Document:

Exhibit 4.1

Exhibit 4.1

FIFTH SUPPLEMENTAL INDENTURE

dated as of September 24, 2009

between

KIMCO REALTY CORPORATION

and

THE BANK OF NEW YORK MELLON, as Trustee

__________________________________

SENIOR DEBT SECURITIES

of

KIMCO REALTY CORPORATION

__________________________________

THIS FIFTH SUPPLEMENTAL INDENTURE, is entered into as of September 24, 2009 (the “Fifth Supplemental Indenture”), by and between Kimco Realty Corporation, a Maryland corporation (the “Company”), and The Bank of New York Mellon (as successor to IBJ Schroder Bank & Trust Company), a banking corporation organized under the laws of the State of New York, as trustee (the “Trustee”).

WHEREAS, Kimco Realty Corporation, a Delaware corporation and predecessor to the Company (the “Delaware Company”), and the Trustee entered into the Indenture dated as of September 1, 1993 (the “Original Indenture”), relating to the Delaware Company’s senior debt securities;

WHEREAS, the Company and the Trustee entered into the First Supplemental Indenture dated as of August 4, 1994 (the “First Supplemental Indenture”), pursuant to which the Company assumed all obligations of the Delaware Company under the Original Indenture pursuant to Section 801 of the Original Indenture;

WHEREAS, the Company and the Trustee entered into the Second Supplemental Indenture dated as of April 7, 1995 (the “Second Supplemental Indenture”), pursuant to which certain provisions of the Indenture were amended and certain additional provisions to the Indenture were added for the benefit of Holders of all series of Securities created on or after April 7, 1995 in accordance with Section 901 of the Indenture;

WHEREAS, the Company and the Trustee entered into the Third Supplemental Indenture dated as of June 2, 2006 (the “Third Supplemental Indenture”), pursuant to which certain provisions of the Indenture were amended and certain additional provisions to the Indenture were added for the benefit of Holders of all series of Securities created on or after June 2, 2006 in accordance with Section 901 of the Indenture;

WHEREAS, the Company and the Trustee entered into the Fourth Supplemental Indenture dated as of April 26, 2007 (the “Fourth Supplemental Indenture” and, together with the Original Indenture, the First Supplemental Indenture, the Second Supplement Indenture and the Third Supplemental Indenture, the “Indenture”), pursuant to which certain provisions of the Indenture were amended and certain additional provisions to the Indenture were added for the benefit of Holders of all series of Securities created on or after April 26, 2007 in accordance with Section 901 of the Indenture;

WHEREAS, the Company has made a request to the Trustee that the Trustee join with it, in accordance with Sections 301 and 901 of the Indenture, in the execution of this Fifth Supplemental Indenture to establish the terms of Securities of all series created on or after the date of this Fifth Supplemental Indenture as permitted by Section 201 and Section 901 of the Indenture; and

WHEREAS, the Company and the Trustee are authorized to enter into this Fifth Supplemental Indenture.

NOW, THEREFORE, the Company and the Trustee agree as follows:

Section 1.  Relation to Indenture.  This Fifth Supplemental Indenture amends and supplements the Indenture and shall be part and subject to all the terms thereof.  Except as amended and supplemented hereby, the Indenture and Securities issued thereunder shall continue in full force and effect.

Section 2.  Definitions.  Each term used herein which is defined in the Indenture has the meaning assigned to such term in the Original Indenture unless otherwise specifically defined herein, in which case the definition set forth herein shall govern.

Section 3.  Limitations on Incurrence of Debt.  Notwithstanding anything to the contrary contained in the Fourth Supplemental Indenture, the Securities of all series created on or after the date of this Fifth Supplemental Indenture shall be subject to Section 1004 of the Indenture (as such Section 1004 may have been amended through and including the Third Supplemental Indenture or as may be amended on or after the date hereof in accordance with the terms of the Indenture).

Section 4.  Restrictions on Dividends and Other Distributions.  Notwithstanding anything to the contrary contained in the Fourth Supplemental Indenture, the Securities of all series created on or after the date of this Fifth Supplemental Indenture shall be subject to Section 1005 of the Indenture (as such Section 1005 may be amended on or after the date hereof in accordance with the terms of the Indenture).

Section 5.  Maintenance of Unencumbered Total Asset Value.  Notwithstanding anything to the contrary contained in the Fourth Supplemental Indenture, the Securities of all series created on or after the date of this Fifth Supplemental Indenture shall be subject to Section 1014 of the Indenture (as such Section 1014 may have been amended through and including the Third Supplemental Indenture or as may be amended on or after the date hereof in accordance with the terms of the Indenture).

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Section 6.  Counterparts.  This Fifth Supplemental Indenture may be executed in counterparts, each of which shall be deemed an original, but all of which shall together constitute one agreement binding on all parties hereto, notwithstanding that all the parties have not signed the same counterpart.

Section 7.  Trustee’s Acceptance.  The Trustee hereby accepts this Fifth Supplemental Indenture and agrees to perform the same under the terms and conditions set forth in the Indenture.

Section 8.  Reference to the Effect on the Indenture.

(a)

On and after the effective date of this Fifth Supplemental Indenture, 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 Fifth Supplemental Indenture unless the context otherwise requires.

(b)

Except as specifically modified or amended by this Fifth Supplemental Indenture, the Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect. Upon the execution and delivery of this Fifth Supplemental Indenture by the Company and the Trustee, this Fifth Supplemental Indenture shall form a part of the Indenture for all purposes. Any and all references, whether within the Indenture or in any notice, certificate or other instrument or document, shall be deemed to include a reference to this Fifth Supplemental Indenture (whether or not made), unless the context shall otherwise require.

Section 9.  Governing Law.  THIS FIFTH SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (WITHOUT GIVING EFFECT TO THE CONFLICT OF LAWS PRINCIPLES THEREOF).

Section 10.  Trust Indenture Act Controls.  If any provision of this Fifth Supplemental Indenture limits, qualifies or conflicts with another provision of this Fifth 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 Fifth Supplemental Indenture is executed, the provision required by the Act shall control.

Section 11.  Benefits of Fifth Supplemental Indenture or the Securities.  Nothing in this Fifth Supplemental Indenture or the Securities, express or implied, shall give to any Person, other than the parties hereto and thereto and their successors hereunder and thereunder and the Holders of the Securities, any benefit of any legal or equitable right, remedy or claim under the Indenture, this Fifth Supplemental Indenture or the Securities.

Section 12.  Successors.  All agreements of the Company in this Fifth Supplemental Indenture shall bind its successors. All agreements of the Trustee in this Fifth Supplemental Indenture shall bind its successors.

Section 13.  Concerning the Trustee.  The Trustee shall not be responsible for any recital herein (other than the sixth recital as it applies to the Trustee) as such recitals shall be taken as statements of the Company, or the validity of the execution by the Company of this Fifth Supplemental Indenture.  The Trustee makes no representations as to the validity or sufficiency of this Fifth Supplemental Indenture.

Section 14.  Certain Duties and Responsibilities of the Trustee.  In entering into this Fifth Supplemental Indenture, the Trustee shall be entitled to the benefit of every provision of the Indenture relating to the conduct or affecting the liability or affording protection to the Trustee, whether or not elsewhere herein so provided.

Section 15.  Titles.  Section titles are for descriptive purposes only and shall not control or alter the meaning of this Fifth Supplemental Indenture as set forth in the text.

Section 16.  Severability.  In case any one or more of the provisions in this Fifth Supplemental Indenture shall be held invalid, illegal or unenforceable, in any respect for any reason, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions shall not in any way be affected or impaired thereby, it being intended that all of the provisions hereof shall be enforceable to the full extent permitted by law.

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IN WITNESS WHEREOF, Kimco Realty Corporation has caused this Fifth Supplemental Indenture to be duly signed and acknowledged by its Chief Financial Officer hereunto duly authorized, and the same to be attested by its Secretary or Assistant Secretary and The Bank of New York Mellon has caused this Fifth Supplemental Indenture to be duly signed by one of its Vice Presidents thereunto duly authorized.  

KIMCO REALTY CORPORATION,

a Maryland corporation

By:        /s/ Michael V. Pappagallo                                          

Name:   Michael V. Pappagallo

Title:     Executive Vice President, Chief Financial Officer and

Chief Administrative Officer

Attest:

By:        /s/ Bruce Rubenstein                            

Name:   Bruce Rubenstein

Title:     Vice President, 

General Counsel and Secretary

THE BANK OF NEW YORK MELLON, as Trustee 

By:        /s/ Geovanni Barris                                    

Name:   Geovanni Barris

Title:     Vice President

4exhibit10-1.htm

 

Park City Group Financial Results Exceed Expectations

For the Fiscal Year Ended June 30, 2009

Company Achieves Positive EBITDA One-Year Ahead of Plan on a Adjusted Pro-forma Basis

 

PARK CITY, UT – September 24, 2009 - Park City Group, Inc. (OTCBB: PCYG), a developer of patented, innovative retail supply chain solutions and services, today announced its financial results for the year ended
June 30, 2009.

 

Highlights:

 

 

	
·  
	
Total revenue of $5.9 million for the year ended June 30, 2009, representing growth of 78%;

	
·  
	
Adjusted pro-forma EBITDA increased to approximately $357,000 for the year ended June 30, 2009, achieving positive EBITDA one-year ahead of plan;

	
·  
	
Adjusted pro-forma EBITDA for the fourth quarter of fiscal 2009 of approximately $330,000 exceeded the Company’s previous guidance for adjusted pro-forma EBITDA of between $235,000 and $300,000;

	
·  
	
Company continues to see strong new customer activity, highlighted by the recent signing of its fourth new retailer Hub in calendar 2009.

 

Park City Group reported total revenue of $5,964,767 for year ended June 30, 2009, compared with $3,344,973 for the year ended June 30, 2008. The increase is principally due to the acquisition of Prescient Applied Intelligence on January 13, 2009, partially offset by a one-time license sale in 2008 which did not recur in 2009.

 

Operating expenses of $9,337,682 for the year ended June 30, 2009 include a $1,457,383 non-cash charge related to the impairment of certain capitalized software costs acquired in connection with the acquisition of Prescient, as well as $236,117 in non-recurring costs incurred in connection with the consummation of the merger. No further
impairment costs are currently anticipated.  Operating expenses are anticipated to substantially decline as a percentage of revenue as a result of cost reduction measures initiated in fiscal 2009.  The benefits of these cost reduction measures are expected to be more fully realized during the current 2010 fiscal year.

 

Adjusted pro-forma EBITDA increased to approximately $357,000 for the year ended June 30, 2009 compared with an EBITDA loss of approximately ($60,000) for the year ended 2008, achieving positive EBITDA one year ahead of plan on an adjusted pro-forma basis.

 

For the fourth quarter of fiscal 2009, the Company reported adjusted pro-forma EBITDA of approximately $330,000, exceeding its preliminary guidance for adjusted pro-forma EBITDA to be between $235,000 and $300,000.

 

Including non-recurring costs and charges incurred in connection with the Prescient acquisition, net loss applicable to common shareholders for the year ended June 30, 2009 was $4,727,892, or $(0.48) per common share, compared with a net loss of $3,199,016 for the year ended June 30, 2008, or $(0.35) per common share.

  

-1-

  

 

“Fiscal 2009 exceeded our own expectations, with adjusted pro-forma EBITDA well ahead of our financial plan and preliminary guidance” said Randall K. Fields, Park City Group’s Chairman and CEO. “Our strategies are clearly working as evidenced by the
recent announcement of our fourth new retailer Hub signing in calendar 2009.  As I look forward to 2010, I anticipate a year of greater penetration of our broad suite of services into our existing customer base, the addition of new retailer Hubs and supplier Spokes, operating margin expansion, strong growth in EBITDA and our first year of positive net earnings and EPS.”

 

EBITDA is calculated as net income before deducting interest, taxes, depreciation and amortization. Adjusted EBITDA also excludes items such as impairment charges, charges to consolidate and integrate recently acquired businesses, costs of closing corporate facilities, non-cash stock based compensation and other non-cash charges.  Although
EBITDA and adjusted EBITDA are not measures of actual cash flow because they do not consider changes in assets and liabilities that may impact cash balances, the Company’s management reviews these non-GAAP financial measures internally to evaluate the Company’s performance and manage the operations. Additionally, the Company believes they are useful metrics to evaluate operating performance and has therefore included such measures in the reporting of operating results.

 

Conference Call

 

The Company will host a conference call at 11:00 A.M. EDT on September 30, 2009 to discuss fiscal year 2009 financial results.  Shareholders and other interested parties may participate in the conference call by dialing (888) 679-8018 or (International) (617) 213-4845 and entering Conference ID #40859144.

 

A replay of the conference call will be accessible until October 30, 2009 by dialing (888) 286-8010 and entering Conference ID # 77464283.

 

About Park City Group

 

Park City Group is a trusted business solutions and services provider that enables retailers and suppliers to work collaboratively as strategic partners to reduce out-of-stocks, shrink, inventory and labor while improving profits, efficiencies, and customer service. Our innovative solutions provide trading partners a common platform on
which they can capture, manage, analyze and share critical data, bringing greater visibility throughout the supply chain, and giving them the power to make better and more informed decisions. For more information, go to www.parkcitygroup.com.

  

-2-

  

 

Forward-Looking Statement

 

Any statements contained in this document that are not historical facts are forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Words such as “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “intend,” “may,”
“plan,” “project,” “predict,” “if”, “should” and “will” and similar expressions as they relate to Park City Group, Inc. (”Park City Group”) are intended to identify such forward-looking statements. Park City Group may from time to time update these publicly announced projections, but it is not obligated to do so. Any projections of future results of operations should not be construed in any manner as a guarantee that such results
will in fact occur. These projections are subject to change and could differ materially from final reported results. For a discussion of such risks and uncertainties, see “Risk Factors” in Park City’s annual report on Form 10-K for the year ended June 30, 2009 and its other reports filed with the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of
the dates on which they are made.

 

IR Contact

Neal Goldner

Darrow Associates

(631) 239-6282

ngoldner@darrowir.com

  

-3-

  

PARK CITY GROUP, INC. AND SUBSIDIARIES

Consolidated Statements of Operations

For the Years Ended June 30, 2009 and 2008

	  	 	
2009
	 	 	
2008
	 
	  	 	 	 	 	 	 
	
Revenues:
	 	 	 	 	 	 
	
Subscriptions
	 	$	2,883,196	 	 	$	203,028	 
	
Maintenance and support
	 	 	1,927,773	 	 	 	1,455,344	 
	
Professional services
	 	 	899,800	 	 	 	584,661	 
	
License fees
	 	 	253,998	 	 	 	1,101,940	 
	  	 	 	 	 	 	 	 	 
	
Total revenues
	 	 	5,964,767	 	 	 	3,344,973	 
	  	 	 	 	 	 	 	 	 
	
Operating expenses:
	 	 	 	 	 	 	 	 
	
Cost of revenues and product support
	 	 	3,580,567	 	 	 	2,419,227	 
	
Sales and marketing
	 	 	1,347,705	 	 	 	1,843,912	 
	
General and administrative
	 	 	2,225,960	 	 	 	2,073,214	 
	
Depreciation and amortization
	 	 	726,067	 	 	 	505,539	 
	
Impairment of capitalized software costs
	 	 	1,457,383	 	 	 	-	 
	  	 	 	 	 	 	 	 	 
	
Total operating expenses
	 	 	9,337,682	 	 	 	6,841,892	 
	  	 	 	 	 	 	 	 	 
	
Loss from operations
	 	 	(3,372,915	)	 	 	(3,496,919	)
	  	 	 	 	 	 	 	 	 
	
Other income (expense):
	 	 	 	 	 	 	 	 
	
Equity in subsidiary loss
	 	 	(162,796	)	 	 	-	 
	
Loss on disposition of property and equipment
	 	 	(520	)	 	 	(295	)
	
Income from patent activities
	 	 	-	 	 	 	600,000	 
	
Interest (expense) income, net
	 	 	(505,146	)	 	 	29,035	 
	  	 	 	 	 	 	 	 	 
	
Total other income (expense)
	 	 	(668,462	)	 	 	628,740	 
	  	 	 	 	 	 	 	 	 
	
Loss before income taxes
	 	 	(4,041,377	)	 	 	(2,868,179	)
	  	 	 	 	 	 	 	 	 
	
(Provision) benefit for income taxes
	 	 	-	 	 	 	-	 
	  	 	 	 	 	 	 	 	 
	
Net loss
	 	 	(4,041,377	)	 	 	(2,868,179	)
	  	 	 	 	 	 	 	 	 
	
Dividends on preferred stock
	 	 	(686,515	)	 	 	(330,837	)
	  	 	 	 	 	 	 	 	 
	
Net loss applicable to common shareholders
	 	$	(4,727,892	)	 	$	(3,199,016	)
	  	 	 	 	 	 	 	 	 
	
Weighted average shares, basic and diluted
	 	 	9,770,000	 	 	 	9,150,000	 
	
Basic and diluted loss per share
	 	$	(0.48	)	 	$	(0.35	)

 

  

-4-

  

Reconciliation of GAAP and Non-GAAP Financial Measures

For the Years Ended, June 30, 2009 and 2008

 

	  	  	 	
For the Year Ended
	 
	
(In 000's)
	  	 	
June 30,
	 
	
Audited results of operations
	  	 	
FY 2009
	 	 	
FY 2008
	 
	
Net loss applicable to common shareholders
	  	 	$	(4,728	)	 	$	(3,199	)
	  	  	 	 	 	 	 	 	 	 
	
Non-GAAP Adjustments:
	  	 	 	 	 	 	 	 	 
	
Impairment of capitalized software
	  	 	$	1,457	 	 	$	-	 
	
Depreciation and amortization
	  	 	 	726	 	 	 	506	 
	
Bad debt expense
	  	 	 	124	 	 	 	128	 
	
Stock issued for services and expenses
	  	 	 	149	 	 	 	75	 
	
Income from patent activities
	  	 	 	-	 	 	 	(600	)
	
Gain (loss) on equity method investment
	  	 	 	163	 	 	 	-	 
	
Interest, net
	  	 	 	505	 	 	 	(29	)
	
Dividends on preferred stock
	  	 	 	687	 	 	 	331	 
	
Acquisition related costs
	
(b)
	 	 	236	 	 	 	-	 
	
Adjusted Non-GAAP EBITDA (loss)
	  	 	$	(681	)	 	$	(2,788	)
	  	  	 	 	 	 	 	 	 	 
	  	  	 	 	 	 	 	 	 	 
	  	  	 	
For the Year Ended
	 
	
(In 000's)
	  	 	
June 30,
	 
	
Unaudited pro-forma combined condensed
	  	 	
FY 2009
	 	 	
FY 2008
	 
	
financial statements
	  	 	 	 	 	 	 	 	 
	
Net loss applicable to common shareholders
	  	 	$	(7,070	)	 	$	(10,746	)
	
 
	  	 	 	 	 	 	 	 	 
	
Non-GAAP Adjustments:
	  	 	 	 	 	 	 	 	 
	
Impairment of capitalized software
	  	 	$	1,457	 	 	$	-	 
	
Impairment of goodwill
	  	 	 	2,370	 	 	 	7,453	 
	
Depreciation and amortization
	  	 	 	956	 	 	 	968	 
	
Bad debt expense
	  	 	 	162	 	 	 	101	 
	
Stock issued for services and expenses
	  	 	 	198	 	 	 	85	 
	
Income from patent activities
	  	 	 	-	 	 	 	600	 
	
Interest, net
	  	 	 	623	 	 	 	(229	)
	
Provision for income taxes
	  	 	 	44	 	 	 	41	 
	
Dividends on preferred stock
	  	 	 	1,355	 	 	 	1,667	 
	
Acquisition related costs
	
(b)
	 	 	262	 	 	 	-	 
	
Adjusted Pro Forma EBITDA (loss)
	
 (a)
	 	$	357	 	 	$	(60	)
	  	  	 	 	 	 	 	 	 	 
	
(a) The unaudited pro-froma results of operations for the year ended June 30, 2009 and 2008, as though Prescient had been acquired as of July 1, 2007.
	 
	  	  	 	 	 	 	 	 	 	 
	
(b) Acquisition related costs are certain costs that were incurred during the period that were not capitalized.  These costs include rents incurred on vacant corporate facilities and data centers, travel, training and costs to rebrand the combined Company.

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