SEC Contract Filing

Filing Date: 2017-03-31

Document Content:
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<TYPE>EX-10.3
<SEQUENCE>2
<FILENAME>v462617_ex10-3.htm
<DESCRIPTION>EXHIBIT 10.3
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><U>Exhibit 10.3</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">OFFICE LEASE AND ADMINISTRATIVE SUPPORT
AGREEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>THIS OFFICE LEASE AND ADMINISTRATIVE SUPPORT AGREEMENT </B>(this
&ldquo;Agreement&rdquo;) is made on February 3, 2017, by and between <B>Banyan Rail Services Inc. (&ldquo;Banyan&rdquo;) </B>and
<B>Boca Equity Partners LLC (&ldquo;BEP&rdquo;).</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>WHEREAS: </B>The parties desire to provide for a cost-sharing
arrangement relating to Banyan&rsquo;s use of a portion of BEP&rsquo;s offices located at 25200 Town Center Circle, Tower 1, Suite
550, Boca Raton, FL 33846 (the &ldquo;Premises&rdquo;), and certain overhead items at the Premises such as space, utilities and
other administrative services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOW THEREFORE</B>, the parties agree as follows:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TERMS</B></P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD><B><U>Term.</U></B> The term of this Agreement shall be month-to-month, commencing on October 1, 2016 (the &ldquo;Effective
Date&rdquo;).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD><B><U>Shared Costs</U>. </B>BEP shall furnish to Banyan the following:</TD></TR> <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">a.</TD><TD>A portion of the Premises, including related janitorial, electrical and other, associated taxes and utility services;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">b.</TD><TD>Certain furniture, furnishings and equipment;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">c.</TD><TD>Telephone service, internet access and postage machine, etc.;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">d.</TD><TD>General office and administrative support.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD><B><U>Reimbursement of Shared Costs</U>. </B>Banyan agrees to reimburse BEP $6,605 per month in advance for the costs of the
services and facilities provided hereunder. In addition, Banyan will reimburse BEP a one-time charge in the amount of $37,122 related
to the costs of the set-up of the new office and the move. If the cost of such services and facilities changes subsequently, the
parties will negotiate changes in good faith.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">4.</TD><TD><B><U>Notices. </U></B> All notices, request, demands and other communications required or permitted under this Agreement shall
be given in writing as follows:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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 <TD STYLE="width: 55%; padding-left: 0.5in">Boca Equity Partners, LLC</TD>
 <TD STYLE="width: 45%">Banyan Rail Services Inc.</TD></TR>
<TR STYLE="vertical-align: top">
 <TD STYLE="padding-left: 0.5in">5200 Town Cent