Document:

Exhibit
10.1

 

[New Commerce Letterhead]

 

December 16, 2004

 

R. Lamar Simpson

6 Red Oak Road

Greenville, SC 26615

 

Dear Lamar,

 

This letter will confirm our understanding
and agreement with respect to a bonus payment that is expected to be paid to
you in connection with the proposed acquisition of New Commerce BanCorp by SCBT
Financial Corporation.

 

New Commerce intends to pay to you a special
bonus of $75,000 on or before December 31, 2004 (the “Special Bonus”).  The Special Bonus will be paid to you in lieu
of your regular bonus under the Bonus Plan for calendar year 2004, as set forth
and defined in your employment agreement with New Commerce dated as of November 18,
2003 (the “Employment Agreement”).  You
will not be able to defer any portion of this bonus payment into our 401(k)
Plan.

 

If the Special Bonus has been paid to you,
and in the event that you become entitled to receive severance benefits
pursuant to Section 5(e) of the Employment Agreement, then for purposes of
calculating the cash severance payment, you will be deemed to have received no
bonus for 2004 under the Bonus Plan.  The
Special Bonus will not entitle you to any additional severance under the
Employment Agreement  (i.e., the cash
severance payable to you will be solely an amount equal to 100% of your
then-current monthly base salary times twenty-four, and you will not receive
any additional severance based on a multiple of any prior year bonus or the
Special Bonus).

 

Please confirm your understanding and
acceptance of the terms of this agreement by signing this letter in the space
provided below.

 

	
   

  	
  Sincerely,

  
	
   

  	
   

  
	
   

  	
  NEW COMMERCE BANCORP

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/ Marshall J. Collins, Jr.

  	
   

  
	
   

  	
   

  	
  Marshall J. Collins, Jr.

  
	
   

  	
   

  	
  Chairman, Board of Directors

  

 

	
  Acknowledged and agreed as of this 16th
  day

  of December, 2004:

  
	
   

  
	
  /s/ R. Lamar Simpson

  	
   

  
	
  R. Lamar SimpsonExhibit 10.1

 

FIRST AMENDMENT TO CREDIT AGREEMENT

 

THIS FIRST AMENDMENT TO CREDIT AGREEMENT (this “Amendment”)
dated as of December 15, 2004 by and between KITE REALTY GROUP, L.P. (the “Borrower”),
KITE REALTY GROUP TRUST (the “Parent”), the financial institutions signatory
hereto (the “Lenders”) and WACHOVIA BANK, NATIONAL ASSOCIATION (the “Agent”).

 

WHEREAS, the Borrower, the Parent, the Lenders, the
Agent and certain other parties thereto have entered into that certain Credit
Agreement dated as of August 31, 2004 (as amended and in effect immediately
prior to the date hereof, the “Credit Agreement”); and

 

WHEREAS, the Borrower, the Parent and the Lenders
desire to amend the Credit Agreement as follows 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.                    Definitions.  Capitalized terms used in this Amendment and
not otherwise defined herein shall have the respective meanings given such
terms in the Credit Agreement.

 

Section 2.                    Specific
Amendments to Credit Agreement.  The
parties hereto agree that the Credit Agreement is amended as follows:

 

(a)                                  The
definition of “Capitalization Rate” is restated in its entirety as follows:

 

“Capitalization
Rate” means eight and three quarters percent (8.75%).

 

(b)                                 The
definition of “Tangible Net Worth” is restated in its entirety as follows:

 

“Tangible Net Worth”
means, as of a given date, (a) the stockholders’ equity of the Parent and
its Subsidiaries determined on a consolidated basis, plus (b) minority
interests in the Borrower, plus (c) accumulated depreciation and
amortization, minus (d) the following (to the extent reflected in
determining stockholders’ equity of the Parent and its Subsidiaries):  (i) the amount of any write-up in the
book value of any assets contained in any balance sheet resulting from
revaluation thereof or any write-up in excess of the cost of such assets
acquired, and (ii) all amounts appearing on the assets side of any such
balance sheet for assets which would be classified as intangible assets under
GAAP, all determined on a consolidated basis.

 

(c)                                  The
following is added to the end of the definition of “Total Asset Value” in
Section 1.1 of the Credit Agreement:

 

 

Notwithstanding the foregoing, for the fiscal quarter
ending December 31, 2004, the Borrower’s Total Asset Value shall be calculated,
with respect to clause (b)(i) above, using the product of (A) the Net Operating
Income attributable to each Stabilized Property owned by the Borrower or any
Subsidiary for the fiscal quarter then ended minus the Capital Reserves
for such property for each such period times (B) 4.

 

(d)                                 Section
10.1(d) of the Credit Agreement is restated in its entirety as follows:

 

(d)                                 Minimum
Tangible Net Worth.  Tangible Net
Worth at any time to be less than (i) $170,000,000 plus
(ii) 75.0% of the Net Proceeds of all Equity Issuances effected by the
Parent or any Subsidiary after September 30, 2004 (other than Equity Issuances
to the Parent or any Subsidiary).

 

(e)                                  Section
10.1(f) of the Credit Agreement is restated in its entirety as follows:

 

(f)                                    Minimum
Implied Debt Service Ratio.  The
ratio of (x) the aggregate Net Operating Income for all Collateral
Properties for the period of two consecutive fiscal quarters most recently
ended times 2 to (y) Implied Debt Service determined as of the end
of such period, to be less than 1.30 to 1.00; provided, however, that for the
fiscal quarter ending December 31, 2004, the Parent shall not permit the ratio
of (x) the aggregate Net Operating Income for all Collateral Properties
for the fiscal quarter then ended times 4 to (y) Implied Debt
Service determined as of December 31, 2004, to be less than 1.30 to 1.00.  Collateral Properties that were disposed of
during such period or which are excluded from calculations of Borrowing Base
shall be excluded from determinations of such ratio.  The Net Operating Income for any Collateral
Property acquired during such period shall be included only on a pro forma
basis acceptable to the Agent.

 

(f)                                    The
last paragraph in Section 10.1 of the Credit Agreement is deleted in its
entirety.

 

(g)                                 Section
10.2(a) of the Credit Agreement is restated in its entirety as follows:

 

(a)                            the
Parent may declare or make cash distributions to its shareholders in an
aggregate amount not to exceed the greater of (i) the percentage of the Parent’s
Funds from Operations for the respective periods set forth in the table below,
or (ii) the amount required to be distributed for the Parent to remain in
compliance with Section 8.12.

 

	
  Measurement Period

  	
   

  	
  Percent of Funds

  from Operations

  	
   

  
	
  For the fiscal quarter
  ending December 31, 2004

  	
   

  	
  105

  	
  %

  
	
  For the period of two
  fiscal quarters ending March 31, 2005

  	
   

  	
  105

  	
  %

  
	
  For the period of three
  fiscal quarters ending June 30, 2005

  	
   

  	
  100

  	
  %

  
	
  For the period of four
  fiscal quarters ending September 30, 2005

  	
   

  	
  100

  	
  %

  
	
  For the period of four
  consecutive fiscal quarters ending December 31, 2005 and for each period of four
  consecutive quarters ending thereafter

  	
   

  	
  95

  	
  %

  

 

2

 

(h)                                 The
last paragraph in Section 10.2 of the Credit Agreement is restated in its
entirety as follows:

 

Notwithstanding the foregoing, but subject to the
following sentence, if a Default or Event of Default exists, the Parent may
only declare or make cash distributions to its shareholders during any fiscal
year in an aggregate amount not to exceed the minimum amount necessary for the
Parent to remain in compliance with Section 8.12.  If a Default or Event of Default specified in
Section 11.1.(a), Section 11.1.(b), Section 11.1.(f) or Section 11.1.(g) shall
exist, or if as a result of the occurrence of any other Event of Default any of
the Obligations have been accelerated pursuant to Section 11.2.(a), the Parent
shall not, and shall not permit any Subsidiary to, make any Restricted Payments
to any Person other than to the Parent, the Borrower or any other Subsidiary.

 

Section 3.                    Conditions
Precedent.  The effectiveness of the
amendment to the Credit Agreement set forth in Section 2 hereof are 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, the Parent and
each Lender party hereto;

 

(b)                                 the
Reaffirmation of Obligations in the form of Exhibit A attached to this
Amendment duly executed by each existing Guarantor; and

 

(c)                                  such
other documents, instruments and agreements as the Lender may reasonably
request.

 

Section 4.                    Representations.  The Borrower and the Parent represent and
warrant to the Agent and each Lender that:

 

(a)                                  Authorization.  Each of the Borrower and the Parent has the
right and power, and has taken all necessary action to authorize the execution
and delivery of this Amendment and to perform its respective 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 Borrower and by a duly authorized officer of the Parent and both
this Amendment and the Credit Agreement, as amended by this Amendment, is a
legal, valid and binding obligation of the Borrower and of the Parent
enforceable against each of them in accordance with its respective terms except
as the

 

3

 

enforceability thereof
may be limited by bankruptcy, insolvency or similar laws affecting creditors
rights generally.

 

(b)                                 Compliance
with Laws, etc.  The execution,
delivery and performance of this Amendment and the other Loan Documents to
which either Borrower or the Parent is a party do not and will not, by the
passage of time, the giving of notice, or both: 
(i) require any Governmental Approval or violate any Applicable Law
relating to the Borrower or the Parent; (ii) conflict with, result in a
breach of or constitute a default under the organizational documents of the
Borrower, or any indenture, agreement or other instrument to which the Borrower
or the Parent is a party or by which they or any of their 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 either the Borrower or the Parent other than in favor of the Agent for the
benefit of the Lenders.

 

(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.  The Borrower and
the Parent hereby represent, repeat and reaffirm all representations and
warranties made by them to the Agent and the Lenders in the Credit Agreement
and the other Loan Documents to which they are 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.

 

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 and
each Lender upon demand for all costs and expenses (including attorneys’ fees)
incurred by the Agent or any Lender 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 NEW
YORK 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.

 

4

 

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.

 

Section 12.            Amendment
Controlling.  The amendment to
Section 10.2(a) of the Credit Agreement set forth in Section 2(g) above hereby
supersedes clause (b) of the second sentence of that certain Letter Agreement
dated as of November 12, 2004 by and among the Borrower, the Parent and the
Lenders.

 

[Signatures on Next Page]

 

5

 

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

 

 

	
   

  	
  BORROWER:

  
	
   

  	
   

  
	
   

  	
  KITE
  REALTY GROUP, L.P.

  
	
   

  	
   

  
	
   

  	
  By:
  Kite Realty Group Trust, its sole General Partner

  
	
   

  	
   

  
	
   

  	
   

  	
  By:
   

  	
  /s/ John A. Kite

  	
   

  
	
   

  	
  Name: 

  	
  John
  A. Kite

  	
   

  
	
   

  	
  Title: 

  	
    President
  & CEO

  	
   

  
	
   

  	
   

  
	
   

  	
  PARENT:

  
	
   

  	
   

  
	
   

  	
  KITE
  REALTY GROUP TRUST

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:
   

  	
  /s/
  John A. Kite

  	
   

  
	
   

  	
  Name:   

  	
  John
  A. Kite

  	
   

  
	
   

  	
  Title: 

  	
   President & CEO

  	
   

  
	
   

  	
   

  
	
   

  	
  LENDERS:

  
	
   

  	
   

  
	
   

  	
  WACHOVIA BANK, NATIONAL ASSOCIATION,

  
	
   

  	
  as Agent and a Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:
  

  	
  /s/ Rex E. Rudy

  	
   

  
	
   

  	
  Name: 

  	
    Rex E. Rudy

  	
   

  
	
   

  	
  Title:  

  	
   Managing Director

  	
   

  
	
   

  	
   

  
	
   

  	
  LEHMAN
  COMMERCIAL PAPER INC.,

  
	
   

  	
  as
  a Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:
  

  	
  /s/ Francis X. Gilhool

  	
   

  
	
   

  	
  Name: 

  	
  Francis
  X. Gilhool

  	
   

  
	
   

  	
  Title:  

  	
  Authorized
  Signatory

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