Document:

exv4w5

 

Exhibit 4.5

AMENDMENT NO. 1 TO

STOCK TRANSFER AGENCY AGREEMENT

     This Amendment to the Stock Transfer Agency Agreement dated as of November 7, 2007 by and
between Gladstone Commercial Corporation, a Maryland corporation (the “Customer”), and THE BANK OF
NEW YORK, a New York banking corporation (the “Bank”).

RECITALS:

     WHEREAS, the Bank and the Customer entered into a Stock Transfer Agency Agreement dated as of
August 18, 2003 (the “Agreement”); and

     WHEREAS, the Customer desires to have shares maintained by the Bank in book-entry form known
as the “Direct Registration System” (“DRS”);

     NOW, in consideration of the mutual promises hereinafter set forth, the parties hereto
covenant and agree as follows:

     1. The following sentence shall be added to the beginning of Article V, Section 1:

     “The Bank will issue and transfer shares in certificated form as follows:”

     2. Article V, Section 1 shall now be designated (a).

     3. Article V, Section 2 shall now be designated (b).

     4. Article V, Section 3 shall now be designated (c).

     5. The following Section shall be added to Article V:

     2. The Bank will issue and transfer Shares in book-entry form as follows:

     (a) Shares may be maintained by the Bank in book-entry form known as the “Direct
Registration System” (“DRS”) through the Profile Modification System (“Profile”). DRS is
the system administered by
The Depository Trust Company (“DTC”) pursuant to which the Bank may register the
ownership of uncertificated Shares, which ownership shall be evidenced by periodic
statements issued by the Bank to the Registered Owners entitled thereto. Upon issuance of
Shares, the Shares of each Registered Owner will be credited to the account of each such
Registered Owner. The Registered

 

 

2

Owner of Shares is referred to herein as, or, if there
are more than one Registered Owner of the same Shares, such Registered Owners are
collectively referred to herein as, the “Registered Owner”.

     (b) Customer understands that Profile is a required feature of DRS. Profile allows a
DTC participant claiming to act on behalf of the Registered Owner of Shares, to direct the
Bank to register a transfer of such Shares to such DTC participant or its nominee without
receipt by the Bank of such prior written authorization from the Registered Owner to
register such transfer.

     (c) Customer understands the Bank will not verify, determine or otherwise ascertain
that the DTC participant which is claiming to be acting on behalf of a Registered Owner in
requesting registration of transfer and delivery described in subsection (b) has the actual
authority to act on behalf of the Registered Owner (notwithstanding any requirements under
the Uniform Commercial Code). For the avoidance of doubt, the provisions of Article VIII,
Sections 5 and 6 shall apply to the matters arising from the use of DRS/Profile System.
The parties agree that the Bank’s reliance on and compliance with instructions received by
the Bank through the DRS/Profile System in accordance with this Agreement, shall not
constitute negligence or willful misconduct on the part of the Bank.

     6. Except as amended hereby, the Agreement shall remain in full force and effect and is
hereby ratified and confirmed in all respects.

     7. This Amendment and the performance of the parties hereunder shall be interpreted,
construed, and enforced in accordance with the laws of the State of New York.

     8. This Amendment may be executed in multiple counterparts. Each such counterpart shall be
an original and all together shall constitute but one and the same Amendment.

     IN WITNESS WHEREOF, the parties have executed this Amendment No. 1 to the Agreement on the
date set forth herein.

 

 

3

	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

 David Gladstone
	 	 
	 

	 	Title:
	 	Chief Executive Officer	 	 
	 
	 	 	 	 	 	 
	 	 	THE BANK OF NEW YORK	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Name:
	 	 
	 

	 	 	 	Title:exv10w26

 

Exhibit 10.26

NII HOLDINGS, INC.

OUTSIDE DIRECTORS DEFERRAL PLAN

Effective

October 24, 2007

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	 
	 	 	 	 	 	 
	ARTICLE I
	 	Definition of Terms	 	 	1	 
	1.1.
	 	Account	 	 	1	 
	1.2.
	 	Administrator	 	 	1	 
	1.3.
	 	Affiliate	 	 	1	 
	1.4.
	 	Beneficiary	 	 	1	 
	1.5.
	 	Board	 	 	1	 
	1.6.
	 	Closing Price	 	 	2	 
	1.7.
	 	Code	 	 	2	 
	1.8.
	 	Compensation	 	 	2	 
	1.9.
	 	Corporation	 	 	2	 
	1.10.
	 	Deferral Contributions	 	 	2	 
	1.11.
	 	Deferral Election	 	 	2	 
	1.12.
	 	Deferred Stock Unit	 	 	2	 
	1.13.
	 	Effective Date	 	 	2	 
	1.14.
	 	Eligible Director	 	 	2	 
	1.15.
	 	Participant	 	 	3	 
	1.16.
	 	Plan	 	 	3	 
	1.17.
	 	Plan Year	 	 	3	 
	 
	 	 	 	 	 	 
	ARTICLE II
	 	Eligibility and Participation	 	 	3	 
	2.2.
	 	Participation	 	 	3	 
	2.3.
	 	Length of Participation	 	 	3	 
	 
	 	 	 	 	 	 
	ARTICLE III
	 	Determination of Deferral	 	 	4	 
	3.1.
	 	Commencement of Active Participation	 	 	4	 
	3.2.
	 	Deferral Election	 	 	4	 
	3.3.
	 	Equitable Adjustment in Case of Error or Omission	 	 	4	 
	 
	 	 	 	 	 	 
	ARTICLE IV
	 	Accounts and Investments	 	 	5	 
	4.1.
	 	Deferred  Stock Units	 	 	5	 
	4.2.
	 	Hypothetical Nature of Accounts and Investments	 	 	5	 
	 
	 	 	 	 	 	 
	ARTICLE V
	 	Vesting	 	 	6	 
	 
	 	 	 	 	 	 
	ARTICLE VI
	 	Payment	 	 	6	 
	6.1.
	 	Termination of Service	 	 	6	 
	6.2.
	 	Payment of Death Benefit	 	 	6	 

i

 

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	6.3.
	 	Form of Payment	 	 	6	 
	6.4.
	 	Benefit Determination and Payment Procedure	 	 	6	 
	6.5.
	 	Distribution of Benefit When Distributee Cannot Be Located	 	 	7	 
	6.6.
	 	Acceleration of Benefits Prohibited	 	 	7	 
	6.7.
	 	Beneficiary Designation	 	 	7	 
	 
	 	 	 	 	 	 
	ARTICLE VII
	 	Plan Administration	 	 	7	 
	7.1.
	 	Appointment of Administrator	 	 	7	 
	7.2.
	 	Duties and Responsibilities of Plan Administrator	 	 	8	 
	 
	 	 	 	 	 	 
	ARTICLE VIII
	 	Amendment or Termination of Plan	 	 	8	 
	 
	 	 	 	 	 	 
	ARTICLE IX
	 	Miscellaneous	 	 	8	 
	9.1.
	 	Unfunded Plan	 	 	9	 
	9.2.
	 	Non-assignability	 	 	9	 
	9.3.
	 	Notices and Elections	 	 	9	 
	9.4.
	 	Governing Law	 	 	9	 
	9.5.
	 	Binding Effect	 	 	9	 
	9.6.
	 	Severability	 	 	9	 
	9.7.
	 	Gender and Number	 	 	9	 
	9.8.
	 	Titles and Captions	 	 	10	 

ii

 

NII Holdings, Inc.

Outside Directors Deferral Plan

          Effective October 24, 2007, the Board of Directors of NII Holdings, Inc. adopts the Outside
Directors Deferral Plan, under which non-employee directors of NII Holdings, Inc. have the
opportunity to defer receipt of certain compensation until departure from the Board and to provide
an incentive to own shares of the Corporation’s Common Stock, thereby aligning their interests more
closely with the interests of the Corporation’s shareholders.

ARTICLE I

Definition of Terms

          The following words and terms as used in this Plan shall have the meaning set forth below,
unless a different meaning is clearly required by the context:

	1.1.	 	Account

          A bookkeeping account established for a Participant under Article IV hereof.

	1.2.	 	Administrator

          The Compensation Committee of the Board is the Plan Administrator unless responsibility is
delegated as provided for in Article XII hereof.

	1.3.	 	Affiliate

          Any subsidiary, parent, affiliate, or other related business entity to the Corporation.

	1.4.	 	Beneficiary

          The person or persons designated by a Participant or otherwise entitled pursuant to Plan
section 6.7 to receive benefits under the Plan attributable to such Participant after the death of
such Participant.

	1.5.	 	Board

          The present and any succeeding Board of Directors of the Corporation, unless such term is used
with respect to a particular Affiliate and its Directors, in which event it shall mean the present
and any succeeding Board of Directors of that Affiliate.

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	1.6.	 	Closing Price

          The closing price of a share of common stock of the Corporation as reported on the Nasdaq
Global Select Market composite tape on such day or, if the common stock of the Corporation was not
traded on the Nasdaq Global Select Market on such day, then on the next preceding day that the
common stock of the Corporation was traded on such market, all as reported by such source as the
Administrator may select.

	1.7.	 	Code

          The Internal Revenue Code of 1986, as the same may be amended from time to time.

	1.8.	 	Compensation

          Fees payable to a Participant for service as a member of the Board, in the form of annual
retainer and committee fees paid by the Corporation to an Eligible Director, but excluding any such
compensation deferred from a prior period, expense reimbursement and allowances and benefits not
normally paid in cash to the Participant.

	1.9.	 	Corporation

          NII Holdings, Inc., or any successor thereto.

	1.10.	 	Deferral Contributions

          That portion of a Participant’s Compensation which is deferred under the Plan.

	1.11.	 	Deferral Election

          An irrevocable written election to defer Compensation which is executed by the Eligible
Director and timely filed with the Administrator.

	1.12.	 	Deferred Stock Unit

          A hypothetical share of the Corporation’s common stock.

	1.13.	 	Effective Date

          The Effective Date of the Plan is October 24, 2007.

	1.14.	 	Eligible Director

          A Director who is not an employee of the Corporation.

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	1.15.	 	Participant

          An Eligible Director who elects to participate in the Plan.

	1.16.	 	Plan

          This document, as contained herein or duly amended, which shall be known as the “NII Holdings,
Inc. Outside Directors Deferral Plan.”

	1.17.	 	Plan Year

          The calendar year.

ARTICLE II

Eligibility and Participation

	2.1.	 	Eligibility

          Each Eligible Director may participate in the Plan and elect to defer Compensation for a Plan
Year beginning with the Plan Year that commences January 1, 2008.

	2.2.	 	Participation

          In order to participate in the Plan, an Eligible Director must file with the Administrator a
Deferral Election, as provided in Section 3.2. The Compensation Committee may establish such other
conditions to enrollment, enrollment periods or other requirements as it determines in its sole
discretion are necessary.

	2.3.	 	Length of Participation

          An individual who is or becomes a Participant shall be or remain a Participant as long as he
has a Deferral Election in effect or is entitled to future benefits under the terms of the Plan.

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ARTICLE III

Determination of Deferral

	3.1.	 	Commencement of Active Participation

          An Eligible Director shall become a Participant with respect to a Plan Year only if he is
expected to have Compensation during such Plan Year and he timely files and has in effect a
Deferral Election for such Plan Year.

	3.2.	 	Deferral Election

          (a) Amount of Deferral Contributions. A Participant may elect to defer 50% or 100% of his
Compensation and have that Compensation invested in Deferred Stock Units. Such Deferred Stock
Units shall be credited as of the day on which such Compensation is otherwise payable in accordance
with the Corporation’s then applicable director compensation policies (the “Payment Date”), and the
number of Deferred Stock Units shall be determined by dividing the Participant’s deferred
Compensation payable on the Payment Date by the Closing Price as of the Payment Date.

          (b) Deferral Elections. Except as provided in subsections (c) and (d) below, a Participant
may make an election to defer Compensation for a Plan Year only if such election is made no later
than December 31 of the prior Plan Year, or by such earlier date as may be announced by the
Administrator. Such election shall remain in effect for the entire Plan Year and for all
subsequent Plan Years until the Participant revokes such election or timely files a new election
applicable to subsequent Plan Years. Each Deferral Election shall be made on a form provided by
the Administrator and shall specify such additional information as the Administrator may require.

          (c) First Year of Eligibility. In the case of the first Plan Year in which an Eligible
Director becomes eligible to participate in the Plan, the Eligible Director must make an initial
deferral election within thirty (30) days after he or she becomes eligible to participate in the
Plan. Such election shall only be valid with respect to Compensation paid for services rendered
after the date of the initial deferral election.

	3.3.	 	Equitable Adjustment in Case of Error or Omission

          If an error or omission is discovered in the Account of a Participant, the Administrator shall
make such equitable adjustment as the Administrator deems appropriate.

-4-

 

ARTICLE IV

Accounts and Investments

	4.1.	 	Deferred Stock Units

          (a) Except as provided below, a Participant’s Account shall be treated as if it were invested
in Deferred Stock Units that are equivalent in value to the fair market value of the shares of the
Corporation’s common stock in accordance with the following rules.

          (b) The number of Deferred Stock Units credited to a Participant’s Account shall be increased
on each date on which a dividend is paid on the Corporation’s common stock. The number of
additional Deferred Stock Units credited to a Participant’s Account as a result of such increase
shall be determined by (i) multiplying the total number of Deferred Stock Units (with fractional
Deferred Stock Units rounded off to the nearest thousandth) credited to the Participant’s Account
immediately before such increase by the amount of the dividend paid per share of the Corporation’s
common stock on the dividend payment date, and (ii) dividing the product so determined by the
Closing Price on the dividend payment date.

          (c) The dollar value of the Deferred Stock Units credited to a Participant’s Account on any
date shall be determined by multiplying the number of Deferred Stock Units (including fractional
Deferred Stock Units) credited to the Participant’s Account by the Closing Price on that date.

          (d) In the event of a transaction or event described in this subsection (d), the number of
Deferred Stock Units credited to a Participant’s Account shall be adjusted in such manner as the
Board, in its sole discretion, deems equitable. A transaction or event is described in this
subsection (d) if (i) it is a dividend (other than regular quarterly dividends) or other
distribution (whether in the form of cash, shares, other securities, or other property),
extraordinary cash dividend, recapitalization, stock split, reverse stock split, reorganization,
merger, consolidation, split-up, spin-off, repurchase, or exchange of shares or other securities,
the issuance or exercisability of stock purchase rights, the issuance of warrants or other rights
to purchase shares or other securities, or other similar corporate transaction or event and (ii)
the Board determines that such transaction or event affects the shares of the Corporation’s common
stock, such that an adjustment pursuant to this subsection (d) is appropriate to prevent dilution
or enlargement of the benefits or potential benefits intended to be made available under the Plan.

	4.2.	 	Hypothetical Nature of Accounts and Investments

          The Accounts established under this Article IV shall be maintained for bookkeeping purposes
only. Neither the Plan nor the Accounts established under the Plan shall hold any actual funds or
assets. The Deferred Stock Units established hereunder shall be used solely to determine the
amounts to be paid hereunder, shall not represent an equity security of the Corporation, and shall
not carry any voting or dividend rights.

-5-

 

ARTICLE V

Vesting

          A Participant’s Account shall be fully vested and non-forfeitable at all times.

ARTICLE VI

Payment

	6.1.	 	Termination of Service

          A Participant’s Account shall become payable to the Participant on the first day of the month
following his termination of service from the Board or as soon thereafter as is administratively
practical.

	6.2.	 	Payment of Death Benefit

          The Account of a Participant who dies prior to the payment of his Account under Plan section
6.1 shall be payable to his Beneficiary 30 days following the date of the Participant’s death, or
as soon thereafter as is administratively practical.

	6.3.	 	Form of Payment

          A Participant’s Account shall be paid either (a) in a lump sum in shares of the Corporation’s
common stock, with any fractional share paid in cash or (b) at the Corporation’s election, in a
lump sum in cash in an amount equal to the dollar value of the Deferred Stock Units credited to the
Participant’s Account on the date the Participant’s service on the Board terminates. The payment
of such shares shall be made pursuant to the NII Holdings, Inc. 2004 Incentive Compensation Plan.
The dollar value of the Deferred Stock Units credited to a Participant’s Account for purposes of
clause (b) of this Section 6.3, shall be determined by multiplying the number of Deferred Stock
Units (including fractional Deferred Stock Units) credited to the Participant’s Account by the
Closing Price on the date the Participant’s service on the Board terminates. Any election by the
Corporation pursuant to clause (b) of this Section 6.3 shall be made by the Chief Financial Officer
of the Corporation or a person designated by the Chief Financial Officer of the Corporation who is
not a Participant under the Plan.

	6.4.	 	Benefit Determination and Payment Procedure

          The Administrator shall make all determinations concerning eligibility for benefits under the
Plan, the time or terms of payment, and the form or manner of payment to the Participant or the
Participant’s Beneficiary, in the event of the death of the Participant. The Administrator

-6-

 

shall promptly notify the Corporation of each such determination that benefit payments are due and
provide to the Corporation all other information necessary to allow the Corporation to carry out
such determination, whereupon the Corporation shall pay such benefits in accordance with the
Administrator’s determination.

	6.5.	 	Distribution of Benefit When Distributee Cannot Be Located

          The Administrator shall make all reasonable attempts to determine the identity and/or
whereabouts of a Participant or a Participant’s Beneficiary entitled to benefits under the Plan,
including the mailing by certified mail of a notice to the last known address shown on the
Corporation’s or the Administrator’s records. If the Administrator is unable to locate such a
person entitled to benefits hereunder, or if there has been no claim made for such benefits, the
Corporation shall continue to hold the benefit due such person, subject to any applicable statute
of escheats.

	6.6.	 	Acceleration of Benefits Prohibited

          Except as provided in Treasury Regulation section 1.409A-3(j), no acceleration in the time or
schedule of any payment or amount scheduled to be paid from the Participant’s Account is permitted.

	6.7.	 	Beneficiary Designation

          A Participant may designate a Beneficiary to receive the value of his or her Account upon
death. Any Beneficiary designation made hereunder shall be effective only if properly signed and
dated by the Participant and delivered to the Administrator prior to the time of the Participant’s
death. Any Beneficiary designation hereunder shall remain effective until changed or revoked
hereunder. A Beneficiary designation may be changed by the Participant at any time, or from time
to time, by filing a new designation in writing with the Administrator. If the Participant dies
without having designated a Beneficiary, or if the Beneficiary so designated has predeceased him,
then his estate shall be deemed to be his Beneficiary.

ARTICLE VII

Plan Administration

	7.1.	 	Appointment of Administrator

          The Compensation Committee may appoint one or more persons to serve as the Administrator for
the purpose of administering the Plan. In the event more than one person is appointed, the persons
shall form a committee for the purpose of functioning as the Administrator. The person or persons
serving as Administrator shall serve for indefinite terms at

-7-

 

the pleasure of the Compensation Committee, and may, by 30 days prior written notice to the
Compensation Committee, terminate such appointment.

	7.2.	 	Duties and Responsibilities of Plan Administrator

          (a) The Administrator shall maintain and retain necessary records regarding its administration
of the Plan.

          (b) The Administrator is empowered to settle claims against the Plan and to make such
equitable adjustments in a Participant’s or Beneficiary’s rights or entitlements under the Plan as
it deems appropriate in the event an error or omission is discovered or claimed in the operation or
administration of the Plan.

          (c) The Administrator may construe the Plan, correct defects, supply omissions or reconcile
inconsistencies to the extent necessary to effectuate the Plan, and such action shall be
conclusive.

          (d) The Administrator, in its discretion, may delegate to one or more third party
administrators all or part of the Administrator’s duties with respect to the administration of the
Plan. The Administrator may consult with counsel, who may be counsel to the Corporation, and shall
not incur any liability for any action taken in good faith in reliance upon the advice of counsel.
The Administrator may revoke or amend the terms of a delegation or consultation at any time but
such action shall not invalidate any prior actions of the Administrator’s delegate or delegates
that were consistent with the terms of the Plan. The express grant in the Plan of any specific
power to the Administrator shall not be construed as limiting any power or authority of the
Administrator. Any decision made, or action taken, by the Administrator or in connection with the
administration of this Plan shall be final and conclusive. All expenses of administering this Plan
shall be borne by the Corporation.

          (e) this Plan shall be borne by the Corporation.

ARTICLE VIII

Amendment or Termination of Plan

          The Plan may be terminated or amended at any time by the Board, effective as of any date
specified provided, however, that any termination must comply with the requirements of Code section
409A. Any such action taken by the Board shall be evidenced by a resolution and shall be
communicated to Participants and Beneficiaries prior to the effective date thereof. No amendment
or termination shall decrease the value of a Participant’s Account accrued prior to the effective
date of the amendment or termination.

ARTICLE IX

Miscellaneous

-8-

 

	9.1.	 	Unfunded Plan

          All Plan Participants and Beneficiaries are general unsecured creditors of the Corporation
with respect to the benefits due hereunder and the Plan constitutes a mere promise by the
Corporation to make benefit payments in the future. It is the intention of the Corporation that
the Plan be considered unfunded for tax purposes.

	9.2.	 	Non-assignability

          The interests of each Participant under the Plan are not subject to claims of the
Participant’s creditors; and neither the Participant nor his Beneficiary shall have any right to
sell, assign, transfer or otherwise convey the right to receive any payments hereunder or any
interest under the Plan, which payments and interest are expressly declared to be non-assignable
and non-transferable.

	9.3.	 	Notices and Elections

          All notices required to be given in writing and all elections required to be made in writing
under any provision of the Plan shall be invalid unless made on such forms as may be provided or
approved by the Administrator and, in the case of a notice or election by a Participant or
Beneficiary, unless executed by the Participant or Beneficiary giving such notice or making such
election. Notices and elections shall be deemed given or made when received by any member of the
committee that serves as Administrator.

	9.4.	 	Governing Law

          The Plan shall be construed, enforced and administered in accordance with the laws of the
State of Delaware.

	9.5.	 	Binding Effect

          The Plan shall be binding upon and inure to the benefit of the Corporation, its successors and
assigns, and the Participant and his heirs, executors, administrators and legal representatives.

	9.6.	 	Severability

          If any provision of the Plan should for any reason be declared invalid or unenforceable by a
court of competent jurisdiction, the remaining provisions shall nevertheless remain in full force
and effect.

	9.7.	 	Gender and Number

-9-

 

          In the construction of the Plan, the masculine shall include the feminine or neuter and the
singular shall include the plural and vice-versa in all cases where such meanings would be
appropriate.

	9.8.	 	Titles and Captions

          Titles and captions and headings herein have been inserted for convenience of reference only
and are to be ignored in any construction of the provisions hereof.

-10-

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