Document:

Exhibit 10.1

  
 Exhibit 10.1

  
 AMENDMENT NUMBER 2 (this
“Amendment”) to THE EMPLOYMENT AGREEMENT, dated October 1, 2001, which was amended effective September 21, 2004 (the “Agreement”), by and between Cornerstone Realty Income Trust, Inc. (the
“Company”) and Glade M. Knight (the “Executive”). 
  
 RECITALS 
  
 WHEREAS,
Section 409A of the Internal Revenue Code has recently become effective and guidance received under that Section permits plans to be amended to comply and/or terminated this year. The Executive and the Company desire to so amend the Agreement; and

  
 WHEREAS, pursuant to Section 14 of the Agreement, the
Agreement may be amended by the Company and the Executive; 
  
 NOW
THEREFORE, the Agreement is hereby further amended as follows: 
  
 1. Section 8 is amended to include a subsection (d), which reads: “This Agreement shall terminate automatically upon the merger of the Company into a subsidiary of Colonial Properties Trust in 2005. In this event, the Company shall pay
the Executive in 2005 a lump sum amount equal to his salary (calculated in accordance with Section 3(a) hereof) for the remainder of the term of the Agreement. Thereafter, the Company shall have no further obligations to the Executive under this
Agreement.” 
  
 2. Capitalized terms used but not defined
herein shall have their respective meanings as used in the Agreement. 
  
 IN WITNESS WHEREOF, the Company and the Executive have executed this Amendment as of the date indicated below. 
  

									
	 CORNERSTONE REALTY INCOME TRUST, INC.
	 	 	 	 
			
	 /s/ Stanley J. Olander, Jr.
	 	 	 	Date: February 8, 2005
	 By: Stanley J. Olander, Jr.
	 	 	 	 	 	 
	 Title: President
	 	 	 	 	 	 
			
	/s/ Glade M. Knight	 	 	 	Date: February 8, 2005
	 Glade M. KnightExhibit 10.2

  
 Exhibit 10.2

  
 AMENDMENT NUMBER 2 (this
“Amendment”) to THE EMPLOYMENT AGREEMENT, dated October 1, 2001, which was amended effective September 21, 2004 (the “Agreement”), by and between Cornerstone Realty Income Trust, Inc. (the
“Company”) and Stanley J. Olander (the “Executive”). 
  
 RECITALS 
  
 WHEREAS,
Section 409A of the Internal Revenue Code has recently become effective and guidance received under that Section permits plans to be amended to comply and/or terminated this year. The Executive and the Company desire to so amend the Agreement; and

  
 WHEREAS, pursuant to Section 14 of the Agreement, the
Agreement may be amended by the Company and the Executive; 
  
 NOW
THEREFORE, the Agreement is hereby further amended as follows: 
  
 1. Section 8 is amended to include a subsection (d), which reads: “This Agreement shall terminate automatically upon the merger of the Company into a subsidiary of Colonial Properties Trust in 2005. In this event, the Company shall pay
the Executive in 2005 a lump sum amount equal to his salary (calculated in accordance with Section 3(a) hereof) for the remainder of the term of the Agreement. Thereafter, the Company shall have no further obligations to the Executive under this
Agreement.” 
  
 2. Capitalized terms used but not defined
herein shall have their respective meanings as used in the Agreement. 
  
 IN WITNESS WHEREOF, the Company and the Executive have executed this Amendment as of the date indicated below. 
  

					
	 CORNERSTONE REALTY INCOME TRUST, INC.
	 	 
			
	/s/ Glade M. Knight	 	 	 	Date: February 8, 2005
	 By: Glade M. Knight
	 	 	 	 
	 Title: Chairman and Chief Executive Officer
	 	 	 	 
			
	 /s/ Stanley J. Olander, Jr.
	 	 	 	Date: February 8, 2005
	 Stanley J. Olander, Jr.Exhibit 10.3

  
 Exhibit 10.3 

  
 AMENDMENT NUMBER 1 (this
“Amendment”) to THE CHANGE IN CONTROL AGREEMENT, dated August 1, 2000 (the “Agreement”), by and between Cornerstone Realty Income Trust, Inc. (the “Company”) and Glade M. Knight (the
“Executive”). 
  
 RECITALS 
  
 WHEREAS, Section 409A of the Internal Revenue Code has recently become
effective and guidance received under that Section permits plans to be amended to comply and/or terminated this year; and 
  
 WHEREAS, pursuant to Section 9.5 of the Agreement, the Agreement may be amended by the Company and the Executive, and the Company and the Executive desire
to so amend the Agreement. 
  
 NOW, THEREFORE, the Agreement is
hereby amended as follows: 
  
 1. Section 2.6 is deleted in its
entirety and is revised to read: “‘Effective Date’ means the first date during the term of the Agreement (as defined in Article III) on which a change in the ownership, effective control or ownership of a substantial portion of
the assets of the Company, as defined for purposes of Section 409A of the Internal Revenue Code, that is also a Change in Control (or that is related to a previous Change in Control), as defined in Section 2.4 hereof, occurs.” 
  
 2. Article IV is amended as follows: 
  
 (a) The title is deleted in its entirety and is revised to
read: “OBLIGATIONS OF THE COMPANY UPON A CHANGE IN CONTROL.” 
  
 (b) The preamble of Section 4.1 is deleted in its entirety and is revised to read: “Obligations on the occurrence of the Effective Date. On the occurrence of the Effective Date, the Company’s
obligations to the executive shall be as follows:” 
  
 (c) Each reference in Section 4.1 to “Termination Date” is revised to refer to “Effective Date.” 
  

 3. All references to “Employment Period” in the Agreement are revised to refer to
“Benefits Period.” 
  
 4. Sections 2.14, 4.1(h) and 4.2
are deleted in their entirety. 
  
 5. It is the Company’s and
the Executive’s intention that the Agreement, as amended by this Amendment, comply with Section 409A of the Internal Revenue Code. If either party believes, at any time, that the Agreement as amended does not comply, it will promptly advise the
other and will negotiate reasonably and in good faith to amend the terms of this Agreement such that they comply and that amendment will have the most limited possible economic effect on the Company and the Executive. 
  
 6. Capitalized terms used but not defined herein shall have their respective
meanings as used in the Agreement. 
  
 IN WITNESS WHEREOF, the
Company and the Executive have executed this Amendment as of the date indicated below. 
  

					
	 CORNERSTONE REALTY INCOME TRUST, INC.
	 	 
			
	 /s/ Stanley J. Olander, Jr.
	 	 	 	Date: February 8, 2005
	 By: Stanley J. Olander, Jr.
	 	 	 	 
	 Title: President
	 	 	 	 
			
	 /s/ Glade M. Knight
	 	 	 	Date: February 8, 2005
	 Glade M. KnightExhibit 10.4

  
 Exhibit 10.4

  
 AMENDMENT NUMBER 1 (this
“Amendment”) to THE CHANGE IN CONTROL AGREEMENT, dated August 1, 2000 (the “Agreement”), by and between Cornerstone Realty Income Trust, Inc. (the “Company”) and S. J. Olander, Jr. (the
“Executive”). 
  
 RECITALS 
  
 WHEREAS, Section 409A of the Internal Revenue Code has recently become
effective and guidance received under that Section permits plans to be amended to comply and/or terminated this year; and 
  
 WHEREAS, pursuant to Section 9.5 of the Agreement, the Agreement may be amended by the Company and the Executive, and the Company and the Executive desire
to so amend the Agreement. 
  
 NOW, THEREFORE, the Agreement is
hereby amended as follows: 
  
 1. Section 2.6 is deleted in its
entirety and is revised to read: “‘Effective Date’ means the first date during the term of the Agreement (as defined in Article III) on which a change in the ownership, effective control or ownership of a substantial portion of
the assets of the Company, as defined for purposes of Section 409A of the Internal Revenue Code, that is also a Change in Control (or that is related to a previous Change in Control), as defined in Section 2.4 hereof, occurs.” 
  
 2. Article IV is amended as follows: 
  
 (a) The title is deleted in its entirety and is revised to
read: “OBLIGATIONS OF THE COMPANY UPON A CHANGE IN CONTROL.” 
  
 (b) The preamble of Section 4.1 is deleted in its entirety and is revised to read: “Obligations on the occurrence of the Effective Date. On the occurrence of the Effective Date, the Company’s
obligations to the executive shall be as follows:” 
  
 (c) Each reference in Section 4.1 to “Termination Date” is revised to refer to “Effective Date.” 
  

 3. All references to “Employment Period” in the Agreement are revised to refer to
“Benefits Period.” 
  
 4. Sections 2.14, 4.1(h) and 4.2
are deleted in their entirety. 
  
 5. It is the Company’s and
the Executive’s intention that the Agreement, as amended by this Amendment, comply with Section 409A of the Internal Revenue Code. If either party believes, at any time, that the Agreement as amended does not comply, it will promptly advise the
other and will negotiate reasonably and in good faith to amend the terms of this Agreement such that they comply and that amendment will have the most limited possible economic effect on the Company and the Executive. 
  
 6. Capitalized terms used but not defined herein shall have their respective
meanings as used in the Agreement. 
  
 IN WITNESS WHEREOF, the
Company and the Executive have executed this Amendment as of the date indicated below. 
  

					
	 CORNERSTONE REALTY INCOME TRUST, INC.
	 	 
			
	/s/ Glade M. Knight	 	 	 	Date: February 8, 2005
	 By: /s/ Glade M. Knight
	 	 	 	 
	 Title: Chairman and Chief Executive Officer
	 	 	 	 
			
	 /s/ S. J. Olander, Jr.
	 	 	 	Date: February 8, 2005
	 S. J. Olander, Jr.Exhibit 10.5

  
 Exhibit 10.5

  
 AMENDMENT NUMBER 1 (this
“Amendment”) to THE CHANGE IN CONTROL AGREEMENT, dated October 17, 2004 (the “Agreement”), by and between Cornerstone Realty Income Trust, Inc. (the “Company”) and Gustav G. Remppies (the
“Executive”). 
  
 RECITALS 
  
 WHEREAS, Section 409A of the Internal Revenue Code has recently become
effective and guidance received under that Section permits plans to be amended to comply and/or terminated this year; and 
  
 WHEREAS, pursuant to Section 9.5 of the Agreement, the Agreement may be amended by the Company and the Executive, and the Company and the Executive desire
to so amend the Agreement. 
  
 NOW, THEREFORE, the Agreement is
hereby amended as follows: 
  
 1. Section 2.7 is deleted in its
entirety and is revised to read: “‘Effective Date’ means the first date during the term of the Agreement (as defined in Article III) on which a change in the ownership, effective control or ownership of a substantial portion of
the assets of the Company, as defined for purposes of Section 409A of the Internal Revenue Code, that is also a Change in Control (or that is related to a previous Change in Control), as defined in Section 2.4 hereof, occurs.” 
  
 2. Article IV is amended as follows: 
  
 (a) The title is deleted in its entirety and is revised to
read: “OBLIGATIONS OF THE COMPANY UPON A CHANGE IN CONTROL.” 
  
 (b) The preamble of Section 4.1 is deleted in its entirety and is revised to read: “Obligations on the occurrence of the Effective Date. On the occurrence of the Effective Date, the Company’s
obligations to the executive shall be as follows:” 
  
 (c) Each reference in Section 4.1 to “Termination Date” is revised to refer to “Effective Date.” 
  

 3. All references to “Employment Period” in the Agreement are revised to refer to
“Benefits Period.” 
  
 4. Sections 2.14, 4.1(h) and 4.2
are deleted in their entirety. 
  
 5. It is the Company’s and
the Executive’s intention that the Agreement, as amended by this Amendment, comply with Section 409A of the Internal Revenue Code. If either party believes, at any time, that the Agreement as amended does not comply, it will promptly advise the
other and will negotiate reasonably and in good faith to amend the terms of this Agreement such that they comply and that amendment will have the most limited possible economic effect on the Company and the Executive. 
  
 6. Capitalized terms used but not defined herein shall have their respective
meanings as used in the Agreement. 
  
 IN WITNESS WHEREOF, the
Company and the Executive have executed this Amendment as of the date indicated below. 
  

					
	CORNERSTONE REALTY INCOME TRUST, INC.	 	 
			
	 /s/ Stanley J. Olander, Jr.
	 	 	 	Date: February 8, 2005
	 By: Stanley J. Olander, Jr.
	 	 	 	 
	 Title: President
	 	 	 	 
			
	 /s/ Gustav G. Remppies
	 	 	 	Date: February 8, 2005
	 Gustav G. Remppies

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00077-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00077-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00077-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00077-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00077-of-00352.parquet"}]]