Document:

EX-10.1 AMENDMENT TO 2005 INCENTIVE AWARD AGRMT

 

Exhibit 10.1

POPULAR, INC.

AMENDMENT TO

2005 INCENTIVE STOCK AWARD AND AGREEMENT

GRANTEE:     Roberto R. Herencia

Pursuant to the mutual consent of the parties to the 2005 Incentive Award and Agreement (the
“Agreement”), executed as of February 22, 2005, the following sections are hereby amended as
follows:

SECTION 5

Payment of Award

     Section 5.2. Long-Term Annual Incentive Award.

	(b)	 	Except as otherwise provided in paragraph (i) below, the restrictions on 40% of the
Restricted Stock awarded to the Grantee will lapse upon the date the Grantee both has
attained age 55 and completed 10 years of service, as determined pursuant to personnel
policies and procedures.

	(c)	 	Except as otherwise provided in paragraph (i) below, the restrictions on the remaining
60% of the Restricted Stock awarded to the Grantee will lapse on the earlier of: i) the
date the Grantee both has attained age 55 and completed 10 years of service, as
determined pursuant to personnel policies and procedures; or ii) as provided below:

	 	 	 	 	 
	Period of Time After the Award	 	% of Award Free
	 	 	of Restrictions
	1 year
	 	 	12	%
	2 years
	 	 	12	%
	3 years
	 	 	12	%
	4 years
	 	 	12	%
	5 years
	 	 	12	%

All other terms of the Agreement shall apply.

IN WITNESS WHEREOF, Popular, Inc. and the Grantee have executed this amendment to the
2005 Incentive Award and Agreement as of the                      day of                      of                     .

	 	 	 	 	 
	 	 	 
	 	POPULAR, INC.	 	GRANTEE	 
	 
	 	/s/ Tere Loubriel                    	 	/s/ Roberto R. Herencia                    	 
	 	By: Tere Loubriel	 	By: Roberto R. Herencia	 
	 	Title: Executive Vice President	 	Date: March 23, 2007	 
	 	Date: March 23, 2007	 	 	 

1EX-10.10 FIRST AMENDMENT TO AMENDED AND RESTATED

 

EXHIBIT 10.10

FIRST AMENDMENT TO THE

AMENDED AND RESTATED

PROPERTY MANAGEMENT AND LEASING AGREEMENT

BY AND AMONG

COLE CREDIT PROPERTY TRUST II, INC.,

COLE OPERATING PARTNERSHIP II, L.P.

COLE REALTY ADVISORS, INC.

     This FIRST AMENDMENT to the AMENDED AND RESTATED PROPERTY MANAGEMENT AND LEASING AGREEMENT
(this “Amendment”) is made as of May 9, 2007, by and between COLE CREDIT PROPERTY TRUST II,
INC., a Maryland corporation (the “Company”), COLE OPERATING PARTNERSHIP II, LP., a
Delaware limited partnership (“Cole OP”) and COLE REALTY ADVISORS, INC. (f/k/a Fund Realty
Advisors, Inc.), an Arizona corporation (the “Manager”). This Amendment amends that
certain Amended and Restated Property Management and Leasing Agreement dated as of September 16,
2005, by and between the Company and the Advisor (the “Property Management Agreement”).
All capitalized terms not defined herein shall have the meanings given to each in the Property
Management Agreement.

     WHEREAS, the Independent Directors previously approved a revised property management fee
payable to the Manager for managing multi-tenant properties;

     WHEREAS, the Independent Directors resolved to amend the Property Management Agreement to
revise the management fee payable to the Manager for managing multi-tenant properties; and

     WHEREAS, Section 8.7 of the Property Management Agreement provides that the agreement may be
amended only by an instrument in writing signed by the party against whom enforcement of the
amendment is sought;

     NOW, THEREFORE, in consideration of the mutual promises, covenants and agreements herein
contained, and other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereby agree as follows:

     1. Section 5.1, “Management Fees,” is hereby deleted and replaced with the following:

     “5.1 Management Fees. Commencing on the date the Company’s registration statement,
Securities and Exchange Commission No. 333-138444, is declared effective, Owner shall pay Manager
property management and leasing fees in an amount equal to (i) two percent (2.0%) of Gross Revenues
of single-tenant properties and (ii) four percent (4.0%) of Gross Revenues of multi-tenant
properties, less all payments to third-party property management subcontractors (the “Management
Fees”) on a monthly basis from the rental income received from the Properties over the term of this
Management Agreement. Manager’s compensation under this Section 5.1 shall apply to all renewals,
extensions or expansions of Leases that Manager has originally negotiated. In the event Manager
assists with planning and coordinating the construction of any tenant-paid finish-out or
improvements, Manager shall be entitled to

 

 

receive from the Owner for any such tenant improvement an amount equal to not greater than
five percent (5.0%) of the cost of such tenant improvements.

     2. This Amendment may be executed in any number of counterparts, each of which shall be deemed
to be an original as against any party whose signature appears thereon, and all of such
counterparts shall together constitute one and the same instrument. This Amendment shall become
binding when one or more counterparts hereof, individually or taken together, shall bear the
signatures of all of the parties reflected hereon as the signatories. This Amendment may be
executed and delivered by fax (telecopier); any original signatures that are initially delivered by
fax shall be physically delivered with reasonable promptness thereafter. Any term used herein not
otherwise defined shall have the definition ascribed to such term in the Property Management
Agreement.

     3. Except as specifically amended hereby and as previously amended, the Advisory Agreement
shall remain in full force and effect.

[SIGNATURES APPEAR ON THE FOLLOWING PAGES]

-2-

 

     IN WITNESS WHEREOF, the undersigned have set their hands and seals as of the date first above
written.

	 	 	 	 	 
	 	COLE CREDIT PROPERTY TRUST II, INC.

 	 
	 	By:  	/s/Christopher H. Cole
 	 
	 	 	Christopher H. Cole 	 
	 	 	Chief Executive Officer and President 	 
	 

	 	 	 	 	 
	 	COLE OPERATING PARTNERSHIP II, LP

 	 
	 	By:  	Cole Credit Property Trust II, Inc.
 	 
	 	 	General Partner 	 
	 	 	 	 
	 

	 	 	 	 	 
	 	 	 
	 	By:  	                                                  /s/Christopher H. Cole
 	 
	 	 	Christopher H. Cole 	 
	 	 	Chief Executive Officer and President 	 
	 

	 	 	 	 	 
	 	COLE REALTY ADVISORS, INC.

 	 
	 	By:  	/s/Christopher H. Cole
 	 
	 	 	Christopher H. Cole 	 
	 	 	Chief Executive Officer and Treasurer 	 
	 

-3-EX-10.11 FIRST AMENDMENT TO AMENDED AND RESTATED

 

EXHIBIT 10.11

FIRST AMENDMENT TO THE AMENDED AND RESTATED AGREEMENT

OF LIMITED PARTNERSHIP OF

COLE OPERATING PARTNERSHIP II, LP

     THIS FIRST AMENDMENT TO THE AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP OF COLE
OPERATING PARTNERSHIP II, LP (this “Amendment”), is made as of this 9th day of
May, 2007, by COLE CREDIT PROPERTY TRUST II, INC., a Maryland corporation (hereinafter referred to
as the “General Partner”) and COLE REIT ADVISORS II, LLC, a Delaware limited liability
company.

BACKGROUND INFORMATION

     Each of the Partners has previously executed that certain Amended and Restated Agreement of
Limited Partnership of Cole Operating Partnership II, LP dated September 16, 2005 (the
“Partnership Agreement”). The Partners desire to amend the Partnership Agreement to
provide for future amendments to the Partnership Agreement that automatically reflect future
issuances and redemptions of Partnership Units that are properly issued or redeemed under the
Partnership Agreement.

     NOW, THEREFORE, in consideration of the mutual covenants herein contained, and intending to be
legally bound hereby, the parties hereto, being duly sworn, do covenant, agree, swear and certify
as follows:

     1. Capitalized Terms. Capitalized terms used herein and not otherwise defined herein
shall have the meaning ascribed to such terms in the Partnership Agreement.

     2. Amendment to Article I. Article I of the Partnership Agreement is amended by
deleting the definition of “Partnership Unit” and replacing it with the following:

     “Partnership Unit” means a fractional, undivided share of the Partnership Interests of
all Partners issued hereunder. The number of Partnership Units held by the General Partner
will, as of any relevant date, equal the difference between (a) the product of the number of
            shares of the General Partner issued since the formation of the General Partner through such
relevant date (adjusted to reflect any subdivisions or combinations of shares of the General
Partner through such relevant date), multiplied by the inverse of the Conversion Factor as
of such relevant date (i.e., one (1) divided by the Conversion Factor as of such relevant
date), and (b) the sum of (i) the number of Partnership Units of the General Partner deemed
purchased or redeemed pursuant to Section 6.10 since the inception of the Partnership
through such relevant date and (ii) all Partnership Units held by the Original Limited
Partner. It is acknowledged that if the Partnership makes a distribution of Partnership
Units or subdivides or combines the outstanding Partnership Units in order to give
equivalent effect to a dividend or distribution of the General Partner’s shares or a
subdivision or combination of the General Partner’s shares, then the Partnership Units held
by the General Partner will not be entitled to any such distribution of Partnership Units or
affected by any such subdivision or combination of Partnership Units because the number of
the General Partner’s Partnership Units will have already been adjusted by virtue of the
dividend or distribution of the General Partner’s shares or the subdivision or combination
of the General Partner’s shares.

     3. Amendment to Section 4.01. Section 4.01 of the Partnership Agreement is hereby
amended by adding the following at the end thereof.

 

 

Exhibit A shall be deemed automatically amended upon, and the General Partner may,
without the approval of any other Partner, attach an amended Exhibit A to this
Agreement to reflect: (a) the issuance of Partnership Units issued to Additional Limited
Partners or to any existing Limited Partner pursuant to Section 4.02, (b) any Partnership
Units purchased or redeemed pursuant to Section 6.10, (c) any redemption or purchase of
Partnership Units by the Partnership or the General Partner by reason of the exercise by a
Limited Partner of the Exchange Right and (d) any purchase by the General Partner (or any of
its Affiliates) of Partnership Units pursuant to the Call Right.

     4. Amendment to Section 11.01. Section 11.01 of the Partnership Agreement is hereby
amended by adding the following at the end thereof:

     Notwithstanding anything to the contrary contained in this Agreement, the Partners acknowledge
that this Agreement shall be deemed to be automatically amended and the General Partner is
authorized to amend this Agreement to the extent provided in Section 4.01 hereof.

     5. Amendment to Exhibit A. Exhibit A to the Partnership Agreement is hereby amended
by replacing such exhibit with Exhibit A attached to this Amendment.

     6. Ratification. In all other respects the Partnership shall be governed by the terms
and conditions of the Partnership Agreement and the Certificate of Limited Partnership of the
Partnership.

     7. Counterparts. This Amendment may be executed in any number of counterparts, each of
which shall be deemed to be an original and all of such counterparts shall constitute one and the
same agreement.

[SIGNATURE PAGE FOLLOWS]

2

 

     IN WITNESS WHEREOF, the undersigned has executed this Amendment on the day and year first
above written.

	 	 	 	 	 
	 	COLE CREDIT PROPERTY TRUST II, INC.

 	 
	 	By:  	/s/Christopher H. Cole
 	 
	 	 	Title:       President and Chief Executive Officer 	 
	 	 	 	 
	 

	 	 	 	 	 
	 	COLE REIT ADVISORS II, LLC

 	 
	 	By:  	/s/Christopher H. Cole
 	 
	 	 	Title:  Chief Executive Officer 	 
	 	 	 	 
	 

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