Document:

FOURTH
AMENDMENT TO

CREDIT AGREEMENT

 

THIS FOURTH AMENDMENT
TO CREDIT AGREEMENT (this "Amendment") is made and entered into as of September 28, 2012 by and among ARC PROPERTIES
OPERATING PARTNERSHIP, L.P., a Delaware limited partnership ("Borrower"), AMERICAN REALTY CAPITAL PROPERTIES,
INC., a Maryland corporation and the sole member of the sole general partner of Borrower ("Parent"), RBS CITIZENS, N.A.,
a national banking association ("RBS Citizens") and CAPITAL ONE, NATIONAL ASSOCIATION, a national banking association
("Capital One") as "Lenders", and RBS Citizens in its respective capacities "Administrative
Agent" for itself and the other Lenders under the Credit Agreement (defined below) and as "L/C Issuer"
(as each of such quoted terms are defined in the Credit Agreement and so referred to herein).

WITNESSETH:

 

WHEREAS, Borrower,
Parent, Administrative Agent, Lenders, and L/C Issuer are parties to a certain Credit Agreement dated as of September 7, 2011,
as amended by that certain First Amendment to Credit Agreement dated as of December 6, 2011 (the "First Amendment"),
as further amended by that certain Second Amendment to Credit Agreement dated as of May 21, 2012 (the "Second Amendment"),
as further amended by that certain Third Amendment to Credit Agreement dated as of August 16, 2012 (the "Third Amendment")
(said Credit Agreement, as so amended by the First Amendment, the Second Amendment, the Third Amendment, and as from time to time
may be further amended, modified, or restated, the "Credit Agreement"; and

 

WHEREAS, the Borrower
has requested that Administrative Agent, Lenders, and L/C Issuer (singly and collectively, "Lender Party" or "Lender
Parties") amend certain terms and conditions of the Credit Agreement, including to provide for an increase in the amount
of the Aggregate Commitments from $81,500,000.00 to $110,000,000.00 (and a reduction to the amount of the Commitment of RBS Citizens
from $81,500,000.00 to $75,000,000.00) as set forth below in this Amendment; and

 

WHEREAS, Lender Parties
agreed to so amend certain terms and conditions of the Credit Agreement, all on the terms and conditions set forth below in this
Amendment.

 

NOW, THEREFORE, for
good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, the parties hereto hereby agree as follows:

 

		1.	Definitions. (a) All capitalized undefined terms used in this Amendment shall have the
meanings ascribed thereto in the Credit Agreement, as amended hereby, and (b) "Fourth Amendment Effective Date"
means the effective date of this Amendment.
		 	 

		2.	Amendments to Credit Agreement.
		 	 

		a.	Amendments to Article I of the Credit Agreement. Article
I of the Credit
	 	 	 
	 	 	Agreement, entitled "Definitions and Accounting
Terms" is hereby modified and amended as follows:
	 	 	 

		i.	Section 1.01 of the Credit Agreement, entitled
"Defined Terms" is hereby modified and amended as follows:
	 	 	 

 

    	1

    	 

    
 

		a)	By deleting in the entirety the definition of "Aggregate
Commitments", as presently appearing therein, and by substituting in place thereof the following:
	 	 	 

"Aggregate Commitments"
means the Commitments of all the Lenders, which, as of the Fourth Amendment Effective Date, total One Hundred Ten Million Dollars
($110,000,000.00).

 

		b)	By deleting in the entirety the definition of "Acceptable
Property", as presently appearing therein, and by substituting in place thereof the following:

 

"Acceptable Property"
means a Property (a) that is approved by Administrative Agent and meets the following requirements, or (b) that is approved
by Administrative Agent and the Lenders:

 

(i)                 
such Property is wholly-owned by, or ground leased pursuant to an Acceptable Ground Lease to, Borrower or a Subsidiary
Guarantor free and clear of any Liens (other than Liens permitted by Section 8.01);

 

(ii)                
such Property is a retail, industrial and/or office property located within the United States which is one hundred percent
(100%) leased and occupied by a single tenant or has an Occupancy Rate of at least ninety percent (90%), with any Property which
is leased to a single tenant having a lease expiration no earlier than December 31, 2015;

 

(iii)               
if such Property is owned by, or ground leased pursuant to an Acceptable Ground Lease to, a Subsidiary Guarantor, then the
Equity Interests of such Subsidiary Guarantor are owned, directly or indirectly by Borrower, free and clear of any Liens other
than Liens permitted by Section 8.01; and

 

(iv)              
after giving effect to the addition of such Property as a Borrowing Base Property, such Property, together with all other
Borrowing Base Properties, in the aggregate, shall not result in: (1) more than twenty-five percent (25%) of the total number of
Borrowing Base Properties being located in any single MSA or (2) more than twenty-five percent (25%) of the Appraised Value of
the total Borrowing Base Properties being attributable to Properties located in any single MSA.

 

		c)	By adding the following new definitions (in alphabetical
order) to the definitions presently appearing therein:

 

"Fourth Amendment
Effective Date" means the "Fourth Amendment Effective Date" (as defined in the Fourth Amendment).

 

"Fourth Amendment"
means the Fourth Amendment to Credit Agreement, dated as of September 28, 2012, among Borrower, Parent, Administrative Agent,
Lenders, and L/C Issuer.

 

    	2

    	 

    
 

"MSA"
means, with respect to any Borrowing Base Property, the metropolitan statistical area applicable to such Borrowing Base Property,
as reasonably determined by Administrative Agent from time to time.

 

		b.	Amendment to Article X of the Credit Agreement. Article
X of the Credit Agreement, entitled "Administrative Agent" is hereby modified and amended as follows:

 

		i.	Section 10.07 of the Credit Agreement, entitled
"Non-Reliance on Administrative Agent and Other Lenders" is hereby modified and amended as follows:

 

		a)	By adding the following text immediately following the
last sentence of the existing text as presently appearing therein:

 

Without limiting the foregoing, Administrative
Agent has complied with and will continue to comply with all provisions of the Flood Disaster Protection Act, and all regulations
thereunder, with respect to all of the Borrowing Base Properties.

 

		c.	Amendment to Schedules to Credit Agreement. The
Schedules to the Credit Agreement, as presently appearing therein, are hereby modified and amended as follows:

 

		i.	By deleting in the entirety the existing Schedule 2.01 to the Credit Agreement, entitled "COMMITMENTS AND APPLICABLE
PERCENTAGES", by substituting in place thereof the amended Schedule 2.01 to the Credit Agreement attached as EXHIBIT
A to this Amendment.
	 	 	 

		ii.	By deleting in the entirety the existing Schedule 11.02 to the Credit Agreement, entitled
"ADMINISTRATIVE AGENT'S OFFICE; CERTAIN ADDRESSES FOR NOTICES", by substituting in place thereof the amended Schedule
11.02 to the Credit Agreement attached as EXHIBIT B to this Amendment.
	 	 	 

		d.	References to Credit Agreement. From and after
the Fourth Amendment Effective Date, any and all references in the Loan Documents to the "Credit Agreement" (however
defined or described), including, without limitation, with respect to the Obligations evidenced by each Note, shall mean and refer
to the Credit Agreement as hereby modified and amended.

 

		3.	Additional Note.

 

		a.	Additional Note. In connection with the execution
and delivery of this Amendment, and in addition to the existing Note made by Borrower payable to RBS Citizens (the "Existing
Note"), Borrower shall execute and deliver to the
	 	 	 

    	3

    	 

    

		 	Administrative Agent an additional Note in favor of Capital
One, dated as of the Fourth Amendment Effective Date and substantially in the form of EXHIBIT C to this Amendment
( the "Additional Note"), with the Existing Note and Additional Note each payable by Borrower to the order of
each respective Lender for the account of its applicable Lending Office and in a stated principal amount equal to each Lender's
respective Commitment (as hereby amended).

 

		b.	References to each Note. From and after the Fourth
Amendment Effective Date, any and all references in the Loan Documents to the Note or Notes (however defined or described) shall
mean and refer to each of the Existing Note and the Additional Note, respectively, as the same may be further endorsed, amended,
restated, replaced, supplemented or otherwise modified from time to time.

 

		4.	References to Lender. Without limiting the definition of "Lender" or "Lenders"
set forth in the Credit Agreement, from and after the Fourth Amendment Effective Date each reference to Lender or Lenders (however
defined or described) shall include, without limitation, each of RBS Citizens and Capital One in their respective capacities as
Lender under the Credit Agreement and the other Loan Documents.
		 	 

		5.	Further Assurances. Loan Parties shall take any and all such actions and execute any and
all such instruments and agreements as Administrative Agent shall reasonably request for the purpose of effectuating this Amendment.
		 	 

		6.	Limited Amendment; Ratification of Loan Documents. Except as specifically amended hereby,
the terms and conditions of the Credit Agreement and the other Loan Documents shall remain in full force and effect, and are hereby
ratified and affirmed in all respects by each of the Loan Parties. This Amendment shall not be deemed a waiver of, or consent to,
or a modification or amendment of, any other term or condition of the Credit Agreement or any other Loan Document, except as expressly
set forth herein.
		 	 

		7.	Representations and Warranties.
		 	 

		a.	The representations and warranties of Borrower and each
other Loan Party, contained in Article VI of the Credit Agreement or any other Loan Document are true and correct in all
material respects (except to the extent that any such representation and warranty is qualified as to "materiality,"
"Material Adverse Effect" or similar language, in which case it shall be true and correct in all respects (after giving
effect to any such qualification)) on and as of the Fourth Amendment Effective Date; provided, if any such representations
and warranties specifically refer to an earlier date, they shall be true and correct in all material respects (except to the extent
that any such representation and warranty is qualified as to "materiality," "Material Adverse Effect" or similar
language, in which case it shall be true and correct in all respects (after giving effect to any such qualification)) as of such
earlier date.
	 	 	 

    	4

    	 

    

		b.	Without limiting the generality of the foregoing, in
connection with the execution and delivery of this Amendment, Borrower shall provide Administrative Agent with the following:
	 	 	 

		i.	An updated Schedule 4.01, with respect to all Borrowing Base Properties as of
                                                            the Fourth Amendment Effective Date;
	 	 	 

		ii.	An updated Schedule 6.13, with respect to all Subsidiaries and other Equity
                                                             Investments and Equity Interests as of the Fourth Amendment Effective Date.
	 	 	 

		 	All representations and warranties of Borrower and each
other Loan Party, as contained in the Credit Agreement or any other Loan Document shall at all times be applicable with respect
to the items set forth in said updated Schedule 4.01 and Schedule 6.13 as of the Fourth Amendment Effective Date
(notwithstanding any existing references in the Credit Agreement or other Loan Documents to the prior Schedule 4.01 and
Schedule 6.13 as of the Closing Date).
	 	 	 

		8.	Regarding Mortgage and other Collateral. The respective indebtedness, liabilities,
                                                          and other Obligations of the Loan Parties under the Loan Documents, as modified or otherwise provided herein, are and
                                                          shall continue to be secured by each of the Mortgages, and any and all other Collateral as set forth under the Loan
                                                          Documents.
		 	 

		9.	Waiver of Claims. Each Loan Party acknowledges and agrees that as of the date hereof, it does not have any
                                                          claims, counterclaims, offsets, or defenses against any of the Lender Parties directly or indirectly relating to such Loan
                                                          Party's relationship with, and/or the Obligations under, the Loan Documents, and to the extent that such Loan Party currently
                                                          has or ever had prior to the date hereof any such claims, counterclaims, offsets, or defenses against any of the
                                                          Lender Parties, such Loan Party affirmatively WAIVES the same and, on behalf of itself and its representatives,
                                                          successors and assigns, hereby RELEASES, and forever discharges each Lender Party and its respective officers,
                                                          directors, agents, servants, attorneys, and employees, and their respective representatives, successors and assigns, of, to,
                                                          and from all known debts, demands, actions, suits, accounts, covenants, contracts, agreements, damages, and any and all
                                                          claims, demands, or liabilities whatsoever, of every name and nature, both at law and in equity through the date hereof
                                                          related to the same.
		 	 

		10.	Commitment Fee. In connection with the execution and delivery of this Amendment by the Lender Parties, the Loan Parties hereby acknowledge and agree that the Loan Parties shall have fully earned an additional "Commitment
                                                           Fee" (so referred to herein) payable by the Borrower in the amount of $122,500, which Commitment Fee shall be
                                                           in addition to any and all other fees and other amounts paid and/or to be paid by the Borrower and/or any other Loan Party
                                                           pursuant to this Amendment or the other Loan Documents. The Commitment Fee shall be due and payable in full in connection
                                                           with the execution and delivery of this Amendment in good and sufficient funds immediately available to the
		 	 

    	5

    	 

    

 

		 	Administrative Agent. Without limiting the generality
of the foregoing, the Commitment Fee shall in all events constitute Obligations secured by each Mortgage.

 

		11.	Reimbursement of Fees and Expenses. Without limiting
the terms and conditions of theCredit Agreement and the other Loan Documents, Borrower hereby agrees to pay to Administrative
Agent on demand all of Lender Parties' reasonable legal, and other out-of-pocket fees and expenses incurred by each Lender Party
in connection with its due diligence and the negotiation, preparation, and execution of this Agreement and all documents, instruments,
and agreements incidental thereto and contemplated herein.

 

		12.	Conditions to Effectiveness. The agreements of
Lender Parties hereunder shall not be effective until each of the following conditions precedent has been fulfilled to the satisfaction
of Administrative Agent:

 

		a.	This Amendment and all instruments, documents, and agreements
contemplated herein shall have been duly executed and delivered by the respective parties hereto and, shall be in full force and
effect and shall be in form and substance reasonably satisfactory to Administrative Agent, including, without limitation, satisfaction
of the conditions set forth in Section 4.06 of the Credit Agreement with respect to the additional Mortgages being granted
to Administrative Agent, for the benefit of Lenders and L/C Issuer, in connection with the execution and delivery of this Amendment.

 

		 	All action on the part of the Loan Parties necessary
for the valid execution, delivery and performance, respectively, by the Loan Parties pursuant to this Amendment and all instruments,
documents, and agreements contemplated herein shall have been duly and effectively taken.

 

		c.	Borrower shall have paid the Commitment Fee.
	 	 	 

		d.	Borrower shall have paid all attorneys' reasonable fees and expenses and all title insurance premiums
incurred with respect to the additional Mortgages being granted to Administrative Agent in connection with the execution and delivery
of this Amendment.
	 	 	 

		e.	Administrative Agent shall have received such other certificates, documents, instruments, opinions,
consents, waivers, information, materials and/or agreements as Administrative Agent shall reasonably require in form and substance
satisfactory in all respects to Administrative Agent.
	 	 	 

		13.	Governing Law. This Amendment shall be governed
by and construed in accordance with the laws of the State of New York.

 

		14.	Counterparts. This Amendment may be executed in
any number of counterparts, which shall together constitute an entire original agreement, and shall be binding upon and inure
to the benefit of the parties hereto and their respective successors and assigns.

 

    	6

    	 

    

		15.	Miscellaneous. This Amendment expresses the entire
understanding of the parties with respect to the transactions contemplated hereby. No prior negotiations or discussions shall
limit, modify, or otherwise affect the provisions hereof. Any determination that any provision of this Amendment or any application
hereof is invalid, illegal or unenforceable in any respect and in any instance shall not affect the validity, legality, or enforceability
of such provision in any other instance, or the validity, legality, or enforceability of any other provisions of this Amendment.
The Loan Parties represent and warrant that they have consulted with independent legal counsel of their selection in connection
herewith and are not relying on any representations or warranties of Lender Parties or their counsel in entering into this Amendment.

 

[remainder of page left intentionally blank]

    	7

    	 

    

 

 

IN
WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the day and year first above written.

BORROWER:

 

ARC PROPERTIES OPERATING

PARTNERSHIP, L.P., a Delaware limited partnership

 

By:  /s/ Jesse Galloway                   

Name: Jesse C. Galloway

Title:
Authorized Signatory

 

 

PARENT:

 

AMERICAN REALTY CAPITAL

PROPERTIES, INC., a Maryland corporation

 

By:  /s/ Jesse Galloway                   

Name: Jesse C. Galloway

Title:
Authorized Signatory

 

    	Fourth Amendment to ARCP Credit Agreement

    	 

    

 

 

RBS CITIZENS, N.A., as Administrative Agent and L/C Issuer

 

By: /s/ Donald Woods           

Name: Donald Woods

Title: SVP

 

 

 

RBS CITIZENS, N.A.,
as Lender

 

By: /s/ Donald Woods           

Name: Donald Woods

Title: SVP

 

 

 

CAPITAL ONE, NATIONAL ASSOCIATION, as Lender

 

By:                                            

Name:

Title:

 

 

    	Fourth Amendment to ARCP Credit Agreement

    	 

    

 

RBS CITIZENS, N.A., as Administrative Agent and L/C Issuer

 

By: ____________________________

Name:

Title:

 

 

 

RBS CITIZENS, N.A.,
as Lender

 

By: ____________________________

Name:

Title:

 

 

CAPITAL ONE, NATIONAL ASSOCIATION, as Lender

 

By: /s/ Paul
Verdi    

Name: Paul Verdi

Title: Senior Vice President

 

 

 

    	Fourth Amendment to ARCP Credit Agreement

    	 

    

 

The undersigned, American Realty Capital
Properties, Inc., as Guarantor under that certain Parent Guaranty Agreement dated as of September 7, 2011, hereby consents
to the foregoing Fourth Amendment to Credit Agreement and acknowledges and agrees that the Parent Guaranty Agreement executed by
the undersigned dated as of September 7, 2011 remains in full force and effect.

 

AMERICAN REALTY CAPITAL

PROPERTIES, INC., a Maryland corporation

 

By:  /s/ Jesse Galloway                   

Name: Jesse C. Galloway

Title:
Authorized Signatory

 

 

 

    	Fourth Amendment to ARCP Credit Agreement

    	 

    

 

Each
of the undersigned, as Guarantor under that certain Subsidiary Guaranty Agreement dated as of September 7, 2011, hereby consents
to the foregoing Fourth Amendment to Credit Agreement and acknowledges and agrees that the Subsidiary Guaranty Agreement executed
by the undersigned dated as of September 7, 2011 remains in full force and effect.

American Realty Capital Partners,
LLC

ARC Income Properties III,
LLC

CRE JV Mixed Five CT Branch Holdings LLC

CRE
JV Mixed Five IL 2 Branch Holdings LLC

CRE JV Mixed Five IL 3 Branch Holdings LLC

CRE JV Mixed Five IL 4 Branch Holdings LLC

CRE
JV Mixed Five IL 5 Branch Holdings LLC

CRE JV Mixed Five MI 1 Branch Holdings LLC

CRE JV Mixed Five MI 2 Branch Holdings LLC

CRE
JV Mixed Five MI 3 Branch Holdings LLC

CRE JV Mixed Five MI 4 Branch Holdings LLC

CRE JV Mixed Five MI 5 Branch Holdings LLC

CRE
JV Mixed Five MI 6 Branch Holdings LLC

CRE JV Mixed Five MI 7 Branch Holdings LLC

CRE JV Mixed Five NH Branch Holdings LLC

CRE
JV Mixed Five OH 1 Branch Holdings LLC

CRE JV Mixed Five OH 2 Branch Holdings LLC

CRE JV Mixed Five OH 3 Branch Holdings LLC

CRE
JV Mixed Five OH 4 Branch Holdings LLC

CRE JV Mixed Five OH 5 Branch Holdings LLC

CRE JV Mixed Five OH 6 Branch Holdings LLC

CRE
JV Mixed Five OH 7 Branch Holdings LLC

CRE JV Mixed Five PA Branch Holdings LLC

CRE JV Mixed Five VT Branch Holdings LLC

ARCP DGBLVAR001,
LLC

ARCP DGCRLAR001, LLC

ARCP DGGRFAR001, LLC

ARCP DGJNBIL001, LLC

ARCP AAFNTMI001, LLC

ARCP AAYLNMI001, LLC

ARCP DGLSNM0001, LLC

ARCP DGASGM0001, LLC

ARCP DGBRNM0001, LLC

ARCP DGCTNM0001, LLC

ARCP DGASDM0001, LLC

ARCP DGDMDM0001, LLC

ARCP DGBLFM0001, LLC

ARCP DGAPCM0001, LLC

ARCP DGCMROK001, LLC

ARCP WGMRBSC001, LLC

ARCP WGEPTMI001, LLC

 

    	Fourth Amendment to ARCP Credit Agreement

    	 

    

 

ARCP GSFRENY001, LLC 

ARCP JDDPTIA01, LLC 

ARC FEMTVIL001, LLC 

ARC FEEVLIN001, LLC 

ARC FEMTPPA001, LLC 

ARC FECCTOH001, LLC 

ARC FELDNKY002, LLC 

ARC FEKKEIL001, LLC 

ARCP MBDLSTX01, LLC

ARCP TSRGCTX01, LLC 

ARCP GSPLTNY01, LLC 

ARCP GSWARPA001, LLC 

ARC GSGLOVA001, LLC 

ARC GSMOBAL001, LLC 

ARCP DGSNTM001, LLC 

ARCP DGFPNAR01, LLC 

ARCP DGPCYFL01, LLC 

ARCP DGHVLM001, LLC 

ARCP DGAFTAR01, LLC 

ARCP DGWSGM001, LLC 

ARCP DGWNAM001, LLC 

ARCP DGOGVM001, LLC

ARCP DGGFDM001, LLC 

ARCP DGCCDM001, LLC 

ARCP DGSJSM001, LLC 

ARCP DGSNCM001, LLC 

ARCP DGNWTOK01, LLC 

ARCP DGCNYKS01, LLC 

ARCP DGPMRM0001, LLC 

ARCP DGCVRM001, LLC 

ARC CVAPAGA001, LLC 

ARC CVVDAGA001, LLC 

ARC CVNVLTN001, LLC 

ARC IMCLBOH001, LLC

 

 

[Signatures continue next page.]

 

  

    	Fourth Amendment to ARCP Credit Agreement

    	 

    

 

ARC Income Properties,
LLC,

Each a Delaware limited
liability company

 

By:  /s/ Jesse Galloway                   

Name: Jesse C. Galloway

Title:
Authorized Signatory

 

 

ARC TRS Corp,.
a Delaware corporation

 

By:  /s/ Jesse Galloway                   

Name: Jesse C. Galloway

Title:
Authorized Signatory

 

 

 

 

    	Fourth Amendment to ARCP Credit Agreement

    	 

    

  

EXHIBIT A

 

 

SCHEDULE 2.01

 

COMMITMENTS

AND APPLICABLE PERCENTAGES

  

	Lender	Commitment	Applicable
	 	 	Percentage
	
        RBS CITIZENS, N.A.

        	$75,000,000.00	68.18%
	 	 	 
	
        CAPITAL ONE, NATIONAL

        ASSOCIATION

       	$35,000,000.00	31.82%
	 	 	 
	
        Total
	$110,000,000.00	100.00%

 

 

    	Fourth Amendment to ARCP Credit Agreement

    	 

    

 

EXHIBIT
B 

SCHEDULE 11.02

ADMINISTRATIVE AGENT'S OFFICE; 

CERTAIN ADDRESSES
FOR NOTICES

 

PARENT AND BORROWER:

 

do American Realty Capital

405 Park Avenue, 15th
Floor

New York, New York

Attn: William M. Kahane

 

with a copy to:

 

do American Realty Capital

405 Park Avenue, 15th
Floor

New York, New York

Attn: Jesse C. Galloway

 

ADMINISTRATIVE AGENT:

 

Administrative Agent's Office

(for payments and Requests for Credit Extensions):

 

RBS Citizens, N.A.

1215 Superior Avenue

Cleveland, Ohio 44114

Ref: ARC Properties Operating Partnership, L.P. Credit Facility

 

with a copy to (other than for payments and Requests for Credit
Extensions):

 

Riemer & Braunstein LLP

Three Center Plaza

Boston, Massachusetts 02108

Attn: Kevin J. Lyons,
Esq.

 

L/C ISSUER:

 

RBS Citizens, N.A.

20 Cabot Road

Mail Stop: MMF470

 

    	Fourth Amendment to ARCP Credit Agreement

    	 

    

 

Medford,
Massachusetts 02155

Ref: ARC Properties Operating Partnership, L.P. Credit Facility

 

LENDERS:

 

RBS Citizens, N.A.

1215 Superior Avenue

Cleveland, Ohio 44114

Ref: ARC Properties Operating Partnership, L.P. Credit Facility

 

with a copy to (other than for payments and Requests for Credit
Extensions):

 

Riemer & Braunstein LLP

Three Center Plaza

Boston, Massachusetts 02108

Attn: Kevin J. Lyons,
Esq.

 

Capital One, National Association

90 Park Avenue

New York, NY 10016

Attention: Paul Verdi, SVP

 

with copies to (other than for payments and Requests for Credit
Extensions):

 

Capital One, National Association

275 Broadhollow
Road

Melville, NY 11747

Attention: Jennifer Hussey,VP

 

and to

 

Farrell Fritz, P.C.

1320 RXR Plaza

Uniondale, NY 11556

Attention: Christopher P. Daly, Esq.

 

 

 

    	Fourth Amendment to ARCP Credit AgreementCUZ-Exhibit 10.1 Q3 12

Exhibit 10.1

RETIREMENT AND CONSULTING AGREEMENT AND GENERAL RELEASE

This RETIREMENT AND CONSULTING AGREEMENT AND GENERAL RELEASE ("Agreement") is made and entered into by and between Craig B. Jones ("Jones") and Cousins Properties Incorporated (the "Company").

WITNESSETH

WHEREAS, Jones is employed with the Company as its Executive Vice President;

WHEREAS, Jones will retire from his employment with the Company and all offices he holds with the Company and its subsidiaries and affiliates effective December 31, 2012 (the "Retirement Date");

WHEREAS, the Company has agreed to provide Jones with certain payments and benefits to which he would not otherwise be entitled, as provided in this Agreement; and

WHEREAS, Jones and the Releasees (as defined below) want to settle fully and finally all differences, disputes and potential disputes between them arising out of Jones' employment and retirement from the Company as set forth below;

NOW, THEREFORE, in consideration of the premises and mutual promises herein contained, it is agreed as follows:

1 .  Retirement and Consultancy.  Jones agrees that he will continue to use his full business time and best efforts to fulfill all his duties and responsibilities as Executive Vice President of the Company through the Retirement Date.  Jones will retire and his employment with the Company and any of its subsidiaries and affiliates will cease effective as of the end of the business day on the Retirement Date. Jones and the Company agree that from January 1, 2013 through March 31, 2013, Jones will (when requested by the Company) provide consulting services as the Company may reasonably request, and Jones agrees to provide such services within a reasonable timeframe as may be requested by the Company.  The consulting services will not exceed 15 hours per month.  No compensation (other than the consideration described in Section 2) will be paid to Jones for any consulting services provided under this Agreement.

2.  Consideration.  Provided that Jones satisfies the conditions of this Agreement (including, without limitation, Sections 6, 7, 8 and 9 below), the Company will provide Jones the following consideration (the "Consideration"):

A.  Retirement Payments.  The Company agrees to pay Jones $150,500.00 on the Retirement Date, and $150,500.00 in two equal installments of $50,166.66 each on January 31, 2013 and February 28, 2013, and one installment of $50,166.67 on March 14, 2013 (together, the "Retirement Payments"), provided Jones has timely executed the supplemental release described in Section 2(E) and not revoked such supplemental release.

B.  Bonus.  Provided that (i) Jones remains employed through his Retirement Date, (ii) the Compensation, Succession, Nominating and Governance Committee of the Company's Board of Directors awards annual cash incentive awards (i.e., annual "cash bonuses") to the Company's executive officers other than Jones for 2012, and (iii) Jones has timely executed the supplemental release described in Section 2(E) and not revoked such supplemental release, Jones' cash bonus for 2012 will be determined by applying a percentage that is not less than the average percentage of target bonus amount applicable to the Company's executive officers (other than Jones) to Jones' 2012 target bonus amount.  Such bonus payment, if any, will be paid at the same time and in the same manner as other similar bonuses are paid to the Company's executive officers other than Jones, but in no event will any such bonus payment be made later than March 15, 2013.

C.  COBRA Benefits.  The Company will reimburse Jones (subject to applicable tax withholding) for amounts expended by Jones to purchase (via COBRA) health insurance benefits for himself, his spouse and eligible 

dependents through the Company's health plan for the period that begins on the Retirement Date and ends on the earlier of (i) 12 months after the Retirement Date, (ii) the date Jones becomes employed with an employer with whom Jones is eligible for health insurance benefits provided through that employer or (iii) the date Jones is no longer eligible for COBRA.  Jones will tender reasonable and satisfactory proof of such expenditures, if any, to the Company within thirty (30) days of such expenditure, and the Company will reimburse Jones for such expenses within thirty (30) days of receipt of such proof.  Jones also agrees to inform the Company of his becoming employed with an employer with whom Jones is eligible for health insurance benefits provided through that employer immediately upon beginning such employment.

D.  Long-Term Incentive Compensation.  Subject to the supplemental release described in Section 2(E) becoming effective, the Company shall provide the following additional benefits with respect to certain long-term incentive compensation awards granted to Jones.  Except as specifically changed in this Section 2(D), long-term incentive compensation awards shall be governed by the terms of the applicable award agreement.

The Company shall accelerate vesting with respect to all shares of restricted stock ("Restricted Stock") issued to Jones under the Company's 2009 Incentive Stock Plan (the "2009 Plan").

With respect to restricted stock units ("Restricted Stock Units") issued to Jones under the Company's 2005 Restricted Stock Unit Plan ("RSU Plan"), because Jones has attained Retirement (as defined in the Restricted Stock Units award agreements), Jones will be deemed to have satisfied any requirement of continued employment, but such Restricted Stock Units will vest and/or become payable only if the Company meets the applicable performance goals.  The number of vested Restricted Stock Units will be determined based upon the Company's performance relative to the performance goals as set forth in the applicable award agreement, and will be paid to Jones, less applicable tax withholding, at the same time such Restricted Stock
Units are paid to other executives.

This Section 2(D) will amend and supersede any terms of the agreements related to the Restricted Stock which conflict with this Section 2(D) and, except as provided in this Section 2(D), such agreements shall continue in full force and effect.

E.  Supplemental Release.  The Company will give Jones a supplemental release (in substantially the same form as set forth in Section 3) on December 31, 2012 which covers the period from the date this Agreement is executed through December 31, 2012, and Jones will have 21 days to consider the supplemental release and 7 days to revoke the supplemental release. The parties agree that the Company will be relieved of its obligations under Sections 2(A), 2(B), 2(C) and 2(D) if such supplemental release is either not executed or is revoked during any applicable revocation period.

F.  Acknowledgements.   Jones acknowledges and agrees that the Consideration encompasses and is in lieu of and in full satisfaction of any and all other payments which Jones is owed, is potentially owed, or claims to be owed to him by the Company, regardless of where arising (except for any benefits owed, under the written terms of the Company's benefit plans, through the Retirement Date or as othe1wise specifically stated herein, base salary accrued through the Retirement Date, expenses incurred but unpaid up to the Retirement Date that are
reimbursable in accordance with Company policy, rights to indemnification that Jones may have under the Company's articles of incorporation, bylaws, and the Indemnification Agreement dated June 19, 2007, and any coverage that Jones may have under any liability policy covering officers and directors) as of the Retirement Date including, without limitation, any other salary, severance, benefits, bonuses, deferred compensation, incentive compensation, equity compensation, vacation pay, pay, sick pay or other paid time off.  For the avoidance of doubt, there shall be no benefits paid by the Company of any sort with respect to any of the Consideration.

3. Release and Covenant Not to Sue.

A.  General Release.  As a material inducement of the Company to enter into this Agreement, Jones hereby irrevocably and unconditionally releases, acquits, and forever discharges the Company and the Company's former 

and current employees, partners, members, managers, supervisors, attorneys, investors, agents, officers, directors, and affiliates, including parent companies, subsidiaries, benefit plans and divisions (collectively, with the Company, the "Releasees"), (except as to the Consideration and any benefits owed, under the written terms of the Company's benefit plans, through the Retirement Date or as otherwise specifically stated herein, base salary accrued through the Retirement Date, expenses incurred but unpaid up to the Retirement Date that are reimbursable in accordance with Company policy, rights to indemnification that Jones may have under the Company's articles of incorporation, bylaws, and the Indemnification Agreement dated June 19, 2007, rights that Jones may have under the Change in Control Severance Agreement between the Company and Jones, and any coverage that Jones may have under any liability policy covering officers and directors) from any and all charges, complaints, claims, liabilities, obligations, promises, agreements, controversies, damages, actions, causes of action, suits, rights, demands, costs, losses, debts and expenses (including attorneys' fees and costs actually incurred) of any nature whatsoever, known or unknown, suspected or unsuspected, fixed or contingent, including, but not limited to, any claims for compensatory damages, special damages, punitive damages, or any other form of compensation from the Releasees or any of them, or based upon any contract, covenant of good faith and fair dealing, or any tort, or any federal, state, or other governmental statute, regulation, ordinance or common law, including, without limitation claims for unpaid wages, vacation pay, or other fringe benefits; breach of any covenant of good faith and fair dealing; breach of an express or implied contract; violation of any other legal, equitable or contractual duty arising under the laws of any state or locality, or the laws of the United States, including, without limitation, Title VII of the Civil Rights Act of 1964, as amended, 42 U.S.C. § 2000e,  et seq.; 42 U.S.C. § 1981; Executive Order 11246,30 Fed. Reg. 12319; 42 U.S.C. § 1985(3); the Rehabilitation Act of 1973, as amended, 29 U.S.C. § 701, et seq.; the Americans with Disabilities Act, 42 U.S.C. § 12101, et seq.; the Family and Medical Leave Act, 29 U.S.C. § 2601, et seq.; the Employment Retirement Income Security Act of 1974, as amended, 29 U.S.C. § 1001, et seq.; and the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1514A, et seq., which Jones now has, owns or holds, or claims to have, own or hold, which Jones at any time heretofore had, owned or held, or claimed to have, against each or any of the Releasees, including claims arising under any other agreement or plan whatsoever, whether oral or written, with respect to matters up to the time Jones signs this Agreement; provided, however, that Jones does not release any claims for which releases are prohibited by law.  Jones represents, acknowledges and agrees that he has been provided with all leave to which he may have been entitled under the Family and Medical Leave Act.  Jones hereby covenants and agrees, to the fullest extent permitted by law, not to sue, file any grievance, complaint or arbitration, commence, or permit to be commenced or filed, any litigation, administrative charge, or other proceeding against any of the Releasees as described herein, with respect to any matter whatsoever, including, but not limited to, any matter arising from or relating to the terms and conditions of his employment with the Company, the termination of his employment with the Company, and any other actions taken by the Company concerning Jones up to the time of the Effective Date, except as otherwise provided in this Section 3(A).  Notwithstanding the foregoing, nothing in this Agreement shall interfere  with Jones' right to file a charge with or participate in an investigation or proceeding by the United States Equal Employment Opportunity Commission or other federal or state regulatory or law enforcement agency.  However, the consideration provided to Jones under this Agreement shall be the sole relief provided for the claims released herein.  Jones will not be entitled to recover, and hereby waives, any monetary benefits or other recovery in connection with any such charge or proceeding, without  regard to who brings such charge or proceeding.

B.  Release of Claims under the ADEA.  In addition to the foregoing, Jones hereby knowingly and voluntarily releases and discharges the Releasees, collectively, separately and severally, from and for any and all liability, claims, allegations, and causes of action arising under the Age Discrimination in Employment Act of 1967, as amended ("ADEA''), which he and/or his heirs, administrators, executors,  personal  representatives, beneficiaries, and assigns may have or claim to have against the Releasees.  Notwithstanding any other provision or section of this Agreement, Jones does not hereby waive any rights or claims under the ADEA that may arise after the date on which the Agreement is signed by him.

Jones hereby acknowledges and represents that (i) he has been given a period of at least twenty-one (21) days to consider the terms of this Agreement, (ii) the Company has advised (or hereby advises) Jones in writing to consult with an attorney prior to executing this Agreement, and (iii) Jones has received valuable and good consideration to which he is otherwise not entitled in exchange for his execution of this Agreement.  Jones and the Company acknowledge and agree that any revisions made to this Agreement after it was initially delivered to Jones were either 

not material or were requested by Jones, and expressly agree that such changes do not re­start the 21-day consideration period described above.

The parties hereby acknowledge this Agreement shall not become effective or enforceable until the eighth (8th) day after it is executed by Jones (the "Effective Date") and that Jones may revoke this Agreement at any time before the Effective Date.

In the event Jones revokes, he shall notify the Company in writing to its designated agent for this purpose no later than the last day of the revocation period.  Such notice shall be delivered to the Company by national overnight delivery service such as Federal Express or United Parcel Service, the receipt of which shall be tracked by the delivery service, and addressed as follows:

Cousins Properties Incorporated
191 Peachtree Street, Suite 500
Atlanta, Georgia 30303-1741
Attn: Chief Financial Officer

4.  Denial of Liability or Wrongful Conduct.  This Agreement shall not in any way be construed as an admission by the Company that it has acted wrongfully in any way.

5.  No Pending Claims.  Jones represents that he has not filed, nor assigned to others the right to file, nor are there pending any complaints, charges or lawsuits against the Releasees with any governmental agency or any court, and that Jones shall not file any claims against the Releasees with any governmental agency or any court at any time hereafter for actions taken up to and including the Effective Date with respect to matters released by this Agreement.  Jones agrees that he will not seek or be entitled to any personal or representative monetary recovery in any proceeding of any nature arising out of any of the matters released above.

6.  Non-Disparagement.  Except as otherwise required by law, Jones acknowledges and agrees that, for a period beginning upon execution of this Agreement and for three (3) years following the Retirement Date, he shall not make any statement, written or verbal, to any person or entity, including in any forum or media, or take any action, in disparagement of the Company or any of the other Releasees, including, but not limited to, negative references to the Company's or a Releasee's  services, policy, partners, directors, officers, managers, members, or employees, or take any other action that may disparage the Company or a Releasee to the general public and/or the Company's or Releasee's  employees, clients, suppliers, and/or business partners.  The Company agrees that it shall direct the members of its Board of Directors and its executive officers (each as of the Effective Date of this Agreement) that they shall not for a period of three (3) years following the Retirement Date make any statement, written or verbal, to any person or entity, including in any forum or media, or take any action, in disparagement of Jones, including, but not limited to, negative references to Jones' services, or take any other action that may disparage Jones to the general public or his future employer, clients, suppliers, and/or business partners.  All requests for references or other information from Jones' prospective employers shall be directed by Jones to the Company's head human resources officer, who shall advise that the Company policy is not to provide references and shall confirm only Jones' positions, dates of employment, and compensation with the Company.

7.  Nondisclosure and Non-Solicitation.

A.  Confidentiality.  Jones agrees to and shall hold in confidence all Trade Secrets and all Confidential Information (each as defined below) and will not, either directly or indirectly, use, sell, lend, lease, distribute, license, give, transfer, assign, show, disclose, disseminate, reproduce, copy, appropriate, or otherwise communicate any Trade Secrets or Confidential Information to any person or entity, without the prior written consent of the Company.  Jones' obligation of non-disclosure as set forth herein with regard to each item constituting all or any portion of a Trade Secret shall continue for so long as such item continues to constitute a Trade Secret or Confidential Information, as the case may be.

"Confidential Information" means data or other information relating to the business of the Company or a 

Releasee (other than Trade Secrets) that is or has been disclosed to Jones or of which Jones became aware as a consequence of or through Jones' relationship with the Company or a Releasee and which has value to the Company or a Releasee, is not generally known to the Company's or the Releasee's competitors (as applicable).  Confidential Information shall not include any data or information that has been voluntarily disclosed to the public by the Company or a Releasee (except where such public disclosure has been made by Jones without authorization) or that has been independently developed and disclosed by others, or that otherwise enters the public domain through lawful means.

"Trade Secrets" means information protectable as a trade secret under applicable law, including, without limitation, and without regard to form: technical or non-technical data, a formula, a pattern, a compilation, a program, a device, a method, a technique, a drawing, a process, financial data, financial plans, product plans, or a list of actual or potential customers or suppliers which is not commonly known by or available to the public and which information derives economic value, actual or potential, from not being generally known to, and not being readily ascertainable by proper means by, other persons who can obtain economic value from its disclosure or use; and is the subject of efforts that are reasonable under the circumstances to maintain its secrecy.  For purposes of this Agreement, the term Trade Secret shall not include data or information that has been voluntarily disclosed to the public by the Company or a Releasee (except where such public disclosure has been made by Jones without authorization) or that has been independently developed and disclosed by others, or that otherwise enters the public domain through lawful means.

B. Non-Solicitation of Employees. Jones covenants and agrees that for a period of twelve (12) months following the Retirement Date, Jones will not, directly or indirectly, solicit or encourage the solicitation or hiring of any person who was an employee of the Company at the Retirement Date and who continues to be an employee of the Company at, or was an employee within six (6) months before, the date of such solicitation, with whom Jones had material contact, by any employer other than the Company for any position as an employee, independent contractor, consultant or otherwise; provided that this covenant shall not apply to any employee (i) the solicitation of whom is approved by the Chief Executive Officer of the Company (such approval to be made in his or her sole discretion and may be withheld for any or no reason), (ii) who responds to any public advertisement or (iii) whose employment with the Company terminated, whether voluntarily or involuntarily, prior to any discussion with Jones regarding such matters.

C.  Acknowledgements. Jones acknowledges and agrees that Jones' obligations under this Section 7 are reasonable and necessary to protect the legitimate business interests of the Company and that any claim or cause of action by Jones against the Company, whether predicated on this Agreement or otherwise, shall not constitute a defense to the enforcement by the Company or any other adversely affected Releasee of the covenants and promises in this Section  7.

D.  Reformation.  In the event that any of the covenants in this Section 7 is found by a court of competent jurisdiction to be overly broad or otherwise unenforceable as written, the parties request the court to modify or reform any such covenant to allow it to be enforced to the maximum extent permitted by law and to enforce the covenant as so modified or reformed.

8.  Cooperation.  Jones acknowledges and agrees that he will reasonably cooperate with the Company in any pending or future matters, including without limitation any litigation, investigation, or other dispute, in which Jones, by virtue of Jones' employment with the Company, has relevant knowledge or information, without any further compensation other than what is provided in this Agreement.

9.  Return of Company Property.  On or prior to the Retirement Date, Jones will return to the Company all of the Company's property, including, but not limited to, keys, passcards, credit cards, computers and related equipment, cell phones, vendor or customer lists, rolodexes, tapes, software, computer files, marketing and sales materials, and any other record, data, document or piece of equipment belonging to the Company. Jones agrees not to retain any copies of the Company's property, including any copies existing in electronic form, which are in Jones' possession or control.  Jones acknowledges that he has not and will not destroy, delete, or alter any Company property without the Company's written consent.  This Section shall not be construed to relate to any of Jones' personal information which may be stored on the Company's computer that he used before the Retirement Date or personal information that he had at the Company's offices before the Retirement Date.

10.  Modification.  No provision of this Agreement may be changed, altered, modified or waived except in writing signed by Jones and an authorized representative of the Company's Board of Directors, which writing shall specifically reference this Agreement and the provisions which the parties intend to waive or modify.

11.  Voluntary Agreement/Consultation with Counsel.  Jones acknowledges the following: (a) he has read and fully understands the terms of this Agreement; (b) he has agreed to this Agreement knowingly and voluntarily and was not subjected to any undue influence in agreeing to its terms; (c) has been (or is hereby) advised by the Company in writing that he may discuss this Agreement with his personal attorney, and has had an opportunity to do so; and (d) has been given a reasonable time (of at least 21 days) to consider whether he should enter into this Agreement.  Jones has not and will not provide counsel to the Company with respect to this Agreement.  The Company has retained independent counsel to advise the Company with respect to this Agreement.

12. Attorneys' Fees and Costs.  If either patty brings a claim released or waived by or otherwise relating to this Agreement, or breaches any provision hereof, such party will pay the attorneys' fees incurred by the prevailing patty, in addition to any other damages or relief a court may award.

13.  Entire Agreement.  Except as expressly provided herein, this Agreement constitutes and contains the entire agreement and final understanding concerning Jones' relationship with the Company and the other subject matters addressed herein between the patties, and supersedes and replaces all prior negotiations and all other agreements proposed or otherwise (except the supplemental release referred to herein), whether written or oral, concerning the subject matter hereof.  Any representation, promise or agreement not specifically included in this Agreement shall not be binding upon or enforceable against either patty.  Notwithstanding the foregoing, the Indemnification Agreement between the Company and Jones, dated as of June 19, 2007 and any certificates of awards issued to Jones under the 1999 Incentive Stock Plan, the 2009 Plan and the RSU Plan shall survive in accordance with their respective terms.  For further clarity, each of the foregoing expressly survive and remain in full force and effect, and do not merge into this Agreement.  For the avoidance of doubt, the Change in Control Severance Agreement between the Company and Jones, as amended, remains in effect; provided, however, that any amounts paid to Jones under this Agreement shall reduce the amounts that may become payable under such Change in Control Severance Agreement.

14.  Applicable Law.  This Agreement has been entered into in and shall be governed by and construed under the laws of the State of Georgia, notwithstanding its provisions governing choice of law.  Jones acknowledges and agrees that he was employed by the Company in Georgia.  Subject to Section 19 below, any action to enforce any provision of this Agreement shall be brought exclusively in the appropriate state or federal court in the State of Georgia.

15. Severability.  The provisions of this Agreement are severable, and if any part of it is found to be unenforceable, the other paragraphs shall remain fully valid and enforceable.  This Agreement shall survive the termination of any arrangements contained herein.

16.  Headings and Captions.  The headings and captions used in this Agreement are for convenience of reference only, and shall in no way define, limit, expand or otherwise affect the meaning or construction of any provision of this Agreement.

17.  Construction.  In the event that an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any of the provisions of this Agreement.

18.  Injunctive Relief/Obligations.  Jones acknowledges and agrees that the remedy at law for any breach of Sections 6, 7, 8 or 9 hereof will be inadequate and that in the event of such breach, the Company and/or the Releasees will suffer irreparable damage.  Accordingly, in addition to all other remedies available, the Company and any other adversely affected Releasee will therefore be entitled, in aid of any arbitration conducted pursuant to Section 19 hereof, to temporary, preliminary or permanent injunctive relief from a court enjoining said breach or threatened 

breach without having to post a bond or other security.  The existence of any claim, demand, action or cause of action of Jones against any Releasee shall not constitute a defense to the enforcement by the Company or any Releasee of any of the covenants or agreements herein. The existence of any claim, demand, action or cause of action of the Company or any Releasee shall not constitute a defense to the enforcement by Jones of any of the covenants or agreements herein.

19.  Arbitration.  Except as provided in Section 18 and below, any disputes or claims of any kind or nature, including the arbitrability of claims under this Agreement, between Jones and the Company for any reason whatsoever, shall be settled by final and binding arbitration in Atlanta, Georgia under the Federal Arbitration Act.  The parties expressly agree that this Agreement involves interstate commerce and shall be governed by the provisions of the Federal Arbitration Act, 9 U.S.C. § 1 et seq., to the exclusion of any different or inconsistent state or local law, ordinance or judicial rule. Any disputes concerning the interpretation or the enforceability of this Agreement, including without limitation its revocability or voidability for any cause, the scope of arbitrable issues, and any defense based upon waiver, estoppel, or laches, shall be decided by the arbitrator.

Prior to filing a demand for arbitration, the party seeking arbitration shall serve upon the other patty written notice of an intent to arbitrate hereunder listing the claims to be arbitrated. Thereafter, the parties shall, for a period of two weeks, first attempt in good faith to resolve any such claim through informal negotiation.  If the claim is not resolved, the arbitration shall be administered by an arbitration agency mutually agreeable to Jones and the Company, before an arbitrator mutually agreeable to Jones and the Company.  Should the Company and Jones be unable to mutually agree upon an arbitration agency or an arbitrator within four weeks of either party's written notice of intent to arbitrate hereunder, or within two weeks from the time any court or other judicial body orders arbitration, the arbitration shall be administered by the American Arbitration Association before an arbitrator mutually agreeable to Jones and the Company.  If Jones and the Company are thereafter unable to agree upon an arbitrator, the arbitrator shall be selected in accordance with the rules of the American Arbitration Association.

Upon the request of either party, the arbitrator's award shall include findings of fact and conclusions of law.  Discovery in the arbitration by or to each party shall presumptively be limited to five depositions (including experts), twenty-five interrogatories (including subparts), and thirty document requests (including subparts).  In considering the relevancy, materiality, and admissibility of evidence, the arbitrator shall take into account, among other things, applicable principles of legal privilege, including the attorney-client privilege, the work product doctrine, the self-evaluative privilege, and appropriate protection of the Company's Trade Secrets, personnel records, and other Confidential Information or proprietary information.  Any arbitration of any claim by Jones pursuant to this Agreement may not be joined or consolidated with any other arbitration(s) by or against the Company, including through any class arbitration. Any arbitration of any claim by the Company pursuant to this Agreement may not be joined or consolidated with any other arbitration(s) by or against Jones. Notwithstanding any other provision of this Agreement, either party may seek temporary, preliminary, or permanent injunctive relief to aid and give effect to the arbitration required by this Section.  If any provision of this Section is found to be invalid or unenforceable, such provision shall be severed or modified as necessary to permit this Section to be upheld and enforced to the maximum extent permitted by law.

20.  Notice.  All notices or other communications which are required or permitted hereunder shall be in writing and sufficient if delivered personally or sent by registered or certified mail, postage prepaid, return receipt requested, or sent by overnight courier, addressed as follows:

To the Company:        Cousins Properties Incorporated
191 Peachtree  Street, Suite 500
Atlanta, Georgia 30303-1741
Attn:  Chief Financial Officer

With a copy to:         Alan J. Prince, Esq.
King & Spalding LLP
1180 Peachtree Street

Atlanta, Georgia 30309

To Jones:             Mr. Craig Jones
3313 Paces Ferry Avenue
Atlanta, Georgia 30339

21.  Termination by the Company for Good Cause.  The Company may terminate Jones' employment ten (10) days after giving written notice to Jones for "Good Cause."  "Good Cause" shall mean: (i) Jones' material breach of this Agreement; (ii) Jones' gross negligence in the performance or nonperformance of any of his material duties or responsibilities; (iii) Jones' dishonesty, fraud or willful misconduct with respect to, or disparagement of, the business or affairs of the Company; (iv) Jones' conviction of a felony; (v) Jones' abuse of alcohol or use of any illegal drug; or (vi) Jones' being absent from work for five consecutive days for any non-business related reason, other than an approved leave of absence, including without limitation any vacation or sick leave, such approval to be made in a manner consistent with prior practice and in any case not to be unreasonably withheld.  In the event of the termination of Jones' employment for Good Cause, the Company will be released of all its obligations under this Agreement.

22.  409A.  The parties to this Agreement intend that all payments and benefits under this Agreement be exempt from or comply with section 409A of the Internal Revenue Code of 1986, as amended.

JONES ATTESTS THAT HE HAS READ THIS AGREEMENT CAREFULLY AND UNDERSTANDS THAT THIS AGREEMENT INCLUDES A RELEASE OF ALL KNOWN AND UNKNOWN CLAIMS THAT JONES MAY HAVE AGAINST THE COMPANY.

/s/ Craig B. Jones
Craig B. Jones
Date: September 20, 2012

COUSINS PROPERTIES INCORPORATED

By: /s/ Lawrence L. Gellerstedt III
Lawrence L. Gellerstedt III
President and Chief Executive Officer
Date: September 20, 2012

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