Document:

Exhibit 10.4

 

AMENDMENT

TO

AMENDED AND RESTATED
EMPLOYMENT AGREEMENT

 

This amendment (the “Amendment”) is effective as of the 20th day of
October, 2010, and is made by and between Congaree Bancshares, a South Carolina
corporation (the “Company”), Congaree State Bank, a South Carolina state bank
and wholly owned subsidiary of the Company (the “Bank”; together with the
Company, the “Employer”), and Charlie T. Lovering, an individual resident of
South Carolina (the “Executive”).

 

WHEREAS, the Executive and the Employer entered into an employment agreement,
dated September 14, 2006 (the “Agreement”), whereby the Executive agreed to serve as Chief Financial Officer and Executive
Vice President of the Bank and of the Company;

 

WHEREAS, the Executive and the Employer amended
the Agreement, during the second half of 2007 (the “Amended and Restated Agreement”), to amend certain outdated provisions in the
Agreement and to ensure documentary compliance with the final regulations of Section 409A
of the Internal Revenue Code;

 

WHEREAS,
the Executive and the Company entered into a letter agreement, dated January 9,
2009, to ensure compliance with Section 111(b) of the Emergency
Economic Stabilization Act of 2008 and to acknowledge modification of certain
provisions of the Amended and Restated Agreement during the period which the
United States Department of Treasury (the “Treasury”) holds any equity or debt
securities of the Company acquired through the Company’s participation in the
Treasury’s Troubled Asset Relief Program – Capital Purchase Program (the “CPP”);
and

 

WHEREAS,
the parties now desire to further amend the Amended and Restated Agreement to update an outdated
provision and to ensure documentary compliance with the final Treasury
regulations under Section 409A of the Internal Revenue Code and IRS Notice
2010-6 issued pursuant thereto.

 

NOW,
THEREFORE, the Company, the Bank, and the
Executive do hereby agree as follows:

 

1.            Section 4(g) of
the Amended and Restated Agreement is
hereby deleted in its entirety and replaced with the following:

 

(h)     With the exceptions of the
provisions of this Section 4, and the express terms of any benefit plan
under which the Executive is a participant, it is agreed that, upon termination
of the Executive’s employment, the Employer shall have no obligation to the
Executive for, and the Executive waives and relinquishes, any further
compensation or benefits (exclusive of COBRA benefits).  Within 45 days of the Executive’s Termination
of Employment, and as a condition to the Employer’s obligation to pay any
severance hereunder, the Employer
and the Executive shall enter into a release

 

 

substantially in the form attached hereto as Exhibit A, and
may not revoke such release within the revocation period stated in such
release, acknowledging such remaining obligations and discharging both parties,
as well as the Employer’s officers, directors and employees with respect to
their actions for or on behalf of the Employer, from any other claims or
obligations arising out of or in connection with the Executive’s employment by
the Employer, including the circumstances of such termination.

 

2.             All other terms
and conditions of the Amended
and Restated Agreement, except as modified herein, shall remain
in full force and effect and shall be binding on the parties hereto, their
heirs, successors, and assigns.

 

[Signatures appear on following page.]

 

 

IN WITNESS WHEREOF, the Company and the Bank each have caused this
Amendment to be executed and its respective seals to be affixed hereunto by its
respective officers thereunto duly authorized, and the Executive has signed and
sealed this Amendment, effective as of the date first above written.

 

	
   

  	
   

  	
   

  	
  CONGAREE
  BANCSHARES, INC.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ATTEST:

  	
   

  	
   

  	
   

  
	
  By:

  	
  /s/
  X

  	
   

  	
  By:

  	
  /s/
  E. Daniel Scott

  
	
  Name:

  	
   

  	
   

  	
  Name:

  	
  E.
  Daniel Scott

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Chairman

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  CONGAREE
  STATE BANK

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ATTEST:

  	
   

  	
   

  	
   

  
	
  By:

  	
  /s/
  X

  	
   

  	
  By:

  	
  /s/
  E. Daniel Scott

  
	
  Name:

  	
   

  	
   

  	
  Name:

  	
  E.
  Daniel Scott

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Chairman

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  EXECUTIVE

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  /s/
  Charlie T. Lovering

  
	
   

  	
   

  	
   

  	
  Charlie
  T. LoveringEXHIBIT 10.1

 

This exhibit reflects an amendment to the IBM
401(k) Plus Plan to incorporate changes that are required to be made to
maintain the qualified status of the plan under the Internal Revenue Code.

 

IBM 401(K) PLUS PLAN

(as Amended and Restated as of January 1, 2008)

 

AMENDMENT
No. 3

 

Instrument
of Amendment

 

Recitals:

 

International Business
Machines Corporation (“IBM”) has established and maintains the IBM 401(k) Plus
Plan (the “Plan”), a qualified retirement plan that meets the requirements of Section 401(a) of
the Internal Revenue Code (the “Code”) and that includes a cash or deferred
arrangement within the meaning of Section 401(k) of the Code.

 

In accordance with Section 13.01
of the Plan, IBM has reserved the right to amend the Plan at any time and
from time to time.

 

In accordance with Section 13.01
of the Plan, the Plan Administrator is authorized to adopt amendments to the
Plan that are necessary to maintain the tax-qualified status of the Plan.

 

IBM amended and restated the
Plan, effective as of January 1, 2008.

 

IBM has determined to amend
the Plan, as heretofore restated, in the manner set forth in this Instrument of
Amendment, to be effective as specified herein.

 

Amendment:

 

1.  Section 1.15
is amended, effective January 1, 2008, by inserting immediately after the
first sentence of Section 1.15, the following new sentence:

 

“Notwithstanding the
foregoing, deal team payments and significant signings bonuses paid to
Non-Executives during the period commencing January 1, 2008 and ending on March 31,
2008, shall be deemed to be Compensation for the Plan.  Any significant signings bonuses or deal team
payments paid after the end of such period shall not be considered Compensation
under the Plan.”

 

2.  Section 8.01(b) is
amended, effective August 1, 2008, by adding after the first sentence of Section 8.01(b),
the following new sentence:

 

“The preceding sentence
shall not apply with respect to any withdrawal made during the period beginning
August 1, 2008, and ending April 27, 2009, that is distributed from
the Participant’s Before-Tax Deferral Account only or from the Participant’s
Roth Contributions Account only.”

 

 

3.  Section 8.02(e) is
amended, effective January 1, 2008, by adding after the first sentence of Section 8.02(e),
the following new sentence:

 

“The preceding sentence
shall not prohibit any Hardship withdrawal made during the period beginning January 1,
2008, and ending June 8, 2009, unless the Hardship withdrawal would
include Deferred Cash Contributions.”

 

4.  Section 10.04(a)(i) is
modified, effective August 1, 2008, to read as follows:

 

“no
Participant may take more than 4 withdrawals from his Account in any Plan Year
(except with respect to any withdrawal made during the period beginning August 1,
2008, and ending April 27, 2009, that is distributed from the Participant’s
Before-Tax Deferral Account only or from the Participant’s Roth Contributions
Account only); and”Exhibit 4.1

 

SUPPLEMENTAL INDENTURE

 

This SUPPLEMENTAL INDENTURE, dated as of October 20,
2010 (the “Supplemental Indenture”), is
by and between Michaels Stores, Inc., a Delaware corporation (the “Company”), and Law Debenture Trust
Company of New York (as successor to Wells Fargo Bank, National Association),
as trustee under the Indenture referred to below (the “Trustee”).

 

RECITALS

 

WHEREAS, the Company and the Trustee have previously
become parties to an Indenture, dated as of October 31, 2006 (as amended,
supplemented or otherwise modified from time to time, the “Indenture”),
providing for the issuance of the Company’s 10% Senior Notes due 2014 (the “Notes”);

 

WHEREAS, the Company proposes to amend the Indenture
and the Notes as contemplated by this Supplemental Indenture (such amendments,
collectively, the “Amendments”);

 

WHEREAS, pursuant to Section 9.02 of the
Indenture, the Company and the Trustee may amend or supplement the Indenture
and the Notes as contemplated by this Supplemental Indenture with the consent
of the Holders of at least a majority in aggregate principal amount of the
outstanding Notes;

 

WHEREAS, the Company has obtained the consent of the
Holders of at least a majority in aggregate principal amount of the outstanding
Notes, pursuant to the Offer to Purchase and Consent Solicitation Statement,
dated October 6, 2010 (as amended, supplemented or otherwise modified from
time to time, the “Consent Solicitation
Statement”), to the Amendments upon the terms and subject to the
conditions set forth therein;

 

WHEREAS,
the Company has done all things necessary to make this Supplemental Indenture a
valid agreement of the Company in accordance with the terms of the Indenture
and has satisfied all other conditions required under Article 9 of the
Indenture; and

 

WHEREAS, pursuant to Section 9.06, the Trustee is
authorized to execute and deliver this Supplemental Indenture.

 

NOW, THEREFORE, in consideration of the foregoing and
for other good and valuable consideration, the receipt of which is hereby acknowledged,
in order to effect the Amendments, the Company agrees with the Trustee as
follows:

 

ARTICLE I

 

DEFINITIONS AND OTHER PROVISIONS OF GENERAL
APPLICATION

 

1.1  Definitions.  Except
as otherwise expressly provided herein or unless the context otherwise
requires, capitalized terms used but not defined in this Supplemental Indenture
shall have the meanings assigned to them in the Indenture.

 

1.2  Effect of Headings.  The Article and Section headings in
this Supplemental Indenture are for convenience only and shall not affect the
construction of the Indenture or this Supplemental Indenture.

 

1.3  Successors and Assigns. 
All covenants and agreements in this Supplemental Indenture by the
Company shall bind its successors and assigns, whether so expressed or not.

 

1.4.  Separability Clause. 
In case any provision in this Supplemental Indenture shall be held
invalid, illegal or unenforceable, the validity, legality and enforceability of
the remaining provisions shall not in any way be affected or impaired thereby.

 

1.5  Trust Indenture Act Controls.  If any provision of this Supplemental
Indenture limits, qualifies or conflicts with another provision of this
Supplemental Indenture or the Indenture that is required to be included by the
Trust Indenture Act of 1939, as amended (the “Act”),
as in force at the date this Supplemental Indenture is executed, the provision
required by the Act shall control.

 

1.6  Benefits of Supplemental Indenture.  Nothing in this Supplemental Indenture,
express or implied, shall give to any person, other than the parties to this
Supplemental Indenture and their successors hereunder and the Holders of the
Notes, any benefit of any legal or equitable right, remedy or claim under this
Supplemental Indenture.

 

 

1.7  Governing Law.  This
Supplemental Indenture shall be governed by, and construed in accordance with,
the laws of the State of New York.

 

1.8  Reference to and Effect on the Indenture.

 

(a)  On and after the Operative Date (as
defined in Section 2.1 below), each reference in the Indenture to “this
Indenture,” “hereunder,” “hereof,” or “herein” shall mean and be a reference to
the Indenture as supplemented by this Supplemental Indenture, unless the
context otherwise requires.

 

(b)  Except as specifically amended by
this Supplemental Indenture on the Operative Date, the Indenture and the Notes
are hereby ratified and confirmed and all of the terms, conditions and
provisions thereof shall remain in full force and effect.  This Supplemental Indenture shall form a part
of the Indenture for all purposes, and every Holder of the Notes heretofore and
hereafter authenticated and delivered under the Indenture shall be bound
hereby.

 

ARTICLE II

 

AMENDMENTS OF THE INDENTURE AND NOTES

 

2.1  Amendment to Indenture and Notes.  Following the execution and delivery by the
Company and the Trustee of this Supplemental Indenture, the terms hereof shall
become operative on the initial date (the “Operative Date”)
of acceptance for purchase by the Company of the Notes validly tendered in the
tender offer contemplated by the Consent Solicitation Statement.  Effective as of the Operative Date, the
Supplemental Indenture hereby amends the Indenture and Notes as provided for
herein.  If the Operative Date does not
occur on or prior to the Initial Payment Date (as defined in the Consent
Solicitation Statement), then the terms of this Supplemental Indenture shall be
null and void and the Indenture and Notes shall continue in full force and
effect without any modification or amendment hereby.

 

2.2  Deletion of Certain Provisions.

 

(a)  Amendments.

 

(i) As of the Operative Date, the
following sections of the Indenture are hereby deleted in their entirety and,
in the case of each such section, replaced with the phrase “[Intentionally
Omitted]”, and any and all references to such sections and any and all
obligations thereunder are hereby deleted throughout the Indenture, and such
sections and references shall be of no further force or effect.

 

	
   

  	
  ·

  	
  SECTION 4.02

  	
  Maintenance of Office or Agency

  
	
   

  	
  ·

  	
  SECTION 4.03

  	
  Reports and Other Information

  
	
   

  	
  ·

  	
  SECTION 4.04

  	
  Compliance Certificate

  
	
   

  	
  ·

  	
  SECTION 4.05

  	
  Taxes

  
	
   

  	
  ·

  	
  SECTION 4.06

  	
  Stay, Extension or Usury Laws

  
	
   

  	
  ·

  	
  SECTION 4.07

  	
  Limitation on Restricted Payments

  
	
   

  	
  ·

  	
  SECTION 4.08

  	
  Dividend and Other Payment Restrictions Affecting
  Restricted Subsidiaries

  
	
   

  	
  ·

  	
  SECTION 4.09

  	
  Limitation on Incurrence of Indebtedness and
  Issuance of Disqualified Stock and Preferred Stock

  
	
   

  	
  ·

  	
  SECTION 4.10

  	
  Asset Sales

  
	
   

  	
  ·

  	
  SECTION 4.11

  	
  Transactions with Affiliates

  
	
   

  	
  ·

  	
  SECTION 4.12

  	
  Liens

  
	
   

  	
  ·

  	
  SECTION 4.13

  	
  Corporate Existence

  
	
   

  	
  ·

  	
  SECTION 4.14

  	
  Offer to Repurchase Upon Change of Control

  
	
   

  	
  ·

  	
  SECTION 4.15

  	
  Limitation on Guarantees of Indebtedness by
  Restricted Subsidiaries

  
	
   

  	
  ·

  	
  SECTION 4.16

  	
  Discharge and Suspension of Covenants

  
	
   

  	
  ·

  	
  SECTION 5.01

  	
  Merger, Amalgamation, Consolidation, or Sale of
  Assets

  

 

(ii)  As of the Operative Date, each of
clauses (a)(3), (4), (5) and (8) and (b) of Section 6.01
and each of clauses (2), (3), (4), (5), (6) and (7) of Section 8.04
are hereby deleted in their entirety and, in the 

 

 

case of each such section, replaced with the phrase “[Intentionally
Omitted]” and the Company shall be released from any and all of its obligations
thereunder.

 

2.3  Other Amendments to the Indenture. 
All definitions in the Indenture which are used exclusively
in the sections and clauses deleted pursuant to Section 2.2 of this
Supplemental Indenture or whose sole use or uses in the Indenture were
eliminated in the revisions set forth in Sections 2.2 of this Supplemental
Indenture are hereby deleted.  All
cross-references in the Indenture to sections and clauses deleted by Section 2.2
of this Supplemental Indenture shall also be deleted in their entirety.

 

ARTICLE III

 

AMENDMENT TO THE NOTES

 

The Notes include certain of the foregoing provisions
from the Indenture to be deleted or amended pursuant to Sections 2.2 and 2.3
hereof.  Upon the Operative Date, such
provisions from the Notes shall be deemed deleted or amended as applicable.

 

***

 

This Supplemental Indenture may be executed in several
counterparts, all of which together shall constitute one agreement binding on
all parties hereto, notwithstanding that all the parties have not signed the
same counterpart.

 

 

SIGNATURES

 

IN WITNESS WHEREOF, the parties hereto have caused
this Supplemental Indenture to be duly executed all as of the date first
written above.

 

	
   

  	
  MICHAELS STORES, INC.,

  
	
   

  	
  as the Company

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Charles M. Sonsteby

  
	
   

  	
  Name:

  	
  Charles M. Sonsteby

  
	
   

  	
  Title:

  	
  Chief Administrative Officer and Chief

  
	
   

  	
   

  	
  Financial Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  LAW DEBENTURE TRUST COMPANY OF NEW YORK,

  
	
   

  	
  as the Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  

 

Supplemental
Indenture (10% Senior Notes due 2014)

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