Document:

exv10w7

 

Exhibit 10.7

SECOND AMENDMENT TO

OPERATING AGREEMENT

OF

NNN 2003 VALUE FUND, LLC

     THIS SECOND AMENDMENT (“Amendment”) to the Operating Agreement of NNN 2003 Value Fund, LLC, a
Delaware limited liability company (the “Company”), is made as of February 2, 2007.

RECITALS

     WHEREAS, the Company is a Delaware limited liability company subject to that certain undated
Operating Agreement (the “Operating Agreement”);

     WHEREAS, pursuant to Section 7.3.11 of the Operating Agreement, Triple Net Properties, LLC., a
Virginia limited liability company, as the Manager of the Company, has the authority to amend the
Operating Agreement without any action on the part of the Members to cure any ambiguity on mistake,
to correct or supplement any provision therein, or to make any other provision with respect to
matters or questions arising under the Operating Agreement that will not be inconsistent with the
provision of the Operating Agreement;

     WHEREAS, the Manager of the Company desires to amend the Operating Agreement to clarify
Section 18(m);

     WHEREAS, capitalized terms not otherwise defined in this Amendment shall be defined as set
forth in the Operating Agreement; and

     IT IS RESOLVED, that the Operating Agreement is hereby amended as follows:

AGREEMENT

     A. Amendments. The Operating Agreement is hereby amended as follows:

     Section 18(m) of the Operating Agreement is deleted in its entirety and replaced with the
following:

     (m) not pledge its assets for the benefit of any other Person other than a Person
making a loan to the Company or to an entity in which the Company is a member or a partner;

     B. Ratification of the Operating Agreement. Except as modified by this Amendment, the
Operating Agreement remains unchanged and is hereby ratified and reaffirmed in its entirety.

 

 

WITNESS the following signature:

	 	 	 	 	 	 	 
	MANAGER:	 	TRIPLE NET PROPERTIES, LLC,	 	 
	 	 	a Virginia limited liability company	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Andrea R. Biller	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	Andrea R. Biller	 	 
	 

	 	 	 	 	 	 
	 

	 	Title:	 	Executive V.P.<PAGE>

                                                                   Exhibit 10.10

                              CONSULTING AGREEMENT

This CONSULTING AGREEMENT ("Agreement") is entered into as of this 9th day of
November 2006, by and between UTi, Services, Inc., a California corporation with
a principal place of business at 19500 Rancho Way, Rancho Dominguez, CA 90220
("Company" or "UTi") and Linda Bennett, whose residence is 15448 Vista Haven
Place, Sherman Oaks, CA 91403 ("Consultant").

                                     RECITAL

Simultaneously with the execution hereof, Company and Consultant are entering
into a Separation Agreement and General Release (the "Separation Agreement").

As required by the Separation Agreement, Consultant is hereby engaged by the
Company to provide the services set forth on Exhibit I.

Consultant and the Company intend that the Company obtain, to the fullest extent
permitted by law, total ownership, exclusive rights to and complete control of
all patents, trademarks, copyrights, trade secrets and other similar rights in
and to all Works (as defined below) and all intermediate versions thereof and
Consultant hereby agrees that she will, both during and after the period of this
engagement by the Company, do nothing to adversely affect any rights of the
Company in and to the Works.

NOW THEREFORE, in view of the Recital, which shall be deemed to be part of this
Agreement, and in consideration of the mutual covenants, obligations and
undertakings set forth herein the parties agree as follows:

     1.   PAYMENT FOR CONSULTANT'S SERVICES: During the term of this Agreement,
          Consultant shall be paid a fee of $19,583 per month, payable
          semi-monthly or as otherwise agreed in writing.

     2.   INVENTIONS: Any and all inventions, discoveries, developments,
          solutions, programs, methodologies, processes, procedures and
          innovations conceived by the Consultant alone or in conjunction with
          UTi employees or consultants during this engagement relative to the
          duties under this Agreement (the "Works") shall be the exclusive
          property of the Company; and the Consultant hereby assigns all right,
          title, and interest in the same to the Company. Any and all
          inventions, discoveries, developments and innovations conceived by the
          Consultant prior to the term of this Agreement and utilized by her in
          rendering duties to the Company are hereby licensed to the Company for
          use in its operations and for an infinite duration. This license is
          non-exclusive, and may be assigned without the Consultant's prior
          written approval by the Company to a wholly-owned subsidiary of the
          Company.

                                       -1-

<PAGE>

     3.   CONFIDENTIALITY: The Consultant acknowledges that during the
          engagement she will have access to, make use of, acquire, create,
          develop or add to certain confidential and/or proprietary information
          regarding the Company, UTi Worldwide Inc. and its subsidiaries
          (collectively, the "UTi Group") and their businesses and affiliates
          (whether in existence prior to, as of or after the date hereof,
          collectively, "Proprietary Information"), which Proprietary
          Information shall include without limitation, all of the following
          materials and information (whether reduced to writing, whether marked
          as "confidential," and whether patentable or protected by copyright):
          various trade secrets, inventions, innovations, processes,
          information, programs, records, manuals, technical data and
          information, "know-how," customer-tailored solutions, confidential
          reports and communications, marketing methods, product sales or cost
          information, new product ideas or improvements, other consulting
          products and processes, research and development programs, identities
          or lists of suppliers, vendors, and/or customers, financial
          information and financial projections or any other proprietary or
          confidential information relating to the UTi Group and its business
          and specifications owned or licensed by the Company and/or used by the
          Company in connection with the operations of its business. The
          Consultant agrees that she shall not disclose any of the aforesaid
          Proprietary Information, directly or indirectly, or use any of them in
          any manner, either during the term of this Agreement or at any time
          thereafter, except as required in the course of this engagement with
          the Company. All files, records, documents, blueprints,
          specifications, information, letters, notes, media lists, original
          artwork/creative, notebooks, and similar items relating to the
          business of the Company, whether prepared by the Consultant or the
          Company, or otherwise coming into her possession, shall remain the
          exclusive property of the Company. The Consultant shall not retain any
          copies of the foregoing without the Company's prior written
          permission. Upon the expiration of this Agreement, or whenever
          requested by the Company, the Consultant shall immediately deliver to
          the Company all such files, records, documents specifications,
          information, and other items in her possession or under his control.

     4.   THIRD PARTY RIGHTS: Consultant warrants, represents and covenants that
          Consultant shall not use for the benefit of the Company, or disclose
          to the Company, any trade secret or proprietary information of any
          third party.

     5.   TERMINATION: This Agreement will automatically terminate on July 31,
          2007.

     6.   INDEPENDENT CONTRACTOR: This Agreement shall not render the Consultant
          as an employee, partner, agent of, or joint venture partner with the
          Company for any purpose. The Consultant is and shall remain an
          independent contractor in her relationship to the Company. The Company
          shall not be responsible for withholding taxes with respect to the
          Consultant's compensation hereunder. Except as expressly provided in
          the Separation Agreement, Consultant shall have no claim against the
          Company hereunder or otherwise for vacation pay, sick leave,
          retirement benefits, social security, worker's compensation, health or
          disability benefits, unemployment insurance benefits, or employee
          benefits of any kind.

                                       -2-

<PAGE>

     7.   COMPLETENESS OF THIS AGREEMENT: This Agreement and the Separation
          Agreement set forth the entire understanding of the parties relating
          to the subject matter hereof, and supersede all prior agreements,
          arrangements and understandings, written or oral, relating to such
          subject matter. No representation, promise or inducement has been made
          by either party that is not embodied in this Agreement or the
          Separation Agreement, and neither party shall be bound by or liable
          for any alleged representation, promise or inducement not so set
          forth.

     8.   AMENDMENTS TO THIS AGREEMENT: No amendment, change or modification of
          this Agreement shall be valid unless in writing signed by the parties
          hereto.

     9.   NOTICES: Any and all notices, demands, or other communications
          required or desired to be given hereunder by any party shall be in
          writing and shall be validly given or made to another party if
          personally served, or if deposited in the United States mail,
          certified or registered, postage prepaid, return receipt requested. If
          such notice of demand is served personally, notice shall be deemed
          constructively made at the time of such personal service. If such
          notice, demand or other communication is given by mail, such notice
          shall be conclusively deemed given five days after deposit thereof in
          the Untied States mail addressed to the party to whom such notice,
          demand or other communication is to be given as follows:

               If to the Consultant:   Linda Bennett
                                       15448 Vista Haven Place
                                       Sherman Oaks, CA 91403

               If to the Company:      General Counsel
                                       UTi, Services, Inc.
                                       19500 S. Rancho Way, Suite 116
                                       Rancho Dominguez, CA 90220

     10.  GOVERNING LAW: The laws of the state of California shall govern the
          validity of this Agreement, the construction of its terms and the
          interpretation of the rights and duties of the parties hereto.

     11.  INSIDE INFORMATION -- SECURITIES LAWS VIOLATIONS. In the course of the
          performance of Consultant's duties, it is expected that Consultant
          will receive information that is considered material inside
          information within the meaning and intent of the federal securities
          laws, rules, and regulations. Consultant will not disclose this
          information directly or indirectly for Consultant or as a basis for
          advice to any other party concerning any decision to buy, sell, or
          otherwise deal in the Company's securities or those of any of the
          Company's affiliated companies.

     12.  DISPUTE RESOLUTION: Any dispute regarding the validity or terms of
          this Agreement shall be resolved by an arbitrator selected in
          accordance with the employment rules of JAMS in Los Angeles County,
          California as the exclusive

                                       -3-

<PAGE>

          remedy for any such dispute, and in lieu of any court action, which is
          hereby waived. The only exception is a claim by either party for
          injunctive relief pending arbitration.

     13.  ASSIGNMENT: The Consultant shall not assign any of her rights under
          this Agreement or delegate the performance of any of her duties
          hereunder without the prior written consent of the Company.

     14.  SEVERABILITY: If any provision of this Agreement is declared void, or
          otherwise unenforceable, such provision shall be deemed to have been
          severed from this Agreement which shall otherwise remain in full force
          and effect.

     15.  RIGHTS AND OBLIGATIONS: This Agreement shall be binding upon and inure
          to the successors, heirs and assigns of the parties hereto.

IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by
their duly authorized officers and to be effective as of the date hereof.

Consultant                              UTi, Services, Inc.

/s/ Linda Bennett                       By: /s/ Lance D'Amico
-------------------------------------       ------------------------------------
                                        Its: Global General Counsel

                                       -4-

<PAGE>

                                    Exhibit 1

General consulting and transitional services relating to the UTi Group's global
IT infrastructure, systems and related matters as and when requested by the
Chief Executive Officer of UTi Worldwide Inc.

                                       -5-

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