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ex_10-1.htm

EXHIBIT 10.1

2011 Long Term Incentive Plan

The Mid-America Apartment Communities, Inc., or MAA, 2011 Long Term Incentive Program, or Plan, covers the twelve month performance period beginning on January 1, 2011 and ending on December 31, 2011.  Any awards earned under the Plan will be issued in shares of restricted stock of MAA based on MAA’s closing common stock price on the first market day of 2011. All shares issued under the Plan will be issued pursuant and subject to MAA’s 2004 Stock Plan, or the 2004 Plan. The amount of awards earned will be based on a percentage of annual base salary as of November 1, 2010. The percentage of base salary earned will be split between three categories: Absolute Total Shareholder Return, or TSR, Relative TSR and FFO per Diluted Share and Unit. Participants will have total award opportunity percentages between 0% and 150%.

Each category will operate as follows:

Absolute TSR

The Absolute TSR category will be earned dependent on MAA TSR performance over the performance period reaching pre-defined levels. Absolute TSR must reach a pre-defined minimum level over the performance period to earn any shares of restricted stock.

Any shares of restricted stock earned in the Absolute TSR category will be issued on March 1, 2012 and will vest 50% on March 1, 2012 and 50% on March 1, 2013, dependent upon continued employment in good standing through each vest date.

Relative TSR

The Relative TSR category will be earned dependent on MAA TSR performance over the performance period as compared to the Apartment REIT Sector reaching pre-defined levels. Relative TSR must reach a pre-defined minimum level over the performance period to earn any shares of restricted stock.

Any shares of restricted stock earned in the Relative TSR category will be issued on March 1, 2012 and will vest 50% on March 1, 2012 and 50% on March 1, 2013, dependent upon continued employment in good standing through each vest date.

TSR Calculations

For purposes of this Plan, all TSR performance will be calculated as the change in closing common stock price plus dividends on an annualized basis. The beginning price for all TSR calculations will be the closing market price on the first market day of 2011. The ending closing price for TSR calculations will equal the average of all of the closing prices in the month of December 2011.

FFO per Diluted Share and Unit

The FFO per Diluted Share and Unit, or FFO per Share, category will be dependent upon MAA’s average FFO per Share growth for the three calendar years of 2009, 2010 and 2011 as compared to the average FFO per Share growth for the Apartment REIT Sector for 2009, 2010 and 2011, reaching pre-defined levels. FFO per Share must reach a pre-defined minimum level over the performance period to earn any shares of restricted stock.

The Compensation Committee of the Board of Directors has the authority to adjust disclosed FFO per Share values as they deem appropriate to remove the impact of anomalies on the calculation.

Any shares of restricted stock earned in the FFO per Share category will be issued on March 1, 2012 and will vest 50% on March 1, 2012 and 50% on March 1, 2013, dependent upon continued employment in good standing through each vest date.

Apartment REIT Sector

The Apartment REIT Sector performances will be the average of the following companies: AEC, AIV, AVB, BRE, CLP, CPT, EQR, ESS, HME, PPS, and UDR. For TSR calculations, any individual company will be excluded from the average if that company announces a material event which impacts their stock performance. An example of a material event would be an announcement resulting in the stock of the company no longer trading in its current form (due to a merger, the company going private, etc.).

Stock Prices

All stock prices are on a consolidated exchange basis and will be as reported by Yahoo Finance.

Dividends

Participants will be eligible to receive dividends on earned and issued shares of restricted stock during any and all applicable vesting periods.

Termination of Employment

Neither the adoption of the Plan nor the granting of any award under the plan shall confer upon any employee of MAA any right to continued employment with MAA, nor shall it interfere in any way with the right, if any, of MAA to terminate the employment of any employee at any time for any reason.

For purposes of the Plan, the following terms shall have the meanings ascribed to such terms in the 2004 Plan:

	
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Cause

	
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Change in Control

	
·  

	
Disability

	
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Retirement

In the event that a Participant voluntarily terminates his or her employment with MAA (other than as a result of Retirement) or such employee’s employment is terminated by MAA with Cause, all issued and vested shares will be retained by the Participant and any issued but unvested shares shall be immediately forfeited.

If a Participant’s employment with MAA is terminated as a result of death, Disability, Retirement, or without Cause, all issued and vested shares will be retained by the Participant and all issued an unvested shares will immediately vest upon the occurrence of such termination.

All issued but unvested shares shall automatically vest upon a Change in Control.

Equity Restructurings

In the event that any unusual or non-recurring transactions, including an unusual or non-recurring dividend or other distribution (whether in the form of an extraordinary cash dividend, dividend of shares, other securities or other property), recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase or exchange of shares or other securities of MAA, issuance of warrants or other rights to purchase shares or other securities of MAA, or other similar corporate transaction or event affects the shares or other securities of MAA, then the Compensation Committee of the Board of Directors shall in an equitable and proportionate manner (and, as applicable, in such equitable and proportionate manner as is consistent with Sections 422 and 409A of the Internal Revenue Code of 1986, as amended, and the regulations thereunder) either: (i) adjust any or all of (1) the aggregate number of shares or other securities of MAA (or number and kind of other securities or property) with respect to which awards may be granted under the 2011 Long Term Incentive Program; and (2) the number of shares or other securities of MAA (or number and kind of other securities or property) subject to outstanding awards under the 2011 Long Term Incentive Program, provided that the number of shares subject to any award shall always be a whole number; (ii) provide for an equivalent award in respect of securities of the surviving entity of any merger, consolidation or other transaction or event having a similar effect; or (iii) make provision for a cash payment to the holder of an outstanding award.WebFilings | EDGAR view

Exhibit 10(i)  

ELEVENTH AMENDMENT TO AMENDED AND
RESTATED LOAN AND SECURITY AGREEMENT
THIS ELEVENTH AMENDMENT TO AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT (“Eleventh Amendment”) is made as of this ___ day of October, 2010, by and among BANK OF AMERICA, N.A., a national banking association (“Bank of America”) with an office at 135 South LaSalle Street, 4th Floor, Chicago, Illinois 60603, individually as a Lender and as Agent (“Agent”) for itself and any other financial institution which is or becomes a party hereto (each such financial institution, including Bank of America, is referred to hereinafter individually as a “Lender” and collectively as the “Lenders”), the LENDERS and MFRI, INC., a Delaware corporation (“MFRI”), MIDWESCO FILTER RESOURCES, INC., a Delaware corporation (“Midwesco”), PERMA-PIPE, INC., a Delaware corporation (“Perma-Pipe”), THERMAL CARE, INC., a Delaware corporation (“Thermal Care”), TDC FILTER MANUFACTURING, INC., a Delaware corporation (“TDC”), MIDWESCO MECHANICAL AND ENERGY, INC., a Delaware corporation (“Mechanical”) and FREEZONE HOLDINGS LIMITED LIABILITY COMPANY, a Delaware limited liability company (“Freezone”) and PERMA-PIPE CANADA, INC., a Delaware corporation (“Perma-Pipe Canada”). Capitalized terms used in this Agreement have the meanings assigned to them in Appendix A, General Definitions. Accounting terms not otherwise specifically defined herein shall be construed in accordance with GAAP consistently applied. MFRI, Midwesco, Perma-Pipe, Thermal Care, TDC, Mechanical, Freezone and Perma-Pipe Canada are sometimes hereinafter referred to individually as a “Borrower” and collectively as “Borrowers”.
WHEREAS, Borrowers (other than Mechanical, Freezone and Perma-Pipe Canada), Agent, and the Lender signatories thereto hereto entered into that certain Amended and Restated Loan and Security Agreement dated December 15, 2006, as amended by that First Amendment to Amended and Restated Loan and Security Agreement dated February 28, 2007 by and among Borrowers (other than Freezone and Perma-Pipe Canada), Agent and Lenders, by that certain Second Amendment to Amended and Restated Loan and Security Agreement dated August 28, 2007 by and among Borrowers (other than Freezone and Perma-Pipe Canada), Agent and Lenders, by that certain Third Amendment to Amended and Restated Loan and Security Agreement dated December 13, 2007 by and among Borrowers (other than Freezone and Perma-Pipe Canada), Agent and Lenders, by that certain Fourth Amendment to Amended and Restated Loan and Security Agreement dated April 17, 2008 by and among Borrowers (other than Freezone and Perma-Pipe Canada), Agent and Lenders, by that certain Fifth Amendment to Amended and Restated Loan and Security Agreement dated September 7, 2008 by and among Borrowers (other than Freezone and Perma-Pipe Canada), Agent and Lenders, by that certain Sixth Amendment to Amended and Restated Loan and Security Agreement dated January 12, 2009 by and among Borrowers (other than Freezone and Perma-Pipe Canada), Agent and Lenders, by that certain Seventh Amendment to Amended and Restated Loan and Security Agreement dated August 5, 2009 by and among Borrowers (other than Freezone and Perma-Pipe Canada), Agent and Lender, by that certain Eighth Amendment to Amended and Restated Loan and Security Agreement dated December 9, 2009 by and among Borrowers, Agent and Lenders, by that certain Ninth Amendment to Amended and Restated Loan and Security Agreement dated April 13, 2010 by and among Borrowers, Agent and Lender and by that certain Tenth Amendment to Amended and Restated Loan and Security Agreement dated May 11, 2010 by and among Borrowers, Agent and Lenders (said Amended and Restated Loan and Security Agreement, as amended from time to time, the “Loan Agreement”);
NOW, THEREFORE, in consideration of the following terms and conditions, the parties agreed as follows:
1.Definitions. Except as otherwise specifically provided for herein, all capitalized terms used herein without definition shall have the meanings contained in the Loan Agreement.
2.Amended Definition. The definition of “EBITDA” contained in Exhibit 8.3 to the Loan 

 

Exhibit 10(i)  

Agreement is hereby deleted and the following is inserted in its stead.
 
“EBITDA - with respect to any fiscal period, the sum of Consolidated Net Income (Loss) before Interest Expense, income taxes, depreciation and amortization for such period (but excluding any extraordinary gains for such period), plus the amount of any expenses or charges deducted from Consolidated Net Income for the applicable period in connection with the closure and write down of TDC's facility at 1331 South 55th Court, Cicero, Illinois; provided that the aggregate amount of add-backs to EBITDA as a result of any such charges or expenses shall not exceed $2,500,000, plus the amount of any expenses or charges deducted from Consolidated Net Income for the applicable periods ending on or prior to January 31, 2012 in connection with the closure and write down of Midwesco's South African Subsidiary; provided that the aggregate amount of add-backs to EBITDA as a result of any such charges or expenses shall not exceed $500,000; plus the amount of any non-cash expenses or charges deducted from Consolidated Net Income related to management, director or employee equity incentive plans; provided that, to the extent any Borrower incurs any cash expense, charge or expenditure related to such equity incentive plans or repurchases any Security issued under any such equity incentive plan, the amount of such expense, charge, expenditure or repurchase price, to the extent not already deducted from Consolidated Net Income, shall be subtracted from the applicable period's EBITDA, all as determined for Borrowers and their Subsidiaries on a Consolidated basis and in accordance with GAAP.”
3.Unsecured Guaranties. Agent and Lenders hereby consent to: (x) Borrowers providing an unsecured guaranty of the obligations of Perma-Pipe India Pvt. Ltd. (“PPIL”) owing to HSBC arising out of a performance bond issued by HSBC for the benefit of PPIL so long as the principal amount of such guaranty does not exceed $1,500,000; and (y) Borrowers providing an unsecured guaranty to Insituform, Inc. in connection with Money Borrowed owing by Canadian Joint Venture (Bayou Perma-Pipe Canada, Ltd.) to Insituform, Inc., so long as the principal amount owing under such guaranty does not exceed $2,500,000.
4.Conditions Precedent. This Eleventh Amendment shall become effective upon receipt by Agent of a fully executed copy of this Eleventh Amendment.
5.Governing Law. This Eleventh Amendment shall be governed by, and construed in accordance with, the laws of the State of Illinois, without regard to the principles thereof relating to conflict of laws.
6.Execution in Counterparts. This Eleventh Amendment may be executed in any number of counterparts, which shall, collectively and separately, constitute one Agreement.
7.Continuing Effect. Except as otherwise provided herein, the Loan Agreement remains in full force and effect.
(Signature Page Follows)

 

Exhibit 10(i)  

(Signature Page to Eleventh Amendment to
Amended and Restated Loan and Security Agreement)
		
	 
	MFRI, INC.
By:/s/ Michael D. Bennett
Name: Michael D. Bennett 
Title: VP CFO

	 
	MIDWESCO FILTER RESOURCES, INC.
By:/s/ Michael D. Bennett
Name: Michael D. Bennett 
Title: Vice President

	 
	PERMA-PIPE, INC.
By:/s/ Michael D. Bennett
Name: Michael D. Bennett 
Title: Vice President

	 
	THERMAL CARE, INC.
By:/s/ Michael D. Bennett
Name: Michael D. Bennett 
Title: Vice President

	 
	TDC FILTER MANUFACTURING, INC.
By:/s/ Michael D. Bennett
Name: Michael D. Bennett 
Title: Vice President

	 
	MIDWESCO MECHANICAL AND ENERGY, INC.
By: /s/ Michael D. Bennett
Name: Michael D. Bennett 
Title: Vice President

 

Exhibit 10(i)  

(Signature Page to Eleventh Amendment to
Amended and Restated Loan and Security Agreement)
 
		
	 
	FREEZONE HOLDINGS LIMITED LIABILITY COMPANY
By:/s/ Michael D. Bennett
Name: Michael D. Bennett 
Title: Manager

	 
	PERMA-PIPE CANADA, INC.
By:/s/ Michael D. Bennett
Name: Michael D. Bennett 
Title: Vice President

	 
	BANK OF AMERICA, N.A., as Agent and as a Lender
By: /s/Brian Conole
Name: Brian Conole
Title: Senior Vice President

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