Document:

Exhibit 10.2

Exhibit 10.2

	 	 	 
	After Recording Return to:

	 	Cross-Reference To:
	 
	 	 
	Catherine S. Moore

	 	Deed Book 46751, Page 654
	Holt, Ney, Zatcoff & Wasserman, LLP

	 	Deed Book 47061, Page 676
	100 Galleria Parkway
	 	 
	Suite 600
	 	 
	Atlanta, Georgia 30339-5947
	 	 

Note to Clerk of Court: This instrument amends an instrument securing short term
indebtedness in the amount of $8,175,000.00, on which no intangible tax was due. Said indebtedness
is not being increased and remains short term; accordingly, this instrument is exempt from
intangible recording tax.

SECOND AMENDMENT TO DEED TO SECURE DEBT AND ASSIGNMENT OF RENTS AND OTHER LOAN DOCUMENTS

(WITH CONSENT AND REAFFIRMATION OF GUARANTOR)

THIS SECOND AMENDMENT TO DEED TO SECURE DEBT AND ASSIGNMENT OF RENTS AND OTHER LOAN DOCUMENTS
(this “Amendment”) made and entered into July 17, 2009, by and between ROBERTS
PROPERTIES RESIDENTIAL, L.P., a Georgia limited partnership (“Borrower”), whose mailing
address is 450 Northridge Parkway, Suite 300, Atlanta, Georgia, 30350 and WACHOVIA BANK, NATIONAL
ASSOCIATION, a national banking association (“Lender”) whose mailing address is 171
17th Street N.W., Building 100, Mail Code 4506, Atlanta, Georgia 30350;

WITNESSETH:

WHEREAS, Lender heretofore made a loan to Borrower in the original principal amount of Eight
Million One Hundred Seventy-Five Thousand and No/100 Dollars ($8,175,000.00) (the “Gwinnett
Loan”), as evidenced by that certain Promissory Note dated December 6, 2006 made by Borrower to
the order of Lender (the “Original Gwinnett Note”), as amended by that certain First
Consolidated Amendatory Agreement dated December 6, 2007 (the “Gwinnett First Amendment”),
as further amended by that certain Second Consolidated Amendatory Agreement and Agreement Regarding
Cross-Default and Cross-Collateralization of Loans dated April 28, 2008 (the “Gwinnett Second
Amendment”), as further amended by that certain Third Consolidated Amendatory Agreement dated
as of even date herewith (the “Gwinnett Third Amendment”); the Original Gwinnett Note as amended by the Gwinnett First Amendment, the
Gwinnett Second Amendment and the Gwinnett Third Amendment shall be referred to herein as the
“Gwinnett Note”); and

 

 

 

WHEREAS, the indebtedness evidenced by the Gwinnett Note is secured and governed,
inter alia, by that certain Deed to Secure Debt and Assignment of Rents dated April
28, 2008 from Borrower to Lender, recorded in Deed Book 46751, Page 654, Fulton County, Georgia
records, as amended by that certain First Amendment to Deed to Secure Debt and Assignment of Rents
and Other Loan Documents dated July 25, 2008, recorded in Deed Book 47061, Page 676, aforesaid
records (as amended, the “Deed to Secure Debt”); and

WHEREAS, the Deed to Secure Debt also secured a second loan in the original principal amount
of Four Million Seventy-Seven Thousand and No/100 Dollars ($4,077,000.00) (the “Forsyth
Loan”), which was evidenced by the Forsyth Note (as defined in the Deed to Secure Debt), which
Forsyth Loan has been repaid in full; and

WHEREAS, Lender and Borrower have agreed to extend the maturity date for the indebtedness
evidenced by the Gwinnett Note, and the parties desire to enter into this Amendment for the purpose
of confirming that the maturity date for the Gwinnett Note has been extended and to make certain
modifications to the Deed to Secure Debt to reflect that the Forsyth Loan has been paid in full.

NOW, THEREFORE, for and in consideration of Ten and No/100 Dollars ($10.00), and other good
and valuable consideration, the receipt, adequacy and sufficiency of which are hereby acknowledged,
the parties hereto agree as follows:

1. Amendment of Loan Documents.

(a) On the first page of the Deed to Secure Debt, the first four lines of the paragraph
beginning “To secure payment” are hereby deleted in their entirety and the following is
substituted in lieu thereof: “To secure payment and performance of obligations under the
Note (as defined below), this Deed to Secure Debt, any present or future Letters of Credit
issued by Bank for the account of Grantor, other loan documents as defined in the Note (the
“Loan Documents”), and swap agreements as defined in 11 U.S.C.”

(b) On the first and second pages of the Deed to Secure Debt, the definitions for
“Note”, “Gwinnett Note” and “Forsyth Note” are deleted in their entirety and the following
definition is substituted in lieu thereof: “As used herein, the term “Note” means that
certain Promissory Note dated as of December 6, 2006, in the amount of $8,175,000.00, and
made by Grantor payable to Bank, as amended by First Consolidated Amendatory Agreement dated
as of December 6, 2007, as further amended by Second Consolidated Amendatory Agreement and
Agreement Regarding Cross-Default and Cross-Collateralization of Loans dated as of April 28,
2008, but effective as of March 31,
2008, and as further amended by the Third Consolidated Amendatory Agreement dated as of
even date herewith, which Promissory Note matures on July 31, 2010.”

 

 

 

(c) All references in the Deed to Secure Debt to either the Gwinnett Note or the
Forsyth Note are hereby changed to refer to the Note, as described in the new definition of
“Note” for the Deed to Secure Debt set forth in the preceding subsection (b).

(d) Exhibit “B” attached to the Deed to Secure Debt is deleted in its entirety, and is
replaced with Exhibit “B” attached to this Amendment.

(e) Exhibit “C” attached to the Deed to Secure Debt is deleted in its entirety.

2. Confirmation of Security Title and Interests. For the avoidance of any doubt,
Borrower hereby agrees and confirms that the security title, security interests and liens created
and conveyed to Lender by the Deed to Secure Debt continue to be in full force and effect and
continue to secure all Obligations (as defined in the Deed to Secure Debt), including but not
limited to all indebtedness evidenced by the Gwinnett Note.

3. Successors and Assigns. This Amendment and all documents executed by Lender and
Borrower in connection herewith shall be binding upon and shall inure to the benefit of the parties
hereto, their respective heirs, successors, successors-in-title and assigns.

4. Governing Law. This Amendment and all documents executed by Lender and Borrower in
connection herewith shall be governed by, and construed in accordance with, the laws of the State
of Georgia.

5. Counterparts. This Amendment and all documents executed by Lender and Borrower in
connection herewith may be executed in two or more counterparts, each of which when so executed and
delivered shall be an original but all of which together shall constitute one and the same
instrument.

6. Novation. Borrower and Lender acknowledge and agree that neither this Amendment
nor any document executed by Lender and Borrower in connection herewith is intended to be, and
shall not be deemed or constitute, a novation.

7. Time of the Essence. Time is of the essence of this Amendment and all documents
executed by Lender and Borrower in connection herewith.

8. Severability. If any clause, sentence, section or provision of this Amendment or
any document executed by Lender and Borrower in connection herewith is or becomes illegal, invalid
or unenforceable because of present or future laws or any rule or regulation of any governmental
body or entity, the intention of the parties hereto is that the remaining parts of this Amendment
shall not be affected thereby, unless the lack of such clause, sentence, section or provision is,
in the sole, but reasonable, determination of Lender, essential to the rights of both parties in
which event Lender shall have the right to terminate this Amendment on written notice to Borrower.

 

 

 

9. Construction. Borrower and Lender have each been represented by their respective
counsel in the negotiation and execution of this Amendment and all documents executed by Lender and
Borrower in connection herewith. Borrower and Lender each acknowledge and agree that they have
participated in the preparation and negotiation of this Amendment and all documents executed by
Lender and Borrower in connection herewith. No party hereto shall be deemed the scrivener of this
Amendment. It is the intent and agreement of Borrower and Lender that this Amendment and all
documents executed by Lender and Borrower in connection herewith shall not be construed strictly
for or against any party hereto.

10. Miscellaneous. All personal pronouns used herein whether used in the masculine,
feminine or neuter gender, shall include all other genders; the singular shall include the plural,
and vice versa. Titles of articles and sections as set forth herein are for convenience only and
in no way define, limit, amplify or describe the scope or intent of any provisions hereof.

11. No Other Modification. Except as expressly amended and modified herein, all
terms, covenants and provisions of the Deed to Secure Debt shall remain unaltered and in full force
and effect and the parties hereto do hereby expressly ratify and confirm the Deed to Secure Debt as
modified hereby.

[SIGNATURES BEGIN ON FOLLOWING PAGE]

 

 

 

IN WITNESS WHEREOF, Borrower and Lender have hereunto set their hands and affixed their seals
as of the day and year first above written.

	 	 	 	 	 	 	 	 	 	 	 
	Signed, sealed and delivered
in the presence of:	 	BORROWER	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	ROBERTS PROPERTIES RESIDENTIAL, L.P., a
Georgia limited partnership	 	 
	/s/ Carla Britton
 

	 	 	 	 	 	 	 	 	 	 
	Witness	 	By:	 	Roberts Realty Investors, Inc., a
Georgia corporation, its general partner	 	 
	/s/ Natalie Bonta
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	Notary Public	 	 	 	By:	 	/s/ Charles R. Elliott	 	 
	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Name:
	 	Charles R. Elliott	 	 
	My commission expires:

	 	 	 	 	 	Title:
	 	Chief Financial Officer	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	(Corporate Seal)	 	 
	(NOTARIAL SEAL)
	 	 	 	 	 	 	 	 	 	 

[SIGNATURES CONTINUED FOLLOWING PAGE]

 

 

 

[SIGNATURES CONTINUED FROM PRECEDING PAGE]

	 	 	 	 	 	 	 	 	 
	Signed, sealed and delivered
in the presence of:	 	LENDER

WACHOVIA BANK, NATIONAL ASSOCIATION, a

national banking association	 	 
	/s/ Marie F. Thomas
 

Witness

	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Jennifer Blumencranz	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	Jennifer Blumencranz	 	 
	/s/ Valretha V. Bailey
 

	 	 	 	Title: 
	 	Vice President	 	 
	Notary Public
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	(BANK SEAL)	 	 
	My commission expires:
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	April 11, 2011
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	(NOTARIAL SEAL)
	 	 	 	 	 	 	 	 

[SIGNATURES CONTINUED FOLLOWING PAGE]

 

 

 

CONSENT AND AGREEMENT OF GUARANTOR

The undersigned Guarantor under the terms of that certain Unconditional Guaranty dated
December 6, 2006, as amended by the Gwinnett First Amendment, the Gwinnett Second Amendment and the
Gwinnett Third Amendment (as amended, the “Guaranty Agreement”), in favor of Wachovia Bank,
National Association (“Lender”), hereby acknowledges and consents to the within and
foregoing Second Amendment to Deed to Secure Debt and Assignment of Rents and Other Loan Documents
(the “Amendment”) and affirms (i) that the Guaranty Agreement remains in full force and
effect as to all liabilities and obligations thereunder to Lender, including, without limitation,
the liabilities and obligations contained in the Amendment, (ii) that the Guaranty Agreement is not
released, diminished or impaired in any way by the foregoing Amendment or the transactions
contemplated thereby, and (iii) that the Guaranty Agreement is hereby ratified and confirmed in all
respects.

Guarantor acknowledges that without this consent and reaffirmation, Lender would not execute
the foregoing Amendment or otherwise consent to its terms.

The undersigned Guarantor further acknowledges and agrees that it has no claims, rights of
offsets or defenses with respect to the Guaranteed Obligations (as defined in the Guaranty
Agreement).

Executed and sealed this 17 day of July, 2009.

	 	 	 	 	 	 	 	 	 
	Signed, sealed and delivered
in the presence of:	 	GUARANTOR

ROBERTS REALTY INVESTORS, INC., a Georgia
corporation	 	 
	/s/ Carla Britton
 

	 	 	 	 	 	 	 	 
	Witness	 	By:	 	/s/ Charles R. Elliott	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	 Charles R. Elliott	 	 
	/s/ Natalie Bonta
 

Notary Public

	 	 	 	Title:
	 	 Chief Financial Officer	 	 
	 

	 	 	 	 	 	(CORPORATE SEAL)	 	 
	My commission expires:
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	(NOTARIAL SEAL)
	 	 	 	 	 	 	 	 

 

 

 

EXHIBIT B

RELEASE OF PROPERTY

	1.	 	The Note is also secured by that certain deed to secure debt (the “Gwinnett Security Deed”)
made by Grantor to Bank, dated as of December 6, 2006 and recorded in the Office of the Clerk
of the Superior Court of Gwinnett County, State of Georgia, in Deed Book 47335, Page 0739, as
amended.

	2.	 	Upon a request from Grantor asking the Bank to consent to release of the “Property” as
defined in and encumbered by this Deed, Bank will consent to release such Property upon (i)
the payment of $4,425,000.00 and (ii) satisfaction of all of the Release Conditions described
in Paragraph 3 below. Notwithstanding any provision of this Exhibit B to the
contrary, the Grantor shall not be permitted to request a release of such Property, if at the
time of such request, a “Default” or “Event of Default” exists under the Deed or under the
Loan Documents. No release of such Property shall be permitted by Bank unless Grantor has
paid all costs and expenses of Bank incurred in connection with its processing of the
requested release, including, without limitation, all title endorsement premiums, recording
fees, inspection fees, and attorney fees.

	3.	 	For purposes of this Exhibit B, the “Release Conditions” means the following:

	 	(i)	 	Bank receives, at no cost to Bank, such endorsements to Bank’s title insurance
policies for the Gwinnett Security Deed and other similar materials as Bank may
reasonably deem necessary;

	 	(ii)	 	Grantor will prepare all documents and instruments for the release of the
“Property” as defined in and encumbered by this Deed, which documents and instruments
will be in form and substance reasonably satisfactory to Bank, and Grantor shall pay
all costs and expenses incurred in connection with all such releases;

	 	(iii)	 	Grantor shall give Bank written notice of its desire to obtain each such
release, which written notice must be received by Bank no later than five (5) days
prior to the date on which each such release is to be effected; and

	 	(iv)	 	As a further condition to the release, if required by Bank, each guarantor of
the Obligations must reaffirm all obligations under his or its guaranty and confirm the
amount guaranteed thereunder.Exhibit 10.33

Exhibit 10.33

AMENDED AND RESTATED

P.F. CHANG’S CHINA BISTRO, INC.

NON-EMPLOYEE DIRECTOR COMPENSATION PLAN

1. Establishment and Objectives of the Plan

P.F. Chang’s China Bistro, Inc., a Delaware corporation (the “Company”), by action of its
Board of Directors (the “Board”), adopted this P.F. Chang’s China Bistro, Inc. Non-Employee
Director Compensation Plan (the “Plan”) for the benefit of Non-Employee Directors of the Company,
effective April 17, 2008 and amended and restated the Plan effective April 28, 2009 (the “Effective
Date”). The Plan is a deferred compensation plan intended to advance the interests of the Company
by providing the Company an advantage in attracting and retaining Non-Employee Directors and by
providing Non-Employee Directors with additional incentive to serve the Company by increasing their
proprietary interest in the success of the Company. All equity-based awards under this Plan shall
be made pursuant to an Equity Plan.

2. Definitions

As used in the Plan, the following definitions apply to the terms indicated below.

(a) “Account” means a bookkeeping reserve account to which Restricted Stock Units and
Stock-Based Awards shall be credited on behalf of Non-Employee Directors.

(b) “Affiliate” means any entity, whether now or hereafter existing, which controls, is
controlled by, or is under common control with, the Company (including, but not limited to, joint
ventures, limited liability companies and partnerships), as determined by the Board.

(c) “Annual Meeting” means the annual meeting of stockholders of the Company held on the
relevant Annual Meeting Date.

(d) “Annual Meeting Date” means the date of the Company’s Annual Meeting for the relevant Plan
Year.

(e) “Annual Retainer” means the retainer fee established by the Board in accordance with
Section 4.1 and payable to a Non-Employee Director for services performed as a member of the Board
of Directors.

(f) “Appointment Date” means the date that a New Director first joins the Board as a
Non-Employee Director, provided such date is not an Annual Meeting Date.

(g) “Award” means a Cash-Settled Stock Appreciation Right or Stock-Based Award, as applicable,
granted under the Equity Plan as provided in this Plan, and an Option or Restricted Stock Unit
granted under the Equity Plan as provided in this Plan prior to its amendment and restatement as
set forth herein.

(h) “Board” or “Board of Directors” means the Board of Directors of the Company.

 

 

 

(i) “Cash-Settled Stock Appreciation Right” means a Stock Appreciation Right as defined under
the Equity Plan that is settled and paid in cash.

(j) “Change in Control” means the occurrence of any of the following:

(1) an Ownership Change Event or a series of related Ownership Change Events (collectively, a
“Transaction”) in which the stockholders of the Company immediately before the Transaction do not
retain immediately after the Transaction, in substantially the same proportions as their ownership
of shares of the Company’s voting stock immediately before the Transaction, direct or indirect
beneficial ownership of more than fifty percent (50%) of the total combined voting power of the
outstanding voting securities of the Company or, in the case of an Ownership Change Event, the
entity to which the assets of the Company were transferred (the “Transferee”) as the case may be;
or

(2) the liquidation of the Company.

For purposes of the preceding sentence, indirect beneficial ownership shall include, without
limitation, an interest resulting from ownership of the voting securities of one or more
corporations or other business entities which own the Company or the Transferee, as the case may
be, either directly or through one or more subsidiary corporations or other business entities. The
Board shall have the right to determine whether multiple sales or exchanges of the voting
securities of the Company or multiple Ownership Change Events are related, and its determination
shall be final, binding and conclusive.

(k) “Change in Control Event” shall have the meaning ascribed thereto under Code Section
409A(a)(2)(A)(v) with respect to a change in the ownership or effective control of the Company, or
in the ownership of a substantial portion of the assets of the Company.

(l) “Code” means the Internal Revenue Code of 1986, as amended, and the regulations and
guidance promulgated thereunder.

(m) “Common Stock” means the Company’s common stock, par value $0.001 per share.

(n) “Company” means P.F. Chang’s China Bistro, Inc., a Delaware corporation.

(o) “Disability” or “Disabled” means the inability to engage in any substantial gainful
activity by reason of any medically determinable physical or mental impairment that is expected to
result in death or last for a continuous period of not less than twelve months, as determined in
accordance with Code Section 409A.

(p) “Effective Date” means April 28, 2009.

(q) “Elected Payment Date” means the date (if any) elected by a Non-Employee Director pursuant
to Section 5 of this Plan for the payment of vested Restricted Stock Units or Stock-Based Awards.

 

 

 

(r) “Election Form” means the form approved by the Board for use by a Non-Employee Director to
select the form of payment of the Annual Retainer and an Elected Payment Date, if applicable.

(s) “Election” mean a Non-Employee Director’s election as to the method of payment of the
Annual Retainer and Payment Election, if applicable.

(t) “Equity Plan” means any equity compensation plan that has been approved by the Company’s
stockholders, from time to time, provided that such equity compensation plan provides for the
applicable Award.

(u) “Fair Market Value” means the closing price of a share of Common Stock as quoted on such
national or regional securities exchange or market system constituting the primary market for the
Common Stock on the last trading day prior to the day of determination, as reported in The Wall
Street Journal or such other source as the Company deems reliable.

(v) “New Director” means a Non-Employee Director of the Company who first becomes a member of
the Board of Directors on a date that is not an Annual Meeting Date.

(w) “Non-Employee Director” means a member of the Board who, at the time of his or her
service, is not an employee of the Company or any Affiliate.

(x) “Option” means a nonstatutory stock option to purchase one share of Common Stock granted
pursuant to the Equity Plan and the Plan prior to the amendment and restatement of the Plan as set
forth herein.

(y) “Ownership Change Event” means any of the following which occurs with respect to the
Company: (i) the direct or indirect sale or exchange in a single or series of related transactions
by the stockholders of the Company of more than 50% of the voting stock of the Company; (ii) a
merger or consolidation in which the Company is a party; or (iii) the sale, exchange or transfer of
all or substantially all, as determined by the Board in its discretion, of the assets of the
Company.

(z) “Payment Date” means the date on which the first of the events set forth in Section
4.3(c)(iii) shall occur.

(aa) “Payment Election” means a written election made in accordance with the provisions of
Section 5 to select an Elected Payment Date with regard to an award of Restricted Stock Units or
Stock-Based Awards.

(bb) “Plan” means this Amended and Restated P.F. Chang’s China Bistro, Inc. Non-Employee
Director Compensation Plan.

(cc) “Plan Year” means the twelve-month period coinciding with the calendar year.

(dd) “Prorated Amount” means, with respect to a New Director, an amount equal to: (1) the
Annual Retainer reduced by the product of (x) the quotient determined by dividing (i) the Annual
Retainer by (ii) 365 days, multiplied by (y) the number of days between the Appointment
Date and the Annual Meeting Date immediately preceding the New Director’s Appointment Date
(excluding the Annual Meeting Date itself).

 

 

 

(ee) “Restricted Stock Unit” means a unit established on the Company’s books equivalent to one
share of Common Stock, which unit was granted pursuant to the Equity Plan and the Plan prior to the
amendment and restatement of the Plan as set forth herein.

(ff) “Stock-Based Award” means a Stock-Based Award as defined under the Equity Plan; for
purposes of this Plan, each Stock-Based Award shall represent a unit on the Company’s books which
is equivalent to the Fair Market Value of one share of Common Stock and shall be settled and paid
in cash as provided for under the Plan.

(gg) “Termination Date” means the date on which the Non-Employee Director ceases to be a
member of the Board of Directors of the Company.

(hh) “Vesting Date” means, with respect to each Award, the applicable date upon which such
Award vests pursuant to Section 5.

3. Administration of the Plan

Except as otherwise provided herein, the Plan shall be administered by the Board. The Board
shall have full authority to administer the Plan, including authority to interpret and construe any
provision of the Plan and the terms of any Award granted under it and to adopt such rules and
regulations for administering the Plan as it may deem necessary. Decisions of the Board shall be
final and binding on all parties.

4. Annual Retainer

4.1 Amount of Annual Retainer. Until changed by resolution of the Board, the amount of the
Annual Retainer will be $175,000 for each Non-Employee Director, plus $20,000 for the Lead
Director, $20,000 for the Chair of the Audit Committee, and $10,000 for each of the Chairs of the
Compensation and Executive Development Committee and the Nominating and Corporate Governance
Committee.

4.2 Entitlement to Annual Retainer.

(a) Each Non-Employee Director who is duly elected and qualified as such at the Annual Meeting
or who is otherwise serving as a Non-Employee Director immediately following the Annual Meeting,
shall receive an Annual Retainer, a portion of which shall be paid in cash and a portion of which
shall be paid in Cash-Settled Stock Appreciation Rights and/or Stock-Based Awards, as provided in
Section 4.3.

(b) Each New Director shall receive an Annual Retainer equal to the Prorated Amount on his or
her Appointment Date, a portion of which shall be paid in cash and a portion of which shall be paid
in Cash-Settled Stock Appreciation Rights and/or Stock-Based Awards, as provided in Section 4.3.

 

 

 

4.3 Payment of Annual Retainer in Cash, Cash-Settled Stock Appreciation Rights and/or
Stock-Based Awards. Each Non-Employee Director shall be permitted, in accordance with the election
provisions set forth in Section 5, to make an Election to receive not less than 50%, nor more than
75%, of the Annual Retainer in the form of (a) Cash-Settled Stock Appreciation Rights; (b)
Stock-Based Awards; or (c) 50% Cash-Settled Stock Appreciation Rights and 50% Stock-Based Awards.
Any Non-Employee Director who fails to make an Election in accordance with the provisions set forth
in Section 5 shall receive the Annual Retainer paid 50% in cash and 50% paid in Cash-Settled Stock
Appreciation Rights.

(a) The portion of the Annual Retainer that is paid in cash shall be paid in accordance with
the Company’s policies for payment of cash retainers.

(b) The portion of the Annual Retainer payable in Cash-Settled Stock Appreciation Rights shall
consist of the number of Cash-Settled Stock Appreciation Rights (rounded down to the nearest whole
number) determined in good faith by the Company using the valuation model and assumptions
thereunder set forth in the financial statements of the Company most recently filed with the
Securities and Exchange Commission. Such Cash-Settled Stock Appreciation Rights shall (i) be
granted on the first date following the Annual Meeting Date or the Appointment Date, as applicable,
on which sales of Common Stock may be made by officers and directors subject to the Company’s then
current Insider Trading Policy; (ii) expire, to the extent not sooner exercised, terminated or
forfeited, on the tenth anniversary of the grant date; (iii) have an exercise price per share equal
to the Fair Market Value of one share of Common Stock on the grant date; (iv) become vested and
exercisable on the earliest of (I) the first anniversary of the grant date, (II) the Non-Employee
Director’s death or Disability or (III) a Change in Control; and (v) be subject to such additional
terms and conditions as the Board shall specify in an Award agreement and the terms and conditions
of the applicable Equity Plan under which the Cash-Settled Stock Appreciation Rights are granted.

(c) The portion of the Annual Retainer payable in Stock-Based Awards shall be equal to a
number of Stock-Based Awards (rounded down to the nearest whole number) equal to one-third the
number of Cash-Settled Stock Appreciation Rights that would be granted pursuant to Section 4.3(b)
if such portion of the Annual Retainer were payable in Cash-Settled Stock Appreciation Rights.
Such Stock-Based Awards shall (i) be granted and credited to the Non-Employee Director’s Account
(in addition to Restricted Stock Units previously granted and credited to the Non-Employee
Director’s Account) on the first date following the Annual Meeting Date or the Appointment Date, as
applicable, on which sales of Common Stock may be made by officers and directors subject to the
Company’s then current Insider Trading Policy; (ii) vest on the earliest of (I) the first
anniversary of the grant date, (II) the Non-Employee Director’s death or Disability or (III) a
Change in Control; (iii) be paid in cash in an amount equivalent to the Fair Market Value of one
share of Common Stock for each vested Stock-Based Award no later than 30 days following the
earliest of (I) the Non-Employee Director’s Termination Date, (II) the effective date of a Change
in Control Event and (III) the applicable Elected Payment Date (if any); (iv) be credited with
dividend equivalents payable in cash on the same basis as provided for with respect to Restricted
Stock Units under the applicable Equity Plan; and (v) be subject to the terms and conditions of the
applicable Equity Plan under which the Stock-Based Awards are granted.

 

 

 

5. Elections

5.1 Election Rules. Elections shall be made by filing an Election Form with the Secretary of
the Company in accordance with the following rules.

(a) Elections must be made by December 31st of the Plan Year immediately preceding
the Plan Year for which such Election is effective, provided, however, that (i) in the initial Plan
Year commencing in 2008, a Non-Employee Director may make an Election on or before the Effective
Date, and (ii) Elections by a New Director may be made prior to the Appointment Date.

(b) Elections may not be revoked or modified with respect to the Annual Retainer payable
during any Plan Year for which the Elections are effective, except to the extent permitted under
Section 409A of the Code. Elections will remain in effect from Plan Year to Plan Year unless
modified prospectively by the Non-Employee Director for a subsequent Plan Year. Modifications to a
Non-Employee Director’s current Elections for any subsequent Plan Year may be made by filing a new
Election Form by December 31st of the Plan Year preceding the Plan Year for which the
modified Elections are to become effective.

5.2 Change of Elected Payment Date. An Elected Payment Date with regard to an Award of
Stock-Based Awards may be changed only if the following is satisfied: (i) the subsequent election
shall not take effect until at least 12 months after the date on which the subsequent election is
made; (ii) the Elected Payment Date under the subsequent Payment Election must be at least five
years after the Elected Payment Date of the current Payment Election; and (iii) the subsequent
Payment Election is made at least 12 months prior to the Elected Payment Date under the current
Payment Election.

6. Adjustments for Changes in Capital Structure, Etc.

The provisions of the Equity Plan governing changes in capital structure, etc., shall apply to
Awards granted pursuant to the Equity Plan as provided under this Plan.

7. Modification and Termination

The Board may at any time and from time to time, alter, amend, modify or terminate the Plan in
whole or in part.

8. Successors

All obligations of the Company under the Plan will be binding on any successor to the Company,
whether the existence of the successor is the result of a direct or indirect purchase of all or
substantially all of the business and/or assets of the Company, or a merger, consolidation, or
otherwise.

 

 

 

9. Reservation of Rights

Nothing in this Plan or in any Award provided under this Plan will be construed to limit in
any way the right of the Board or the stockholders to remove a Non-Employee Director from the Board
of Directors.

10. Miscellaneous

10.1 Gender and Number. Except where otherwise indicated by the context, any masculine term
used herein will also include the feminine; the plural will include the singular and the singular
will include the plural.

10.2 Requirements of Law. The issuance of payments under the Plan will be subject to all
applicable laws, rules, and regulations.

10.3 Tax Law Compliance. To the extent any provision of the Plan or action by the Board or
Plan Administrator would subject any Non-Employee Director to liability for interest or additional
taxes under Code Section 409A, it will be deemed null and void, to the extent permitted by law and
deemed advisable by the Board. It is intended that the Plan and all Awards granted thereunder will
comply with Section 409A of the Code and any regulations and guidelines issued thereunder, and the
Plan and all Award agreements shall be interpreted and construed on a basis consistent with such
intent. The Plan and all Award agreements may be amended in any respect deemed necessary
(including retroactively) by the Board in order to preserve compliance with Section 409A of the
Code.

10.4 Unfunded Status of the Plan. The Plan is intended to constitute and at all times shall
be interpreted and administered so as to qualify as an unfunded deferred compensation plan. To the
extent that any Non-Employee Director or other person acquires a right to receive payments from the
Company pursuant to the Plan or any Award made under the Plan, such right shall be no greater than
the right of any unsecured general creditor of the Company.

10.5 Governing Law. The validity, construction and effect of the Plan, of Award agreements
entered into pursuant to the Plan, and of any rules, regulations, determinations or decisions made
by the Plan Administrator relating to the Plan or such Award agreements, and the rights of any and
all persons having or claiming to have any interest herein or hereunder, shall be determined
exclusively in accordance with applicable federal laws and the laws of the State of Delaware,
without regard to its conflict of laws principles.

 

 

 

10.6 Nontransferability. A Non-Employee Director’s Account and Awards may not be sold,
transferred, pledged, assigned, or otherwise alienated or hypothecated, other than by will or by
the laws of descent and distribution. All rights with respect to an Account and other Awards will
be available during the Non-Employee Director’s lifetime only to the Non-Employee Director or the
Non-Employee Director’s guardian or legal representative. The Board of Directors may, in its
discretion, require a Non-Employee Director’s guardian or legal representative to supply it with
evidence the Board of Directors deems necessary to establish the authority of the guardian or legal
representative to act on behalf of the Non-Employee Director.

* * * * *

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