Document:

Exhibit105-Q3SeveranceAmendmentKSheff2008

        

EXHIBIT 10.5

PIONEER NATURAL RESOURCES COMPANY 
AMENDMENT TO SEVERANCE AGREEMENT 

WHEREAS, Pioneer Natural Resources Company (the “Parent”), Pioneer Natural Resources USA Inc. (the “Employer”) and the employee whose name appears on the signature page of this Amendment (the “Employee”) have previously entered into a Severance Agreement (the “Agreement”) which provides the Employee with certain termination benefits in the event Employee’s employment is terminated in certain circumstances prior to the occurrence of a change in control;
WHEREAS, Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”), imposes certain limitations and restrictions on the times at which certain types of compensation, including severance benefits, may be payable;
WHEREAS, all documents that provide for the payment of compensation that is subject to Section 409A must be brought into compliance with the requirements of Section 409A on or before December 31, 2008, or the employee to whom such compensation is payable will be subjected to certain adverse tax consequences, including, but not limited to, having to pay an additional tax of at least 20% on such compensation; and 
WHEREAS, the parties desire to adopt amendments to the Agreement to avoid any such adverse tax consequences for the Employee by reason of the compensation provided herein and certain other amendments;
NOW, THEREFORE, the Agreement is amended in the manner set forth below:
1.  Paragraph 2 of the Agreement is amended to delete the definitions of “Change in Control” and “Date of Termination” in their entirety, and to add the following definitions in appropriate alphabetical order:
“Change in Control” shall mean an event that constitutes a “change in control” as defined in Parent’s LTIP.  Any modification to the definition of “change in control” in Parent’s LTIP (including by virtue of the adoption by the Parent of a successor plan thereto setting forth a modified definition of “change in control”) adopted after the Effective Date shall apply for purposes of this Agreement, except that any modification to such definition adopted on or after, or within 180 days prior to, a Change of Control or Potential Change of Control shall not apply in determining the definition of such term under this Agreement unless such amendment is favorable to Employee; and provided 

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further that any change to the definition of a change in control in Parent’s LTIP adopted in 2008 to comply with the requirements of Section 409A of the Code shall be deemed to be favorable to Employee.  
“Date of Termination” shall mean
(1)      In the case of a termination for which a Notice of Termination is required, the date of receipt of such Notice of Termination or, if later, the date specified therein; and 
(2)      In all other cases, the actual date on which Employee’s employment terminates;
provided, however, that if Employee continues to provide or, in the 12 month period following such termination of employment, Employee is expected to provide, sufficient services that, under the Parent’s written and generally applicable policies regarding what constitutes a “separation from service” for purpose of Section 409A of the Code, Employee does not incur a separation of service for purposes of such Section 409A on the date of termination, Employee’s Date of Termination for purposes of this Agreement shall be the date on which such Employee incurs a separation from service under such policies.
“Parent’s LTIP” shall mean the Parent’s 2006 Long-Term Incentive Plan, as the same may be amended from time to time, or any successor plan thereto.
2.    References throughout the Agreement to the term “LTIP” shall be changed to “Parent’s LTIP.”
3.    Paragraph 4 is amended to delete subparagraph (a)(3) thereof, and to insert a new subparagraph (a)(3) to read as follows:
(3)    A Separation Payment in an amount equal to Employee’s Base Salary, which shall be paid 10 days following Employee’s Date of Termination, provided that, if, at the Date of Termination, Employee is a “specified employee” within the meaning of Section 409A of the Code, as determined in accordance with the procedures specified or established by the Parent in accordance with such Section 409A and the regulations thereunder (a “Specified Employee”), and the Separation Payment is payable due to Disability or a voluntary retirement on or after Normal Retirement Date, the Separation Payment shall be made six months and one day after Employee’s Date of Termination.  In the event that the Separation Payment is made six months and one day after the Date of Termination, it shall be paid with interest from the Date of Termination at a rate equal to Employer’s cost of borrowing under its principal credit facility as in effect at the Date of Termination, as determined in good faith by the Parent’s Chief Financial Officer (the “Employer’s Borrowing Cost”).  
4.    Paragraph 4(c)(3) is amended to delete the phrase “as soon as practicable (but not more than 10 days) following the expiration of the revocation period stated in the General Release Agreement described in subparagraph 4(d) below),” in the portion 

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thereof preceding subclause (i), to delete the phrase “, which amount shall be paid in cash on the Date of Termination” in subclause (iii) thereof and to insert the following new paragraph following (and not as part of) subclause (iii):  
Subject to Employee’s timely execution and delivery of, and having not revoked, the General Release Agreement described in subparagraph 4(d) below, payment of such Separation Payment shall be made 10 days following Employee’s Date of Termination, provided that, if, at the Date of Termination, Employee is a Specified Employee, the Separation Payment shall be made six months and one day after Employee’s Date of Termination.  In the event that the Separation Payment is made six months and one day after the Date of Termination, it shall be paid with interest from the Date of Termination at a rate equal to Employer’s Borrowing Cost.    
5.    Paragraph 4(d) is amended to insert the words “and delivery within 60 days of Employee’s Date of Termination” after the words “Employee’s execution”.
6.    Paragraph 7(c) is amended to add a new sentence following the first sentence thereof, to read as follows:  
Reimbursement of such fees shall be made not later than 75 days following final resolution of the matter.
    

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IN WITNESS WHEREOF, the parties hereunder have caused this Amendment to be executed as of the 8th day of December, 2008.
                    
	
					
	 
	 
	PIONEER NATURAL RESOURCES COMPANY

	 
	 
	 
	 
	 

	 
	 
	/s/ Larry Paulsen

	 
	 
	Name:  Larry Paulsen

	 
	 
	Title:  Vice President

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	PIONEER NATURAL RESOURCES USA, INC.

	 
	 
	 
	 
	 

	 
	 
	/s/ Larry Paulsen

	 
	 
	Name:  Larry Paulsen

	 
	 
	Title:  Vice President

	 
	 
	 
	 
	 

	 
	 
	EMPLOYEE
	 
	 

	 
	 
	 
	 
	 

	 
	 
	/s/ Kenneth H. Sheffield, Jr.  

	 
	 
	Print Name: Kenneth H. Sheffield, Jr.

	 
	 
	 
	 
	 

Schedule I

1. The Company entered into an Amendment to Severance Agreement with Mark H. Kleinman dated December 8, 2008 which is otherwise identical to the one entered into with Mr. Sheffield. 

4Exhibit 10.166  AmendNo13toGPLPPtnershpAgmt

Exhibit 10.166

AMENDMENT NO. 13
TO
LIMITED PARTNERSHIP AGREEMENT
OF
GLIMCHER PROPERTIES LIMITED PARTNERSHIP

This Amendment No. 13 is made effective as of July 25, 2014, by the General Partner and the Limited Partners of Glimcher Properties Limited Partnership, a Delaware limited partnership (the "Partnership").
Recitals
1.    The Partnership was organized pursuant to a Limited Partnership Agreement dated as of November 30, 1993, as previously amended from time to time (as amended, the "Partnership Agreement").
2.    On March 27, 2013, Glimcher Realty Trust, a Maryland real estate investment trust (the "Trust"), sold in a public offering shares of its 6.875% Series I Cumulative Redeemable Preferred Shares of beneficial interest, par value $0.01 per share, with a liquidation preference of $25.00 per share (the "Series I Preferred Shares"), with a corresponding amount of partnership interests created and issued by the Partnership to the Trust having designations, preferences and rights substantially similar to the Series I Preferred Shares (the "Series I Preferred Interests").
3.    Glimcher Properties Corporation, a Delaware corporation and the general partner of the Partnership (the "General Partner"), and the undersigned limited partners of the Partnership are executing this Amendment to cause the creation of a new class of non-voting preferred partnership interests designated as the Series I-1 Preferred Interests (the "Series I-1 Preferred Interests"), with the rights, privileges and preferences substantially similar to the Series I Preferred Shares (except as otherwise specified herein), for issuance in connection with the sale or contribution of real estate and real estate assets to the Partnership from time to time.
4.    Pursuant to Section 18.2(iii) of the Partnership Agreement, the General Partner has the power, without the consent of the limited partners of the Partnership, to amend the Partnership Agreement with respect to the creation of the Series I-1 Preferred Interests and the issuance of those additional Series I-1 Preferred Interests in the Partnership from time to time such as those contemplated herein.
5.    Pursuant to Section 16 of the Partnership Agreement, the General Partner has been appointed as attorney-in-fact by each of the limited partners of the Partnership for purposes, inter alia, of effecting amendments to the Partnership Agreement adopted in accordance with Section 18.
6.    Capitalized terms not defined herein shall have the meaning given to them in the Partnership Agreement.
Amendment

NOW, THEREFORE, the Partnership Agreement is hereby amended as set forth in this Amendment No. 13.
1.    Creation and Issuance of Series I-1 Preferred Interests.
(a)    The Partnership is authorized, through the sole action of the General Partner on its behalf, to create, designate and issue Units of Series I-1 Preferred Interests ("Units") having the same terms of the Series I Preferred Shares as designated in the applicable Articles Supplementary related to the Series I Preferred Shares (the "Articles Supplementary"), except as otherwise specified this Amendment No. 13.  Units shall be evidenced by a Certificate of Series I-1 Preferred Limited Partner Interest in the form attached as Exhibit A.

(b)    There is hereby created and designated a series of non-voting preferred limited partner interests known as the Series I-1 Preferred Interest consisting of 130,592 Units, which may be issued by the Partnership from time to time in connection with the sale or contribution of real estate and real estate related assets to the Partnership by one or more third parties, with each such party being admitted as a limited partner in respect of such Series I-1 Preferred Interest (the "Admitted Limited Partners") and each Admitted Limited Partner agreeing to be bound by the provisions of the Partnership Agreement as amended by this Amendment No. 13 .
2.    Preferred Contribution; Preferred Return.
(a)    Prior to July 25, 2014 the ("Series I-1 Distribution Start Date"), no distributions shall accrue or be payable on any Units. From and after the Series I-1 Distribution State Date, distributions shall begin to accrue on each Unit and each Unit issued to an Admitted Limited Partner shall be entitled to receive, and the Partnership shall pay, a distribution (the "Series I-1 Preferred Return") on each Unit equal to 7.300% per annum (provided that with respect to the first such distribution that is made after the Series I-1 Distribution Start Date, the amount of such distribution shall be pro-rated to reflect the period from and after the Series I-1 Distribution Start Date).  To the extent that any Series I-1 Preferred Return is not paid when due, such amount shall accrue on the same terms and conditions as distributions on the Series I Preferred Shares under the Articles Supplementary.  The Series I-1 Preferred Return shall be due on the same dates as distributions on the Series I Preferred Shares are due under the Articles Supplementary.  For purposes hereof, no effect shall be given to any amendment or modification of the Articles Supplementary.
(b)    In the event of liquidation and dissolution of the Partnership, the holder of any Series I-1 Preferred Interest then outstanding shall be entitled to receive, prior to distributions to Partners pursuant to Section 15.2 of the Partnership Agreement, an amount equal to the Liquidation Preference (as defined in the Articles Supplementary) plus accrued and unpaid dividends which would be payable under the Articles Supplementary to the holder of an equal amount of the Series I Preferred Shares if on the date of dissolution of the Partnership the Trust were to dissolve and liquidate.
(c)    Except as expressly provided herein, the holders of any Series I-1 Preferred Interests shall not be entitled to participate in any other distributions made by the Partnership pursuant to Section 8, Section 15 or otherwise under the Partnership Agreement.
3.    Capital Account; Allocations.  A separate Capital Account shall be established and maintained with respect to the Series I-1 Preferred Interest, with adjustments thereto and other allocations of Partnership items made consistent with the Regulations and the advice of the Partnership's independent accountants.
4.    Redemption.
(a)    From and after the Series I-1 Distribution Start Date, each holder of Units shall have the right, exercisable in its discretion, to cause the Partnership to redeem all or a portion of its Units, at any time or from time to time, on the terms and subject to the conditions and restrictions contained in Section 17 of the Partnership Agreement and the conditions and restrictions contained in Exhibit E attached thereto; provided, however, that for purposes of any redemption of Units, the first Exercise Notice as described in Exhibit E to the Partnership Agreement may not be delivered to the General Partner prior to 24 months after the date on which the Units are issued to any Admitted Limited Partner.
(b)    In the event of the death of an Admitted Limited Partner holding Units, the Partnership may, after the six month period subsequent to such death, unilaterally redeem the Units and such redemption shall, in the sole and absolute discretion of the Partnership, be paid in the form of cash or Common Shares, or any combination thereof, as described in Exhibit E to the Partnership Agreement.
5.    Ranking.  With regard to rights to receive distributions and amounts payable upon liquidation and dissolution of the Partnership, the Series I-1 Preferred Interests rank on a parity with the Series G Preferred Interests, the Series H Preferred Interests and the Series I Preferred Interests.

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6.    Voting Rights.  To the fullest extent permitted by law, and except as otherwise provided in the Partnership Agreement, holders of Series I-1 Preferred Interests shall not have voting rights on any matter.
7.    Investment Representations, Transfer Restrictions.
(a)    The Admitted Limited Partners each represent and warrant to the Partnership that (i) it is acquiring the Series I-1 Preferred Interest for its own account for investment and not with a view towards the resale, transfer or distribution thereof, nor with any present intention of distributing the Series I-1 Preferred Interest, (ii) it is an "accredited investor" as defined in Rule 501(a) of Regulation D under the Securities Act, and (iii) it understands that the issuance of the Series I-1 Preferred Interest is intended to be exempt from registration under the Securities Act by virtue of Section 4(a)(2) thereof and Rule 506 thereunder, and that the Series I-1 Preferred Interests will be "restricted securities" as defined in Rule 144 under the Securities Act.
(b)    The Admitted Limited Partners each covenant that they will not sell or otherwise transfer the Series I-1 Preferred Interest (or any interest therein) except pursuant to an effective registration under the Securities Act or in a transaction which, in the opinion of counsel in such form and by such counsel satisfactory to the Partnership, qualifies as an exempt transaction under the Securities Act and the rules and regulations promulgated thereunder.
(c)    The certificates evidencing Units shall bear an appropriate legend reflecting the foregoing restrictions on transfer of the Series I-1 Preferred Interest.
8.    Additional Documents and Actions. The General Partner is expressly authorized on behalf of the Partnership to (i) execute and deliver all such other instruments, assignments, affidavits, notices, agreements, consents, certificates and other documents, and (ii) take all such further and other actions as the General Partner shall deem necessary, advisable or appropriate to carry out the transactions contemplated in this Amendment No. 13.
9.    Construction; Limited Partnership Agreement. Consistent with Section 6.3(b) of the Partnership Agreement, and except as otherwise provided for herein, it is intended that the economic interests of the Series I-1 Preferred Interest shall be substantially similar to the Series I Preferred Shares, and this Amendment No. 13 shall be construed as reasonably required with respect to the preferences and rights of the Series I-1 Preferred Interest to give effect to such intent.  Except as expressly provided herein or as so reasonably required to give effect to the provisions hereof, the terms of the Partnership Agreement shall remain in full force and effect and are hereby ratified and confirmed.
10.     Counterparts.  For the convenience of the signatories hereto, this Amendment No. 13 may be executed in counterparts and each such counterpart shall be deemed to be an original instrument, all of which taken together shall constitute one instrument.
11.    Governing Law.  This Amendment No. 13 shall be governed by the laws of the State of Delaware, without regard to the principles of conflicts of law.  Except to the extent the Act is inconsistent with the provisions of this Amendment No. 13, the provisions of such Act shall apply to the Partnership.
12.    Legal Construction.  In case any one or more of the provisions contained in this Amendment No. 13 shall for any reason be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provision hereof and this Amendment No. 13 shall be construed as if such invalid, illegal or unenforceable provision had never been contained herein.
13.    Gender.  Whenever the context shall so require, all words herein in any gender shall be deemed to include the masculine, feminine or neuter gender, all singular words shall include the plural, and all plural words shall include the singular.
14.    Prior Amendments Superseded.  This Amendment No. 13 supersedes any prior understandings or written or oral agreements amongst the Partners, or any of them, respecting the within subject matter of this instrument and contains the entire understanding amongst the Partners with respect thereto.

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15.    No Third Party Beneficiary.  The terms and provisions of this Amendment No. 13 are for the exclusive use and benefit of the General Partner and Limited Partners and shall not inure to the benefit of any other Person.
[Remainder of Page Intentionally Left Blank; Signature Page Follows]

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IN WITNESS WHEREOF, the General Partners and the Limited Partners have executed this Amendment No. 13 effective as of the date first set forth above.
	
		
	GENERAL PARTNER:

Glimcher Properties Corporation

By: /s/ George A. Schmidt
   Name:  George A. Schmidt
   Title:    Executive Vice President,
               General Counsel and Secretary

	LIMITED PARTNERS:

Glimcher Realty Trust

By: /s/ George A. Schmidt
   Name: George A. Schmidt
   Title:   Executive Vice President, General
              Counsel and Secretary

All Other Limited Partners

	 
	

By:  Glimcher Properties Corporation, pursuant to power of attorney set forth in Section 16 of the Partnership Agreement

By:   /s/ George A. Schmidt
   Name:  George A. Schmidt
   Title:    Executive Vice President,
                General Counsel and Secretary

	 
	 

 

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Exhibit A
CERTIFICATE
OF
UNITS OF SERIES I-1 PREFERRED
LIMITED PARTNER INTEREST
IN
GLIMCHER PROPERTIES LIMITED PARTNERSHIP
Certificate No.:  ____    No. of Units: ___
Glimcher Properties Corporation, as General Partner of Glimcher Properties Limited Partnership, a Delaware limited partnership (the "Company"), hereby certifies that [_____________________] is the registered owner of [_________] ([______]) Units of Series I-1 Preferred Limited Partner Interest in the Company. The rights, preferences and limitations of the Units are set forth in (i) the Company's Limited Partnership Agreement dated November 30, 1993, (ii) Amendment No. 2 to Limited Partnership Agreement dated as of November 26, 1996, (iii) Amendment No. 3 to Limited Partnership Agreement dated as of November 12, 1997, (iv) Amendment No. 4 to the Limited Partnership Agreement dated as of December 4, 1997, (v) Amendment No. 5 to the Limited Partnership Agreement dated as of March 9, 1998 and (vi) Amendment No. 6 to the Limited Partnership Agreement dated as of April 24, 2000; (vii) Amendment No. 7 to the Limited Partnership Agreement dated as of August 7, 2003; (viii) Amendment No. 8 to the Limited Partnership Agreement dated as of January , 2004; (ix) Amendment No. 9 to the Limited Partnership Agreement dated as of May 9, 2008; (x) Amendment No. 10 to the Limited Partnership Agreement dated as of April 28, 2010; (xi) Amendment No. 11 to the Limited Partnership Agreement dated as of August 10, 2012; (xii) Amendment No. 12 to the Limited Partnership Agreement dated as of March 27, 2013 and (xiii) Amendment No. 13 to the Limited Partnership Agreement dated as of [•], 2014 (collectively, the "Agreement"), copies of which are on file at the Company's principal office at 180 East Broad Street, Columbus, Ohio 43215.
This Certificate and the Units evidenced hereby are not transferable except in accordance with the terms of the Agreement and applicable federal and state securities laws.
	
		
	

Dated:  [•], 2014
	Glimcher Properties Corporation, 
General Partner

By:     
Name:  Mark E. Yale
Title:    Executive Vice President, Chief Financial Officer and Treasurer

THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 AND, ACCORDINGLY, MAY NOT BE OFFERED FOR SALE, SOLD, ASSIGNED, OR OTHERWISE TRANSFERRED EXCEPT (i) UPON EFFECTIVE REGISTRATION OF THE SECURITIES REPRESENTED HEREBY UNDER THE SECURITIES ACT OF 1933 AND APPLICABLE STATE SECURITIES LAWS, OR (ii) UPON ACCEPTANCE BY THE ISSUER OF AN OPINION OF COUNSEL IN SUCH FORM AND BY SUCH COUNSEL OR OF OTHER DOCUMENTATION SATISFACTORY TO THE ISSUER THAT REGISTRATION IS NOT REQUIRED. 

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