Document:

Exhibit 10.36

 

EXECUTION COPY

 

November 12, 2004

 

Wachovia Bank, National Association, as Agent

301 S. College Street, NC0172

Charlotte, North Carolina 28288

Attn:  Rex E. Rudy

 

Each of the Lenders party to the Credit Agreement referred to below

 

Ladies and Gentlemen:

 

Reference is made to that certain Credit Agreement dated as of August
31, 2004 (the “Credit Agreement”) by and among Kite Realty Group, LP (the “Borrower”),
Kite Realty Group Trust, each of the Lenders from time to time party thereto,
Wachovia Bank, National Association as Agent (the “Agent”), and the other
parties thereto. Capitalized terms used herein, and not otherwise defined
herein, have their respective meanings given them in the Credit Agreement.

 

The Borrower
requests that the Lenders agree (a) that the restrictions contained in Section
10.2 of the Credit Agreement were not applicable to the distributions by the
Borrower and the Parent with respect to the fiscal quarter ended September 30,
2004 that were paid on October 15, 2004 in the amount of $0.09375 per share of
the Parent’s common shares of beneficial interests and the Borrower’s units of
partnership interests and (b) that for the fiscal quarter ending December 31,
2004, the percentage of Funds From Operation permitted to be distributed under
Section 10.2(a)(i) shall be 105%.  A
Lender’s agreement to the foregoing shall be evidenced by its acceptance of a
copy of this letter in the spaced provided below.

 

The Borrower and the Parent confirm that this letter
agreement is a Loan Document.  Further,
the Borrower and Parent acknowledge that this letter agreement applies only to
the provisions of the Credit Agreement specifically referred to above and shall
not be construed to be a waiver or amendment of any of the other terms and
conditions of the Credit Agreement or any of the other Loan Documents.

 

 

This letter agreement may be executed in
counterparts and shall be governed by and construed in accordance with the laws
of the State of New York.

 

	
   

  	
  Very truly yours,

  
	
   

  	
   

  
	
   

  	
  KITE REALTY GROUP, L.P.

  
	
   

  	
   

  
	
   

  	
  By:  Kite Realty Group Trust,
  its sole General Partner

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ George McMannis

  	
   

  
	
   

  	
   

  	
  Name:

  	
  George McMannis

  	
   

  
	
   

  	
   

  	
  Title:

  	
  Senior Vice President

  	
   

  
	
   

  	
   

  
	
   

  	
  KITE REALTY GROUP TRUST

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ George McMannis

  	
   

  
	
   

  	
  Name:

  	
  George McMannis

  	
   

  
	
   

  	
  Title:

  	
  Senior Vice President

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Agreed and Accepted:

  	
   

  
	
   

  	
   

  
	
  WACHOVIA BANK, NATIONAL ASSOCIATION,

  	
   

  
	
  as Agent and a Lender

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ Rex E. Rudy

  	
   

  	
   

  
	
  Name:

  	
  Rex E. Rudy

  	
   

  	
   

  
	
  Title:

  	
  Managing Director

  	
   

  	
   

  
	
   

  	
   

  
	
  LEHMAN COMMERCIAL PAPER INC.,

  	
   

  
	
  as a Lender

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ Francis X. Gilhool

  	
   

  	
   

  
	
  Name:

  	
  Francis X. Gilhool

  	
   

  	
   

  
	
  Title:

  	
  Authorized Signatory

  	
   

  	
   

  
														

 

2Exhibit 10.23

 

DATALINK CORPORATION

RESTRICTED STOCK AWARD AGREEMENT

 

                THIS
RESTRICTED STOCK AWARD AGREEMENT (the “Award
Agreement”) is made as of the       
day of               ,
2004 (the “Grant Date”), by and between
Datalink Corporation, a Minnesota corporation (the “Company”),
and                                    
(the “Grantee”).

 

                The
Company and the Grantee agree as follows:

 

1.             Grant of Restricted Stock.  Effective as of the Grant Date, the Company
hereby awards to the Grantee a total of             
shares of common stock, par value $.001 per share, of the Company (the “Common Stock”), subject to the conditions and restrictions
set forth in this Award Agreement (the “Restricted Stock”).

 

2.             Additional Definitions.  For purposes of this Award Agreement, the
following additional definitions shall apply:

 

                (a)           “Beneficial Ownership”
is computed by reference to Rule 13d-3 under the Exchange Act.

 

                (b)           “Board” means
the Board of Directors of the Company.

 

                (c)           “Change of Control”
means the happening of any of the following events:

 

                                (i)            An acquisition of outstanding or
newly issued Company securities that results in any Person having Beneficial
Ownership of more than 50% (other than any Person who, as of the Grant Date,
already has Beneficial Ownership of at least 25%) of either (x) the then Outstanding Company Common Stock or
(y) the combined voting power of the then Outstanding Company Voting Securities;  or

 

                                (ii)           A change in the composition of the
Board in connection with a tender or exchange offer, a Corporate Transaction or
a direct purchase of securities from the Company such that (i) the individuals
who, as of the Grant Date, constitute the Incumbent Board cease to constitute
at least a majority of the Board or (ii) a majority of the individuals who, as
of the Grant Date, constitute the Incumbent Board resign or are removed from
the Board;  or

 

                                (iii)          The approval by the shareholders of
the Company of a Corporate Transaction or, if consummation of such Corporate
Transaction is subject, at the time of such approval by shareholders, to the
consent of any government or governmental agency, the obtaining of such consent
(either explicitly or implicitly by consummation);  excluding, however, such a Corporate Transaction
pursuant to which (1) all or substantially all of the Beneficial Owners of the
Outstanding Company Common Stock and Outstanding Company Voting Securities
immediately prior to such Corporate Transaction will Beneficially Own, directly
or indirectly, more than 50% of the outstanding shares of common stock, or more
than 50% of the combined voting power of the then outstanding voting securities
entitled to vote generally in the election of directors, of the company
resulting from such Corporate Transaction (including, without limitation, a corporation
which as a result of such transaction owns the Company or all or substantially
all of the Company’s assets either directly or through one or more
subsidiaries) in substantially the same proportions as their ownership,
immediately prior to such Corporate Transaction, of the Outstanding Company
Common Stock and Outstanding Company Voting Securities, as the case may be, (2)
no Person (other than the Company, any employee benefit plan (or related trust)
sponsored or maintained by the Company or any corporation controlled by the
Company or such corporation resulting from such Corporate Transaction) will
Beneficially Own, directly or indirectly, 20% or more of, respectively, the
outstanding shares of common stock of the corporation resulting from such Corporate
Transaction or the combined voting power of the outstanding voting securities
of such corporation entitled to vote generally in the election of directors
except to the extent that such ownership existed with respect to the Company
prior to the Corporate Transaction and (3) individuals who were members of the
Incumbent Board will constitute at least a majority of the board of directors
of the corporation resulting from such Corporate Transaction;  or

 

                                (iv)          The approval by the shareholders of
the Company of a complete liquidation or dissolution of the Company.

 

                (d)           “Change of Control Price” means the
higher of (i) the highest reported closing price of a share of Common Stock in
any transaction reported on the Nasdaq Stock Market during the 30-day period
prior to and including the date of a Change of Control or (ii) if the Change of
Control is the result of a tender or exchange offer, a Corporate Transaction or
a direct purchase of securities from the Company, the highest price per share
of Common Stock paid in such tender or exchange offer, Corporate Transaction or
direct purchase of securities.

 

 

 

                If
the Change of Control is the result of a direct purchase of securities from the
Company for a consideration consisting in whole or in part other than cash,
then:

 

                                (i)            insofar as the purchase
consideration consists of securities and the value of such securities is not
determinable by reference to a separate agreement, (A) if the securities are
then traded on a national securities exchange or the Nasdaq Stock Market (or a
similar national quotation system), then the value shall be computed based on
the average of the closing prices of the securities on such exchange or system
over the thirty (30)-day period ending on the date of receipt by the Company,
(B) if the securities are actively traded over-the-counter, then the value
shall be computed based on the average of the closing bid prices over the
thirty (30) day ending on the date of receipt by the Company and (C) if there
is no active public market, then the value shall be computed based on the fair
market value thereof on the date of receipt by the Company, as determined in
good faith by the Board and

 

                                (ii)           insofar as the purchase consideration
consists of property other than cash and securities, then the value shall be
computed at the fair market value thereof at the time of such issuance, as
determined in good faith by the Board.

 

                (e)           “Committee”
means (i) the Board, during any period in which there shall be no Compensation
Committee of the Board comprised of two or more non-employee directors or
during any other period during which the Board elects to exercise the authority
of the Committee, or (ii) the Compensation Committee of the Board, during all
other periods.

 

                (f)            “Corporate
Transaction” means a reorganization, merger or consolidation or sale
or other disposition of all or substantially all of the assets of the Company
or the acquisition of assets of another corporation.

 

                (g)           “Determination Date”
means the last day of any two consecutive fiscal quarters after the Grant Date.

 

                (h)           “Exchange Act”
means the Securities Exchange Act of 1934, as amended.

 

                (i)            “Incumbent
Board” means the members of the Company’s Board of Directors on the
Grant Date.

 

                (j)            “Outstanding Company Common Stock”
means, as of a particular date, the number of shares of the Company’s Common
Stock then outstanding.

 

                (k)           “Outstanding Company Voting
Securities” means, as of a particular date, those voting securities
of the Company entitled to vote generally in the election of directors then
outstanding.

 

                (l)            “Person”
means an individual, entity or group within the meaning of Section 13(d)(3) or
14(d)(2) of the Exchange Act.

 

                (m)          “Publicly Announces”
means that the Company has issued a press release and/or filed information on a
periodic, quarterly or annual report with the U.S. Securities and Exchange
Commission.

 

                (n)           “Return on Invested Capital”
means, as of any particular Determination Date, a fraction (expressed as a
percentage), the numerator of which is the two times the amount of positive net
income of the Company (as adjusted in accordance with the following sentence)
for the two consecutive fiscal quarters ended on the Determination Date, and
the denominator of which is the sum of (x) the Company’s total stockholders’
equity as of the Determination Date (as adjusted in accordance with the second
sentence below) and (y) the Company’s long-term debt as of the Determination
Date, in each case, as such financial metrics (except as to the adjustments in
the next two sentences) are Publicly Announced by the Company.  For purposes of the prior sentence, the
Publicly Announced net income amount for the applicable two consecutive fiscal
quarters shall be increased by (i) any stock option expense or amortization
amount charged during such quarters that relates to option or other equity
grants made prior to the Grant Date and (ii) any restricted stock expense or
amortization amount charged during such quarters on account of vesting of any
Restricted Stock pursuant to Sections 5(b) or 5(c) of this Agreement or the
similar provisions of any other similar restricted stock grant agreement.  Further, for purposes of the first sentence,
the Publicly Announced total stockholders’ equity as of the Determination Date
shall be increased by an amount equal to the positive net income of the Company
(as adjusted in accordance with the preceding sentence) for the two consecutive
fiscal quarters ended on the Determination Date.

 

                (o)           “Securities Act”
means the Securities Act of 1933, as amended.

 

                (p)           “Service” means
employment with the Company or any of its subsidiaries.

 

                (q)           “Restricted Period”
means the period commencing on the Grant Date and ending the fifth anniversary
of the Grant Date.

 

 

 

3.             Rights Regarding Restricted Stock.  The Restricted Stock issued to Grantee shall
constitute issued and outstanding shares of the Company’s Common Stock for all
corporate purposes.  Except as provided
by Section 4 below, the Grantee will have the right to (a) vote the Restricted
Stock, (b) receive and retain dividends and distributions, if any, that the
Company designates, pays and distributes generally with respect to its Common
Stock and (c) exercise all other rights, powers and privileges of a holder of
Common Stock with respect to such Restricted Stock.

 

4.             Restrictions on Restricted Stock.  Despite the above, the Grantee’s rights to
fully enjoy the ownership of the Restricted Stock is subject to Grantee’s
vesting in the Restricted Stock as provided by Section 5 below.  Pending such vesting, the Grantee’s ownership
of the Restricted Stock is subject to the following:

 

                (a)           Company Retention of
Unvested Restricted Stock. 
When issuing the Restricted Stock, the Company shall register the
Restricted Stock in the name of the Grantee, but shall hold the stock
certificate, together with a stock power endorsed by the Grantee in blank,
pending vesting by Grantee in all or a portion of the Restricted Stock.  If at the end or during the Restricted
Period, the Grantee vests in all or a portion of the Restricted Stock, the
Company will promptly reissue a certificate representing the vested portion of
the Restricted Stock and deliver such certificate to Grantee.  Any such reissued certificate shall contain a
legend prohibiting sale or other transfer of the shares of Common Stock without
registration under the Securities Act or an exemption therefrom.

 

                (b)           Company Retention of
Dividends and Distributions on Unvested Restricted Stock.  In the event that the Company declares and
pays a dividend or other distribution on its Common Stock, the Company shall
retain custody of all such dividends and distributions (the “Retained Distributions”) made or declared with respect to
the unvested portion of the Restricted Stock. 
The Company is not required to segregate the Retained Distributions in a
separate or interest-bearing account, but payment thereof by the Company upon
vesting of the Restricted Stock shall be a general, unsecured obligation of the
Company.  If at the end or during the
Restricted Period, the Grantee vests in all or a portion of the Restricted
Stock, the Company shall promptly pay or distribute to Grantee (without any
interest) the portion of the Retained Distributions held by the Company that
relate to the vested portion of the Restricted Stock.

 

                (c)           Restriction on Transfer of
Restricted Stock.  Except
for a transfer without consideration to a trust for the benefit of the Grantee
and/or the Grantee’s spouse and children (and then only if the trust agrees to
be bound by the restrictions of this Agreement on the Restricted Stock so
transferred), the Grantee may not sell, assign, transfer, pledge, exchange,
encumber or dispose of the Restricted Stock or any Retained Distributions or
the Grantee’s interest in any of them until vested therein.

 

5.             Vesting of Restricted Stock.  The Grantee will vest in all or a portion of
the Restricted Stock (and the Retained Distributions, if any, related thereto),
as follows:

 

                (a)           Service-Based Vesting.  The Grantee will vest in all of the
Restricted Stock (and the Retained Distributions, if any, related thereto) on
the last date of the Restricted Period if the Grantee has been in continuous
Service with the Company from the Grant Date to such date.

 

                (b)           Vesting Upon Financial
Milestone Achievements. 
All or a portion of the Restricted Stock (and the Retained
Distributions, if any, related thereto) will vest earlier upon the Company’s
achievement of certain financial milestones during the Restricted Period, as
follows:

 

                                (i)            One-third of the Restricted Stock
(and the Retained Distributions, if any, related thereto) will vest on the date
that the Company Publicly Announces it has positive income from operations (as
adjusted in accordance with the following sentence) for two consecutive fiscal
quarters ending after the Grant Date. 
For purposes of the prior sentence, the Publicly Announced income from
operations amount for the applicable two consecutive fiscal quarters shall be
increased by (i) any stock option expense or amortization amount charged during
such quarters that relates to option or other equity grants made prior to the
Grant Date and (ii) any restricted stock expense or amortization amount charged
during such quarters on account of vesting of any Restricted Stock pursuant to
Sections 5(b) or 5(c) of this Agreement or the similar provisions of any other
similar restricted stock grant agreement;

 

                                (ii)           One-third of the Restricted Stock
(and the Retained Distributions, if any, related thereto) will vest on the date
the Company Publicly Announces financial results that, as of any particular
Determination Date, represent an achievement of (x) at least a 5% Return on
Invested Capital as of the Determination Date and (y) positive income from
operations (as adjusted in accordance with the last sentence of subsection (i)
above) for each of the two consecutive fiscal quarters ended on the
Determination Date;  and

 

 

 

                                (iii)          One-third of the Restricted Stock (and
the Retained Distributions, if any, related thereto) will vest on the date the
Company Publicly Announces financial results that, as of any particular
Determination Date, represent an achievement of (x) at least a 10% Return on
Invested Capital as of the Determination Date and (y) positive income from
operations (as adjusted in accordance with the last sentence of subsection (i)
above) for each of the two consecutive fiscal quarters ended on the
Determination Date.

 

                As
a further condition of vesting, the Grantee must be in continuous Service with
the Company from the Grant Date to the date of Public Announcement as described
above.  The Company may achieve one or
more of the above financial milestones simultaneously.  For example, if the Company achieved a 10%
Return on Invested Capital as of December 31, 2005, and this milestone was
based on positive income from operations (adjusted in the manner described
above) during each of the third and fourth quarters of 2005, the Grantee would
vest in 100% of the Restricted Stock (and all Retained Distributions, if any)
on the date that the Company Publicly Announces these operating results.

 

                (c)           Vesting Upon Change of
Control.  All of the
Restricted Stock (and all Retained Distributions, if any) will vest upon a
Change of Control event that occurs during the Restricted Period, but only if
(i) the Grantee has been in continuous Service with the Company since the Grant
Date to the date of the Change of Control and (ii) the Change of Control Price
exceeds $______ (the closing price of the Company’s Common Stock on the Grant
Date).  However, if the Change of Control
event is an event described in Section 2(c)(ii) above, then vesting under this
subsection (c) will occur if the Grantee is in continuous Service to the date
of the Change of Control, regardless of the Change of Control Price.

 

                (d)           Effect of Termination of
Service.  In the event
Grantee’s Service with the Company ceases for any reason whatsoever (except a
Change of Control), this Award Agreement shall immediately terminate and be of
no force and effect and all Restricted Stock awarded to the Grantee (and the
related Retained Distributions, if any) that has not previously vested shall be
forfeited as of the date of such termination.

 

6.             Cancellation of Unvested Restricted Stock and
Retained Distributions. 
The Company will cancel any Restricted Stock and Retained Distributions that
Grantee has not vested in by the earlier of (i) the last day of the Restricted
Period, (ii) the Grantee’s termination of Service with the Company for any
reason or (iii) a Change of Control.  In
addition, if the Committee determines that Grantee has breached any of the
restrictions, terms or conditions provided in this Award Agreement or
established by the Committee with respect to any Restricted Stock or Retained
Distributions, the Grantee will forfeit such Restricted Stock and Retained
Distributions.

 

7.             No Code Section 83(b) Election.  The Grantee shall not make an election, under
Section 83(b) of the Internal Revenue Code of 1986, as amended, to include an
amount in income in respect of the Restricted Stock.

 

8.             Non-Alienation of Benefits.  Other than pursuant to a qualified domestic
relations order, no right or benefit under this Award Agreement shall be
subject to transfer, anticipation, alienation, sale, assignment, pledge,
encumbrance or charge, whether voluntary, involuntary or by operation of law,
and any attempt to transfer, anticipate, alienate, sell, assign, pledge,
encumber or charge the same shall be void.

 

9.             No Guarantee of Continued Service.  Nothing contained in this Award Agreement,
and no action of the Company or the Committee with respect hereto, shall confer
or be construed to confer on the Grantee any right to continue in the Service
of the Company.

 

10.           Binding Effect.  This Award Agreement shall bind and inure to
the benefit of and be enforceable by the Grantee, the Company and their
respective permitted successors and assigns (including personal
representatives, heirs and legatees), except that the Grantee may not assign
any rights or obligations under this Award Agreement except to the extent and
in a manner expressly provided herein.

 

11.           Governing Law.  This Award Agreement shall be governed by,
and construed and enforced in accordance with, the laws of the State of
Minnesota, exclusive of its conflict of laws rules.

 

 

 

12.           Entire Agreement.  This Award Agreement contains the entire
agreement between the parties hereto with respect to the Restricted Stock
granted herein and replaces and makes null and void any prior agreements, oral
or written, between the Grantee and the Company regarding the Restricted Stock
awarded herein.

 

                IN WITNESS WHEREOF, the undersigned have hereunto affixed
their signatures.

 

	
  Datalink Corporation

  	
  Grantee:

  
	
   

  	
   

  	
   

  	
   

  
	
  By

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Its

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