Document:

Exhibit 10.5 

 

Promissory Note

 

RECITATIONS:

 

Date: March 4, 2019

 

Borrower:  Oxford Northeast Ltd.

 

Borrower’s Address: 108 NY-Route 59, Monsey, NY 10952

 

Payee:  Samuel Eisenberg

 

Place for Payment: 

 

Principal Amount:  $89,900

 

Interest Rate:  2.0%

 

Term:       12 Months

 

Payment: Principal and Accrued Interest due 12 months from
the date of the Note,

 

		1.	INTEREST RATE: The interest rate on the principal amount shall be 2.0%. However, the annual interest rate on matured,
unpaid amounts shall be the maximum amount permitted by the Laws of the State of New York.

 

		2.	PAYMENT TERMS.  The principal and all accrued interest shall be due and payable twelve (12) months from the date
hereof. If payment in full (plus accrued interest) is not paid on time, the entire amount due will be subject to the maximum amount
of interest permitted by the Laws of the State of New York.

 

		3.	BORROWER’S PRE-PAYMENT RIGHT.  Borrower reserves the right to prepay this Note in whole or in part, prior
to maturity, without penalty.

 

		4.	DEFAULT AND ACCELERATION CLAUSE.  If Borrower defaults in the payment of this Note or in the performance of any
obligation, and the default continues after Payee gives Borrower notice of the default and five (5) business days in which Borrower
may cure such default has lapsed during which time Borrower has not cured the default, then Payee may declare the unpaid principal
balance and earned interest on this Note immediately due.  Borrower and each surety, endorser, and guarantor waive all demands
for payment, presentation for payment, notices of intentions to accelerate maturity, notices of acceleration of maturity, protests,
and notices of protest, to the extent permitted by law.

 

     

     

    

 

		5.	INTEREST.  Interest on this debt evidenced by this Note shall not exceed the maximum amount of non-usurious interest
that may be contracted for, taken, reserved, charged, or received under law; any interest in excess of the maximum shall be credited
on the principal of the debt or, if that has been paid, refunded.  On any acceleration or required or permitted prepayment,
any such excess shall be canceled automatically as of the acceleration or prepayment or, if already paid, credited on the principal
of the debt or, if the principal of the debt has been paid, refunded.  This provision overrides other provisions in this instrument
(and any other instruments) concerning this debt.

 

		6.	FORM OF PAYMENT.  Any check, draft, Money Order, wire transfer to an account chosen by Payee or other instrument
given in payment of all or any portion hereof may be accepted by the Payee and handled in collection in the customary manner, but
the same shall not constitute payment hereunder or diminish any rights of the Payee hereof except to the extent that actual cash
proceeds of such instruments are unconditionally received by the Payee and applied to this indebtedness in the manner elsewhere
herein provided.

 

		7.	ATTORNEY’S FEES.  If this Note is given to an attorney for collection or enforcement, or if suit is brought
for collection or enforcement, or if it is collected or enforced through probate, bankruptcy, or other judicial proceeding, then
Borrower shall pay Payee all costs of collection and enforcement, including reasonable attorney’s fees and court costs in
addition to other amounts due.

 

		8.	SEVERABILITY.  If any provision of this Note or the application thereof shall, for any reason and to any extent,
be invalid or unenforceable, neither the remainder of this Note nor the application of the provision to other persons, entities
or circumstances shall be affected thereby, but instead shall be enforced to the maximum extent permitted by law.

 

		9.	BINDING EFFECT.  The covenants, obligations and conditions herein contained shall be binding on and inure to the
benefit of the heirs, legal representatives, and assigns of the parties hereto.

 

		10.	DESCRIPTIVE HEADINGS.  The descriptive headings used herein are for convenience of reference only and they are
not intended to have any effect whatsoever in determining the rights or obligations under this Note.

 

		11.	ASSIGNMENT. This Note may not be assigned by either party without the written consent of other party.

 

		12.	CONSTRUCTION.  The pronouns used herein shall include, where appropriate, either gender or both, singular and plural.

 

		13.	GOVERNING LAW.  This Note shall be governed, construed and interpreted by, through and under the Laws of the State
of New York.  

 

     

     

    

 

		14.	NO COUNTER CLAIMS. In the event Payee brings an action against Borrower for the collection of this Note, Borrower may
not interpose any cause of action or counter claim that Borrower may have against Payee as a defense to the action brought by Payee
for the collection of this Note. Borrower is responsible for all obligations represented by this Note.

 

EXECUTED this day of March 2019.

 

OXFORD NORTHEAST LTD.

 

__________________________

 

By:

 

Its:

 

Sworn to before me this ____ day of March 2019

 

____________

Notaryexhibit101grbk20182

                                                                      Exhibit 10.1                             AMENDED AND RESTATED                          GREEN BRICK PARTNERS, INC.                     2014 OMNIBUS EQUITY INCENTIVE PLAN                       STOCK BONUS AWARD AGREEMENT          This Amended and Restated Stock Bonus Award Agreement (this “Agreement”),   effective as of the 12th day of March, 2019 by and between Green Brick Partners, Inc., a  Delaware corporation (the “Company”), and Summer Loveland (the “Participant”), evidences  the grant by the Company of an Award of Common Stock to the Participant and the Participant’s  acceptance of the Award in accordance with the provisions of the Company’s 2014 Omnibus  Equity Incentive Plan (the “Plan”).  Unless otherwise provided herein, all capitalized terms shall  have the same meaning as set forth in the Plan.  The Company and the Participant agree as  follows:         WHEREAS, the Committee has determined that it is in the best interests of the Company  to pay the Participant a discretionary bonus in the amount of $100,000, 40% of such amount  payable in cash on or before March 15, 2019 and the remaining 60% of such amount payable in  the form of a Stock Bonus Award of fully vested shares of Common Stock (the “Additional 2018  Bonus”) granted under the Plan on March 12, 2019.          1.    Basis for Award.  This Stock Bonus Award (as defined below) is made under  Section 10 of the Plan for services rendered to the Company by the Participant.          2.    Stock Awarded.  The Company hereby awards to the Participant 6,5211 shares of  Common Stock subject to the terms and conditions set forth in the Plan and this Agreement (the   “Stock Bonus Award”).          3.    Vesting.  The Stock Bonus Award is 100% vested and non-forfeitable.         4.    Compliance with Laws and Regulations.  The transfer of Common Stock shall  be subject to compliance by the Company and the Participant with all applicable requirements of   federal and state securities laws and with all applicable requirements of any stock exchange on   which the Common Stock may be listed at the time of such transfer.          5.    Tax Withholding. The Company shall have the right, and is hereby authorized, to  withhold the amount of any applicable withholding taxes in respect of the Annual Bonus,   including in respect of the Stock Bonus Award granted hereunder.  The Participant may satisfy  such withholding (i) in cash or by check, (ii) by having the Company withhold from the number  of shares of Common Stock otherwise issuable pursuant to the Award a number of shares with a  fair market value equal to such withholding liability or (iii) by such other method as the  Committee may permit in accordance with applicable law.     1  # of shares = ($ Additional Bonus amount x 60%)/$ Closing price of GRBK on day prior to Grant Date; rounded  down to the nearest whole share.                                          1   4824-6324-2633 v4  

 

      6.    Nontransferability.  Except as otherwise provided in the Plan, the Stock Bonus  Award may not be assigned, alienated, pledged, attached, sold or otherwise transferred or  encumbered by the Participant other than by will or by the laws of descent and distribution and  any such purported assignment, alienation, pledge, attachment, sale, transfer or encumbrance  shall be void and unenforceable against the Company or an Affiliate; provided that the  designation of a beneficiary shall not constitute an assignment, alienation, pledge, attachment,  sale, transfer or encumbrance.         7.    Representations and Warranties of Participant.  The Participant represents and  warrants to the Company that:               (a)   Agrees to Terms of the Plan.  The Participant has received a copy of the  Plan and has read and understands the terms of the Plan and this Agreement, and agrees to be  bound by their terms and conditions.  The Participant acknowledges that there may be adverse  tax consequences upon the grant of the Stock Bonus Award or disposition of such shares of  Common Stock and that the Participant should consult a tax adviser prior to such time.               (b)   Cooperation.  The Participant agrees to sign such additional  documentation as may reasonably be required from time to time by the Company to effectuate  the transfer of the Common  Stock underlying the Stock Bonus Award or as otherwise  contemplated by this Agreement or the Plan.         8.    Governing Law; Modification.  This Agreement shall be governed by the laws  of the State of Delaware without regard to the conflict of law principles.  The terms of this  Agreement may not be modified or waived except in writing signed by both parties that  expressly refers to the term being waived or modified.         9.    Plan.  The terms and provisions of the Plan are incorporated herein by this  reference and the Participant hereby, acknowledges receiving the copy of the Plan.  Except as  otherwise specifically provided herein, this Award shall be subject to all of the terms of the Plan.  If the provisions of this Agreement conflict with the discretionary terms of the Plan, the  Agreement shall govern and control.         10.   Counterparts/Facsimile.  This Agreement may be signed in counterparts, each of  which shall be an original, with the same effect as if the signatures thereto and hereto were upon  the same instrument.  Facsimile copies or other reproduction of the parties’ signatures shall have  the same force and effect as original signatures.                                                                          [Signature Page Next]                                          2     4824-6324-2633 v4  

 

               IN WITNESS WHEREOF, the parties hereto have signed this Agreement as of  the date first above written.                                             GREEN BRICK PARTNERS, INC.                                                                                      By: /s/ James R. Brickman                                                       Name: James R. Brickman                                            Title: Chief Executive Officer                                                                                        PARTICIPANT                                                                                                                             /s/ Summer Loveland                                                          Name: Summer Loveland                   [Signature Page to Stock Bonus Award Agreement (Loveland)]  

 

                          GREEN BRICK PARTNERS, INC.                    2014 OMNIBUS EQUITY INCENTIVE PLAN                        WITHHOLDING ELECTION FORM      RETURN TO:   Green Brick Partners, Inc.  2805 North Dallas Parkway, Suite 400  Plano, Texas 75093  Attention: Chief Financial Officer   This Withholding Election Form must be received no later than by 5:00 pm Central Time  on March 12, 2019.     1. Stock Bonus Award.  The undersigned has been awarded a Stock Bonus Award consisting     of fully vested shares of Common Stock, which will be issued on March 12, 2019 (the “Stock     Bonus Award”).  The undersigned is required to pay to the Company the amount of any     required withholding taxes (the “Withholding Obligation”) in respect of such Stock Bonus     Award.   2. Withholding Election.  The undersigned hereby elects to satisfy such Withholding     Obligation in respect of the Stock Bonus Award as follows (check one):          [    ] Cash: The undersigned must make a check payable to “Green Brick Partners,               Inc.” for the amount of the Withholding Obligation, which check must be              received by the Chief Financial Officer no later than by 5:00 pm Central              Time on March 12, 2019.         [X]  Share Withholding: The Company will reduce the number of shares of Common              Stock that would have been issued pursuant to the Stock Bonus Award by a             number of shares with a Fair Market Value equal to such Withholding Obligation.              In the absence of an affirmative election, the Company will use Share             Withholding for the Withholding Obligation.  3. Capitalized terms used but not otherwise defined in this Withholding Election Form shall     have the meanings ascribed to such terms in the Green Brick Partners, Inc. 2014 Omnibus     Equity Incentive Plan.   4. Any election made pursuant to this Withholding Election Form shall be irrevocable as of the     time made.       4824-6324-2633 v4     

 

                                             Acknowledged and agreed:                                                                                          _____________________________                                             Name: Summer Loveland                                            Date:                                                                                             [Signature Page to Withholding Election Form (Loveland)]   4824-6324-2633 v4

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