Document:

Prepared and filed by St Ives Financial

Exhibit 10.1

PROMISSORY NOTE

	$150,000,000.00	July 10, 2006

     FOR VALUE RECEIVED, MALL AT LEHIGH VALLEY, L.P., a Delaware limited partnership, as borrower, having an address at c/o Simon Property Group, 225 W. Washington Street, Indianapolis, Indiana 46204 (“Borrower”), hereby promises to pay to the order of JPMORGAN CHASE BANK, N.A., a banking association chartered under the laws of the United States of America, having an address at 270 Park Avenue, New York, New York 10017-2014 ("Lender"), or at such other place as the holder hereof may from time to time designate in writing, the principal sum of ONE HUNDRED FIFTY-MILLION AND 00/100 DOLLARS ($150,000,000.00), in lawful money of the United States of America
with interest thereon to be computed from the date of this Note at the rate set forth in Article 2 of the Loan Agreement, and to be paid in accordance with the terms of this Note and that certain Loan Agreement dated the date hereof between Borrower and Lender (the "Loan Agreement").  All capitalized terms not defined herein shall have the respective meanings set forth in the Loan Agreement.

	
ARTICLE 1 – PAYMENT TERMS

     Borrower agrees to pay the principal sum of this Note and interest on the unpaid principal sum of this Note from time to time outstanding at the rate and at the times specified in Article 2 of the Loan Agreement and the outstanding balance of the principal sum of this Note and all accrued and unpaid interest thereon shall be due and payable on the Maturity Date. 

	
ARTICLE 2 – DEFAULT AND ACCELERATION

     The Debt shall without notice become immediately due and payable at the option of Lender if any payment required in this Note is not paid on or prior to the date when due or if not paid on or before the Maturity Date or on the happening of any other Event of Default; provided, however, Borrower shall not be in default so long as there is sufficient money in the Cash Management Account for payment of all amounts then due and payable (including any deposits into Reserve Accounts) and Lender’s access to such money has not been constrained or constricted in any manner.

	
ARTICLE 3 – LOAN DOCUMENTS

     This Note is secured by the Mortgage and the other Loan Documents.  All of the terms, covenants and conditions contained in the Loan Agreement, the Mortgage and the other Loan Documents are hereby made part of this Note to the same extent and with the same force as if they were fully set forth herein.  In the event of a conflict or inconsistency between the terms of this Note and the Loan Agreement, the terms and provisions of the Loan Agreement shall govern.

 
	
ARTICLE 4 – SAVINGS CLAUSE

     Notwithstanding anything to the contrary, (a) all agreements and communications between Borrower and Lender are hereby and shall automatically be limited so that, after taking into account all amounts deemed interest, the interest contracted for, charged or received by Lender shall never exceed the maximum lawful rate or amount, (b) in calculating whether any interest exceeds the lawful maximum, all such interest shall be amortized, prorated, allocated and spread over the full amount and term of all principal indebtedness of Borrower to Lender, and (c) if through any contingency or event, Lender receives or is deemed to receive interest in excess of the lawful maximum, any such excess shall be deemed to have been
applied toward payment of the principal of any and all then outstanding indebtedness of Borrower to Lender without prepayment premium or penalty, or if there is no such indebtedness, shall immediately be returned to Borrower.

	
ARTICLE 5 – NO ORAL CHANGE

     This Note may not be modified, amended, waived, extended, changed, discharged or terminated orally or by any act or failure to act on the part of Borrower or Lender, but only by an agreement in writing signed by the party against whom enforcement of any modification, amendment, waiver, extension, change, discharge or termination is sought.

	
ARTICLE 6 – WAIVERS

     Borrower and all others who may become liable for the payment of all or any part of the Debt do hereby severally waive presentment and demand for payment, notice of dishonor, notice of intention to accelerate, notice of acceleration, protest and notice of protest and non-payment and all other notices of any kind except as provided in the Loan Agreement.  No release of any security for the Debt or extension of time for payment of this Note or any installment hereof, and no alteration, amendment or waiver of any provision of this Note, the Loan Agreement or the other Loan Documents made by agreement between Lender or any other Person shall release, modify, amend, waive, extend, change, discharge, terminate or affect
the liability of Borrower, and any other Person who may become liable for the payment of all or any part of the Debt, under this Note, the Loan Agreement or the other Loan Documents.  No notice to or demand on Borrower shall be deemed to be a waiver of the obligation of Borrower or of the right of Lender to take further action without further notice or demand as provided for in this Note, the Loan Agreement or the other Loan Documents.  If Borrower is a limited liability company, the agreements herein contained shall remain in force and be applicable, notwithstanding any changes in the individuals comprising the limited liability company, and the term "Borrower," as used herein, shall include any alternate or successor limited liability company, but any predecessor limited
liability company shall not thereby be released from any liability absent an express release in writing.  If Borrower is a partnership, the agreements herein contained shall remain in force and be applicable, notwithstanding any changes in the individuals comprising the partnership, and the term "Borrower," as used herein, shall include any alternate or successor partnership, but any predecessor partnership shall not thereby be released from any liability absent an express release in writing.  If Borrower is a corporation, the agreements contained herein shall remain in full force and be applicable notwithstanding any changes in the shareholders comprising, or the officers and directors relating to, the corporation, and the term "Borrower" as used herein, shall include
any alternative or successor corporation, but any predecessor corporation shall not be relieved of liability hereunder absent an express release in writing.  Nothing in the foregoing sentence shall be construed as a consent to, or a waiver of, any prohibition or restriction on transfers of interests in such borrowing entity which may be set forth in the Loan Agreement, the Mortgage or any other Loan Documents.  If Borrower consists of more than one person or party, the obligations and liabilities of each person or party shall be joint and several.

 
 

	
ARTICLE 7 – TRANSFER

     Upon the transfer of this Note, Borrower hereby waiving notice of any such transfer other than in connection with a Securitization, Lender may deliver all the collateral mortgaged, granted, pledged or assigned pursuant to the Loan Documents, or any part thereof, to the transferee who shall thereupon become vested with all the rights herein or under applicable law given to Lender with respect thereto, and Lender shall thereafter forever be relieved and fully discharged from any liability or responsibility in the matter arising from events thereafter occurring; but Lender shall retain all rights hereby given to it with respect to any liabilities and the collateral not so transferred.

	
ARTICLE 8 – EXCULPATION

     The provisions of Article 15 of the Loan Agreement are hereby incorporated by reference into this Note to the same extent and with the same force as if fully set forth herein.

	
ARTICLE 9 – GOVERNING LAW

     This Note shall be governed, construed, applied and enforced in accordance with the laws of the State of New York and applicable laws of the United States of America.

	
ARTICLE 10 – NOTICES

     All notices or other written communications hereunder shall be delivered in accordance with Section 16.1 of the Loan Agreement.

	
ARTICLE 11 – CONFLICT

     If any provision of this Note shall conflict with any provision of the Loan Agreement the provisions of the Loan Agreement shall control.

[NO FURTHER TEXT ON THIS PAGE]

 

     IN WITNESS WHEREOF, Borrower has duly executed this Note as of the day and year first above written.

BORROWER:

MALL AT LEHIGH VALLEY, L.P., 
a Delaware limited
partnership

By:   LEHIGH VALLEY MALL
    GP, LLC, 

         a Delaware limited liability company, its general

         partner

         By:   LEHIGH VALLEY ASSOCIATES, a 

                  Pennsylvania limited partnership, its sole

                  member

                  By:   DELTA VENTURES, INC., a

                            Pennsylvania corporation, its

                            authorized general partner

                           By:   /s/ Stephen E. Sterrett     

                                    Name: Stephen E. Sterrett

                                    Title: Vice PresidentPrepared and filed by St Ives Financial

Exhibit 10.1

July 12, 2006

Mr. Klaus Besier

36 St Andrews Lane

Glenmoore, PA 19343

Dear Klaus:

I am pleased to offer you the position of President of Neoware, Inc. (the “Company”), responsible for worldwide Sales, Marketing, Operations, Engineering, HR and Administration, beginning on July 12, 2006.     

In your capacity as President, you will be responsible for the overall operational success of the Company on a world wide basis. As President, you will report to the Chief Executive Officer (“CEO”). In this position, your place of employment will be the Philadelphia area during your tenure with the Company.

The base salary for your position is $12,500 payable every two weeks, and you will be eligible for 28 days of PTO annually, as described in the Neoware employee manual.  

In addition to your base salary, you will be eligible for an executive bonus of up to 50% of your annual base salary based upon the Company meeting its quarterly and annual revenue and profitability goals, as well as your individual performance, as determined by the Company’s Compensation and Stock Option Committee (the “Committee”) upon the recommendation of the CEO. The annual executive bonus percentage can be increased or decreased at the option of the Committee should you or the Company significantly exceed or fail to achieve these goals. Goals will include the delivery of a minimum percentageof pro-forma operating income calculated as a percentage of revenues (GAAP operating income plus stock option expense
and plus amortization of acquisition-related intangibles) each quarter, including the effect of bonus accruals included in operating expenses. Other goals will be added and these goals may be adjusted from time to time at the discretion of the Committee upon the recommendation of the CEO.To be eligible for this bonus you must be employed by the Company on the date the bonus is paid.  The description of the terms of your bonus is subject to the terms of the Company’s Senior Officer Bonus Plan, a copy of which is attached hereto.

In connection with your employment, the Company intends to grant to you options to purchase 250,000 shares of common stock of the Company as detailed in your Award Agreement. These ten-year options will consist of a combination of ISO and non-qualified options vesting over four years, with twenty-five percent of the options vesting on each of the first four anniversaries subsequent to your start date. 

You understand that this letter is not an employment agreement, and that you are an employee at will. This means that your employment can be terminated with or without cause, and with or without notice, at any time, at the option of either the Company or you, except as otherwise provided by law. 

In the event of a “Change in Control,” should you not be offered a comparable position by the Company or the acquirer, or if you do not accept, in your sole discretion, employment in any other capacity offered by the acquirer, or the Company, the Company will agree to: 1) continue to pay your base salary for a period of one yearfrom the date of termination; 2) pay you an amount equal to the average of the annual bonus that you earned over the prior three years; 3) pay for the Company’s portion of your health care costs under COBRA for one year; and 4) vest and accelerate exercisability of any outstanding stock options granted to you.  In the event that you are offered a comparable position following a Change in Control,
or you accept, in your sole discretion, employment in any other capacity offered by the acquirer of the Company, the Company will vest and accelerate exercisability of your outstanding stock options one (1) year after the Change in Control, provided you are still working for the Company or the acquirer at that time. The mechanics of such vesting will be determined based on the structure of the Change in Control transaction. For the purposes of this offer letter, “Change in Control” shall have the meaning set forth in Section 2.4 of the Company's 2004 Equity Incentive Plan.  

In the event that your employment is terminated by the Company during or upon the completion of the first year of  your employment for reasons other than “cause,” you will agree to resign from the Board of Directors and will receive severance payments equal to your regular base salary for a period of six (6) months (payable in the same manner as your base salary) and any options that would have vested upon the completion of your initial year of employment will be immediately vested and become exercisable on the last day of your employment.  For purposes of this offer letter, “cause” shall mean any act or omission included within the definition of “misconduct” as set forth in the Company’s 2004 Equity
Incentive Plan.

In connection with this offer of employment, you agree to sign the Company’s standard non-disclosure and non-solicitation agreement at the time of your acceptance of this offer, which is attached.

I look forward to you joining Neoware and to your contributions to the Company’s success. Please feel free to contact with any questions.

	 	Very truly yours,
	 	 
	 	/s/ Michael Kantrowitz
	 	Michael Kantrowitz
	 	Chairman and CEO
	 	Neoware, Inc.

	Accepted:
	 
	/s/ Klaus Besier
	Klaus Besier
	Date: July
        12, 2006

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00106-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00106-of-00352.parquet"}]]