Exhibit 10.3

 

FIRST AMENDMENT TO THE NOTE PURCHASE AGREEMENT

 

THIS FIRST AMENDMENT dated as of December 1, 2015 (the or this “First
Amendment”) to the Note Purchase Agreement dated as of December 18, 2014 is
between STAG INDUSTRIAL OPERATING PARTNERSHIP, L.P., a Delaware limited
partnership (the “Issuer”), STAG INDUSTRIAL, INC., a Maryland corporation (the
“Parent”) and each of the institutions which is a signatory to this First
Amendment (collectively, the “Noteholders”).

 

RECITALS:

 

A.                                    The Issuer, the Parent and each of the
Noteholders have heretofore entered into the Note Purchase Agreement dated as of
December 18, 2014 (the “Note Purchase Agreement”).  The Issuer has heretofore
issued the (i) $80,000,000 aggregate principal amount of its 4.42% Senior
Guaranteed Notes, Series A, due December 30, 2026 (the “Series A Notes”),
(ii) $100,000,000 aggregate principal amount of its 4.32% Senior Guaranteed
Notes, Series B, due February 20, 2025 (the “Series B Notes”) and
(iii) $20,000,000 aggregate principal amount of its 4.42% Senior Guaranteed
Notes, Series C, due February 20, 2027 (the “Series C Notes”; together with the
Series A Notes and the Series B Notes, the “Notes”) pursuant to the Note
Purchase Agreement.

 

B.            The Noteholders are the holders of more than 50% of the
outstanding principal amount of the Notes and constitute the Required Holders
pursuant to the Note Purchase Agreement.

 

C.                                    The Issuer, the Parent and the Noteholders
now desire to amend the Note Purchase Agreement.

 

D.                                    Capitalized terms used herein shall have
the respective meanings ascribed thereto in the Note Purchase Agreement unless
herein defined.

 

E.                                     All requirements of law have been fully
complied with and all other acts and things necessary to make this First
Amendment a valid, legal and binding instrument according to its terms for the
purposes herein expressed have been done or performed.

 

NOW, THEREFORE, upon the full and complete satisfaction of the conditions
precedent to the effectiveness of this First Amendment set forth in Section 3.1
hereof, and in consideration of good and valuable consideration the receipt and
sufficiency of which is hereby acknowledged, the Issuer, the Parent and the
Noteholders do hereby agree as follows:

 

SECTION 1.                                          AMENDMENTS.

 

Section 1.1.                   Section 10.7(b)(ii) of the Note Purchase
Agreement shall be and is hereby amended by adding the words “excluding any such
Person that is a Subsidiary Guarantor,” at the beginning of clause (ii).

 

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Section 1.2.                   Schedule B of the Note Purchase Agreement shall
be and is hereby amended by deleting the definition of “Subsidiary Guarantors”
and replacing it with the following:

 

““Subsidiary Guarantors” means, as of any date, the Subsidiaries of the Parent
that are required to deliver an Affiliate Guaranty on December 18, 2014 or
deliver a joinder to such Affiliate Guaranty pursuant to the requirements of
Section 9.7 excluding, however, any Subsidiary Guarantor which has been released
in accordance with Section 9.7(b).”

 

SECTION 2.                                          REPRESENTATIONS AND
WARRANTIES OF THE ISSUER.

 

Section 2.1.                   To induce the Noteholders to execute and deliver
this First Amendment (which representations shall survive the execution and
delivery of this First Amendment), the Issuer and the Parent represent and
warrant to the Noteholders that:

 

(a)                        this First Amendment has been duly authorized,
executed and delivered by it and this First Amendment constitutes the legal,
valid and binding obligation, contract and agreement of the Issuer enforceable
against it in accordance with its terms, except as enforcement may be limited by
bankruptcy, insolvency, reorganization, moratorium or similar laws or equitable
principles relating to or limiting creditors’ rights generally;

 

(b)                         the Note Purchase Agreement, as amended by this
First Amendment, constitute the legal, valid and binding obligations, contracts
and agreements of the Issuer and the Parent enforceable against each in
accordance with their respective terms, except as enforcement may be limited by
bankruptcy, insolvency, reorganization, moratorium or similar laws or equitable
principles relating to or limiting creditors’ rights generally;

 

(c)                         the execution, delivery and performance by the
Issuer and the Parent of this First Amendment (i) has been duly authorized by
all requisite corporate action and, if required, shareholder action, (ii) does
not require the consent or approval of any governmental or regulatory body or
agency and (iii) will not (A) violate (1) any provision of law, statute, rule or
regulation or the Issuer’s or Parent’s certificate of limited partnership,
articles of organization, by-laws or limited partnership agreement, (2) any
order of any court or any rule, regulation or order of any other agency or
government binding upon the Issuer or the Parent or (3) any provision of any
material indenture, agreement or other instrument to which the Issuer or the
Parent is a party or by which its properties or assets are or may be bound,
including, without limitation, any one of the Primary Credit Facilities, or
(B) result in a breach or constitute (alone or with due notice or lapse of time
or both) a default under any indenture, agreement or other instrument referred
to in clause (iii)(A)(3) of this Section 2.1(c); and

 

(d)                         as of the date hereof and after giving effect to
this First Amendment, no Default or Event of Default has occurred which is
continuing.

 

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SECTION 3.                                          CONDITIONS TO EFFECTIVENESS
OF THIS FIRST AMENDMENT.

 

Section 3.1.                   This First Amendment shall not become effective
until, and shall become effective when, each and every one of the following
conditions shall have been satisfied:

 

(a)                        executed counterparts of this First Amendment, duly
executed by the Issuer, the Parent and the holders of more than 50% of the
outstanding principal of the Notes, including executed counterparts of the
confirmation and agreement by the Subsidiary Guarantors, shall have been
delivered to the Noteholders;

 

(b)                         the Noteholders shall have received evidence
satisfactory to them that the Note Purchase Agreement dated as of April 16, 2014
among the Issuer, the Parent and the purchasers thereto has been amended
substantially in the form annexed hereto as Exhibit A;

 

(c)                         the Noteholders shall have received evidence
satisfactory to them that the Note Purchase Agreement dated as of December 1,
2015 among the Issuer, the Parent and the purchasers thereto has been executed
and delivered in substantially in the form annexed hereto as Exhibit B;

 

(d)                         the representations and warranties of the Issuer and
the Parent set forth in Section 2 hereof are true and correct on and with
respect to the date hereof; and

 

(e)                         the fees and expenses of Chapman and Cutler, LLP,
counsel to the Noteholders, shall have been paid by the Issuer, in connection
with the negotiation, preparation, approval, execution and delivery of this
First Amendment.

 

Upon receipt of all of the foregoing, this First Amendment shall become
effective.

 

SECTION 4.                                          MISCELLANEOUS.

 

Section 4.1.                   This First Amendment shall be construed in
connection with and as part of the Note Purchase Agreement, and except as
modified and expressly amended by this First Amendment, all terms, conditions
and covenants contained in the Note Purchase Agreement and the Notes are hereby
ratified and shall be and remain in full force and effect.

 

Section 4.2.                   Any and all notices, requests, certificates and
other instruments executed and delivered after the execution and delivery of
this First Amendment may refer to the Note Purchase Agreement without making
specific reference to this First Amendment but nevertheless all such references
shall include this First Amendment unless the context otherwise requires.

 

Section 4.3.                   The descriptive headings of the various Sections
or parts of this First Amendment are for convenience only and shall not affect
the meaning or construction of any of the provisions hereof.

 

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Section 4.4.                   This First Amendment shall be governed by and
construed in accordance with New York law.

 

Section 4.5.                   The execution hereof by you shall constitute a
contract between us for the uses and purposes hereinabove set forth, and this
First Amendment may be executed in any number of counterparts, each executed
counterpart constituting an original, but all together only one agreement.

 

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STAG INDUSTRIAL OPERATING PARTNERSHIP,
L.P., a Delaware limited partnership

 

 

 

By:

STAG Industrial GP, LLC, a Delaware
limited liability company, its General
Partner

 

 

 

 

By

/s/ Stephen C. Mecke

 

 

Name: Stephen C. Mecke

 

 

Title: Vice President

 

 

 

 

STAG INDUSTRIAL, INC., a Maryland
corporation

 

 

 

 

By

/s/ Stephen C. Mecke

 

 

Name: Stephen C. Mecke

 

 

Title: Executive Vice President and Chief
Operating Officer

 

STAG Industrial Operating Partnership, L.P.

First Amendment to December 2014 Note Purchase Agreement

 

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Accepted and Agreed to on the

 

date first written above:

 

 

 

 

AMERICAN REPUBLIC INSURANCE COMPANY

 

BLUE CROSS AND BLUE SHIELD OF FLORIDA, INC.

 

CINCINNATI LIFE INSURANCE COMPANY

 

MTL INSURANCE COMPANY

 

UNITEDHEALTHCARE INSURANCE COMPANY

 

WESTERN FRATERNAL LIFE ASSOCIATION

 

 

 

 

By:

Advantus Capital Management, Inc.

 

 

 

 

By:

/s/ Theodore R. Hoxmeier

 

 

Name:

Theodore R. Hoxmeier

 

 

Title:

Vice President

 

STAG INDUSTRIAL OPERATING PARTNERSHIP, L.P.

FIRST AMENDMENT TO DECEMBER 2014 NOTE PURCHASE AGREEMENT

 

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Accepted and Agreed to on the

 

date first written above:

 

 

 

 

ALLIANZ LIFE INSURANCE COMPANY OF NORTH AMERICA

 

 

 

 

By:

/s/ Brian F. Landry

 

 

Name:

Brian F. Landry

 

 

Title:

Assistant Treasurer

 

STAG INDUSTRIAL OPERATING PARTNERSHIP, L.P.

FIRST AMENDMENT TO DECEMBER 2014 NOTE PURCHASE AGREEMENT

 

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Accepted and Agreed to on the

 

date first written above:

 

 

 

 

AMERICAN FAMILY LIFE INSURANCE COMPANY

 

 

 

 

 

 

 

By:

/s/ David L. Voge

 

 

Name:

David L. Voge

 

 

Title:

Fixed Income Portfolio Manager

 

STAG INDUSTRIAL OPERATING PARTNERSHIP, L.P.

FIRST AMENDMENT TO DECEMBER 2014 NOTE PURCHASE AGREEMENT

 

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Accepted and Agreed to on the

 

date first written above:

 

 

 

 

AXA EQUITABLE LIFE INSURANCE COMPANY

 

 

 

 

 

 

 

By:

/s/ Amy Judd

 

 

Name:

Amy Judd

 

 

Title:

Investment Officer

 

STAG INDUSTRIAL OPERATING PARTNERSHIP, L.P.

FIRST AMENDMENT TO DECEMBER 2014 NOTE PURCHASE AGREEMENT

 

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Accepted and Agreed to on the

 

date first written above:

 

 

 

 

FIDELITY & GUARANTY LIFE INSURANCE COMPANY

 

 

 

 

 

 

 

By:

/s/ Thomas Cunningham

 

 

Name:

Thomas Cunningham

 

 

Title:

Vice President

 

STAG INDUSTRIAL OPERATING PARTNERSHIP, L.P.

FIRST AMENDMENT TO DECEMBER 2014 NOTE PURCHASE AGREEMENT

 

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Accepted and Agreed to on the

 

date first written above:

 

 

 

 

GENWORTH LIFE INSURANCE COMPANY

 

 

 

 

 

 

 

By:

/s/ Anne Finucane

 

 

Name:

Anne Finucane

 

 

Title:

Investment Officer

 

STAG INDUSTRIAL OPERATING PARTNERSHIP, L.P.

FIRST AMENDMENT TO DECEMBER 2014 NOTE PURCHASE AGREEMENT

 

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Accepted and Agreed to on the

 

date first written above:

 

 

 

 

KNIGHTS OF COLUMBUS

 

 

 

 

 

 

 

By:

/s/ Gilles Marchand

 

 

Name:

Gilles Marchand

 

 

Title:

Vice President, Credit Investments

 

STAG INDUSTRIAL OPERATING PARTNERSHIP, L.P.

FIRST AMENDMENT TO DECEMBER 2014 NOTE PURCHASE AGREEMENT

 

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Accepted and Agreed to on the

 

date first written above:

 

 

 

 

PRIMA MORTGAGE INVESTMENT TRUST, LLC

 

 

 

 

By:

Prima Capital Advisors, LLC, as authorized agent

 

 

 

 

By:

/s/ Nilesh Patel

 

 

Name:

Nilesh Patel

 

 

Title:

Managing Director

 

 

 

 

 

NEW YORK STATE TEACHERS’ RETIREMENT SYSTEM

 

 

 

By:

Prima Capital Advisors, LLC, as authorized agent

 

 

 

 

 

 

 

By:

/s/ Nilesh Patel

 

 

Name:

Nilesh Patel

 

 

Title:

Managing Director

 

STAG INDUSTRIAL OPERATING PARTNERSHIP, L.P.

FIRST AMENDMENT TO DECEMBER 2014 NOTE PURCHASE AGREEMENT

 

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Each of the undersigned hereby confirms and agrees that the Affiliate Guaranty
to which it is a party is, and shall continue to be, in full force and effect
and is hereby ratified and confirmed in all respects, except that on and after
the Effective Date each reference therein to the Note Purchase Agreement shall
refer to the Note Purchase Agreement after giving effect to this First
Amendment.  Without limiting the foregoing, each such Guarantor waives all
defenses, claims, counterclaims, rights of recoupment or set-off with respect to
any of such Guarantor’s obligations under its Affiliate Guaranty.

 

 

 

SUBSIDIARY GUARANTORS

 

 

 

STAG Investments Holdings III, LLC

 

STAG III Albion, LLC

 

STAG III Appleton, LLC

 

STAG III Boardman, LLC

 

STAG III Canton, LLC

 

STAG III Chesterfield, LLC

 

STAG III Cincinnati, LLC

 

STAG III Dayton, LLC

 

STAG III Daytona Beach, LLC

 

STAG III Elkhart, LLC

 

STAG III Fairfield, LLC

 

STAG III Farmington, LLC

 

STAG III Holland 2, LLC

 

STAG III Holland, LLC

 

STAG III Jackson, LLC

 

STAG III Lewiston, LLC

 

STAG III Malden, LLC

 

STAG III Mason, LLC

 

STAG III Mayville, LLC

 

STAG III Milwaukee 2, LLC

 

STAG III Milwaukee, LLC

 

STAG III Newark, LLC

 

STAG III Pensacola, LLC

 

STAG III Pocatello, LLC

 

STAG III Rapid City, LLC

 

STIR Investments GP III, LLC

 

STAG III Sergeant Bluff, LLC

 

STAG III Maryland Borrower, LLC

 

STAG III Twinsburg, LLC

 

STAG III Youngstown, LLC

 

STAG Investments Holdings IV, LLC

 

STAG IV Alexandria, LLC

 

STAG IV Belfast, LLC

 

STAG IV Cheektowaga, LLC

 

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STAG IV Danville, LLC

 

STAG IV Lexington, LLC

 

STAG IV Newton, LLC

 

STAG IV Pittsburgh 2, LLC

 

STAG IV Rural Hall, LLC

 

STAG IV Seville, LLC

 

STAG IV Sun Prairie, LLC

 

STIR Investments GP IV, LLC

 

STAG GI Investments Holdings, LLC

 

STAG GI New Jersey, LLC

 

STAG Industrial Holdings, LLC

 

STAG TX GP 2, LLC

 

STAG Atlanta, LLC

 

STAG Avon, LLC

 

STAG Buffalo, LLC

 

STAG Chippewa Falls, LLC

 

STAG Edgefield, LLC

 

STAG Franklin, LLC

 

STAG Huntersville, LLC

 

STAG Lansing 2, LLC

 

STAG Orlando, LLC

 

STAG Pineville, LLC

 

STAG Portland 2, LLC

 

STAG Reading, LLC

 

STAG Rogers 2, LLC

 

STAG Smithfield, LLC

 

STAG South Bend, LLC

 

STAG Spartanburg, LLC

 

STAG Portage, LLC

 

STAG Jackson, LLC

 

STIR Investments GP, LLC

 

STAG Simpsonville, LLC

 

STAG Dallas, LLC

 

STAG Mebane 1, LLC

 

STAG Mebane 2, LLC

 

STAG De Pere, LLC

 

STAG Duncan, LLC

 

STAG Buena Vista, LLC

 

STAG Gurnee, LLC

 

STAG Kansas City 2, LLC

 

STAG Chicopee, LLC

 

STAG Montgomery, LLC

 

STAG Smyrna, LLC

 

STAG Statham, LLC

 

STAG Harrisonburg, LLC

 

STAG Toledo, LLC

 

STAG INDUSTRIAL OPERATING PARTNERSHIP, L.P.

SECOND AMENDMENT TO APRIL 2014 NOTE PURCHASE AGREEMENT

 

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STAG Woodstock, LLC

 

STAG Orangeburg, LLC

 

STAG Columbia, LLC

 

STAG Golden, LLC

 

STAG Dekalb, LLC

 

STAG Ocala, LLC

 

STAG Marion 2, LLC

 

STAG Londonderry, LLC

 

STAG Mishawaka, LLC

 

STAG Idaho Falls, LLC

 

STAG Mt. Prospect, LLC

 

STAG Williamsport, LLC

 

STAG Kentwood, LLC

 

STAG Marshall, LLC

 

STAG Belvidere I, LLC

 

STAG Belvidere II, LLC

 

STAG Belvidere III, LLC

 

STAG Belvidere IV, LLC

 

STAG Belvidere V, LLC

 

STAG Belvidere VI, LLC

 

STAG Belvidere VII, LLC

 

STAG Belvidere VIII, LLC

 

STAG Belvidere IX, LLC

 

STAG Nashville, LLC

 

STAG Catoosa, LLC

 

STAG New Berlin, LLC

 

STAG Hampstead, LLC

 

STAG New Hope, LLC

 

STAG Springfield, LLC

 

STAG Orlando 2, LLC

 

STAG North Jackson 2, LLC

 

STAG Mebane 3, LLC

 

STAG Shannon, LLC

 

STAG Lansing 4, LLC

 

STAG Harvard, LLC

 

STAG Sauk Village, LLC

 

STAG South Holland, LLC

 

STAG Mascot, LLC

 

STAG Janesville, LLC

 

STAG Allentown, LLC

 

STAG Nashua, LLC

 

STAG Strongsville, LLC

 

STAG Columbus, LLC

 

STAG Savannah, LLC

 

STAG West Chester, LLC

 

STAG Calhoun, LLC

 

STAG INDUSTRIAL OPERATING PARTNERSHIP, L.P.

SECOND AMENDMENT TO APRIL 2014 NOTE PURCHASE AGREEMENT

 

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STAG Hebron, LLC

 

STAG East Troy, LLC

 

STAG New Berlin 2, LLC

 

STAG Jefferson City, LLC

 

STAG Savage, LLC

 

STAG Charlotte 3, LLC

 

STAG Charlotte 4, LLC

 

STAG Mountain Home, LLC

 

STAG Chester, LLC

 

STAG Mechanicsburg 1, LLC

 

STAG Mechanicsburg 2, LLC

 

STAG Mechanicsburg 3, LLC

 

STAG Mason 3, LLC

 

STAG Longmont, LLC

 

STAG Lenexa, LLC

 

STAG Reno, LLC

 

STAG Fort Wayne, LLC

 

STAG Murfreesboro, LLC

 

STAG Gurnee 2, LLC

 

STAG Germantown, LLC

 

STAG Elizabethtown, LLC

 

STAG CA GP, LLC

 

STAG Conyers 1, LLC

 

STAG Winston-Salem, LLC

 

STAG Spartanburg 3, LLC

 

STAG Burlington, LLC

 

STGA Greenville, LLC

 

STAG North Haven, LLC

 

STAG Plymouth 2, LLC

 

STAG Oakwood Village, LLC

 

STAG Stoughton 1, LLC

 

STAG Stoughton 2, LLC

 

STAG 5101 South Council Road, LLC

 

STAG Knoxville 2, LLC

 

STAG Clinton, LLC

 

STAG Fairborn, LLC

 

STAG Phoenix, LLC

 

STAG Machesney Park, LLC

 

STAG Macedonia, LLC

 

STAG Novi 2, LLC

 

STAG Grand Junction, LLC

 

STAG Tulsa, LLC

 

STAG Chattanooga 1, LLC

 

STAG Chattanooga 2, LLC

 

STAG Libertyville 1, LLC

 

STAG Libertyville 2, LLC

 

STAG INDUSTRIAL OPERATING PARTNERSHIP, L.P.

SECOND AMENDMENT TO APRIL 2014 NOTE PURCHASE AGREEMENT

 

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STAG Greer, LLC

 

STAG Piedmont 1, LLC

 

STAG Piedmont 2, LLC

 

STAG Piedmont 3, LLC

 

STAG Belvidere 10, LLC

 

STAG Durham, LLC

 

STAG Charlotte 6, LLC

 

STAG Shreveport, LLC

 

STAG Dayton 2, LLC

 

STAG Laurens, LLC

 

STAG West Allis, LLC

 

each a Delaware limited liability company,

 

 

 

By:

/s/ Stephen C. Mecke

 

 

Name:

Stephen C. Mecke

 

 

Title:

Authorized Officer

 

 

 

 

STAG III Arlington, L.P.,

 

a Delaware limited partnership,

 

 

 

 

By:

STIR Investments GP III, LLC,

 

 

a Delaware limited liability company,

 

 

its General Partner

 

 

 

 

 

By:

/s/ Stephen C. Mecke

 

 

 

Name:

Stephen C. Mecke

 

 

 

Title:

Authorized Officer

 

 

 

 

STAG IV Waco, L.P.,

 

a Delaware limited partnership,

 

 

 

 

By:

STIR Investments GP IV, LLC,

 

 

a Delaware limited liability company,

 

 

its General Partner

 

 

 

 

 

By:

/s/ Stephen C. Mecke

 

 

 

Name:

Stephen C. Mecke

 

 

 

Title:

Authorized Officer

 

 

 

 

STAG III Sparks, LLC

 

a Maryland limited liability company,

 

 

 

 

By:

/s/ Stephen C. Mecke

 

 

Name:

Stephen C. Mecke

 

 

Title:

Authorized Officer

 

STAG INDUSTRIAL OPERATING PARTNERSHIP, L.P.

SECOND AMENDMENT TO APRIL 2014 NOTE PURCHASE AGREEMENT

 

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STAG Arlington 2, L.P.

 

STAG Houston 2, L.P.

 

STAG Garland, LP

 

STAG Houston 3, LP

 

STAG El Paso 1, LP

 

STAG El Paso 2, LP

 

STAG El Paso 3, LP

 

STAG El Paso 4, LP

 

STAG Houston 4, LP

 

STAG El Paso 5, LP

 

STAG Garland 2, LP

 

each a Delaware limited partnership,

 

 

 

By:

STAG TX GP 2, LLC,

 

 

a Delaware limited liability company,

 

 

their General Partner

 

 

 

 

 

By:

/s/ Stephen C. Mecke

 

 

 

Name:

Stephen C. Mecke

 

 

 

Title:

Authorized Officer

 

 

 

 

STAG Camarillo 1, LP

 

STAG Camarillo 2, LP

 

each a Delaware limited partnership,

 

 

 

 

By:

STAG CA GP, LLC,

 

 

a Delaware limited liability company,

 

 

their General Partner

 

 

 

 

 

By:

/s/ Stephen C. Mecke

 

 

 

Name:

Stephen C. Mecke

 

 

 

Title:

Authorized Officer

 

 

 

 

STAG El Paso, LP

 

a Delaware limited partnership,

 

 

 

 

By:

STIR Investments GP, LLC,

 

 

a Delaware limited liability company,

 

 

its General Partner

 

 

 

 

 

By:

/s/ Stephen C. Mecke

 

 

 

Name:

Stephen C. Mecke

 

 

 

Title:

Authorized Officer

 

STAG INDUSTRIAL OPERATING PARTNERSHIP, L.P.

SECOND AMENDMENT TO APRIL 2014 NOTE PURCHASE AGREEMENT

 

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EXHIBIT A

 

SECOND AMENDMENT TO APRIL 2014 NOTE PURCHASE AGREEMENT

 

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EXHIBIT A

 

2015 NOTE PURCHASE AGREEMENT

 

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