Document:

Exhibit 10.45

 

LANCER CORPORATION

 

STOCK OPTION PLAN

of

2002

 

 

LANCER CORPORATION

STOCK OPTION PLAN

of 2002

 

SECTION 1 – PURPOSE OF PLAN

 

This
Stock Option Plan is intended to promote the long-term interests of the Company
and its shareholders by providing officers and other key employees of the
Company and its Affiliates and other key individuals including the Board of
Directors and other non-employees with an additional incentive to promote the
financial success of the Company and its Affiliates.

 

SECTION
2 – DEFINITIONS

 

Unless
otherwise required by the context, the following terms when used in the Plan
shall have the meanings set forth in this Section 2:

 

“Affiliate” of Lancer
means any unincorporated organization, general partnership, limited partnership,
limited liability company, corporation or other entity that Lancer directly or
indirectly controls or in which it has at least a fifty percent ownership
interest.

 

“Agreement”:  A stock option agreement evidencing an Award
in such form as adopted by the Committee pursuant to the Plan, such as a notice
of grant of stock option.

 

“Award”:  An award of an Option under the Plan.

 

“Board of
Directors”:  the Board of Directors of
the Company.

 

“Change in Control”
shall mean any of the following:

 

(1)             any consolidation
or merger of the Company in which the Company is not the continuing or
surviving corporation or pursuant to which shares of the Company’s common stock
would be converted into cash, securities or other property, other than a merger
of the Company in which the holders of the Company’s common stock immediately
prior to the merger have the same proportionate ownership of common stock of
the surviving corporation immediately after the merger;

(2)             any sale,
lease, exchange or other transfer (in one transaction or a series of related
transactions) of all or substantially all of the assets of the Company;

(3)             any approval
by the stockholders of the Company of any plan or proposal for the liquidation
or dissolution of the Company;

(4)             the
cessation of control (by virtue of their not constituting a majority of
directors) of the Company’s Board of Directors by the individuals (the
“Continuing Directors”) who (x) at the date of this Agreement were directors or
(y) become directors after the date of this Agreement and whose election or
nomination for election by the Company’s stockholders, was approved by a vote
of at least two-thirds of the directors then in office who were directors at
the date of this Agreement or whose election or nomination for election was
previously so approved); or

(5)             (A) the
acquisition of beneficial ownership (within the meaning of Rule 13d-3 under the
Securities Exchange Act of 1934, as amended (“Beneficial Ownership”)) of an
aggregate of 15% of the voting power of the Company’s outstanding voting
securities by any person or group (as such term is used in Rule 13d-5 under
such Act) who Beneficially Owned less than 10% of the voting power of the
Company’s outstanding voting securities on the date hereof, (B) the

 

1

 

acquisition of
Beneficial Ownership of an additional 5% of the voting power of the Company’s
outstanding voting securities by any person or group who Beneficially Owned at
least 10% of the voting power of the Company’s outstanding voting securities on
the date hereof, or (C) the execution by the Company and a stockholder of a
contract that by its terms grants such stockholder (in its, hers or his
capacity as a stockholder) or such stockholder’s Affiliate (as defined in Rule
405 promulgated under the Securities Act of 1933 (an “Affiliate”)) including,
without limitation, such stockholder’s nominee to the Board of Directors (in
its, hers or his capacity as an Affiliate of such stockholder), the right to
veto or block decisions or actions of the Board of Directors; provided, however,
that notwithstanding the foregoing, the events described in items (A), (B) or
(C) above shall not constitute a Change in Control hereunder if the
securityholder is (aa) a trustee or other fiduciary holding securities under an
employee benefit plan of the Company and acting in such capacity, (bb) a
corporation owned, directly or indirectly, by the stockholders of the Company
in substantially the same proportions as their ownership of voting securities of
the Company or (cc) in the case of an acquisition described in items (A) or (B)
above (but not in the case of an acquisition described in item (C) above), any
other person whose acquisition of shares of voting securities is approved in
advance by a majority of the Continuing Directors; provided  further,
however, that none of the following shall constitute a Change in
Control:  (aa) the right of the holders
of any voting securities of the Company to vote as a class on any matter or
(bb) any vote required of disinterested or unaffiliated directors or
stockholders including, without limitation, pursuant to Section 144 of the
Delaware General Corporation Law or Rule 16b-3 promulgated pursuant to the
Securities Exchange Act of 1934.

(6)             Subject to
applicable law, in a Chapter 11 bankruptcy proceeding, the appointment of a
trustee or the conversion of a case involving the Company to a case under
Chapter 7.

 

“Code”:  The Internal Revenue Code of 1986, as
amended from time to time.

 

“Committee”:  The Compensation Committee of the Board of
Directors or such other committee appointed by the Board of Directors.

 

“Company”:  Lancer Corporation, a Texas corporation.

 

“Effective Date”:  The date on which the Plan shall become
effective as set forth in Section 10 hereof.

 

“Exchange Act”:  The Securities Exchange Act of 1934, as
amended, together with all regulations and rules issued thereunder.

 

“Exercise Price”:  The price per Share at which the Shares
subject to such Option may be purchased upon exercise of such Option.

 

“Fair Market
Value”:  As applied to a specific date,
the closing quoted selling price of a Share on the American Stock Exchange on
such date, or if there are no reported sales on such date, on the last
preceding date on which sales were reported. 
The Fair Market Value determined by the Committee in good faith in such
manner shall be final, binding and conclusive on all parties.

 

“Option” shall mean a
right to purchase stock granted pursuant to the Plan.

 

“Participant”:  An individual who has been granted an Award
under the Plan.

 

2

 

“Plan”:  This Lancer Corporation Stock Option Plan of
2002, as the same may be amended from time to time.

 

“Shares”:  Shares of the Company’s authorized but
unissued or reacquired $.01 par value common stock, or such other class or kind
of shares or other securities as may be applicable pursuant to the provisions
of Section 4(b) hereof.

 

“Subsidiary”:  Any “subsidiary corporation” of the Company,
as such term is defined in Section 424(f) of the Code.

 

SECTION
3 – PARTICIPATION

 

Except
as modified below, the class of person eligible to receive Awards under the
Plan shall be those officers and other key employees of the Company or its
Affiliates and those non-employees of the Company or its Affiliates, including
Board members, as designated by the Committee from time to time.

 

SECTION
4 – SHARES SUBJECT TO PLAN

 

(a)                                  Maximum
Shares.  Subject to
adjustment by the operation of Section 4(b) hereof, the maximum number of
shares with respect to which Awards may be made under the Plan is 200,000.  The Shares with respect to which Awards may
be made under the Plan may be either authorized and unissued shares or issued
shares heretofore or hereafter reacquired and held as treasury shares.  An Award shall not be considered to have
been made under the Plan with respect to any Option to the extent that it
terminates without being exercised, and new Awards may be granted under the
Plan with respect to the number of Shares as to which such termination has
occurred.

 

(b)                                 Adjustment
of Shares and Price. 
In the event that the Shares are changed into or exchanged for a
different kind or number of shares of Stock or securities of the Company as the
result of any stock dividend, stock split, combination of shares, exchange of
shares, merger, consolidation, reorganization, recapitalization or other change
in capital structure, then the number of Shares subject to this Plan and to
Awards granted hereunder and the purchase price, repurchase price or Exercise
Price for such Shares shall be equitably adjusted by the Committee to prevent
the dilution or enlargement of Awards, and any new stock or securities into
which the Shares are changed or for which they are exchanged shall be
substituted for the Shares subject to this Plan and to Awards granted
hereunder; provided, however, that fractional shares may be deleted from any
such adjustment or substitution.

 

SECTION
5 – GENERAL TERMS AND CONDITIONS OF OPTIONS

 

(a)                                  General
Terms.  The Committee
shall have full and complete authority and discretion, except as expressly
limited by the Plan, to grant Options and to provide the terms and conditions
(which need not be identical among Participants) thereof.  In particular, the Committee shall prescribe
the following terms and conditions:

 

	
  (i)

  	
   

  	
  the
  Exercise Price of any Option, determined in accordance with Section 5(b)
  hereof;

  
	
   

  	
   

  	
   

  
	
  (ii)

  	
   

  	
  the
  number of Shares subject to, and the expiration date of, any Option;
  provided, however, that no Option shall have a term in excess of 10 years
  from the date of grant of the Option;

  
	
   

  	
   

  	
   

  
	
  (iii)

  	
   

  	
  the
  manner, time and rate (cumulative or otherwise) of exercise of such Option;
  and

  

 

3

 

(iv)                              the
restrictions, if any, to be placed upon such Option or upon Shares which may be
issued upon exercise of such Option. 
The Committee may, as a condition of granting any Option, require that a
Participant agree not to thereafter exercise one or more Options previously granted
to such Participant.

 

(b)                                 Exercise
Price.  The Exercise Price
shall be determined by the Committee and shall not be less than the Fair Market
Value per Share on the date of grant.

 

SECTION
6 – EXERCISE OF OPTIONS

 

(a)                                  General
Exercise Rights. 
An Option granted under the Plan shall be exercisable during the
lifetime of the Participant to whom such Option was granted only by such
Participant, and with respect to an Option granted to an employee of the
Company or its Affiliates except as provided in Section 6(c) hereof, no such
Option may be exercised unless at the time such participant exercises such
Option, such Participant is an employee of, and has continuously since the
grant thereof been an employee of, the Company or an Affiliate.  Transfer of employment between Affiliates or
between an Affiliate and the Company shall not be considered an interruption or
termination of employment for any purpose of this Plan.  Neither shall a leave of absence at the
request, or with the approval, of the Company or an Affiliate be deemed an
interruption or termination of employment. 
An Option also shall contain such conditions upon exercise (including,
without limitations, conditions limiting the time of exercise to specified
periods) as may be required to satisfy applicable regulatory requirements,
including, without limitations, Rule 16b-3 (or any successor rule) promulgated
by the Securities and Exchange Commission.

 

(b)                                 Notice of
Exercise.  An Option may not
be exercised with respect to less than 25 Shares, unless the exercise relates
to all Shares covered by the Option at the date of exercise.  An Option shall be exercised by delivery of
a written notice to the Company.  Such
notice shall state the election to exercise the Option and the number of whole
Shares in respect of which it is being exercised, and shall be signed by the
person or persons so exercising the Option. 
Such notice shall either:  (a) be
accompanied by payment of the full Exercise Price and all applicable withholding
taxes, in which event the Company shall deliver any certificate(s) representing
Shares which the Participant is entitled to receive as a result of the exercise
as soon as practicable after the notice has been received: or (b) notice of an
intent to tender of Company Stock equal in fair market values to the Option
Exercise Price and all applicable withholding taxes, against delivery by the
Company of any 

certificate(s) representing Shares which the Participant is entitled to receive
as a result of the exercise.  Payment of
such Exercise Price and withholding taxes shall be made as provided in Sections
6(d) and 8, respectively.  In the event
the Option shall be exercised pursuant to Section 6(c)(i) hereof, by any person
or persons other than the Participant, such notice shall be accompanied by
appropriate proof of the right of such person or persons to exercise the
Option.

 

(c)                                  Exercise
After Termination of Employment or Service.  With respect to an Option granted to an
employee of the Company or its Affiliates, or to a Board member in connection
with his or her service on the Board, except as otherwise determined by the
Committee at the date of grant of the Option or Award and as is provided in the
applicable Agreement evidencing the Option, upon termination of a Participant’s
employment with the Company or any of its Affiliates or termination of Service
on the Board, as the case may be such Participant (or in the case of death, the
person(s) to whom the Option is transferred by will or the laws of descent and
distribution) may exercise such Option during the following periods of time
(but in no event after the normal expiration date of such Option):

 

(i)                                     except for
Board members, in the case of termination as a result of death of the
Participant, the Option shall remain exercisable (as to the number of shares

 

4

 

exercisable on the
termination date) for one year after the date of termination, and in the case
of disability or retirement for ninety days after the date of termination.  For Board members, upon death or disability
the options shall remain exercisable for the remaining term of the grant.  For this purpose, “disability” shall mean
such physical or mental condition affecting the Participant as determined by
the Committee in its sole discretion, and “retirement” shall mean voluntary
retirement from the Company or any Affiliate;

 

(ii)                                  in the case
of termination for cause, the Option shall immediately terminate and shall no
longer be exercisable; and

 

(iii)                               in the case
of termination for any reason other than those set forth in subparagraphs (i)
and (ii) above, with respect to the shares exercisable on the date of
termination, the Option shall remain exercisable for 90 days after the date of
termination, except for Board members who shall have the remaining term of
their grant to exercise their Options.

 

To
the extent the Option is not exercised within the foregoing periods of time,
the Option shall automatically terminate at the end of the applicable period of
time.

 

(d)                                 Payment of
Option Exercise Price. 
Upon the exercise of an Option, payment of the Exercise Price shall be
made either (i) in cash (by certified check, personal check, bank draft or
money order), (ii) with the consent of the Committee, by delivering Shares
owned by the Participant for more than six (6) months valued at Fair Market
Value, or (iii) by a combination of the foregoing forms of payment.

 

(e)                                  Rights as a
Shareholder. 
A Participant shall have no rights as a shareholder with respect to any
Shares issuable on exercise of any Option until the date of the issuance of a
stock certificate to the Participant for such Shares.  No adjustment shall be made for dividends (ordinary or
extraordinary, whether in cash, securities or other property) or distributions
or other rights for which the record date is prior to the date such stock
certificate is issued, except as provided in Section 4(b) hereof.

 

(f)                                    Effect of
Dissolution, Merger, Etc. 
Upon a Change in Control, all unvested portions of then outstanding
Options shall immediately vest.

 

SECTION
7 – RESTRICTIONS ON TRANSFERS; GOVERNMENT

REGULATIONS

 

(a)                                  Awards Not
Transferable. 
No Option nor any right or interest of a Participant under the Plan in
any instrument evidencing any Option under the Plan may be assigned,
encumbered, or transferred, except, in the event of the death of a Participant,
by will or the laws of descent and distribution.

 

(b)                                 Government
Regulations. 
This Plan, the granting of Awards under this Plan and the issuance or
transfer of Shares (and/or the payment of money) pursuant thereto are subject to
all applicable Federal and state laws, rules and regulations and to such
approvals by any regulatory or governmental agency (including without
limitation “no action” positions of the Securities and Exchange Commission)
which may, in the opinion of counsel for the Company, be necessary or advisable
in connection therewith.  Without
limiting the generality of the foregoing, no Awards may be granted under this
Plan, and no Shares shall be issued by the Company, nor cash payments made by
the Company, pursuant to or in connection with any such Award, unless and
until, in each such case, all legal requirements applicable to the issuance or
payment have, in the opinion of counsel to the Company, been complied
with.  In connection with any stock
issuance or transfer, the person acquiring the Shares shall, if

 

5

 

requested by the
Company, give assurances satisfactory to counsel to the Company in respect of
such matters as the Company may deem desirable to assure compliance with all
applicable legal requirements.  The
Company shall not be required to deliver any Shares under the Plan prior to (i)
the admission of such Shares to listing or for quotation on any stock exchange
or automated quotation system on which Shares may then be listed or quoted, and
(ii) the completion and effectiveness of such registration or other
qualification of such Shares under any state or Federal law, rule or
regulation, as the Committee shall determine to be necessary or advisable.

 

SECTION
8 – TAX WITHHOLDING

 

The
Company shall have the right to withhold from amounts due Participants, or to
collect from Participants directly, the amount which the Company deems
necessary to satisfy any taxes required by law to be withheld at any time by
reason of participation in the Plan, and the obligations of the Company under
the Plan shall be conditional on payment of such taxes.  The Participant may, prior to the due date
of any taxes, pay such amounts to the Company in cash, or with the consent of
the Committee, in Shares (which shall be valued at their Fair Market Value on
the date of payment).  There is no
obligation under this Plan that any Participant be advised of the existence of
the tax or the amount required to be withheld. 
Without limiting the generality of the foregoing, in any case where it
determines that a tax is or will be required to be withheld in connection with
the issuance or transfer or vesting of Shares under this Plan, the Company may,
pursuant to such rules as the Committee may establish, reduce the number of
such Shares so issued or transferred by such number of Shares as the Company
may deem appropriate in its sole discretion to accomplish such withholding or
make such other arrangements as it deems satisfactory.  Notwithstanding any other provision of this
Plan, the Committee may impose such conditions on the payment of any
withholding obligation as may be required to satisfy applicable regulatory
requirements, including, without limitation, Rule 16b-3 (or successor
provision) promulgated by the Securities and Exchange Commission.

 

SECTION
9 – ADMINISTRATION OF PLAN

 

(a)                                  The
Committee.  The Plan shall be
administered by the Committee, which shall be comprised of two or more members
of the Board of Directors, each of whom shall be a “non-employee director” as
defined in Rule 16b-3 (or successor provision) promulgated by the Securities
and Exchange Commission.

 

(b)                                 Committee
Action.  A majority of the
members of the Committee at the time in office shall constitute a quorum for
the transaction of business, and any determination or action may be taken at a
meeting by a majority vote or may be taken without a meeting by a written
resolution signed by all members of the Committee.  All decisions and determinations of the Committee shall be final,
conclusive and binding upon all Participants and upon all other persons
claiming any rights under the Plan with respect to any Options.  Members of the Board of Directors and
members of the Committee acting under the Plan shall be fully protected in
relying in good faith upon the advice of counsel and shall incur no liability
except for willful misconduct in the performance of their duties.

 

(c)                                  Committee
Authority.  In amplification
of the Committee’s powers and duties, but not by way of limitation, the
Committee shall have full authority and power to:

 

	
  (i)

  	
   

  	
  Construe
  and interpret the provisions of the Plan and make rules and regulations for
  the administration of the Plan not inconsistent with the Plan;

  
	
   

  	
   

  	
   

  
	
  (ii)

  	
   

  	
  Decide
  all questions of eligibility for Plan participation and for the grant of
  Awards;

  
	
   

  	
   

  	
   

  
	
  (iii)

  	
   

  	
  Adopt
  forms of Agreements and other documents consistent with the Plan;

  

 

6

 

(iv)                              Engage
agents to perform legal, accounting and other such professional services as it
may deem proper for administering the Plan; and

 

(v)                                 Take such
other actions as may be reasonably required or appropriate to administer the
Plan or to carry out the Committee activities contemplated by other sections of
this Plan.

 

(d)                                 Indemnification.  In addition to such other rights of
indemnification as they may have as directors or as members of the Committee,
the Board of Directors and the members of the Committee shall be indemnified by
the Company against the reasonable expenses, including court costs and
reasonable attorneys’ fees, actually incurred in connection with the defense of
any action, suit or proceeding, or in connection with any appeal therein, to
which they or any of them may be a party by reason of any action taken or
failure to act under or in connection with the Plan or any Award granted
hereunder, and against all amounts paid by them in settlement thereof or paid
by them in satisfaction of a judgment in any such action, suit or proceeding,
except where such indemnification is expressly prohibited by applicable law.

 

SECTION
10 – EFFECTIVE DATE

 

The
effective date of this Plan shall be November 21, 2002, the date such Plan was
approved by the Board of Directors.

 

SECTION
11 – AMENDMENT AND TERMINATION

 

(a)                                  The Plan.

 

(i)                                     Amendment.  The Board of Directors may amend the Plan
from time to time in its sole discretion; provided, however, that no such
amendment shall, without the approval of the shareholders of the Company if
such approval is required by the laws of the State of Texas or Rule 16b-3 under
the Exchange Act:  (a) change the class
of persons eligible to receive Awards or otherwise materially modify the
requirements as to eligibility for participation in the Plan; (b) increase the
aggregate number of Shares with respect to which Awards may be made under the
Plan; (c) materially increase the benefits accruing to Participants under the
Plan; or (d) remove the administration of the Plan from the Committee or render
any member of the Committee eligible to receive an Award under the Plan while
serving thereon.  Any purported
amendment in violation of these restrictions shall be void and of no
effect.  Furthermore, no amendment shall
impair the rights of any Participants under any Award theretofore made under
the Plan, without the Participant’s consent.

 

(ii)                                  Termination.  The Board of Directors may suspend or
terminate the Plan at any time.  Upon
termination of the Plan, no additional Awards shall be granted under the Plan;
provided, however, that the terms of the Plan shall continue in full force and
effect with respect to outstanding and unexercised Options granted under the
Plan and Shares issued under the Plan.

 

(b)                                 Awards.  Subject to the terms and conditions and the
limitations of the Plan, the Board may in the exercise of its sole discretion
modify, extend or renew the terms of outstanding Awards (to the extent not
theretofore exercised) and authorize the granting of new Awards in substitution
therefor (to the extent not theretofore exercised).  Notwithstanding the foregoing, however, no modification of an
Award shall, without the consent of the Participant, impair any rights or
obligations under any Awards theretofore granted under the Plan.

 

7

 

SECTION
12 – MISCELLANEOUS

 

(a)                                  Employment.  Neither the establishment of the Plan nor
any amendments thereto, nor the granting of any Award under the Plan, shall be
construed as in any way modifying or affecting, or evidencing any intention or
understanding with respect to, the terms of the employment of any Participant
with the Company or any of its Affiliates. 
No person shall have a right to be granted Awards or, having been
selected as a Participant for one Award, to be so selected again.

 

(b)                                 Multiple
Awards.  Subject to the
terms and restrictions set forth in the Plan, a Participant may hold more than
one Award.

 

(c)                                  Written
Notice.  As used herein,
any notices required hereunder shall be in writing and shall be given on the
forms, if any, provided or specified by the Committee.  Written notice shall be effective upon
actual receipt by the person to whom such notice is to be given; provided,
however, that in the case of notices to Participants and their heirs, legatees
and legal representatives, notice shall be effective upon delivery if delivered
personally or three business days after mailing, registered first class postage
prepaid to the last known address of the person to whom notice is given.  Written notice shall be given to the
Committee and the Company at the following address or such other address as may
be specified from time to time:

 

Lancer Corporation

6655 Lancer Blvd.

San Antonio, Texas 78219

Attn:  Secretary

 

(d)                                 Applicable
Law; Severability. 
The Plan shall be governed by and construed in all respect in accordance
with the laws of the State of Texas.  If
any provision of the Plan shall be held by a court of competent jurisdiction to
be invalid or unenforceable, the remaining provisions hereof shall continue to
be fully effective.

 

(e)                                  Reservation
of Shares of Stock. 
The Company, during the term of this Plan, will at all times reserve and
keep available, and will seek to obtain from any regulatory body having
jurisdiction any requisite authority necessary to issue and to sell, 200,000
shares of Stock that shall be sufficient to satisfy the requirements of this
Plan.  The inability of the Company to
obtain from any regulatory body having jurisdiction the authority deemed
necessary of counsel for the Company for the lawful issuance and sale of its
Stock hereunder shall relieve the Company of any liability in respect of the
failure to issue or sell Stock as to which the requisite authority has not been
obtained.

 

8Exhibit
10.1.5

 

Fourth Amendment

To

Second Amended and Restated
Limited Partnership Agreement
Of

Corporate Office Properties, L.P.

 

This Fourth Amendment (the “Amendment”) to the
Second Amended and Restated Limited Partnership Agreement Of Corporate Office
Properties, L.P., a Delaware limited partnership (the “Partnership”), is made
and entered into as of November 27, 2000 by the undersigned.

 

Recitals

 

A.            The
Partnership is a limited partnership organized under the Delaware Revised
Uniform Limited Partnership Act and governed by that certain Second Amended and
Restated Limited Partnership Agreement dated as of December 7, 1999 (the
“Partnership Agreement”).

 

B.            The sole general partner of the
Partnership is Corporate Office Properties Trust, a real estate investment
trust formed under the laws of the State of Maryland (the “General Partner”).

 

C.            Pursuant
to Section 11.1 (b) (iii), the General Partner desires to amend the Partnership
Agreement to reflect the admission, substitution, termination and/or withdrawal
of various limited partners in accordance with the terms of the Partnership
Agreement.

 

NOW THEREFORE, the General Partner, intending to
be legally bound, hereby amends the Partnership Agreement as follows, effective
as of the date first set forth above.

 

1.                                       Exhibit 1, Schedule of
Partners, as attached hereto and by this reference made a part hereof, is
hereby substituted for and intended to replace any prior Exhibit 1 attached to
a prior Amendment to the Partnership Agreement, and as attached hereto shall be
a full and complete listing of all the general and limited partners of the
Partnership as of the date of this Amendment, same being intended and hereby
superceding all prior Exhibit 1 listings.

 

In Witness Whereof, the General Partner has
executed this Amendment as of the day and year first above written.

 

	
   

  	
   

  	
  Corporate Office
  Properties Trust, a

  Maryland Real Estate Investment Trust

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Roger A. Waesche,
  Jr.

  	
   

  
	
   

  	
   

  	
   

  	
  Roger
  A. Waesche, Jr.

  
	
   

  	
   

  	
   

  	
  Senior
  Vice President

  

 

Exhibit
1

 

Schedule of Partners

 

	
  General
  Partner

  	
   

  	
  Partnership

  Units

  	
   

  	
  Series A

  Preferred

  Partnership

  Units

  	
   

  	
  Series B

  Preferred

  Partnership

  Units

  	
   

  	
  Series C

  Preferred

  Partnership

  Units

  	
   

  
	
  Corporate Office Properties Trust

  	
   

  	
  18,275,296

  	
   

  	
  1

  	
   

  	
  1,250,000

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Limited Partners and Preferred Limited Partners

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  United Properties Group, Incorporated

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  1,016,662

  	
   

  
	
  Jay H. Shidler

  	
   

  	
  452,878

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Shidler Equities, L.P.

  	
   

  	
  2,995,439

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Clay W. Hamlin, III

  	
   

  	
  587,292

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  LBCW Limited Partnership

  	
   

  	
  3,246,007

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Anthony Muscatello

  	
   

  	
  90,905

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Lynn B. Hamlin

  	
   

  	
  121,411

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Robert L. Denton

  	
   

  	
  434,910

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  James K. Davis

  	
   

  	
  51,589

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  John E. De B. Blockey, Trustee of the John E. de B. Blockey Living
  Trust dated 9/12/88

  	
   

  	
  300,625

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Henry  D. Bullock

  	
   

  	
  116,553

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Frederick K. Ito Trust

  	
   

  	
  29,140

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  June Y. I. Ito Trust

  	
   

  	
  29,135

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Reger Investment Fund

  	
   

  	
  268,671

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Denise J. Liszewski

  	
   

  	
  34,333

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Samuel Tang

  	
   

  	
  22,889

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  David P. Hartsfield

  	
   

  	
  30,519

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Lawrence J. Taff

  	
   

  	
  13,733

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Kimberly F. Acquino

  	
   

  	
  5,874

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  M.O.R. XXIX Associates Limited Partnership

  	
   

  	
  148,381

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  M.O.R. 44 Gateway Associates Limited Partnership

  	
   

  	
  1

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Enterprise Nautical, Inc.

  	
   

  	
  50,000

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  John Parsinen

  	
   

  	
  90,000

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  John Parsinen, Jr.

  	
   

  	
  10,000

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  New Parkway Domain Group Enterprises, LLC

  	
   

  	
  206,768

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  M.O.R. Commons Limited Partnership

  	
   

  	
  7

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  John Edward De Burgh Blockey and Sanda Juanita Blockey

  	
   

  	
  50,476

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  27,662,832

  	
   

  	
  1

  	
   

  	
  1,250,000

  	
   

  	
  1,016,662

  	
   

  

 

2

 

EXHIBIT 1 ADDENDUM

 

	
  Series

  Preferred

  Units

  	
   

  	
  Preferred

  Limited Partner

  	
   

  	
  No. of

  Preferred

  Units

  	
   

  	
  Liquidation

  Preference

  Per

  Preferred

  Unit

  	
   

  	
  Priority

  Return

  Percentage

  	
   

  	
  Priority

  	
   

  	
  Conversion

  Factor

  	
   

  	
  Conversion

  Commencement

  Date

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A

  	
   

  	
  General Partner

  	
   

  	
  1

  	
   

  	
  $

  	
  25

  	
   

  	
  1.375

  	
  %

  	
  Senior

  	
   

  	
  1.8748

  	
   

  	
  8/28/2000

  	
   

  
	
  B

  	
   

  	
  General Partner

  	
   

  	
  1,250,000

  	
   

  	
  $

  	
  25

  	
   

  	
  2.50

  	
  %

  	
  Senior

  	
   

  	
  None

  	
   

  	
  N/A

  	
   

  
	
  C

  	
   

  	
  UPG

  	
   

  	
  1,016,662

  	
   

  	
  $

  	
  25

  	
   

  	
   

  	
  **

  	
  Senior

  	
   

  	
  2.381

  	
   

  	
  12/22/2000

  	
   

  

 

*              Priority Return Percentage is expressed per
Distribution Period.

 

**           Priority Percentage Return for the Series C Preferred
Units shall be:

2.25% from December 21, 1999 to December 20, 2009;

2.625% from December 21, 2009 to December 20, 2014; and

3.00% thereafter.

 

The Distribution Period
for the Series C Preferred Units shall be each calendar quarter ending March
31, June 30, September 30 and December 31 of each year.

 

3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00049-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00049-of-00352.parquet"}]]