Document:

Exhibit
10.55

 

[FORM OF] SALE PARTICIPATION AGREEMENT

 

Dear Optionee:

 

You have entered into a Management Stockholder’s Agreement, dated as of
the Grant Date, between Amphenol Corporation, a Delaware corporation (“the
Company”), and you (the “Stockholder’s Agreement”). In connection with the
Stockholder’s Agreement, KKR Partners II, L.P., a Delaware limited partnership
(“KKR Partners”), NXS Associates, L.P., a Delaware limited partnership (“Associates”),
KKR 1996 Fund L.P., a Delaware limited partnership (“KKR 1996”), and NXS I,
L.L.C., a Delaware limited liability company (“NXS LLC”) hereby agree with you
as follows:

 

1.  Unless otherwise provided by
a decision of the Compensation Committee of the Board of Directors of the
Company acting pursuant to Section 8 of the Stockholder’s Agreement, in
the event that at any time KKR Partners, Associates, KKR 1996 or NXS LLC, as
the case may be (each, a “Selling Party” and collectively, the “Selling Parties”),
proposes to sell any shares of Common Stock of the Company owned by it, in any
transaction other than a sale to an affiliate of KKR Partners, Associates, KKR
1996 or NXS LLC, as the case may be, the Selling Party will promptly notify you
or your Management Stockholder’s Estate or your Management Stockholder’s Trust
(as such terms are defined in the Stockholder’s Agreement collectively
hereinafter referred to as “Management Stockholder” or “you” or “your”), as the
case may be, in writing (a “Notice”) of such proposed sale (a “Proposed Sale”)
including the material terms of the Proposed Sale as of the date of the Notice
(the “Material Terms”) and in any event such Notice will be provided not less
than 10 business days prior to the consummation of the Proposed Sale and not
more than 5 business days after the execution of the definitive agreement
relating to the Proposed Sale, if any (the “Sale Agreement”).  If, within 2 business days of Management
Stockholder’s receipt of such Notice, the Selling Party receives a written
request (a “Request”) from you to include Common Stock held pursuant to the
Stockholder’s Agreement by you in the Proposed Sale (which Request shall be
irrevocable unless (a) there shall be a material adverse change in the Material
Terms or (b) if otherwise mutually agreed to in writing by you, and the Selling
Party), the Common Stock so held by you, except as may otherwise be provided by
a decision of the Compensation Committee of the Board of Directors of the
Company acting pursuant to Section 8 of the Stockholder’s Agreement, will
be so included in the Proposed Sale as provided herein; provided that only one
Request, which shall be executed by you, may be delivered with respect to any
Proposed Sale for all Common Stock held by you. 
Any Common Stock held by you which is not subject to the terms and
conditions of the Stockholder’s Agreement shall not be included in any Proposed
Sale, and references to Common Stock herein shall be construed
accordingly.  Promptly after the
consummation of the transactions contemplated thereby, the Selling Party will
furnish you with a copy of the Sale Agreement, if any.  In the event that KKR Partners and any or all
of Associates, KKR 1996 and/or NXS LLC propose to sell shares of Common Stock
in the Proposed Sale, the term “Selling Partnership” shall refer only to
Associates, KKR 1996 and/or NXS LLC, as the case may be, and not to KKR
Partners.

 

 

2.                                       The
number of shares of Common Stock which you will be permitted to include in a
Proposed Sale pursuant to a Request will be the lesser of (a) the sum of the number
of shares of Common Stock then owned by you (and held pursuant to the
Stockholder’s Agreement) plus all shares of Common Stock which you are then
entitled to acquire under an unexercised Option (as defined in the Stockholder’s
Agreement) to purchase shares of Common Stock, to the extent such Option is
then vested or would become vested as a result of the consummation of the
Proposed Sale and (b) the sum of the shares of Common Stock then owned by you
plus all shares of Common Stock which you are entitled to acquire under an
unexercised Option to purchase shares of Common Stock, whether or not fully
vested, multiplied by a percentage calculated by dividing the aggregate number
of shares proposed to be sold in the Proposed Sale by the total number of shares
of Common Stock (x) owned by all parties who have rights pursuant to this
Agreement and any other Sale Participation Agreement with respect to the Common
Stock of the Company and (y) KKR Partners, Associates, KKR 1996 and NXS LLC.  If one or more holders of shares of Common
Stock who have been granted the same rights granted to you hereunder elect not
to include the maximum number of shares of Common Stock which such holders
would have been permitted to include in a Proposed Sale (the “Eligible Shares”),
KKR Partners, Associates or NXS LLC, KKR 1996 or NXS LLC, or such remaining
holders of shares of Common Stock, or any of them, may sell in the Proposed
Sale a number of additional shares of Common Stock owned by any of them equal
to their pro rata portion of the number of Eligible Shares not included in the
Proposed Sale, based on the relative number of shares of Common Stock then held
by each such holder, and such additional shares of Common Stock which any such
holder or holders propose to sell shall not be included in any calculation made
pursuant to the first sentence of this Paragraph 2 for the purpose of
determining the number of shares of Common Stock which you will be permitted to
include in a Proposed Sale.  KKR
Partners, Associates, KKR 1996 and NXS LLC, or any of them, may sell in the
Proposed Sale additional shares of Common Stock owned by any of them equal to
any remaining Eligible Shares which will not be included in the Proposed Sale
pursuant to the foregoing.

 

3.                                       Except
as may otherwise be provided herein or in Section 8 of the Stockholder’s
Agreement, shares of Common Stock subject to a Request will be included in a
Proposed Sale pursuant hereto and in any agreements with purchasers relating
thereto on the same terms and subject to the same conditions applicable to the
shares of Common Stock which the Selling Party proposes to sell in the Proposed
Sale.  Such terms and conditions shall
include, without limitation:  the sales
price; the payment of fees, commissions and expenses; the provision of, and
representation and warranty as to, information requested by the Selling Party;
and the provision of requisite indemnifications; provided that any
indemnification provided by you shall be pro rata in proportion with the number
of shares of Common Stock to be sold.

 

4.                                       Upon
delivering a Request, you will, if requested by the Selling Party, execute and
deliver a custody agreement and a power of attorney in form and substance
satisfactory to the Selling Party with respect to the shares of Common Stock which
are to be sold by you pursuant hereto (a “Custody Agreement and Power of
Attorney”).  The Custody Agreement and
Power of Attorney will provide, among other things, that you will deliver to
and deposit in custody with the custodian and attorney-in-fact named therein a
certificate or certificates representing such shares of Common Stock (duly
endorsed in blank by the registered owner or owners thereof) and irrevocably
appoint said custodian and attorney-in-fact as your agent and attorney-in-fact
with

 

 

full power and authority to act under the Custody Agreement and Power
of Attorney on your behalf with respect to the matters specified therein.

 

5.                                       Your
right pursuant hereto to participate in a Proposed Sale shall be contingent on
your strict compliance with each of the provisions hereof and your willingness
to execute and deliver such documents in connection therewith as may be
reasonably requested by the Selling Party.

 

6.                                       In
the event of a Proposed Sale pursuant to Section 1 hereof, the Selling
Party may elect, by so specifying in the Notice, to require you to, and you
will, participate in such Proposed Sale in accordance with the terms and
provisions of Section 2, 3 and 4 hereof.

 

7.                                       The
obligations of KKR Partners, Associates, KKR 1996 and NXS LLC hereunder shall
extend only to you or your Management Stockholder’s Estate or your Management
Stockholder’s Trust, as the case may be, and no other successors or assigns
shall have any rights pursuant hereto.

 

8.                                       This
Agreement shall terminate and be of no further force and effect on June 6,
2005.

 

9.                                       All
notices and other communications provided for herein shall be in writing or
electronic form and shall be deemed to have been duly given when delivered to
the party to whom it is directed:

 

(a)                                  If
to KKR Partners, Associates, KKR 1996 or NXS LLC, to it at the following
address:

c/o Kohlberg Kravis Roberts & Co.

2800 Sand Hill Road

Suite 200

Menlo Park, California  94025

Attn: 
Michael Michelson

 

with a copy to:

 

Simpson Thacher & Bartlett

425 Lexington Avenue

New York, New York  10017

Attn: 
Charles I. Cogut, Esq.

 

(b)                                 If
to you, to you at the address or email address set forth in the records of the
Company;

 

(c)                                  If
to your Management Stockholder’s Estate or your Management Stockholder’s
Trust,  at the address provided to all
such parties by such entity;

 

or at such other address as any of the above shall have specified by
notice in writing delivered to the others by certified mail, overnight delivery
or telecopy.

 

 

10.                                 The
laws of the State of Connecticut (or if the Company relocates to another state,
of that state) shall govern the interpretation, validity and performance of the
terms of this Agreement. No suit, action or proceeding with respect to this
Agreement may be brought in any court or before any similar authority other
than in a court of competent jurisdiction in the State of Connecticut (or if
the Company relocates to in another state, of that state) and you hereby submit
to the non-exclusive jurisdiction of such courts for the purpose of such suit, proceeding
or judgment.  You hereby irrevocably
waive any right which you may have had to bring such an action in any other
court, domestic or foreign, or before any similar domestic or foreign
authority.  You hereby irrevocably and
unconditionally waive trial by jury in any legal action or proceeding in
relation to this Agreement and for any counterclaim therein.

 

11.                                 If
KKR Partners, Associates, KKR 1996 or NXS LLC transfers its interest in the
Company to an affiliate of KKR Partners, Associates, KKR 1996 or NXS LLC, as
the case may be, such affiliate shall assume the obligations hereunder of KKR
Partners, Associates, KKR 1996 or NXS LLC, as the case may be.

 

12.                                 Notwithstanding
any other provision of this Agreement, neither the general partner nor the
limited partners, nor any future general or limited partner of any of KKR
Partners, Associates or KKR 1996, nor any member or managing member of NXS LLC,
shall have any personal liability for performance of any obligation of such
entity under this Agreement.

 

It is the understanding of KKR Partners, Associates, KKR 1996 and NXS
LLC that you are aware that no Proposed Sale presently is contemplated and that
such a sale may never occur.Exhibit
10.37

 

Fourth Amendment
to the

 

First Amended and
Restated Agreement

 

of Limited
Partnership

 

of

 

SL Green Operating
Limited Partnership, L.P.

 

This Amendment is made as of May 27, 2004 by SL Green
Realty Corp., a Maryland corporation, as managing general partner (the “Company”
or the “Managing General Partner”) of SL Green Operating Limited
Partnership, L.P., a Delaware limited partnership (the “Partnership”),
and as attorney-in-fact for the Persons named on Exhibit A to
the First Amended and Restated Agreement of Limited Partnership of SL Green
Operating Limited Partnership, dated as of August 20, 1997, as amended
from time to time, (the “Partnership Agreement”) for the purpose of
amending the Partnership Agreement. 
Capitalized terms used herein and not defined shall have the meanings
given to them in the Partnership Agreement.

WHEREAS, the Board of Directors of the Company (the “Board”),
by action at a meeting on April 7, 2004 and by action of the Pricing
Committee of the Board on  pursuant to
delegated authority, classified and designated on April 28, 2004 shares of
Preferred Stock (as defined in the Articles of Incorporation of the Company
(the “Charter”)) as Series D Preferred Stock (as defined below);

WHEREAS, the Board filed Articles Supplementary to the
Charter (the “Articles Supplementary”) with the State Department of
Assessments and Taxation of Maryland on May 20, 2004 establishing the
Series D Preferred Stock, with such preferences, rights, voting powers,
restrictions, limitations as to distributions, qualifications and terms and
conditions of redemption as described in the Articles Supplementary;

WHEREAS, on May 27, 2004, the Company issued 2,400,000
shares of the Series D Preferred Stock;

WHEREAS, the Managing General Partner has determined
that, in connection with the issuance of the Series D Preferred Stock, it
is necessary and desirable to amend the Partnership Agreement to create
additional Partnership Units (as defined in the Partnership Agreement) having
designations, preferences and other rights which are substantially the same as
the economic rights of the Series D Preferred Stock.

NOW, THEREFORE, in consideration of the premises and
for other good and valuable consideration, the receipt and sufficiency of which
hereby are acknowledged, the Managing General Partner hereby amends the
Partnership Agreement as follows:

1.     Article 1 of the Partnership Agreement is hereby amended by
adding the following definitions:

“Series D Preferred Stock” means the
7.875% Series D Cumulative Redeemable Preferred Stock of the Company, with
such preferences, rights, voting powers, restrictions, limitations as to
distributions, qualifications and terms and conditions of redemption as
described in the Articles Supplementary; and

“Series D Preferred Units” means the
series of Partnership Units established pursuant to this Amendment,
representing units of Limited Partnership Interest designated as the 7.875%
Series D Cumulative Redeemable Preferred Units, with the preferences,
rights, voting powers, restrictions, limitations as to distributions,
qualifications and terms and conditions of redemption of units as described
herein; and

2.     In accordance with Section 4.02.A of the Partnership
Agreement, set forth below are the terms and conditions of the Series D
Preferred Units hereby established and issued to the Company in consideration
of the Company’s contribution to the Partnership of the net proceeds following
the issuance and sale of the Series D Preferred Stock by the Company:

A.    Designation and Number.  A series of Partnership
Units, designated as Series D Preferred Units, is hereby established.  The number of Series D Preferred Units
shall be 2,760,000.

B.    Rank.  The Series D Preferred Units, with
respect to rights to the payment of dividends and the distribution of assets
upon the liquidation, dissolution or winding up of the Partnership, rank
(a) senior to the Class A Units, Class B Units and all
Partnership Interests issued by the Partnership the terms of which specifically
provide that such Partnership Interests rank junior to the Series D
Preferred Units; (b) on a parity with the 7.625% Series C Cumulative
Redeemable Preferred Units and all Partnership Interests issued by the
Partnership the terms of which specifically provide that such Partnership Interests
rank on a parity with the Series D Preferred Units; and (c) junior to
all Partnership Interests issued by the Partnership the terms of which
specifically provide that such Partnership Interests rank senior to the
Series D Preferred Units.

C.    Distributions.

(i)            Pursuant to Section 5.01 of the
Partnership Agreement but subject to the rights of holders of any Units ranking
senior to the Series D Preferred Units as to the payment of distributions,
the Managing General Partner, in its capacity as the holder of the then
outstanding Series D Preferred Units, shall be entitled to receive, when,
as and if authorized by the Managing General Partner, out of Available Cash,
cumulative quarterly preferential cash distributions in an amount per unit
equal to 7.875% of the $25.00 liquidation preference per annum (equivalent to a
fixed annual amount of $1.96875 per unit). 
Distributions on the Series D Preferred Units shall accrue and be
fully cumulative from the date of original issuance and shall be payable
quarterly when, as and if authorized by the Managing General Partner, in equal
amounts in arrears on the fifteenth day of each July, October, January and
April or, if not a business day, the next succeeding business day (each, a “Series D
Preferred Unit Distribution Payment Date”). 
Any distribution (including the initial distribution) payable on the
Series D Preferred Units for any partial distribution period shall be
prorated and computed on the basis of a 360-day year consisting of twelve
30-day months.  Distribution period
shall mean the period from and the date of original issuance and ending on and
excluding the next Series D Preferred Unit Distribution Payment Date, and
each subsequent period from but including such Series D Preferred Unit
Distribution Payment Date and ending on and excluding the next following
Series D Preferred Unit Distribution Payment Date.

(ii)           No distribution on the Series D
Preferred Units shall be authorized by the Managing General Partner or declared
or paid or set apart for payment by the Partnership at such time as the terms
and provisions of any agreement of the Managing General Partner or the
Partnership, including any agreement relating to its indebtedness, prohibits
such authorization, declaration, payment or setting apart for payment or
provides that such authorization, declaration, payment or setting apart for
payment would constitute a breach thereof, or a default thereunder, or if such
authorization, declaration, payment or setting apart for payment shall be
restricted or prohibited by law.  No
interest, or sum of money in lieu

 

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of interest, shall be payable in respect of any distribution payment or
payments on the Series D Preferred Units which may be in arrears.

(iii)          Notwithstanding the foregoing,
distributions with respect to the Series D Preferred Units shall
accumulate whether or not any of the foregoing restrictions exist, whether or
not there is sufficient Available Cash for the payment thereof and whether or not
such distributions are authorized. 
Accumulated but unpaid distributions on Series D Preferred Units
shall not bear interest and holders of the Series D Preferred Units shall
not be entitled to any distributions in excess of full cumulative
distributions.  Any distribution payment
made on the Series D Preferred Units shall first be credited against the
earliest accumulated but unpaid distribution due with respect to such units
which remains payable.

(iv)          Except as provided in subsection
2.C.(iv), unless full cumulative distributions have been or contemporaneously
are declared and paid or authorized, declared and a sum sufficient for the
payment thereof set apart for such payment on the Series D Preferred Units
for all past distribution periods and the then current distribution period, no
distributions (other than in Partnership Interests ranking junior to the
Series D Preferred Units as to the payment of dividends and the
distribution of assets upon any liquidation, dissolution or winding up of the
Partnership) shall be authorized, declared or paid or set apart for payment nor
shall any other distribution be authorized, declared or made upon the
Class A Units, the Class B Units, or any other Partnership Interests
ranking, as to the payment of distributions or the distribution of assets upon
any liquidation, dissolution or winding up of the Partnership, junior to or on
a parity with the Series D Preferred Units for any period, nor shall any
Class A Units, Class B Units, or any other Partnership Interests
ranking junior to or on a parity with the Series D Preferred Units as to
the payment of distributions or the distribution of assets upon any
liquidation, dissolution or winding up of the Partnership, be redeemed,
purchased or otherwise acquired for any consideration (or any moneys be paid to
or made available for a sinking fund for the redemption of any such Partnership
Interests) by the Partnership (except by conversion into or exchange for
Partnership Interests ranking junior to the Series D Preferred Units as to
the payment of distributions and the distribution of assets upon any
liquidation, dissolution or winding up of the affairs of the Partnership).

(v)           When distributions are not paid in
full (or a sum sufficient for such full payment is not so set apart) upon the
Series D Preferred Units and any other Partnership Interests ranking on a
parity as to the payment of distributions with the Series D Preferred
Units, all distributions authorized and declared upon the Series D
Preferred Units and any other Partnership Interests ranking on a parity as to
the payment of distributions with the Series D Preferred Units shall be
declared pro rata so that the amount of distributions authorized and declared
per Series D Preferred Unit and such other Partnership Interests shall in
all cases bear to each other the same ratio that accumulated distributions per
each Series D Preferred Unit and such other Partnership Interests (which
shall not include any accumulation in respect of unpaid distributions for prior
distribution periods if such other Partnership Interests do not have a
cumulative distribution) bear to each other.

(vi)          Holders of Series D Preferred
Units shall not be entitled to any distribution, whether payable in cash,
property or Partnership Interests, in excess of full cumulative distributions
on the Series D Preferred Units as described above.  Accrued but unpaid distributions on the
Series D Preferred Units will accumulate as of the Series D Preferred
Units Distribution Payment Date on which they first become payable.

3

D.    Allocations.

Allocations of the
Partnership’s items of income, gain, loss and deduction shall be allocated
among holders of Series D Preferred Units in accordance with
Article VI of the Partnership Agreement.

E.     Liquidation Preference.

(i)            In the event of any voluntary or
involuntary liquidation, dissolution or winding up of the Partnership, the
Managing General Partner, in its capacity as holder of the Series D
Preferred Units, shall be entitled to receive out of the assets of the
Partnership available for distribution to the Partners pursuant to
Section 13.02.A of the Partnership Agreement a liquidation preference of
$25.00 per Series D Preferred Unit, plus an amount equal to any accumulated
and unpaid distributions (whether or not earned or authorized) to the date of
payment, before any distribution of assets is made to holders of Class A
Units, Class B Units or any other Partnership Interests that rank junior
to the Series D Preferred Units as to the distribution of assets upon the
liquidation, dissolution or winding up of the Partnership, but subject to the
preferential rights of the holders of Partnership Interests ranking senior to
the Series D Preferred Units as to the distribution of assets upon the
liquidation, dissolution or winding up of the Partnership.

(ii)           If upon any such voluntary or
involuntary liquidation, dissolution or winding up of the Partnership, the
assets of the Partnership legally available for distribution to its Partners
are insufficient to make such full payment to the Managing General Partner, in
its capacity as the holder of the Series D Preferred Units, and the
corresponding amounts payable on all other Partnership Interests ranking on a
parity with the Series D Preferred Units as to the distribution of assets
upon the liquidation, dissolution or winding up of the Partnership, then the
Managing General Partner, in its capacity as the holder of the Series D
Preferred Units, and all other holders of such Partnership Interests shall
share ratably in any such distribution of assets in proportion to the full
liquidating distributions (including, if applicable, accumulated and unpaid
distributions) to which they would otherwise be respectively entitled.

(iii)          After payment of the full amount of
the liquidating distributions to which they are entitled, the Managing General
Partner, in its capacity as the holder of the Series D Preferred Units,
shall have no right or claim to any of the remaining assets of the Partnership.

(iv)          None of a consolidation or merger of
the Partnership with or into another entity, a merger of another entity with or
into the Partnership, a statutory unit exchange by the Partnership or a sale,
lease or conveyance of all or substantially all of the Partnership’s property
or business shall be considered a liquidation, dissolution or winding up of the
affairs of the Partnership.

F.     Redemption.

In connection with the redemption by the Company of
any of shares of Series D Preferred Stock in accordance with the provisions
of the Articles Supplementary, the Partnership shall provide cash to the
Company for such purpose which shall be equal to the redemption price (as set
forth in the Articles Supplementary), plus all distributions accumulated and
unpaid to the Redemption Date (as defined in the Articles Supplementary) (or,
as applicable, the accumulated and unpaid distribution payable pursuant to
Section 6(b)(iv) of the Articles Supplementary), and one Series D
Preferred Unit shall be concurrently redeemed with respect to each share of
Series D Preferred Stock so redeemed by the Company.  From and after the applicable Redemption Date
(as defined in the Articles Supplementary), the Series D Preferred Units
so redeemed shall no longer be outstanding and all rights hereunder, to
distributions or otherwise, with respect to such Series D Preferred Units
shall cease.  Any Series D Preferred
Units so redeemed may be reissued to the Managing General Partner at such time
as the Managing General Partner reissues a 

4

corresponding number of shares of Series D
Preferred Stock so redeemed or repurchased, in exchange for the contribution by
the Managing General Partner to the Partnership of the proceeds from such
reissuance.

G.    Voting
Rights.

Except as required by applicable law, the Managing
General Partner, in its capacity as the holder of the Series D Preferred
Units, shall have no voting rights.

H.    Conversion.

The Series D Preferred Units are not convertible
into or exchangeable for any other property or securities of the Partnership.

I.      Restriction on Ownership.

The Series D Preferred Units shall be owned and
held solely by the Managing General Partner.

3.     Except as modified herein, all terms and conditions of the
Partnership Agreement shall remain in full force and effect, which terms and
conditions the Managing General Partner hereby ratifies and confirms.

4.     This Amendment shall be construed and enforced in accordance
with and governed by the laws of the State of Delaware, without regard to
conflicts of law.

5.     If any provision of this Amendment is or becomes invalid,
illegal or unenforceable in any respect, the validity, legality and
enforceability of the remaining provisions contained herein shall not be
affected thereby.

*              *              *              *              *

 

5

IN WITNESS WHEREOF, the undersigned have executed this
Amendment as of the date first set forth above.

	
   

  	
   

  	
   

  
	
   

  	
  SL
  GREEN REALTY CORP.,

  
	
   

  	
  a
  Maryland corporation, as Managing General

  
	
   

  	
  Partner
  of SL Green Operating Limited

  
	
   

  	
  Partnership
  and on behalf of existing

  
	
   

  	
  Limited
  Partners

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

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