Document:

Second Amendment

EXHIBIT 10.1

THIRD AMENDMENT TO

CREDIT AGREEMENT

				
	
             THIS
THIRD AMENDMENT TO CREDIT AGREEMENT (this “Amendment”) is made as of
the 29th day of June, 2010, between ATLANTIC AMERICAN CORPORATION, a Georgia
corporation (the “Borrower”) and WELLS FARGO BANK, NATIONAL
ASSOCIATION, successor-in-interest by merger to Wachovia Bank National
Association (the “Bank”).

Recitals:

				
	
             The
Borrower and the Bank have entered into that certain Credit Agreement dated as
of December 22, 2006, as amended by that certain First Amendment to Credit
Agreement and Pledge Agreement dated March 28, 2008, and as further amended by
that certain Second Amendment to Credit Agreement dated October 28, 2008 (as so
amended the “Credit Agreement”). The Borrower and the Bank
desire to amend the Credit Agreement in certain respects, as hereinafter
provided.
	
             NOW,
THEREFORE, in consideration of the Recitals and the mutual promises contained
herein and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Borrower and the Bank,
intending to be legally bound hereby, agree as follows:
	

             SECTION 1.    
Recitals.  The Recitals  are  incorporated  herein by reference  and shall be deemed to be a part
of this Amendment.
	
             SECTION 2.    
Definitions.  Capitalized terms used herein which are not  otherwise  defined  herein shall have
the respective meanings assigned to them in the Credit Agreement.
	
             SECTION 3.    
Amendments to Credit Agreement.  The Credit Agreement is amended as set forth in this Section 3.
	
                             (a)    
Amended Definitions.  The following  definitions set forth in Article I of the Credit Agreement is hereby amended and restated in their entirety to read as follows:
	 	 “Commitment” means $5,000,000, as such amount may be reduced from time to time as provided in
this Agreement. 

	 	“Termination Date” means the earlier to occur of (i) June 30, 2011, (ii) the date the
Commitment is terminated pursuant to Section 6.01 following the occurrence of an
Event of Default, or (iii) the date the Borrower terminates the Commitment
entirely pursuant to Section 2.06. 

	
                             (b)    
Amendment to Section 2.04.  Section  2.04(b) of the Credit  Agreement  is hereby  amended and restated in
its entirety to read as follows:
	 	
                            (b)       The Advances shall be repaid on the Termination Date.

	
                             (c)    
Amendment to Section 2.05(a).  Section 2.05(a) of the Credit  Agreement is hereby amended and restated in
its entirety to read as follows:
	 	
          (a)       "Applicable Margin" shall be 2.00%.

	

             SECTION 4.    
No Other Amendment.  Except for the amendments set forth above, the text of the Credit
Agreement shall remain unchanged and in full force and effect. This Amendment is
not intended to effect, nor shall it be construed as, a novation. The Credit
Agreement and this Amendment shall be construed together as a single instrument
and any reference to the “Agreement” or any other defined term for the
Credit Agreement in the Credit Agreement, the Loan Documents or any certificate,
instrument or other document delivered pursuant thereto shall mean the Credit
Agreement as amended hereby and as it may be amended, supplemented or otherwise
modified hereafter. Nothing herein contained shall waive, annul, vary or affect
any provision, condition, covenant or agreement contained in the Credit
Agreement, except as herein amended, or any of the other Loan Documents nor
affect nor impair any rights, powers or remedies under the Credit Agreement, as
hereby amended or any of the other Loan Documents. The Bank does hereby reserve
all of its rights and remedies against all parties who may be or may hereafter
become secondarily liable for the repayment of the Obligations. The Borrower
promises and agrees to perform all of the requirements, conditions, agreements
and obligations under the terms of the Credit Agreement, as hereby amended, and
the other Loan Documents. The Credit Agreement, as amended, and the other Loan
Documents are hereby ratified and affirmed. The Borrower hereby expressly agrees
that the Credit Agreement, as amended, and the other Loan Documents are in full
force and effect.

				
	

             SECTION 5.    
Representations and Warranties.  The Borrower hereby represents and
warrants in favor of the Bank as follows:
	
                             (a)    
The  representations  and warranties of the Borrower  contained in Article IV of the Credit  Agreement are
true in all material  respects on and as of the date hereof (except to the extent they are made  specifically  with
reference to some other date, in which case they are true and correct as of such other date);
	
                             (b)    
After giving  effect to this  Amendment,  no Default or Event of Default under the Credit  Agreement,  the
Pledge Agreement or any other Loan Document has occurred and is continuing on the date hereof;
	
                             (c)    
The Borrower has the  corporate  power and  authority to enter into this  Amendment and to do all acts and
things as are required or contemplated hereunder to be done, observed and performed by it;
	
                             (d)    
This  Amendment  has been duly  authorized,  validly  executed  and  delivered  by one or more  authorized
officers of the Borrower,  and this  Amendment,  the Credit  Agreement  and Pledge  Agreement,  as amended  hereby,
constitute the legal,  valid and binding  obligations  of the Borrower  enforceable  against it in accordance  with
their terms; and
	
                             (e)    
Neither the execution and delivery of this Amendment,  the Borrower's  performance hereunder and under the
Credit Agreement,  as amended hereby, the making of the Planned Dividend,  nor the making of the Planned Redemption
require  the  consent  or  approval  of any  regulatory  authority  or  governmental  authority  or  agency  having
jurisdiction  over the Borrower other than those which have already been obtained or given,  nor will the aforesaid
actions be in  contravention  of or in conflict with the Articles of  Incorporation  or Bylaws of the Borrower,  or
the provision of any statute, or any judgment, order or indenture,  instrument,  agreement or undertaking, to which
the Borrower is a party or by which its assets or properties are or may become bound.

				
	

             SECTION 6.    
Conditions to Effectiveness.  The effectiveness of this Amendment and the obligations of
the Bank hereunder are subject to the following conditions, unless the Bank
waives such conditions: 
	
                             (a)    
receipt by the Bank from the Borrower of a duly executed counterpart of this Amendment;
	
                             (b)    
the fact  that  the  representations  and  warranties  of the  Borrower  contained  in  Section  7 of this
Amendment shall be true on and as of the date hereof; and
	
                             (c)    
receipt by the Bank from the Borrower of a $5,000 commitment fee.
	

             SECTION 7.    
Counterparts.  This Amendment may be executed in multiple counterparts,
each of which shall be deemed to be an original and all of which, taken
together, shall constitute one and the same agreement. 

-2-

				
	
             SECTION 8.    
Governing Law.  This Amendment shall be construed in accordance with and governed by
the laws of the State of Georgia.
	
             SECTION 9.    
Attorney's Fees and Expenses.  The Borrower hereby agrees that all
attorney’s fees and expenses incurred by the Bank in connection with the
preparation, negotiation and execution of this Amendment shall be payable by the
Borrower.

 [Remainder of page intentionally left blank]

-3-

             IN
WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly
executed under seal by their respective authorized officers as of the day and
year first above written.

	ATTEST:	ATLANTIC AMERICAN CORPORATION
	 
	                        
/s/  Casey Hudson
  
                           	By:          
                 /s/  John G. Sample, Jr.          
                         
	Its:                 Vice President and Controller
              	       Name:          
              John G. Sample, Jr.                      
           
	          
     
        [CORPORATE SEAL]	
       Title:  Senior Vice President and Chief Financial Officer
      

	 
	 	WELLS FARGO BANK, NATIONAL
 ASSOCIATION,
                                                        successor-in-interest by merger
 to Wachovia Bank, National
                                                        Association
	 
	 	By:
                            /s/  
Brian L. Martin                                 
       
	 	     
Name:                      
     Brian L. Martin                      
                

	 	     
Title:                    
     Senior Vice President                                

	 

Signature Page to

Third Amendment to Credit AgreementUnassociated Document

Exhibit 10.1

RESTRICTED STOCK AGREEMENT

UNDER THE

AMENDED AND RESTATED CENTURYLINK 2005 DIRECTORS STOCK PLAN

(2010 GRANTS TO SEVEN INCUMBENT DIRECTORS)

This RESTRICTED STOCK AGREEMENT (this “Agreement”) is entered into as of May 21, 2010, by and between CenturyLink, Inc. (“CenturyLink”) and «Director_Name» (“Award Recipient”).

 

WHEREAS, CenturyLink maintains the Amended and Restated CenturyLink 2005 Directors Stock Plan (the “Plan”), under which the Compensation Committee (the “Committee”) of the Board of Directors of CenturyLink (the “Board”) may, among other things, grant restricted shares of CenturyLink’s common stock, $1.00 par value per share (the “Common Stock”), to outside directors of CenturyLink, subject to such terms, conditions, or restrictions as it may deem appropriate; and

 

WHEREAS, pursuant to the Plan, the Committee has awarded to the Award Recipient restricted shares of Common Stock on the terms and conditions specified below;

 

NOW, THEREFORE, the parties agree as follows:

 

1.           AWARD OF SHARES

 

Upon the terms and conditions of the Plan and this Agreement, the Committee as of the date of this Agreement hereby awards to the Award Recipient a total of 2,948 restricted shares of Common Stock (the “Restricted Stock”) that vest, subject to Sections 2, 3, and 4 hereof, in installments as follows:

 

	
Scheduled Vesting Date

	
Number of Shares of Restricted Stock

	
May 15, 2011

	
982

	
May 15, 2012

	
983

	
May 15, 2013

	
983

	  	  

 

2.           AWARD RESTRICTIONS

 

Section 2.1                      In addition to the conditions and restrictions provided in the Plan, neither the shares of Restricted Stock nor the right to vote the Restricted Stock, to receive dividends thereon or to enjoy any other rights or interests thereunder or hereunder may be sold, assigned, donated, transferred, exchanged, pledged, hypothecated, or otherwise encumbered prior to vesting.  Subject to the restrictions on transfer provided in this Section 2.1, the Award Recipient shall be entitled to all rights of a shareholder of CenturyLink with respect to the Restricted Stock, including the right to vote the shares and receive all dividends and other distributions declared thereon.

 

Section 2.2                      To the extent the shares of Restricted Stock have not already vested in accordance with Section 1 above, all of the shares of Restricted Stock shall vest and all restrictions set forth in Section 2.1 shall lapse on the earlier of:

 

(a)           the date on which the Award Recipient’s service on the Board terminates as a result of (i) death, (ii) disability within the meaning of Section 22(e)(3) of the Internal Revenue Code, or (iii) the ineligibility to stand for re-election due to CenturyLink’s mandatory retirement policy;

 

(b)           the date, if any, that the Committee elects, in its sole discretion, to accelerate the vesting of such unvested Restricted Stock in the case of retirement from the Board of an Award Recipient on or after attaining the age of 55 with at least six full years of prior service on the Board; or

 

(c)           the occurrence of a Change of Control of CenturyLink, as described in Section 11.12 of the Plan.

 

 

3.           TERMINATION OF BOARD SERVICE

 

Except as otherwise provided in Section 2 above, termination of the Award Recipient’s service on the Board for any reason shall automatically result in the termination and forfeiture of all unvested Restricted Stock.

 

4.           FORFEITURE OF AWARD

 

Section 4.1                      If, at any time during the Award Recipient’s tenure as a director of the Company or within 18 months after termination of such tenure, the Award Recipient engages in any activity in competition with any activity of CenturyLink or its subsidiaries (collectively, the “Company”), or inimical, contrary, or harmful to the interests of the Company, including but not limited to: (a) conduct relating to the Award Recipient’s service on the Board for which either criminal or civil penalties against the Award Recipient may be sought; (b) conduct or activity that results in removal of the Award Recipient from the Board for cause; (c) violation of the Company’s policies, including, without limitation, the Company’s insider trading, ethics and compliance policies and programs; (d) participating in the public reporting of any financial or operating result that was impacted by the participant’s knowing or intentional fraudulent or illegal conduct; (e) accepting employment after the date hereof with, acquiring a 5% or more equity or participation interest in, serving as a consultant, advisor, director, or agent of, directly or indirectly soliciting or recruiting any officer of the Company who was employed at any time during the Award Recipient’s service on the Board, or otherwise assisting in any other capacity or manner any company or enterprise that is directly or indirectly in competition with or acting against the interests of the Company or any of its lines of business (a “competitor”), except for (i) any employment, investment, service, assistance, or other activity that is undertaken at the request or with the written permission of the Board or (ii) any assistance of a competitor that is provided in the ordinary course of the Award Recipient engaging in his or her principal occupation in the good faith and reasonable belief that such assistance will neither harm the Company’s interests in any substantial manner nor violate any of the Award Recipient’s duties or responsibilities under the Company’s policies or applicable law; (f) disclosing or misusing any confidential information or material concerning the Company; (g) engaging in, promoting, assisting, or otherwise participating in a hostile takeover attempt of the Company or any other transaction or proxy contest that could reasonably be expected to result in a Change of Control (as defined in the Plan) not approved by the Board; or (h) making any statement or disclosing any information to any customers, suppliers, lessors, lessees, licensors, licensees, regulators, employees, or others with whom the Company engages in business that is defamatory or derogatory with respect to the business, operations, technology, management, or other employees of the Company, or taking any other action that could reasonably be expected to injure the Company in its business relationships with any of the foregoing parties or result in any other detrimental effect on the Company, then (1) all unvested shares of Restricted Stock granted hereunder shall automatically terminate and be forfeited effective on the date on which the Award Recipient first engages in such activity and (2) all shares of Common Stock acquired by the Award Recipient upon vesting of the Restricted Stock hereunder after the date that precedes by one year the date on which the Award Recipient’s tenure as a director of the Company terminated or the date the Award Recipient first engaged in such activity if no such termination occurs (or other securities into which such shares have been converted or exchanged) shall be returned to the Company or, if no longer held by the Award Recipient, the Award Recipient shall pay to the Company, without interest, all cash, securities, or other assets received by the Award Recipient upon the sale or transfer of such stock or securities.

 

Section 4.2                      If the Award Recipient owes any amount to the Company under Section 4.1 above, the Award Recipient acknowledges that the Company may, to the fullest extent permitted by applicable law, deduct such amount from any amounts the Company owes the Award Recipient from time to time for any reason (including without limitation amounts owed to the Award Recipient as directors fees, reimbursements, retirement payments, or other compensation or benefits).  Whether or not the Company elects to make any such set-off in whole or in part, if the Company does not recover by means of set-off the full amount the Award Recipient owes it, the Award Recipient hereby agrees to pay immediately the unpaid balance to the Company.

 

Section 4.3                      The Award Recipient may be released from the Award Recipient’s obligations under Sections 4.1 and 4.2 above only if the Board determines in its sole discretion that such action is in the best interests of the Company.

 

5.           STOCK CERTIFICATES

 

No stock certificates evidencing the Restricted Stock shall be issued by CenturyLink until the lapse of restrictions under the terms hereof.  Instead, ownership of the Restricted Stock shall be evidenced by a book entry with the applicable restrictions reflected.  Upon the lapse of restrictions on shares of Restricted Stock, CenturyLink shall issue the vested shares of Restricted Stock (either through book-entry issuances or delivery of a stock certificate) in the name of the Award Recipient or his nominee within 30 days, subject to the other terms and conditions hereof.  Upon receipt of any such vested shares, the Award Recipient is free to hold or dispose of such shares, subject to (a) applicable securities laws, (b) CenturyLink’s insider trading policy, and (c) any CenturyLink stock ownership guidelines then in effect for outside directors.

 

6.           MISCELLANEOUS

 

Section 6.1                      Anything in this Agreement to the contrary notwithstanding, if, at any time prior to the vesting of the Restricted Stock in accordance with Section 1 or 2 hereof, CenturyLink further determines, in its sole discretion, that the listing, registration, or qualification (or any updating of any such document) of the shares of Common Stock issuable pursuant hereto is necessary on any securities exchange or under any federal or state securities or blue sky law, or that the consent or approval of any governmental regulatory body is necessary or desirable as a condition of, or in connection with the issuance of shares of Common Stock pursuant thereto, or the removal of any restrictions imposed on such shares, such shares of Common Stock shall not be issued, in whole or in part, or the restrictions thereon removed, unless such listing, registration, qualification, consent, or approval shall have been effected or obtained free of any conditions not acceptable to CenturyLink.  CenturyLink agrees to use commercially-reasonable efforts to issue all shares of Common Stock issuable hereunder on the terms provided herein.

 

Section 6.2                      Nothing in this Agreement shall confer upon the Award Recipient any right to continue to serve on the Board, or to interfere in any way with the right of the Company to remove the Award Recipient as a director at any time.

 

Section 6.3                      Upon being duly executed and delivered by CenturyLink and the Award Recipient, this Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective heirs, executors, administrators, legal representatives, and successors.  Without limiting the generality of the foregoing, whenever the term “Award Recipient” is used in any provision of this Agreement under circumstances where the provision appropriately applies to the heirs, executors, administrators, or legal representatives to whom this award may be transferred by will or by the laws of descent and distribution, the term “Award Recipient” shall be deemed to include such person or persons.

 

Section 6.4                      The shares of Restricted Stock granted hereby are subject to the terms, conditions, restrictions, and other provisions of the Plan as fully as if all such provisions were set forth in their entirety in this Agreement.  If any provision of this Agreement conflicts with a provision of the Plan, the Plan provision shall control.  The Award Recipient acknowledges receipt from CenturyLink of a copy of the Plan and a prospectus summarizing the Plan, and further acknowledges that the Award Recipient was advised to review such materials prior to entering into this Agreement.  The Award Recipient waives the right to claim that the provisions of the Plan are not binding upon the Award Recipient and the Award Recipient’s heirs, executors, administrators, legal representatives, and successors.

 

Section 6.5                      Should any party hereto retain counsel for the purpose of enforcing, or preventing the breach of, any provision hereof, including, but not limited to, the institution of any action or proceeding in court to enforce any provision hereof, to enjoin a breach of any provision of this Agreement, to obtain specific performance of any provision of this Agreement, to obtain monetary or liquidated damages for failure to perform any provision of this Agreement, or for a declaration of such parties’ rights or obligations hereunder, or for any other judicial remedy, then the prevailing party shall be entitled to be reimbursed by the losing party for all costs and expenses incurred thereby, including, but not limited to, attorneys’ fees (including costs of appeal).

 

Section 6.6                      This Agreement shall be governed by and construed in accordance with the laws of the State of Louisiana.

 

Section 6.7                      If any term or provision of this Agreement, or the application thereof to any person or circumstance, shall at any time or to any extent be invalid, illegal, or unenforceable in any respect as written, the Award Recipient and CenturyLink intend for any court construing this Agreement to modify or limit such provision so as to render it valid and enforceable to the fullest extent allowed by law.  Any such provision that is not susceptible of such reformation shall be ignored so as to not affect any other term or provision hereof, and the remainder of this Agreement, or the application of such term or provision to persons or circumstances other than those as to which it is held invalid, illegal, or unenforceable, shall not be affected thereby and each term and provision of this Agreement shall be valid and enforced to the fullest extent permitted by law.

 

Section 6.8                      The Plan and this Agreement contain the entire agreement between the parties with respect to the subject matter contained herein.  This Agreement may not, without the Award Recipient’s consent, be amended or modified so as to materially adversely affect the Award Recipient’s rights under this Agreement, except (a) as provided in the Plan, as it may be amended from time to time in the manner provided therein, or (b) by a written document signed by each of the parties hereto.  Any oral or written agreements, representations, warranties, written inducements, or other communications with respect to the subject matter contained herein made prior to the execution of the Agreement shall be void and ineffective for all purposes.

 

[Signature Blocks Intentionally Omitted]

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