Document:

Ex-10.4

 

Exhibit 10.4

HEALTHSPRING, INC.

RESTRICTED SHARE AWARD AGREEMENT

(Directors)

     THIS RESTRICTED SHARE AWARD AGREEMENT (this “Agreement”) is made and entered into as of the
___ day of ___, 2007 (the “Grant Date”), between HealthSpring, Inc., a Delaware corporation
(the “Company”), and ___, (the “Grantee”). Capitalized terms not otherwise defined herein
shall have the meaning ascribed to such terms in the HealthSpring, Inc. 2006 Equity Incentive Plan
(the “Plan”).

     WHEREAS, the Company has adopted the Plan, which permits the issuance of restricted shares of
the Company’s common stock, par value $0.01 per share (the “Common Stock”); and

     WHEREAS, pursuant to the Plan, the Committee responsible for administering the Plan has
granted an award of restricted shares to the Grantee as provided herein;

     NOW, THEREFORE, in consideration of the mutual covenants hereinafter set forth and for other
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto, intending to be legally bound hereby, agree as follows:

     1. Grant of Restricted Shares.

          (a) The Company hereby grants to the Grantee an award (the “Award”) of ___ shares of
Common Stock of the Company (the “Shares” or the “Restricted Shares”) on the terms and conditions
set forth in this Agreement and as otherwise provided in the Plan.

          (b) The Grantee’s rights with respect to the Award shall remain forfeitable at all times prior
to the dates on which the restrictions shall lapse in accordance with
Sections 2 and 3 hereof.

     2. Terms and Rights as a Stockholder.

          (a) Except as provided herein and subject to such other exceptions as may be determined by the
Committee in its discretion, the “Restricted Period” for Restricted Shares granted herein shall
expire on the first anniversary of the date hereof.

          (b) The Grantee shall have all rights of a stockholder with respect to the Restricted Shares,
including the right to receive dividends and the right to vote such Shares, subject to the
following restrictions:

               (i) the Grantee shall not be entitled to delivery of the stock certificate for any Shares
until the expiration of the Restricted Period as to such Shares;

               (ii) none of the Restricted Shares may be sold, assigned, transferred, pledged, hypothecated
or otherwise encumbered or disposed of during the Restricted Period as to such Shares; and

 

 

               (iii) except as otherwise determined by the Committee at or after the grant of the Award
hereunder, all of the Restricted Shares shall be forfeited, and all rights of the Grantee to such
Shares shall terminate, without further obligation on the part of the Company, unless the Grantee
continues his/her service as a director of the Company, a Subsidiary or Affiliate for the entire
Restricted Period.

          (c) Notwithstanding the foregoing, the Restricted Period shall automatically terminate as to
all Restricted Shares awarded hereunder (as to which such Restricted Period has not previously
terminated) upon the termination of the Grantee’s service as a director of the Company, a
Subsidiary or Affiliate which results from the Grantee’s death or Disability.

Any Shares, any other securities of the Company and any other property (except for cash dividends)
distributed with respect to the Restricted Shares shall be subject to the same restrictions, terms
and conditions as such Restricted Shares.

     3. Termination of Restrictions. Following the termination of the Restricted Period,
all restrictions set forth in this Agreement or in the Plan relating to the Restricted Shares shall
lapse and a stock certificate for the appropriate number of Shares, free of the restrictions and
restrictive stock legend, shall, upon request, be delivered to the Grantee or the Grantee’s
beneficiary or estate, as the case may be, pursuant to the terms of this Agreement.

     4. Delivery of Shares.

          (a) As of the date hereof, certificates representing the Restricted Shares shall be registered
in the name of the Grantee and held by the Company or transferred to a custodian appointed by the
Company for the account of the Grantee subject to the terms and conditions of the Plan and shall
remain in the custody of the Company or such custodian until their delivery to the Grantee or
Grantee’s beneficiary or estate as set forth in Sections 4(b) and (c) hereof or
their reversion to the Company as set forth in Section 2(b) hereof.

          (b) Certificates representing Restricted Shares in respect of which the Restricted Period has
lapsed pursuant to this Agreement shall be delivered to the Grantee upon request following the date
on which the restrictions on such Restricted Shares lapse.

          (c) Certificates representing Restricted Shares in respect of which the Restricted Period
lapsed upon the Grantee’s death shall be delivered to the executors or administrators of the
Grantee’s estate as soon as practicable following the receipt of proof of the Grantee’s death
satisfactory to the Company.

          (d) Each certificate representing Restricted Shares shall bear a legend in substantially the
following form or substance:

THE SHARES OF STOCK REPRESENTED BY THIS CERTIFICATE MAY NOT BE SOLD, TRANSFERRED,
PLEDGED OR OTHERWISE DISPOSED OF WITHOUT REGISTRATION UNDER THE SECURITES ACT OF
1933

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AND UNDER APPLICABLE BLUE SKY LAW OR UNLESS SUCH SALE, TRANSFER, PLEDGE OR OTHER
DISPOSITION IS EXEMPT FROM REGISTRATION THEREUNDER.

THIS CERTIFICATE AND THE SHARES OF STOCK REPRESENTED HEREBY ARE SUBJECT TO THE TERMS
AND CONDITIONS (INCLUDING FORFEITURE AND RESTRICTIONS AGAINST TRANSFER) CONTAINED IN
THE HEALTHSPRING, INC. 2006 EQUITY INCENTIVE PLAN (THE “PLAN”) AND THE RESTRICTED
SHARE AWARD AGREEMENT (THE “AGREEMENT”) BETWEEN THE OWNER OF THE RESTRICTED SHARES
REPRESENTED HEREBY AND HEALTHSPRING, INC. (THE “COMPANY”). THE RELEASE OF SUCH
SHARES FROM SUCH TERMS AND CONDITIONS SHALL BE MADE ONLY IN ACCORDANCE WITH THE
PROVISIONS OF THE PLAN AND THE AGREEMENT AND ALL OTHER APPLICABLE POLICIES AND
PROCEDURES OF THE COMPANY, COPIES OF WHICH ARE ON FILE AT THE COMPANY.

     5. Effect of Lapse of Restrictions. To the extent that the Restricted Period
applicable to any Restricted Shares shall have lapsed, the Grantee may receive, hold, sell or
otherwise dispose of such Shares free and clear of the restrictions imposed under the Plan and this
Agreement upon compliance with applicable legal requirements.

     6. No Right to Continued Service. This Agreement shall not be construed as giving
Grantee the right to continue to serve as a director of the Company or any Subsidiary or Affiliate,
and the Company or any Subsidiary or Affiliate may at any time dismiss Grantee from service as a
director, free from any liability or any claim under the Plan.

     7. Adjustments. The Committee shall make equitable and proportionate adjustments in
the terms and conditions of, and the criteria included in, this Award in recognition of unusual or
nonrecurring events (including, without limitation, the events described in Section 4.2 of the
Plan) affecting the Company or the financial statements of the Company or of changes in applicable
laws, regulations, or accounting principals in accordance with the Plan.

     8. Amendment to Award. Subject to the restrictions contained in the Plan, the
Committee may waive any conditions or rights under, amend any terms of, or alter, suspend,
discontinue, cancel or terminate, the Award, prospectively or retroactively; provided that any such
waiver, amendment, alteration, suspension, discontinuance, cancellation or termination that would
adversely affect the rights of the Grantee or any holder or beneficiary of the Award shall not to
that extent be effective without the consent of the Grantee, holder or beneficiary affected.

     9. Withholding of Taxes. If the Grantee makes an election under Section 83(b) of the
Code with respect to the Award, the Award made pursuant to this Agreement shall be conditioned upon
the prompt payment to the Company of any applicable withholding obligations or withholding taxes by
the Grantee (“Withholding Taxes”). Failure by the Grantee to pay such Withholding Taxes will
render this Agreement and the Award granted hereunder null and void ab initio and the Restricted
Shares granted hereunder will be immediately cancelled. If the

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Grantee does not make an election under Section 83(b) of the Code with respect to the Award,
upon the lapse of the Restricted Period with respect to any portion of Restricted Shares (or
property distributed with respect thereto), the Company shall satisfy the required Withholding
Taxes as set forth by Internal Revenue Service guidelines for the employer’s minimum statutory
withholding with respect to Grantee and issue vested shares to the Grantee without restriction.
The Company shall satisfy the required Withholding Taxes by withholding from the Shares included in
the Award that number of whole shares necessary to satisfy such taxes as of the date the
restrictions lapse with respect to such Shares based on the Fair Market Value of the Shares.

     10. Plan Governs. The Grantee hereby acknowledges receipt of a copy of the Plan and
agrees to be bound by all the terms and provisions thereof. The terms of this Agreement are
governed by the terms of the Plan, and in the case of any inconsistency between the terms of this
Agreement and the terms of the Plan, the terms of the Plan shall govern.

     11. Severability. If any provision of this Agreement is, or becomes, or is deemed to
be invalid, illegal, or unenforceable in any jurisdiction or as to any Person or the Award, or
would disqualify the Plan or Award under any laws deemed applicable by the Committee, such
provision shall be construed or deemed amended to conform to the applicable laws, or if it cannot
be construed or deemed amended without, in the determination of the Committee, materially altering
the intent of the Plan or the Award, such provision shall be stricken as to such jurisdiction,
Person or Award, and the remainder of the Plan and Award shall remain in full force and effect.

     12. Notices. All notices required to be given under this Grant shall be deemed to be
received if delivered or mailed as provided for herein, to the parties at the following addresses,
or to such other address as either party may provide in writing from time to time.

	 	 	 
	     To the Company:

	 	HealthSpring, Inc.
	 

	 	9009 Carothers Parkway
	 

	 	Suite 501
	 

	 	Franklin, Tennessee 37067
	 

	 	Attn: Corporate Secretary
	 
	 	 
	     To the Grantee:

	 	The address then maintained with respect to the Grantee in the
Company’s records.

     13. Governing Law. The validity, construction and effect of this Agreement shall be
determined in accordance with the laws of the State of Delaware without giving effect to conflicts
of laws principles.

     14. Successors in Interest. This Agreement shall inure to the benefit of and be
binding upon any successor to the Company. This Agreement shall inure to the benefit of the
Grantee’s legal representatives. All obligations imposed upon the Grantee and all rights granted
to the Company under this Agreement shall be binding upon the Grantee’s heirs, executors,
administrators and successors.

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     15. Resolution of Disputes. Any dispute or disagreement which may arise under, or as
a result of, or in any way related to, the interpretation, construction or application of this
Agreement shall be determined by the Committee. Any determination made hereunder shall be final,
binding and conclusive on the Grantee and the Company for all purposes.

(remainder of page left blank intentionally)

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     IN WITNESS WHEREOF, the parties have caused this Restricted Share Award Agreement to be duly
executed effective as of the day and year first above written.

	 	 	 	 	 
	 	HEALTHSPRING, INC.

 	 
	 	By:  	 	 
	 	 	 	 
	 	 	 	 
	 

	 	 	 	 	 
	 	GRANTEE:

 	 
	 	 	 
	 	 	 	 
	 	 	 	 
	 

6EX-10.1 FIRST AMENDMENT TO AMENDED CREDIT AGRMT

 

EXHIBIT 10.1

FIRST AMENDMENT TO AMENDED AND

RESTATED CREDIT AGREEMENT

     THIS FIRST AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”) dated as of
November 2, 2007 by and among POST APARTMENT HOMES, L.P. (the “Borrower”), each of the Lenders
party hereto, and WACHOVIA BANK, NATIONAL ASSOCIATION, as Agent (the “Agent”).

     WHEREAS, the Borrower, the Lenders, the Agent and certain other parties have entered into that
certain Amended and Restated Credit Agreement dated as of April 28, 2006 (as in effect immediately
prior to the date hereof, the “Credit Agreement”) and the Borrower, the Lenders and the Agent
desire to amend certain provisions of the Credit Agreement on the terms and conditions contained
herein.

     NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged by the parties hereto, the parties hereto hereby agree as follows:

     Section 1. Specific Amendments to Credit Agreement. The parties hereto agree that
the Credit Agreement is amended as follows:

     (a)      The Credit Agreement is amended by restating the definitions of “Capitalization Rate”,
“Condominium Property Value”, “Development Properties” and “Investments” contained in Section 1.1.
thereof in their entirety as follows:

     “Capitalization Rate” means 6.75%.

     “Condominium Property Value” means (a) for a Multifamily Property converted
into residential condominium units, the sum of the following: (i) the Net Operating
Income for such Property for the four quarter period ending immediately prior to
such conversion divided by the Capitalization Rate, plus (ii) 80% of cost of capital
improvements made to such Property in connection with such conversion not to exceed
25% of the amount determined in accordance with the preceding clause (i), minus
(iii) with respect to each individual condominium unit sale, 85% of the net sale
proceeds (defined as the actual sales price less commissions, fees and any other
related expenses not to exceed 5% of the actual sales price) from such sale;
provided, however, no value will be attributed to such a Property 24 months after
its conversion, and (b) for a Property being developed with multiple residential
condominiums on a “ground up” basis, (i) the sum of all cash expenditures for land
and improvements (including indirect costs internally allocated and development
costs) of such Property minus (ii) with respect to each individual condominium unit
sale, 85% of the net sale proceeds (defined as the actual sales price less
commissions, fees and any other related expenses not to exceed 5% of the actual
sales price) from such sale; provided, however, no value will be attributed to such
a Property 36 months after actual construction on, or other physical development of,
such Property has commenced (other than pre-development site work related to
remediation and other limited construction or development in advance of actual
project construction). In addition, no value shall be attributable to a Condominium Property at any
time

 

 

following the earlier of (x) all condominium units of such Property having been
sold or otherwise conveyed and (y) the management of such Property having been
turned over to such Property’s homeowner’s association.

     “Development Properties” means at any time on a consolidated basis for a Person
and its Subsidiaries, the sum of (A) 100% of the aggregate amount of cash
expenditures made to acquire each unimproved Property then held for development plus
(B) the sum of the following items as to which (x) actual construction or other
physical development or redevelopment activities have commenced, and (y) no
Certificate of Occupancy shall have been issued or received: (i) 100% of the
aggregate amount of cash expenditures made to develop any such unimproved Property,
plus (ii) without duplication, where any such Property is being developed or
redeveloped in phases, as to any phase which is still being developed or redeveloped
and for which a Certificate of Occupancy has not been received, the cash
expenditures made for development or redevelopment of such phase (including indirect
costs internally allocated in accordance with GAAP).

     “Investment” means, with respect to any Person, any acquisition or
investment (whether or not of a controlling interest) by such Person, by means of
any of the following: (a) the purchase or other acquisition of any Equity Interest
in another Person, (b) a loan, advance or extension of credit to, capital
contribution to, Guaranty of Indebtedness of, or purchase or other acquisition of
any Indebtedness of, another Person, including any partnership or joint venture
interest in such other Person, or (c) the purchase or other acquisition (in one
transaction or a series of transactions) of assets of another Person that constitute
the business or a division or operating unit of another Person. Any binding
commitment or option to make an Investment in any other Person shall constitute an
Investment. Except as expressly provided otherwise, for purposes of determining
compliance with any covenant contained in a Loan Document, the amount of any
Investment shall be the amount actually invested, without adjustment for subsequent
increases or decreases in the value of such Investment.

     (b) The Credit Agreement is amended by deleting the clause “30% of Gross Asset Value”
in the introductory paragraph of Section 9.4(a) and replacing it with the clause “35% of Gross
Asset Value”.

     Section 2. Conditions Precedent. The effectiveness of this Amendment is subject to
receipt by the Agent of each of the following, each in form and substance satisfactory to the
Agent:

     (a)      a counterpart of this Amendment duly executed by the Borrower and the Requisite Lenders;

     (b)      a Reaffirmation of Obligations duly executed by each Guarantor, in the form of Exhibit A
attached hereto;

     (c)      copies of all corporate (or comparable) actions, certified by the Secretary or

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Assistant Secretary of each Loan Party (or other individual performing similar functions)
authorizing the Amendment and the Borrower’s exercise of Section 2.16 of the Credit Agreement and
resulting increase in the aggregate amount of the Commitments; and

     (d)      payment of the expenses set forth in Section 7 hereof and all fees due and payable on or
prior to the date hereof under that certain Fee Letter dated as of September 26, 2007.

     Section 3. Increase of Commitments; Joinder and Representations of New Lenders. In
connection with the Borrower’s exercise of its right to increase the aggregate amount of the
Commitments pursuant to Section 2.16. of the Credit Agreement, the parties hereto agree that:

     (a)      Upon the effectiveness of this Amendment, each Lender and such Lender’s respective
Commitment is as set forth on Exhibit B attached hereto.

     (b)      Each Lender that was not party to the Credit Agreement immediately prior to giving effect
to this Amendment (a “New Lender”) (i) represents and warrants that it is (A) legally authorized to
enter into this Amendment and to become a Lender under the Credit Agreement and (B) an “accredited
investor” (as such term is used in Regulation D of the Securities Act); (ii) confirms that it has
received a copy of the Credit Agreement, together with copies of the most recent financial
statements delivered by the Borrower pursuant thereto and such other documents and information
(including without limitation the Loan Documents) as such New Lender has deemed appropriate to make
its own credit analysis and decision to become a Lender; (iii) appoints and authorizes the Agent to
take such action as contractual representative on such New Lender’s behalf and to exercise such
powers under the Credit Agreement and the other Loan Documents as are delegated to the Agent by the
terms thereof, together with such powers as are reasonably incidental thereto; (iv) acknowledges
and agrees that it will become a party to and shall be bound by the Credit Agreement and the other
Loan Documents to which the other Lenders are a party as of the date hereof and will perform in
accordance therewith all of the obligations which are required to be performed by it as if such New
Lender were an original Lender under and signatory to the Credit Agreement and (v) agrees to make
the payments required to be made by such Lender under Section 2.16. of the Credit Agreement.

     Section 4. Representations. The Borrower represents and warrants to the Agent and
the Lenders that:

     (a)      Authorization. The Borrower has the right and power, and has taken all necessary
action to authorize it, to execute and deliver this Amendment and to perform its obligations
hereunder and under the Credit Agreement, as amended by this Amendment, in accordance with their
respective terms. This Amendment has been duly executed and delivered by a duly authorized officer
of the sole general partner of the Borrower and each of this Amendment and the Credit Agreement, as
amended by this Amendment, is a legal, valid and binding obligation of the Borrower enforceable
against the Borrower in accordance with its respective terms except as the same may be limited by
bankruptcy, insolvency, and other similar laws affecting the rights of creditors generally and the
availability of equitable remedies for the enforcement of certain obligations (other than the
payment of principal) contained herein or therein and as may be limited by equitable principles
generally.

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     (b)      Compliance with Laws, etc. The execution and delivery by the Borrower of this
Amendment and the performance by the Borrower of this Amendment and the Credit Agreement, as
amended by this Amendment, in accordance with their respective terms, do not and will not, by the
passage of time, the giving of notice or otherwise: (i) require any Government Approvals or
violate any Applicable Laws relating to the Borrower or any other Loan Party; (ii) conflict with,
result in a breach of or constitute a default under the organizational documents of the Borrower or
any other Loan Party, or any indenture, agreement or other instrument to which the Borrower or any
other Loan Party is a party or by which it or any of its respective properties may be bound; or
(iii) result in or require the creation or imposition of any Lien upon or with respect to any
property now owned or hereafter acquired by the Borrower or any other Loan Party.

     (c)      No Default. No Default or Event of Default has occurred and is continuing as of
the date hereof nor will exist immediately after giving effect to this Amendment.

     Section 5. Reaffirmation of Representations by Borrower. The Borrower hereby repeats
and reaffirms all representations and warranties made by the Borrower to the Agent and the Lenders
in the Credit Agreement and the other Loan Documents to which it is a party on and as of the date
hereof with the same force and effect as if such representations and warranties were set forth in
this Amendment in full, except for (i) representations and warranties that expressly relate solely
to an earlier date (in which case such representations and warranties shall have been true and
correct in all material respects on and as of such earlier date) and (ii) changes in factual
circumstances not prohibited under the Credit Documents.

     Section 6. Certain References. Each reference to the Credit Agreement in any of the
Loan Documents shall be deemed to be a reference to the Credit Agreement as amended by this
Amendment.

     Section 7. Expenses. The Borrower shall reimburse the Agent upon demand for all
reasonable costs and expenses (including reasonable attorneys’ fees) incurred by the Agent in
connection with the preparation, negotiation and execution of this Amendment and the other
agreements and documents executed and delivered in connection herewith.

     Section 8. Benefits. This Amendment shall be binding upon and shall inure to the
benefit of the parties hereto and their respective successors and assigns.

     Section 9. GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF GEORGIA APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY
PERFORMED, IN SUCH STATE.

     Section 10. Effect. Except as expressly herein amended, the terms and conditions of
the Credit Agreement and the other Loan Documents remain in full force and effect. The amendments
contained herein shall be deemed to have prospective application only, unless otherwise
specifically stated herein.

     Section 11. Counterparts. This Amendment may be executed in any number of
counterparts, each of which shall be deemed to be an original and shall be binding upon all
parties, their successors and assigns.

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     Section 12. Definitions. All capitalized terms not otherwise defined herein are used
herein with the respective definitions given them in the Credit Agreement.

[Signatures on Next Page]

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     IN WITNESS WHEREOF, the parties hereto have caused this First Amendment to Amended and
Restated Credit Agreement to be executed as of the date first above written.

	 	 	 	 	 	 	 	 	 
	 	 	POST APARTMENT HOMES, L.P.	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	Post GP Holdings, Inc., its sole general partner	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	/s/ Christopher J. Papa 	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	Christopher J. Papa 	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	Title:	 	Executive Vice President and Chief Financial Officer	 	 
	 

	 	 	 	 	 	 	 	 

[Signatures Continued on Next Page]

 

 

[Signature Page to First Amendment to Amended and Restated

Credit Agreement with Post Apartment Homes, L.P.]

	 	 	 	 	 	 	 	 	 
	 	 	WACHOVIA BANK, NATIONAL ASSOCIATION, as a Lender and Agent	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	/s/ Amit Khimji 	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	Amit Khimji 	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	Title:	 	Vice President 	 	 
	 

	 	 	 	 	 	 	 	 

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[Signature Page to First Amendment to Amended and Restated

Credit Agreement with Post Apartment Homes, L.P.]

	 	 	 	 	 	 	 	 	 
	 	 	JPMORGAN CHASE BANK, N.A.	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	/s/ Vanessa Chiu 	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	Vanessa Chiu 	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	Title:	 	Vice President 	 	 
	 

	 	 	 	 	 	 	 	 

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[Signature Page to First Amendment to Amended and Restated

Credit Agreement with Post Apartment Homes, L.P.]

	 	 	 	 	 	 	 	 	 
	 	 	SUMITOMO MITSUI BANKING CORPORATION	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	/s/ William M. Ginn 	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	William M. Ginn 	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	Title:	 	Executive Officer and General
Manager 	 	 
	 

	 	 	 	 	 	 	 	 

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[Signature Page to First Amendment to Amended and Restated

Credit Agreement with Post Apartment Homes, L.P.]

	 	 	 	 	 	 	 	 	 
	 	 	SUNTRUST BANK	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	/s/ W. John Wendler 	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	W. John Wendler 	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	Title:	 	Senior Vice President 	 	 
	 

	 	 	 	 	 	 	 	 

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[Signature Page to First Amendment to Amended and Restated

Credit Agreement with Post Apartment Homes, L.P.]

	 	 	 	 	 	 	 	 	 
	 	 	WELLS FARGO BANK, NATIONAL ASSOCIATION	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 	 	 

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[Signature Page to First Amendment to Amended and Restated

Credit Agreement with Post Apartment Homes, L.P.]

	 	 	 	 	 	 	 	 	 
	 	 	PNC BANK, NATIONAL ASSOCIATION	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	/s/ Andrew T. White 	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	Andrew T. White 	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	Title:	 	Vice President 	 	 
	 

	 	 	 	 	 	 	 	 

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[Signature Page to First Amendment to Amended and Restated

Credit Agreement with Post Apartment Homes, L.P.]

	 	 	 	 	 	 	 	 	 
	 	 	REGIONS BANK	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	/s/ Kerri Raines 	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	Kerri Raines 	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	Title:	 	Vice President 	 	 
	 

	 	 	 	 	 	 	 	 

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[Signature Page to First Amendment to Amended and Restated

Credit Agreement with Post Apartment Homes, L.P.]

	 	 	 	 	 	 	 	 	 
	 	 	US BANK, NATIONAL ASSOCIATION	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	/s/ J. R. Miller 	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	J. R. Miller 	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	Title:	 	Vice President 	 	 
	 

	 	 	 	 	 	 	 	 

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[Signature Page to First Amendment to Amended and Restated

Credit Agreement with Post Apartment Homes, L.P.]

	 	 	 	 	 	 	 	 	 
	 	 	DEUTSCHE BANK TRUST COMPANY AMERICAS

(“DBTCA”)	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	/s/ James Rolison 	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	James Rolison 	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	Title:	 	Director 	 	 
	 

	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	/s/ Linda Wang 	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	Linda Wang 	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	Title:	 	Director 	 	 
	 

	 	 	 	 	 	 	 	 

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[Signature Page to First Amendment to Amended and Restated

Credit Agreement with Post Apartment Homes, L.P.]

	 	 	 	 	 	 	 	 	 
	 	 	THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	/s/ Yoichi Orikasa 	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	Yoichi Orikasa	 	 
	 

	 	 	 	Title:
	 	Vice President & Manager	 	 

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[Signature Page to First Amendment to Amended and Restated

Credit Agreement with Post Apartment Homes, L.P.]

	 	 	 	 	 	 	 	 	 
	 	 	MIDFIRST BANK, a
federally chartered savings
association	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	/s/ Darrin Rigler 	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	Darrin Rigler 	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	Title:	 	Vice President 	 	 
	 

	 	 	 	 	 	 	 	 

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[Signature Page to First Amendment to Amended and Restated

Credit Agreement with Post Apartment Homes, L.P.]

	 	 	 	 	 	 	 	 	 
	 	 	THE GOVERNOR AND COMPANY OF THE BANK OF IRELAND	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	/s/ Carla Ryan 	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	Carla Ryan 	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	Title:	 	Authorised Signatory 	 	 
	 

	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	/s/ Jennifer Lyons 	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	Jennifer Lyons 	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	Title:	 	Authorised Signatory 	 	 
	 

	 	 	 	 	 	 	 	 

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[Signature Page to First Amendment to Amended and Restated

Credit Agreement with Post Apartment Homes, L.P.]

	 	 	 	 	 	 	 	 	 
	 	 	COMERICA BANK	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	/s/ James Graycheck 	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	James Graycheck 	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	Title:	 	Vice President 	 	 
	 

	 	 	 	 	 	 	 	 

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[Signature Page to First Amendment to Amended and Restated

Credit Agreement with Post Apartment Homes, L.P.]

	 	 	 	 	 	 	 	 	 
	 	 	THE NORTHERN TRUST COMPANY	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	/s/ Carol B. Conklin 	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	Carol B. Conklin 	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	Title:	 	Vice President 	 	 
	 

	 	 	 	 	 	 	 	 

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[Signature Page to First Amendment to Amended and Restated

Credit Agreement with Post Apartment Homes, L.P.]

	 	 	 	 	 	 	 	 	 
	 	 	FIRST COMMERCIAL BANK, NEW YORK AGENCY	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 	 	 

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[Signature Page to First Amendment to Amended and Restated

Credit Agreement with Post Apartment Homes, L.P.]

	 	 	 	 	 	 	 	 	 
	 	 	CHANG HWA COMMERCIAL
BANK, LTD.,

New York Branch	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	/s/ Jim C. Y. Chen 	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	Jim C. Y. Chen 	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	Title:	 	Vice President & General
Manager 	 	 
	 

	 	 	 	 	 	 	 	 

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[Signature Page to First Amendment to Amended and Restated

Credit Agreement with Post Apartment Homes, L.P.]

	 	 	 	 	 	 	 	 	 
	 	 	PEOPLE’S UNITED BANK	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	/s/ Maurice Fry 	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	Maurice Fry 	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	Title:	 	Vice President 	 	 
	 

	 	 	 	 	 	 	 	 

 

 

EXHIBIT A

REAFFIRMATION OF OBLIGATIONS

     Each of the undersigned (each a “Guarantor” and collectively the “Guarantors”) hereby (a)
reaffirms its continuing obligations owing under the Guaranty dated as of April 26, 2006, executed
and delivered by the Guarantors (the “Guaranty”) and (b) agrees that the First Amendment to Amended
and Restated Credit Agreement dated the date hereof (the “Amendment”) amending the Amended and
Restated Credit Agreement dated as of April 26, 2006 by and between Post Apartment Homes, L.P., the
Lenders party thereto (the “Lenders”), Wachovia Bank, National Association, as Agent (the “Agent”)
and the other parties thereto (as amended, restated, supplemented or otherwise modified from time
to time, the “Credit Agreement”), and the transactions contemplated by the Amendment, including,
without limitation the Borrower’s exercise of its rights under Section 2.16 of the Credit Agreement
to increase the aggregate amount of the Commitments, do not in any way affect the validity or
enforceability of the Guaranty, or reduce, impair or discharge the obligations of such Guarantor
thereunder.

     Each of the Guarantors represents and warrants to the Agent and the Lenders that the
execution, delivery, and performance of this Reaffirmation of Obligations has been authorized by
all requisite action on the part of such Guarantor and will not violate such Guarantor’s
organizational or governing document.

     Each of the Guarantors further agrees that references to the Credit Agreement contained in any
Loan Document (as defined in the Credit Agreement) shall be deemed to be references to the Credit
Agreement, as amended by the Amendment.

     This Reaffirmation of Obligations shall be construed in accordance with and be governed by the
law (without giving effect to the conflict of law principles thereof) of the State of Georgia.

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     IN WITNESS WHEREOF, each of the undersigned have duly executed and delivered this
Reaffirmation of Obligations as of November 2, 2007.

	 	 	 	 	 	 	 	 	 
	 	 	POST PROPERTIES, INC.	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	/s/ Christopher J. Papa 	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	Christopher J. Papa 	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	Title:	 	Executive Vice President and
Chief Financial Officer 	 	 
	 

	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	 	 	 
	 	 	POST GP HOLDINGS, INC.	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	/s/ Christopher J. Papa 	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	Christopher J. Papa 	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	Title:	 	Executive Vice President  and
Chief Financial Officer 	 	 
	 

	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	 	 	 
	 	 	POST LP HOLDINGS, INC.	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	/s/ Christopher J. Papa 	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	Christopher J. Papa 	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	Title:	 	Executive Vice President  and
Chief Financial Officer 	 	 
	 

	 	 	 	 	 	 	 	 

 

 

EXHIBIT B

Lender Commitments

	 	 	 	 	 
	Lender	 	Commitment	 
	Wachovia Bank, National Association
	 	$	65,000,000	 
	JPMorgan Chase Bank, N.A.
	 	 	65,000,000	 
	Sumitomo Mitsui Banking Corporation
	 	 	55,000,000	 
	SunTrust Bank
	 	 	50,000,000	 
	Wells Fargo Bank, National Association
	 	 	50,000,000	 
	PNC Bank, National Association
	 	 	50,000,000	 
	Regions Bank
	 	 	55,000,000	 
	US Bank, National Association
	 	 	40,000,000	 
	Deutsche Bank Trust Company Americas
	 	 	25,000,000	 
	The Bank of Tokyo-Mitsubishi UFJ, Ltd.
	 	 	25,000,000	 
	MidFirst Bank, a federally chartered savings association
	 	 	25,000,000	 
	The Governor and Company of the Bank of Ireland
	 	 	20,000,000	 
	Comerica Bank
	 	 	20,000,000	 
	The Northern Trust Company
	 	 	15,000,000	 
	First Commercial Bank, New York Agency
	 	 	15,000,000	 
	Chang Hwa Commercial Bank, Ltd., New York Branch
	 	 	10,000,000	 
	People’s United Bank
	 	 	15,000,000	 
	Total:
	 	$	600,000,000

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