth in the Second Amended and Restated Declaration of Trust,
Employee can continue to engage in all facets of the real estate business and
business affairs generally.  Furthermore,
subject to the foregoing, Employee, or any entity in which he is an officer,
director, shareholder, employee, partner (general or limited) or otherwise
interested, may borrow from the Trust or purchase properties on which the Trust
is a lender.

 

Employee acknowledges that the covenants contained in this Section 6
are of the essence of this Agreement; said covenants shall be construed as
independent of any other provisions of this Agreement; and the existence of any
claim or cause of action by Employee against the Trust, whether predicated on
this Agreement or otherwise, shall not constitute a defense to the enforcement
by the Trust of these covenants.

 

Recognizing the irreparable nature of the injury that could result from
Employee’s violation of any of the covenants and agreements to be performed
and/or observed by Employee pursuant to the provisions of this Section 6,
and that damages would be inadequate compensation, it is agreed that any
violation by Employee of the provisions of this Section 6 shall be the
proper subject for immediate injunctive and other equitable relief to the
Trust.  Employee further agrees to
communicate the contents of this Section 6 to any prospective employer or
associate of Employee which has an investment policy which is substantially
similar to that of the Trust.

 

4

 

7.                                       Governing
Law

 

The laws of the State of Arizona shall govern the validity, performance
and enforcement of this Agreement.  If
any of the terms or provisions of this Agreement or the application thereof to
any person or circumstance shall, to any extent, be invalid or unenforceable,
the remainder of this Agreement or the application of such term or provision to
persons or circumstances other than those to which it is held invalid or
unenforceable shall not be affected thereby, and each term and provision of
this Agreement shall be valid and be enforced to the fullest extent permitted
by law.  If the invalidity or unenforceablitiy
of any covenant or restriction herein is due to the unreasonableness of the
time or the fact that no geographical area is specified for the coverage of any
said covenant or restriction, the said covenant or restriction shall
nevertheless be effective for such period of time and for such geographical
area as may be determined by a court of competent jurisdiction.

 

8.                                       Assignment

 

This Agreement shall not be assignable by the Trust without the written
consent of Employee.

 

9.                                       The
Entire Agreement

 

The foregoing is the entire agreement of the parties hereto in respect
of the subject matter hereof, and no waiver, amendment or modification hereof
shall be valid unless in writing and signed by both parties.

 

10.                                 Counterparts

 

This Agreement may be executed in one or more counterparts, each of
which shall be deemed an original, but all of which taken together shall
constitute one and the same instrument.

 

11.                                 Notices

 

All notices hereunder shall be in writing and delivered or mailed by
registered or certified mail, return receipt requested, to the parties at the
addresses listed below or to such other address as the Trust or Employee may
hereafter designate in writing to the other. 
A copy of any such notice shall also be telecopied at the time of its mailing
to the number listed below for the relevant party.

 

5

 

12.                                 The
Trust

 

The name Realty ReFund Trust is the designation of the Trustees under a
Declaration of Trust dated April 28, 1971, as amended, and all persons
dealing with Realty ReFund Trust must look solely to the Trust property for the
enforcement of any claims against Realty ReFund Trust as neither the Trustees,
officers, agents nor security holders assume any personal liabilities for
covenants or obligations entered into on behalf of Realty ReFund Trust and
their respective properties shall not be subject to any claims of any other
person in respect of such liability.

 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as
of the day and year first above written, the Trust pursuant to the
authorization of its Trustees.

 

	
   

  	
  REALTY ReFUND TRUST

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Gregory D. Bruhn

  	
   

  
	
   

  	
  Gregory D. Bruhn

  
	
   

  	
  Executive Vice President

  
	
   

  	
  1750 Huntington Building

  
	
   

  	
  925 Euclid Avenue

  
	
   

  	
  Cleveland, Ohio 44114

  
	
   

  	
  Phone: (216) 622-0046

  
	
   

  	
  Fax: (216) 622-1477

  
	
   

  	
   

  
	
   

  	
  THE TRUST

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ James F. Wirth

  	
   

  
	
   

  	
  James F. Wirth

  
	
   

  	
  1615 E. Northern Avenue

  
	
   

  	
  Suite 105

  
	
   

  	
  Phoenix, Arizona 85020

  
	
   

  	
  Phone: (602) 944-1500

  
	
   

  	
  Fax: (602) 678-0281

  
	
   

  	
   

  
	
   

  	
  EMPLOYEE

  

 

6

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