0001341004-19-000399.txt : 20190612 0001341004-19-000399.hdr.sgml : 20190612 20190612171435 ACCESSION NUMBER: 0001341004-19-000399 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20190612 DATE AS OF CHANGE: 20190612 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: Trinity Place Holdings Inc. CENTRAL INDEX KEY: 0000724742 STANDARD INDUSTRIAL CLASSIFICATION: OPERATORS OF NONRESIDENTIAL BUILDINGS [6512] IRS NUMBER: 222465228 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-39363 FILM NUMBER: 19894268 BUSINESS ADDRESS: STREET 1: 340 MADISON AVENUE STREET 2: SUITE 3C CITY: NEW YORK STATE: NY ZIP: 10173 BUSINESS PHONE: (212) 235-2190 MAIL ADDRESS: STREET 1: 340 MADISON AVENUE STREET 2: SUITE 3C CITY: NEW YORK STATE: NY ZIP: 10173 FORMER COMPANY: FORMER CONFORMED NAME: Trinity Place Holdings Inc DATE OF NAME CHANGE: 20120914 FORMER COMPANY: FORMER CONFORMED NAME: SYMS CORP DATE OF NAME CHANGE: 19920703 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: PRICE MICHAEL F CENTRAL INDEX KEY: 0000918537 STANDARD INDUSTRIAL CLASSIFICATION: UNKNOWN SIC - 0000 [0000] STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A MAIL ADDRESS: STREET 1: C/O MFP INVESTORS LLC STREET 2: 909 THIRD AVE, 33RD FLOOR CITY: NEW YORK STATE: NY ZIP: 10022 SC 13D/A 1 sc13da5.htm SC 13D/A 5 FOR PRICE MICHAEL F
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D/A
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO §240.13d-1(a) AND AMENDMENTS THERETO FILED
PURSUANT TO §240.13d-2(a).
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 5)
TRINITY PLACE HOLDINGS INC.
(Name of Issuer)
Common Stock, Par Value $0.01
(Title of Class of Securities)
89656D101
(CUSIP Number)

TIMOTHY E. LADIN
MFP INVESTORS LLC
909 THIRD AVENUE, 33rd FLOOR
NEW YORK, NEW YORK 10022
(212) 752-7345
(Name, Address and Telephone Number of Person
Authorized to Receive Notices of Communication)
June 11, 2019
(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.     ☒
Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See §240.13d-7 for other parties to whom copies are to be sent.
(Continued on following pages)

(Page 1 of 6 Pages)
* The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).


CUSIP NO. 89656D101                                                                 Schedule 13D
    

1
 
NAMES OF REPORTING PERSONS
 
 
 
 
MFP Partners, L.P.(1)
 
 
  
 
 
 
 
2
 
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
 
(a)
 
 
 
 
 
 
 
 
(b) ☒
3
 
 
SEC USE ONLY
 
 
 
 
4
 
SOURCE OF FUNDS
 
 
 
 
WC
 
 
 
 
 
 
5
 
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
 
 
 
 
TO ITEM 2(d) or 2(e)
 
 
6
 
CITIZENSHIP OR PLACE OF ORGANIZATION
 
 
 
 
Delaware
 
 
 
 
 
 
NUMBER OF
 
7
 
SOLE VOTING POWER
 
 
SHARES
 
 
 
0
 
 
BENEFICIALLY
 
8
 
SHARED VOTING POWER
 
 
OWNED BY
 
 
 
6,708,538(2)
 
 
EACH REPORT-
 
9
 
SOLE DISPOSITIVE POWER
 
 
ING
 
 
 
0
 
 
PERSON WITH
 
10
 
SHARED DISPOSITIVE POWER
 
 
 
 
 
 
 
 
6,708,538(2)
 
 
11
 
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
 
 
 
6,708,538(2)
 
 
 
 
 
 
12
 
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
 
 
 
 
CERTAIN SHARES
 
 
 
 ☒
13
 
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
 
 
 
21.0%
 
 
 
 
 
 
14
 
TYPE OF REPORTING PERSON
 
 
 
 
PN
 
 
 
 
 
 

(1) MFP Investors LLC is the general partner of MFP Partners, L.P. (“MFP”).  Michael F. Price is the managing partner of MFP and the managing member and controlling person of MFP Investors LLC.

(2) The 6,708,538 shares of common stock, par value $0.01 per share (“Common Stock”), of Trinity Place Holdings Inc., a Delaware corporation, are held directly by MFP.  Due to their respective relationships with each other, each of the Reporting Persons (as defined herein) may be deemed to share voting and dispositive power with respect to the 6,708,538 shares of Common Stock reported herein.  The ownership percentage set forth above is based on 31,899,997 shares of Common Stock outstanding as set forth in the issuer’s most recent Form 10-Q.

MFP purchased 2,127,146 shares of Common Stock (the “Marcato Shares”) pursuant to a Stock Purchase Agreement (the “Marcato Purchase Agreement”) made as of June 11, 2019, by and between Marcato Capital Management LP, on behalf of Marcato International Master Fund Ltd., MFP and the other purchasers thererin (the “Other Buyers”).  Due to the Marcato Purchase Agreement, MFP and the Other Buyers may be deemed to have acquired beneficial ownership in accordance with Rule 13d-3 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) of all shares of Common Stock owned by MFP and the Other Buyers.  The Reporting Persons disclaim beneficial ownership, within the meaning of Rule 13d-3 promulgated under the Exchange Act, of shares of Common Stock beneficially owned by the Other Buyers, including the 1,575,000 shares of Common Stock purchased by the Other Buyers pursuant to the Marcato Purchase Agreement.




CUSIP NO. 89656D101                 Schedule 13D          Page 3 of 6

1
 
NAMES OF REPORTING PERSONS
 
 
 
 
MFP Investors LLC(1)
 
 
 
   
 
 
 
 
 
 
2
 
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
 
(a)
 
 
 
 
 
 
 
 
(b) ☒
 
3
 
 
SEC USE ONLY
 
 
 
 
4
 
SOURCE OF FUNDS
 
 
 
 
AF
 
 
 
 
 
 
5
 
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
 
 
 
 
TO ITEM 2(d) or 2(e)
 
 
6
 
CITIZENSHIP OR PLACE OF ORGANIZATION
 
 
 
 
Delaware
 
 
 
 
 
 
NUMBER OF
 
7
 
SOLE VOTING POWER
 
 
SHARES
 
 
 
0
 
 
BENEFICIALLY
 
8
 
SHARED VOTING POWER
 
 
OWNED BY
 
 
 
6,708,538(2)
 
 
EACH
 
9
 
SOLE DISPOSITIVE POWER
 
 
REPORTING
 
 
 
0
 
 
PERSON WITH
 
10
 
SHARED DISPOSITIVE POWER
 
 
 
 
 
 
 
 
6,708,538(2)
 
 
11
 
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
 
 
 
6,708,538(2)
 
 
 
 
 
 
12
 
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
 
 
 
 
CERTAIN SHARES
 
 
 
 ☒
13
 
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
 
 
 
21.0%
 
 
 
 
 
 
14
 
TYPE OF REPORTING PERSON
 
 
 
 
OO
 
 
 
 
 
 

(1) MFP Investors LLC is the general partner of MFP Partners, L.P. (“MFP”).  Michael F. Price is the managing partner of MFP and the managing member and controlling person of MFP Investors LLC.

(2) The 6,708,538 shares of common stock, par value $0.01 per share (“Common Stock”), of Trinity Place Holdings Inc., a Delaware corporation, are held directly by MFP.  Due to their respective relationships with each other, each of the Reporting Persons (as defined herein) may be deemed to share voting and dispositive power with respect to the 6,708,538 shares of Common Stock reported herein.  The ownership percentage set forth above is based on 31,899,997 shares of Common Stock outstanding as set forth in the issuer’s most recent Form 10-Q.

MFP purchased 2,127,146 shares of Common Stock (the “Marcato Shares”) pursuant to a Stock Purchase Agreement (the “Marcato Purchase Agreement”) made as of June 11, 2019, by and between Marcato Capital Management LP, on behalf of Marcato International Master Fund Ltd., MFP and the other purchasers therein (the “Other Buyers”).  Due to the Marcato Purchase Agreement, MFP and the Other Buyers may be deemed to have acquired beneficial ownership in accordance with Rule 13d-3 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) of all shares of Common Stock owned by MFP and the Other Buyers.  The Reporting Persons disclaim beneficial ownership, within the meaning of Rule 13d-3 promulgated under the Exchange Act, of shares of Common Stock beneficially owned by the Other Buyers, including the 1,575,000 shares of Common Stock purchased by the Other Buyers pursuant to the Marcato Purchase Agreement.



CUSIP NO. 89656D101                 Schedule 13D          Page 4 of 6

1
 
NAMES OF REPORTING PERSONS
 
 
 
 
Michael F. Price(1)
 
 
 
 
  
 
 
 
 
 
 
 
 
2
 
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
 
(a)
 
 
 
 
 
 
 
 
(b) ☒
3
 
 
SEC USE ONLY
 
 
 
 
4
 
SOURCE OF FUNDS
 
 
 
 
AF
 
 
 
 
 
 
5
 
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
 
 
 
 
TO ITEM 2(d) or 2(e)
 
 
6
 
CITIZENSHIP OR PLACE OF ORGANIZATION
 
 
 
 
United States of America
 
 
 
 
NUMBER OF
 
7
 
SOLE VOTING POWER
 
 
SHARES
 
 
 
0
 
 
BENEFICIALLY
 
8
 
SHARED VOTING POWER
 
 
OWNED BY
 
 
 
6,708,538(2)
 
 
EACH REPORT-
 
9
 
SOLE DISPOSITIVE POWER
 
 
ING
 
 
 
0
 
 
PERSON WITH
 
10
 
SHARED DISPOSITIVE POWER
 
 
 
 
 
 
 
 
6,708,538(2)
 
 
11
 
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
 
 
 
6,708,538(2)
 
 
 
 
 
 
12
 
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
 
 
 
 
CERTAIN SHARES
 
 
 
 ☒
13
 
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
 
 
 
21.0%
 
 
 
 
 
 
14
 
TYPE OF REPORTING PERSON
 
 
 
 
IN
 
 
 
 
 
 

(1) MFP Investors LLC is the general partner of MFP Partners, L.P. (“MFP”).  Michael F. Price is the managing partner of MFP and the managing member and controlling person of MFP Investors LLC.

(2) The 6,708,538 shares of common stock, par value $0.01 per share (“Common Stock”), of Trinity Place Holdings Inc., a Delaware corporation, are held directly by MFP.  Due to their respective relationships with each other, each of the Reporting Persons (as defined herein) may be deemed to share voting and dispositive power with respect to the 6,708,538 shares of Common Stock reported herein.  The ownership percentage set forth above is based on 31,899,997 shares of Common Stock outstanding as set forth in the issuer’s most recent Form 10-Q.

MFP purchased 2,127,146 shares of Common Stock (the “Marcato Shares”) pursuant to a Stock Purchase Agreement (the “Marcato Purchase Agreement”) made as of June 11, 2019, by and between Marcato Capital Management LP, on behalf of Marcato International Master Fund Ltd., MFP and the other purchasers thererin (the “Other Buyers”).  Due to the Marcato Purchase Agreement, MFP and the Other Buyers may be deemed to have acquired beneficial ownership in accordance with Rule 13d-3 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) of all shares of Common Stock owned by MFP and the Other Buyers.  The Reporting Persons disclaim beneficial ownership, within the meaning of Rule 13d-3 promulgated under the Exchange Act, of shares of Common Stock beneficially owned by the Other Buyers, including the 1,575,000 shares of Common Stock purchased by the Other Buyers pursuant to the Marcato Purchase Agreement.



CUSIP NO. 89656D101                 Schedule 13D          Page 5 of 6
Explanatory Note
Pursuant to Rule 13d-2 promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), this Amendment No. 3 to Schedule 13D (this “Amendment No. 5”) amends and supplements the Schedule 13D originally filed with the United States Securities and Exchange Commission (the “SEC”) dated April 11, 2013 (the “Original Schedule 13D”), as amended by Amendment No. 1 on December 8, 2015 (the “Amendment No. 1”), Amendment No. 2 on February 14, 2017 (the “Amendment No. 2”), Amendment No. 3 on April 7, 2017 (the “Amendment No. 3”) and Amendment No. 4 on February 20, 2018 (the “Amendment No. 4”).  The Original Schedule 13D, Amendment No. 1, Amendment No. 2, Amendment No. 3, Amendment No. 4 and this Amendment No. 5 are together referred to herein as the “Schedule 13D”.
This Amendment No. 5 relates to the common stock, par value $0.01 per share (the “Common Stock”), of Trinity Place Holdings Inc., a Delaware corporation (“Trinity” or the “Company”), owned by the Reporting Persons.  Except as specifically amended by Amendment No. 1, Amendment No. 2, Amendment No. 3, Amendment No. 4 and this Amendment No. 5, items in the Schedule 13D are unchanged.  Capitalized terms used herein that are not defined herein have the meanings ascribed to them in the Schedule 13D.
Item 3. Sources and Amount of Funds or Other Consideration
Item 3 of the Schedule 13D is hereby amended and supplemented by adding the following paragraph after the third paragraph of Item 3:
“On June 11, 2019, MFP purchased 2,127,146 shares of Common Stock (the “Marcato Shares”) pursuant to a Stock Purchase Agreement (the “Marcato Purchase Agreement”) made as of June 11, 2019, by and between Marcato Capital Management LP, on behalf of Marcato International Master Fund Ltd., MFP and the other purchasers therein (the “Other Buyers”), at a price of $3.60 per share for a total purchase price of $7,657,725.60.  The foregoing references to and descriptions of the Marcato Purchase Agreement and the transactions contemplated thereby do not purport to be complete and are subject to, and are qualified in their entirety by reference to, the full text of the Marcato Purchase Agreement which is attached as Exhibit 5 and is incorporated herein by reference.”
Item 5. Interest in Securities of the Issuer
Item 5 of the Schedule 13D is hereby amended by replacing sections (a) and (b) of Item 5 with the following:
“(a)  MFP directly owns 6,708,538 shares of Common Stock, representing approximately 21.0% of the outstanding shares of Common Stock.  The ownership percentage set forth above is based on 31,899,997 shares of Common Stock outstanding as set forth in the Quarterly Report on Form 10-Q filed by the issuer with the Securities and Exchange Commission on May 21, 2019.
(b)  Due to their respective relationships with MFP and each other, each of the Reporting Persons may be deemed to share voting and dispositive power with respect to the 6,708,538 shares of Common Stock directly owned by MFP.  Due to the Marcato Purchase Agreement, MFP and the Other Buyers may be deemed to have acquired beneficial ownership in accordance with Rule 13d-3 under the Exchange Act of all shares of Common Stock owned by MFP and the Other Buyers.  The Reporting Persons disclaim beneficial ownership, within the meaning of Rule 13d-3 promulgated under the Exchange Act, of shares of Common Stock beneficially owned by the Other Buyers, including the 1,575,000 shares of Common Stock purchased by the Other Buyers pursuant to the Marcato Purchase Agreement.  Further detail of the Marcato Purchase Agreement is provided under Item 3 of this Statement.”
Item 7. Material To Be Filed as Exhibits
Item 7 of the Schedule 13D is hereby amended and supplemented by adding the following:
 



CUSIP NO. 89656D101                 Schedule 13D          Page 6 of 6

SIGNATURE

After reasonable inquiry and to the best of our knowledge and belief, the undersigned certify that the information set forth in this statement is true, complete and correct.

Dated:   June 12, 2019



 
MFP Partners, L.P.,
   
by its General Partner,
   
MFP Investors LLC
     
 
By:
/s/ Michael F. Price
 
Name:
Michael F. Price
 
Title
Managing Partner
     
     
 
MFP Investors LLC
     
 
By:
/s/ Michael F. Price
 
Name:
Michael F. Price
 
Title
Managing Partner
     
     
 
/s/ Michael F. Price
 
Michael F. Price




 
INDEX OF EXHIBITS
 
 
 
Exhibit 1
 
Joint Filing Agreement, dated as of April 17, 2013, by and among MFP Partners, L.P., MFP Investors LLC and Michael F. Price*
       
 
Exhibit 2
 
Investment Agreement, by and among MFP Partners, L.P. and Trinity Place Holdings Inc. (including the form of Registration Rights Agreement), dated as of September 11, 2015 (filed as Exhibit 10.1 of the Current Report on Form 8-K filed by the Company on September 15, 2015 and incorporated herein by reference)*
       
 
Exhibit 3
 
Private Placement Agreement, by and among the Company and the investors identified on Schedule A therein, dated as of February 14, 2017 (filed as Exhibit 10.1 of the Current Report on Form 8-K filed by the Company on February 17, 2017 and incorporated herein by reference)*
       
 
Exhibit 4
 
Agreement made as of February 14, 2017, by and between MFP and DS Fund I LLC*
       
   
       
  * Filed previously    
EX-99 2 exh5.htm EXHIBIT 5

Stock Purchase Agreement

This Stock Purchase Agreement (this “Agreement”) is made as of June 11, 2019, by and between Marcato Capital Management LP, a Delaware Limited Partnership, on behalf of Marcato International Master Fund Ltd., a Cayman Exempt Company (collectively, “Seller”) and the purchasers set forth on Exhibit A to this Agreement (collectively, “Buyer”).  Buyer and Seller are referred to from time to time in this Agreement individually as a “Party” and together as the “Parties.”
Seller has agreed to sell to Buyer 3,702,146 shares (the “Shares”) of common stock, par value $.01 per share of Trinity Place Holdings Inc., a Delaware corporation (the “Company”), and each Buyer has agreed to purchase from Seller the number of Shares set forth across from such Buyer’s name on Exhibit A to this Agreement.
In consideration of and upon the basis of the representations, warranties and agreements and subject to the terms and conditions set forth in this Agreement, the Parties agree as follows:
1.          Purchase and Sale ; Separate Agreement.
(a)          Upon the terms and subject to the conditions of this Agreement, Seller hereby sells to each Buyer, and each Buyer hereby purchases from Seller the number of Shares set forth across from such Buyer’s name on Exhibit A to this Agreement at a purchase price of $3.60 per share (the “Purchase Price”).  The Purchase Price is owing as of the date hereof, but shall be payable upon written (including by e-mail) confirmation from American Stock Transfer & Trust Company, LLC (the “Transfer Agent”) or Buyers’ respective prime brokers that the transfer of the Shares has been affected.  As soon as practicable upon receipt of such confirmation, and in any event no later than the next business day, each Buyer shall pay to Seller an amount equal to the Purchase Price times the number of Shares purchased as set forth in Exhibit A by wire transfer of immediately available funds to one or more accounts designated in writing in advance by Seller.
(b)          Each Buyer shall be severally, and not jointly, liable for the purchase of the number of Shares set forth across from such Buyer’s name on Exhibit A to this Agreement. The Seller’s agreement with each Buyer is a separate agreement, and the sale of such Shares to each of the Buyers is a separate sale. The obligations of each Buyer hereunder are expressly not conditioned on the purchase by any or all of the other Buyers of the Shares such other Buyers have agreed to purchase.
2.          Representations and Warranties of Seller.  Seller hereby represents and warrants to each Buyer on the date hereof, as follows:
(a)          Seller is authorized to consummate the transactions contemplated by this Agreement;
(b)          Seller is authorized to enter into this Agreement; and



(c)          upon completion of the transactions contemplated by this Agreement, each Buyer will receive good and marketable title to the Shares purchased hereby, free and clear of any encumbrance, lien, claim, charge, security interest or other interests and the Shares will not be “restricted securities” pursuant to the Securities Act of 1933, as amended (the “Securities Act”) or otherwise bear any restrictive legend pursuant to the Securities Act.
(d)          neither Seller, its affiliates nor anyone acting on its behalf has offered or sold the Shares by means of any form of general advertising or general solicitation within the meaning of Rule 502(c) under the Securities Act;
(e)          Seller acquired the Shares without a view to any public resale, subsequent distribution or other distribution thereof in violation of the Securities Act;
(f)          Neither Seller, its affiliates nor anyone acting on its behalf is a party to any contract, agreement or understanding with any person that would give rise to any brokerage commission or finder’s fee in connection with the sale of the Shares to any Buyer or consummation of the transactions contemplated by this Agreement.
(g)          Seller has received and carefully reviewed the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018, all subsequent public filings of the Company with the Securities and Exchange Commission, other publicly available information regarding the Company, and such other information that it and its advisers deem necessary to make its decision to enter into the transactions contemplated by this Agreement;
(h)          Seller has evaluated the merits and risks of the transactions contemplated by this Agreement based exclusively on its own independent review and consultations with such investment, legal, tax, accounting and other advisers as it deemed necessary.  Seller has made its own decision concerning the transactions contemplated by this Agreement without reliance on any representation or warranty of, or advice from, Buyer.
(i)          Neither any Buyer nor any of their respective affiliates, members, employees and agents (i) has been requested to or has provided Seller with any information or advice with respect to the Shares nor is such information or advice necessary or desired, or (ii) has made or makes any representation as to the Company.
(j)          Seller acknowledges and understands that (i) Buyer may possess material nonpublic information regarding the Company not known to Seller that may impact the value of the Shares, including, without limitation, (x) information received by principals and employees of one or more Buyers in their capacities as director, significant stockholders and/or affiliates of the Company, (y) information otherwise received from the Company on a confidential basis, and (z) information received on a privileged basis from the attorneys and financial advisers representing the Company and its Board of Directors (collectively, the “Buyer Information”), and that Buyer is unable to disclose the Buyer Information to Seller.  Seller understands, based on its experience, the disadvantage to which Seller is subject due to the disparity of information between Seller


2

and Buyer.  Notwithstanding such disparity, Seller has deemed it appropriate to enter into this Agreement and to consummate the transactions contemplated by this Agreement.
(k)          Seller agrees that none of any Buyer, their respective affiliates, principals, members, employees and agents shall have any liability to Seller, its affiliates, principals, stockholders, partners, employees, agents, grantors or beneficiaries, whatsoever due to or in connection with any Buyer’s non-disclosure of the Information, and Seller hereby irrevocably waives any claim that it might have based on the failure of any Buyer to disclose the Buyer Information.
(l)          Seller acknowledges that (i) each Buyer is relying on Seller’s representations, warranties, acknowledgments and agreements in this Agreement as a condition to proceeding with the transactions contemplated by this Agreement; and (ii) without such representations, warranties and agreements, such Buyer would not enter into this Agreement or engage in the transactions contemplated by this Agreement.
3.          Representations and Warranties of Buyer.  Each Buyer hereby represents and warrants, severally and not jointly, to Seller on the date hereof, as follows:
(a)          Buyer is authorized to consummate the transactions contemplated by this Agreement;
(b)          Buyer is authorized to enter into this Agreement;
(c)          Buyer (i) has such knowledge and experience in financial and business matters as to be capable of evaluating the merits, risks and suitability of the transactions contemplated by this Agreement, (ii) is able to bear the risk of an entire loss of its investment in the Shares, and (iii) is consummating the transactions contemplated by this Agreement with a full understanding of all of the terms, conditions and risks and willingly assumes those terms, conditions and risks;
(d)          Buyer has received and carefully reviewed the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018, all subsequent public filings of the Company with the Securities and Exchange Commission, other publicly available information regarding the Company, and such other information that it and its advisers deem necessary to make its decision to enter into the transactions contemplated by this Agreement;
(e)          Buyer has evaluated the merits and risks of the transactions contemplated by this Agreement based exclusively on its own independent review and consultations with such investment, legal, tax, accounting and other advisers as it deemed necessary. Buyer has made its own decision concerning the transactions contemplated by this Agreement without reliance on any representation or warranty of, or advice from, Seller.
(f)          Neither Seller nor any of its affiliates, members, employees and agents (i) has been requested to or has provided Buyer with any information or advice with respect to the Shares nor is such information or advice necessary or desired, or (ii) has made or makes any representation as to the Company.


3

(g)          Buyer is an accredited investor, as defined in Rule 501 under the Securities Act of 1933, as amended (the “Securities Act”).  Buyer is making this investment for its own account and not for the account of others and is not buying the Shares with the present intention of reselling them.
(h)          Buyer acknowledges that (i) Seller is relying on Buyer’s representations, warranties, acknowledgments and agreements in this Agreement as a condition to proceeding with the transactions contemplated by this Agreement; and (ii) without such representations, warranties and agreements, Seller would not enter into this Agreement or engage in the transactions contemplated by this Agreement.
4.          Miscellaneous. This Agreement (i) shall constitute the binding agreement of the Parties with respect to the subject matter hereof; (ii) shall constitute the sole and entire agreement of the Parties, and supersedes all prior and contemporaneous understandings, agreements, representations and warranties, both written and oral, with respect to the subject matter of this Agreement (other than that certain letter agreement dated June 11, 2019 between Seller and certain of the Buyers relating to the proposed purchase and sale of the Shares, which letter agreement shall remain in full force and effect notwithstanding execution and delivery of this Agreement); (iii) may be executed in counterparts, each of which shall be deemed an original, including by facsimile, e-mail or other means of electronic transmission of executed counterparts, which together shall constitute one and the same agreement; (iv) all costs and expenses incurred in connection with this Agreement and the transactions contemplated by this Agreement shall be paid by the Party incurring such costs and expenses; (v) each of the Parties shall execute and deliver such additional documents, instruments, conveyances and assurances and take such further actions as may be reasonably required to carry out the provisions of this Agreement and give effect to the transactions contemplated by this Agreement; (vi) if any term or provision of this Agreement is invalid, illegal or unenforceable in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other term or provision of this Agreement or invalidate or render unenforceable such term or provision in any other jurisdiction; (vii) this Agreement may only be amended, modified or supplemented by an agreement in writing signed by each Party; (viii) no waiver by any Party of any of the provisions of this Agreement shall be effective unless explicitly set forth in writing and signed by the Party so waiving; (ix) neither party may assign any of its rights or delegate any of its obligations under this Agreement without the prior written consent of the other party; and (x) this Agreement shall be binding upon and shall inure to the benefit of the Parties and their permitted successors and assigns. This Agreement shall be governed by and construed in accordance with the laws of the State of New York, without giving effect to any choice of conflict of law provision or rule (whether of the State of New York or any other jurisdiction). Time shall be of the essence in this Agreement.
5.          Attorney’s Fees.  In the event of any litigation between the parties hereto in connection with this Agreement, the prevailing party pursuant to a final non-appealable order shall be entitled to recover the reasonable attorney’s fees and/or other reasonable costs it and its affiliates and their respective officers, directors, members, managers, partners, employees, agents, advisors and controlling persons incur in enforcing its rights under this Agreement.
[SIGNATURE PAGE FOLLOWS]


4

IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first above written.
Seller:
Marcato International Master Fund Ltd.
       
 
By:
Marcato Capital Management LP
     
   
By:
/s/ Richard McGuire
     
Name:
Richard McGuire
     
Title:
Managing Member
         
         
Buyer:
MFP Partners, L.P.
         
 
By:
/s/ Timothy E. Ladin
   
Name:
Timothy E. Ladin
   
Title:
General Counsel
         
         
 
Third Avenue Trust on Behalf of Third Avenue Real Estate Value Fund
         
 
By:
Third Avenue Management LLC, Its Investment Advisor
         
   
By:
/s/ W. James Hall
     
Name:
W. James Hall
     
Title:
General Counsel
         
         
 
GemCap Investment Funds (Ireland) PLC – Third Avenue Real Estate Value Fund
         
 
By:
Third Avenue Management LLC, Its Investment Advisor
         
   
By:
/s/ W. James Hall
     
Name:
W. James Hall
     
Title:
General Counsel
         
         
 
Cougar Capital LLC
         
 
By:
/s/ Carl J. Bennet
   
Name:
Carl J. Bennet
   
Title
President, Chief Financial Officer


5

 
Galbelli Enterprise Mergers and Acquisitions Fund
       
 
By:
/s/ Agnes Mullady
   
Name:
Agnes Mullady
   
Title:
Vice President
       
       
 
Gabelli Global Mini Mites Fund
       
 
By:
/s/ Agnes Mullady
   
Name:
Agnes Mullady
   
Title:
Vice President
       
       
       
 
The Gabelli Small Cap Growth Fund
       
 
By:
/s/ Agnes Mullady
   
Name:
Agnes Mullady
   
Title:
Vice President
       
       
       
 
The Gabelli Global Small and Mid Cap Value Trust
       
 
By:
/s/ Agnes Mullady
   
Name:
Agnes Mullady
   
Title:
Vice President
       
       
       
 
TETON Westwood Mighty MitesSM Fund
       
 
By:
/s/ Agnes Mullady
   
Name:
Agnes Mullady
   
Title:
Vice President
       
       
       
 
The Gabelli Go Anywhere Trust
       
 
By:
/s/ Agnes Mullady
   
Name:
Agnes Mullady
   
Title:
Vice President


6

 
By:
/s/ Richard Saltzman
   
Richard Saltzman
       
       
 
Horse Island Partners,LLC
       
 
By:
/s/ Thomas D. O'Malley Jr.
   
Name:
Thomas D. O'Malley Jr.
   
Title:
Managing Member
       
       

7