Document:

Exhibit
10.22

 

PHEMUS CORPORATION

600 Atlantic
Avenue

Boston,
Massachusetts 02210

 

 

July 2, 2003

 

Louisiana-Pacific
Corporation

805
S.W. Broadway, Suite 1200

Portland, Oregon 97205-3303

 

Re:  ETT
Acquisition Company, LLC

 

Ladies and Gentlemen:

 

This
letter is provided to you in connection with the obligations undertaken by ETT
Acquisition Company, LLC (together with its successors and permitted assigns, “ETT
Acquisition”) pursuant to the Purchase and Sale Agreement, dated as of July
2, 2003 (as amended, modified or supplemented from time to time, the “Agreement”),
by and between Louisiana-Pacific Corporation (“LP”) and ETT
Acquisition.  All capitalized terms not
defined herein but defined in the Agreement shall have the meanings assigned
thereto in the Agreement.

 

For
good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereby agree as follows:

 

1.             Phemus Corporation (“Phemus”)
represents and warrants to you, as of the date hereof and as of the Closing Date,
that the following statements contained in this Section 1 are correct:

 

a.             ETT
Acquisition is a Delaware limited liability company, the sole member of which
is East Texas Timber Acquisition Corporation (“East Texas Timber”).  East Texas Timber is a Delaware corporation,
the sole stockholder of which is Phemus Corporation, a Massachusetts non-profit
corporation.  Phemus is duly
incorporated, validly existing and in good standing with the Secretary of State
of The Commonwealth of Massachusetts. 
Phemus has all necessary corporate power and authority to (i) execute
this letter agreement and (ii) perform its obligations hereunder.

 

b.             All
corporate and other actions or proceedings to be taken by or on the part of
Phemus to authorize and permit the execution and delivery by Phemus of this
letter agreement and the performance by Phemus of its obligations hereunder
have been duly and properly taken.  This
letter agreement has been duly executed and delivered by Phemus.  This letter agreement constitutes a legal, valid
and binding obligation of Phemus that is enforceable in accordance with its
terms against Phemus.

 

c.             The
execution and delivery by Phemus of this letter agreement will not conflict
with, result in a breach or violation of, or default under (i) any judgment,
order, injunction, decree or ruling of any court or governmental authority
applicable to Phemus or any of its assets; (ii) any statute, law,
ordinance, rule or regulation; or (iii) the terms, conditions, or provisions of
Phemus’ articles of organization or by-laws, any note or other evidence of
indebtedness, any mortgage, deed of trust or indenture, or any lease or other
material agreement or instrument to which Phemus is a party or by which Phemus
may be bound.

 

1

 

d.             There
are no legal actions, suits or similar proceedings pending or, to Phemus’
actual knowledge, threatened against Phemus that seek to restrain or enjoin the
execution and delivery of this letter agreement or the consummation of any of
the transactions contemplated hereby. 
There are no judgments, outstanding orders, injunctions, decrees,
stipulations or awards against Phemus or affecting any of its assets, which
prohibit or restrict or could reasonably be expected to result in any delay of
the performance of its obligations under this letter agreement.

 

2.             Phemus will cause the obligations
of ETT Acquisition under Article VI of the Agreement (the “Obligations”)
to be timely performed and paid in full when due and payable, subject to and in
accordance with the terms of said Article VI. 
Phemus agrees that its obligations hereunder may be enforced by LP
against Phemus irrespective of whether LP has sought to enforce any Obligations
against ETT Acquisition or any other person. 
For purposes hereof, Phemus and LP shall have the rights of the
“Indemnifying Party” and the “Indemnified Party”, respectively, as set forth in
said Article VI.

 

3.             LP hereby acknowledges and agrees
that in no event shall East Texas Timber, Phemus, Harvard Management Company,
Inc., a Massachusetts membership corporation, the President and Fellows of
Harvard College, a Massachusetts educational corporation, or any of their
affiliates or subsidiaries (other than ETT Acquisition and any such entity that
is a successor to or assign of the maker of the Note and has obligations under
the Note as a result thereof) have any obligations under the Note and the LC.

 

4.             This letter agreement shall be
governed by and construed in accordance with the laws of The Commonwealth of Massachusetts,
without giving effect to any choice of law or conflict of laws principles that
would give effect to the laws of another jurisdiction.  Any legal action or proceeding with respect
to this letter agreement shall be brought in the courts of the State of New
York (the “State”) in New York County or in the United States District Court
for the Southern District of New York, and each of LP and Phemus consents, for
itself and in respect of its property, to jurisdiction of those courts.  Each of LP and Phemus agrees to personal
service of any summons, complaint or other process, which may be made by any
means permitted by the law of the State. 
The obligations of Phemus hereunder shall remain in effect regardless of
any amendment, modification or supplement to the Agreement.  This letter agreement contains the parties’
entire agreement with respect to the subject matter hereof and supersedes all
prior and contemporaneous agreements, whether written or oral, between the
parties with respect to such matters. 
Neither LP nor Phemus shall assign this letter agreement without the
prior written consent of the other (which consent shall not be unreasonably
withheld) and any attempted assignment hereof without prior written consent
shall be void.  This letter agreement
may be executed in any number of counterparts, all of which taken together
shall constitute one and the same instrument. 
This letter agreement shall be binding on the parties hereto and their
respective successors and permitted assigns. 
If any term or provision of this letter agreement or its application to
any person or circumstance shall to any extent be invalid or unenforceable, the
remainder of this letter agreement and the application of such term or
provision to such person or circumstances other than those as to which it is
held invalid or unenforceable shall not be affected thereby, and each term or
provision of this letter agreement shall be valid and enforceable to the
fullest extent permitted by law so long as the economic or legal substance of
the agreements contemplated hereby is not affected in any manner adverse to any
party.  If so affected, LP and Phemus
shall negotiate in good faith to modify this letter agreement so as to effect
the original intent of the parties as closely as possible in an acceptable
manner to the end that the agreements contemplated hereby are fulfilled to the
extent possible.  Failure of either LP
or Phemus at any time to require performance of any provision of this letter
agreement will not limit such party’s right to enforce such provision, nor

 

2

 

will any waiver of any breach of any provision of this letter agreement
constitute a waiver of any succeeding breach of such provision or a waiver of
such provision itself.

 

3

 

	
   

  	
  Sincerely,

  
	
   

  	
   

  
	
   

  	
  PHEMUS CORPORATION

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Authorized Signatory

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Authorized Signatory

  	
   

  
	
   

  	
   

  
	
  Agreed
  and Accepted:

  	
   

  
	
   

  	
   

  
	
  LOUISIANA-PACIFIC
  CORPORATION

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  
	
   

  	
  Authorized SignatoryExhibit 10.1

 

FIRST AMENDMENT TO EQUITY RESIDENTIAL

1993 SHARE OPTION AND SHARE AWARD PLAN

 

THIS FIRST
AMENDMENT (the “First Amendment”) to EQUITY RESIDENTIAL 1993 SHARE OPTION AND
SHARE AWARD PLAN is executed as of the 10th day of June 2003.

 

RECITALS

 

WHEREAS, the
Board of Trustees of Equity Residential (the “Company”) adopted the 1993 Share
Option and Share Award Plan on May 21, 1993.

 

WHEREAS, the
Company amended and restated the 1993 Share Option and Share Award Plan
effective as of February 21, 2002 (as amended and restated, the “Plan”).

 

WHEREAS, the
Board of Trustees have adopted a resolution to amend the terms of all
outstanding Trustee Share Awards and Options.

 

WHEREAS, each
member of the Board of Trustees to be affected by this First Amendment has
agreed to the terms hereof.

 

WHEREAS, the
Company desires to amend the Plan pursuant to this First Amendment.

 

NOW THEREFORE,
the Plan is amended as follows:

 

AMENDMENTS

 

1.             Section 5 (a) (iii) (C) is hereby
deleted in its entirety and the following 5 (a) (iii) (C) is substituted
therefor:

 

with respect
to a Grantee who is a member of the Board (excluding employee trustees and the
Company’s Chairman of the Board) in connection with his or her retirement at or
after age 70, the Board’s decision not to renominate him or her for re-election
to the Board at any shareholders’ meeting at which Trustees are elected, or the
failure to be re-elected to the Board at any such shareholders’ meeting, or the
Trustee’s resignation from the Board by reason of either: (i) a material change
in the Trustee’s employment or job responsibilities; or (ii) the Trustee’s
disability.

 

2.             Section 6 (e) (iii) is hereby
deleted in its entirety and the following 6 (e) (iii) is substituted therefor:

 

with respect
to a Grantee who is a member of the Board (excluding employee trustees and the
Company’s Chairman of the Board) in connection with his or her retirement at or
after age 70, the Board’s decision not to renominate him or her for re-election
to the Board at any shareholders’ meeting at which Trustees are elected, or the
failure to be re-elected to the Board at any such shareholders’ meeting, or the
Trustee’s resignation from the Board by reason of either: (i) a material change
in the Trustee’s employment or job responsibilities; or (ii) the Trustee’s
disability, in which case it shall be exercisable until its Expiration Date.

 

 

3.             PLAN IN FULL FORCE AND EFFECT.  After giving effect to this First Amendment,
the Plan remains in full force and effect.

 

IN WITNESS
WHEREOF, this First Amendment has been executed as of the date first written
above.

 

 

	
   

  	
  EQUITY
  RESIDENTIAL

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Bruce C.
  Strohm

  	
   

  
	
   

  	
   

  	
  Bruce C.
  Strohm

  
	
   

  	
   

  	
  Executive
  Vice President and General Counsel

  

 

2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00055-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00055-of-00352.parquet"}]]