Document:

cedar-ex101_011811.htm

CONSULTING AGREEMENT

 

AGREEMENT made as of the 13th  day of January, 2011, by and between Cedar Shopping Centers, Inc., a Maryland corporation (the “Company”), and Frank C. Ullman (the “Consultant”).

 

 

W I T N E S S E T H:

 

WHEREAS, the Consultant is employed by the Company as its Vice President in charge of due diligence; and

 

WHEREAS, effective February 1, 2011 (the “Effective Date”) the Consultant has determined to voluntarily retire from the Company, to voluntarily terminate the employment relationship and to become a consultant to the Company; and

 

WHEREAS, the Company desires to have the Consultant’s expertise and services available to the Company;

 

NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements of the parties contained herein, the sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the parties agree as follows:

 

1.           Termination of Employment.  Effective on the Effective Date, Consultant hereby resigns as an officer and employee of the Company and as an officer, director and/or employee of any subsidiary or any entity in which the Company owns directly or indirectly any interest.  On the Effective Date, the Employment Agreement shall be terminated, be of no further force and effect and neither party shall have any further rights or obligations thereunder, except that the provisions of Sections 5.3, 5.4, 6 and 17 of the Employment Agreement (including the definitions related thereto) shall remain in full force and effect.

 

2.           Term and Termination.  Effective on the Effective Date, the Company engages the Consultant, and the Consultant hereby accepts engagement by the Company, upon the terms and conditions hereinafter set forth for the period (the “Consulting Period”) ending January 31, 2012 (the “Termination Date”), unless extended by the parties (subject to approval by the Company’s Board of Directors) and unless the Company or the Consultant provides to the other party hereto not less than 90 days’ prior written notice of termination before the Termination Date.  In the event of the death of the Consultant during the Consulting Period, the Consulting Period shall terminate on the date of death.

 

3.           Services.  During the Consulting Period, Consultant shall perform such due diligence and closing services in connection with acquisitions, dispositions, property financings etc. as previously provided by the Consultant as reasonably requested by the Chief Executive Officer, the Chief Operating Officer or the Vice President of Acquisitions.  The Consultant shall be available to the Company at its offices for such periods as shall be agreed between Consultant and such requesting officer of the Company.  In performing the services hereunder, the Consultant will use his best reasonable efforts to promote the business and interests of the Company and shall comply with the Company’s policies and procedures.

 

4.           Compensation.  (a)  In consideration for the services to be rendered by the Consultant pursuant hereto, the Company hereby agrees to pay the Consultant the amount of $600 per day for each day during which he works at least four hours, payable at the end of each month based on the number of days such services were performed with a minimum payment during the initial term only of this Agreement of $75,000.

 

(b)           The Company shall reimburse the Consultant for all reasonable and necessary business expenses incurred by the Consultant on behalf of the Company in the course of Consultant’s duties hereunder upon presentation by the Consultant of appropriate vouchers thereof, including expenses for travel, lodging, meals, computer, blackberry and/or cellular phone.

 

(c)           The Company shall make available to Consultant at Company’s cost, work space at the Company’s offices at 44 South Bayles Avenue in Port Washington, New York, including a desk and desk chair, and a desk-top computer comparable to that of other management employees, use of telephone for Company business, and other normal amenities of the workplace during the effectiveness of this Agreement.

 

(d)           The Consultant shall not be eligible for the Company’s bonus plans or long term stock award plans.  Any long-term stock award previously granted to consultant shall vest after one year.

 

(e)           Consultant shall be eligible to participate in the Company’s health insurance programs for a period of six months; thereafter he may participate only at his cost if he is eligible therefor.

 

5.           Acts of the Consultant.  The obligations of the Consultant described in this Agreement consist solely of providing the services described herein.  In no event shall the Consultant make decisions for the Company.  All final decisions with respect to acts of the Company or its affiliates, whether or not made pursuant to or in reliance on information or advice furnished by the Consultant hereunder, shall be those of the Company or such affiliates.

 

6.           Independent Contractors.  The Company and the Consultant acknowledge that they are entering into this Agreement as independent contractors and that this Agreement shall not create and shall not be construed to create a relationship of principal and agent, joint venturers, co-partners, employer and employee, master and servant or any similar relationship between the Company and the Consultant.

 

7.           Non-Disparagement.  Each of the Consultant and the Company agrees not to make any statements which are false, defamatory or derogatory in any respect, either orally or in writing, about the other, the Company, the business of the Company or the Company’s officers, directors or employees.

 

8.           Entire Agreement; Amendment; Waiver.  This Agreement contains the entire understanding of the parties as to the subject matter hereof and except as otherwise provided herein fully supersedes all prior agreements and understandings between the parties as to such subject matter.  This Agreement may not be amended, supplemented, canceled or discharged except by a written instrument executed by the party as to whom enforcement is sought.

 

9.           Notices.  All notices, requests, demands and other communications provided for by this Agreement shall be in writing and mailed in the United States enclosed in a registered or certified post-paid envelope, return receipt requested, or transmitted by facsimile, or delivered by same-day or overnight courier service, and addressed to the addresses of the respective parties stated below or to such changed addresses as such parties may fix by notice:

 

	
To the Company:

	  
	  	  
	  	
Cedar Shopping Centers, Inc.

	  	
44 South Bayles Avenue

	  	
Port Washington, NY  11050

	  	
Attention:  President

	  	
Fax No.:  (516) 767-6497

	  	  
	  	  
	
To the Consultant:

	  
	  	  
	  	
Frank C. Ullman

	  	
1 Toms Lane, Unit 2C

	  	
Port Washington, NY  11050

provided, however, that any notice of change of address shall be effective only upon receipt.  Any such notice shall be deemed to have been received on the date delivered to or received at the premises (as evidenced by the date noted on the return receipt, facsimile transmission receipt or courier receipt).

 

10.           Successors and Assigns.  This Agreement is personal in its nature to the Consultant and the Consultant shall not, without the consent of the Company, assign or transfer this Agreement or any rights or obligations hereunder.  The Company may freely transfer the Agreement to any person or entity then conducting the business of the Company.  This Agreement shall be binding upon and inure to the benefit of the Company and its successors and assigns and upon the Consultant.

 

11.           Governing Law.  This Agreement shall be governed by and construed in accordance with the laws of the State of New York, without giving effect to principles of conflict of laws.

 

12.           Headings.  The headings in this Agreement are for convenience of reference only and shall not control or affect the meaning or construction of this Agreement.

 

13.           Counterparts.  This Agreement may be executed in one or more counterparts, each of which shall be deemed an original and all such counterparts shall constitute one and the same instrument.

 

IN WITNESS WHEREOF, the parties hereto have hereunder set their hands the day and year first above written.

 

	 	
Cedar Shopping Centers, Inc.

	 	  	  
	 	
By:

	 /s/ Leo S. Ullman 
	 	  	
Name:  Leo S. Ullman

	 	  	
Title:  Chief Executive Officer

	 	  
	 	  
	 	 /s/ Frank C. Ullman 
	 	
Frank C. Ullmansysco8k11911ex41.htm

EXHIBIT 4.1

 

 

GUARANTEE

          THIS GUARANTEE (as amended from time to time, this “Guarantee”), dated as of this _____ day of _________, 20__, is made by [name of subsidiary guarantor], a [state] [corporation / limited liability company] (the “Guarantor”), in favor of The Bank of New York Mellon Trust Company, N.A., as trustee (“Trustee”) for the registered holders (collectively, the “Holders”) of certain unsecured debentures, notes or other evidences of indebtedness (collectively, the “Securities”) of Sysco Corporation, a Delaware corporation (the “Issuer”), issued from time to time under the Indenture, dated June 6, 1995, by and between the Issuer and the Trustee (as successor trustee), as amended by Third Supplemental Indenture, dated as of April 25, 1997, providing for the issuance by the Issuer of $50,000,000 aggregate principal amount of 7.16% Debentures due April 15, 2027, Fifth Supplemental Indenture, dated as of July 27, 1998, providing for the issuance by the Issuer of $225,000,000 aggregate principal amount of 61/2% Debentures due August 1, 2028, Seventh Supplemental Indenture, dated as of March 5, 2004, providing for the issuance by the Issuer of $200,000,000 aggregate principal amount of 4.60% Senior Notes due March 15, 2014, Eighth Supplemental Indenture, dated as of September 22, 2005, providing for the issuance by the Issuer of $500,000,000 aggregate principal amount of 5.375% Senior Notes due September 21, 2035, Ninth Supplemental Indenture, dated as of February 12, 2008, providing for the issuance by the Issuer of $250,000,000 aggregate principal amount of 4.20% Senior Notes due February 12, 2013, Tenth Supplemental Indenture, dated as of February 12, 2008, providing for the issuance by the Issuer of $500,000,000 aggregate principal amount of 5.25% Senior Notes due February 12, 2018, Eleventh Supplemental Indenture, dated as of March 17, 2009, providing for the issuance by the Issuer of $250,000,000 aggregate principal amount of 5.375% Senior Notes due March 17, 2019, and Twelfth Supplemental Indenture, dated as of March 17, 2009, providing for the issuance by the Issuer of $250,000,000 aggregate principal amount of 6.625% Senior Notes due March 17, 2039 (collectively, as amended, modified or supplemented from time to time, the “Indenture”).

W I T N E S S E T H:

SECTION 1. Guarantee.

(a)           The Guarantor hereby unconditionally guarantees the punctual payment when due, whether at stated maturity, by acceleration or otherwise, of the principal of, premium, if any, and interest on the Securities (the “Obligations”), when and as the same shall become due and payable according to the terms of the Securities and as more fully described in the Indenture, and any other amounts payable under the Indenture.

(b)           It is the intention of the Guarantor that this Guarantee not constitute a fraudulent transfer or conveyance for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal or state law to the extent applicable to this Guarantee.  To effectuate the foregoing intention, the amount guaranteed by the Guarantor under this Guarantee shall be limited to the maximum amount as will, after giving effect to such maximum amount and all other contingent and fixed liabilities of the Guarantor that are relevant under such laws, result in the Obligations of the Guarantor under this Guarantee not constituting a fraudulent transfer or conveyance. For purposes hereof, “Bankruptcy Law” means Title 11 of the U.S. Code, or any similar federal or state law for the relief of debtors.

 

 

  

  

  

 

SECTION 2. Guarantee Absolute. The Guarantor guarantees that the Obligations will be paid strictly in accordance with the terms of the Indenture, regardless of any law, regulation or order now or hereafter in effect in any jurisdiction affecting any of such terms or the rights of Holders of the Securities with respect thereto. The liability of the Guarantor under this Guarantee shall be absolute and unconditional irrespective of:

     

(i)           any lack of validity, enforceability or genuineness of any provision of the Indenture, the Securities or any other agreement or instrument relating thereto;

(ii)           any change in the time, manner or place of payment of, or in any other term of, any or all of the Obligations, or any other amendment or waiver of or any consent to departure from the Indenture;

(iii)           any exchange, release or non-perfection of any collateral, or any release or amendment or waiver of or consent to departure from any other guarantee, for all or any of the Obligations;

(iv)           the absence of any action to enforce same, or any waiver or consent by any Holder with respect to any provisions of the Indenture; or

(v)           any other circumstance that might otherwise constitute a defense available to, or a discharge of, the Issuer or a guarantor.

SECTION 3. Ranking. The Guarantor covenants and agrees that its obligation to make payments of the Obligations hereunder constitutes a senior unsecured obligation of the Guarantor ranking pari passu with all existing and future unsecured indebtedness of the Guarantor.

SECTION 4.  Waiver; Subrogation.

(a)            The Guarantor hereby waives promptness, diligence, presentment, demand of payment, notice of acceptance and any other notice with respect to this Guarantee and any requirement that the Trustee, or the Holders of any Securities protect, secure, perfect or insure any security interest or lien or any property subject thereto or exhaust any right or take any action against the Issuer or any other person or any collateral.

 

 

(b)            The Guarantor hereby irrevocably waives any claims or other rights that it may now or hereafter acquire against the Issuer that arise from the existence, payment, performance or enforcement of the Guarantor’s obligations under this Guarantee or the Indenture, including, without limitation, any right of subrogation, reimbursement, exoneration, contribution or indemnification and any right to participate in any claim or remedy of the Trustee, or the Holders of any Securities against the Issuer or any collateral, whether or not such claim, remedy or right arises in equity or under contract, statute or common law, including, without limitation, the right to take or receive from the Issuer, directly or indirectly, in cash or other property or by set-off or in any other manner, payment or security on account of such claim, remedy or right.  If any amount shall be paid to the Guarantor in violation of the preceding sentence at any time prior to the cash payment in full of the Obligations and all other amounts payable under this Guarantee, such amount shall be held in trust for the benefit of the Trustee and the Holders of any Securities and shall forthwith be paid to the Trustee, to be credited and applied to the Obligations and all other amounts payable under this Guarantee, whether matured or unmatured, in accordance with the terms of the Indenture and this Guarantee, or be held as collateral for any Obligations or other amounts payable under this Guarantee thereafter arising.  The Guarantor acknowledges that it will receive direct and indirect benefits from the financing arrangements contemplated by the Indenture and this Guarantee and that the waiver set forth in this Section 4 is knowingly made in contemplation of such benefits.

 

 

  

  

  

 

SECTION 5. No Waiver; Remedies. No failure on the part of the Trustee or any Holder of the Securities to exercise, and no delay in exercising, any right hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right hereunder preclude any other or further exercise thereof or the exercise of any other right. The remedies herein provided are cumulative and not exclusive of any remedies provided by law.

SECTION 6. Continuing Guarantee; Transfer of Interest. This Guarantee is a continuing guarantee and shall (a) remain in full force and effect until the earliest to occur of (i) the date, if any, on which the Guarantor shall consolidate with or merge into the Issuer or any successor thereto, (ii) the date, if any, on which the Issuer or any successor thereto shall consolidate with or merge into the Guarantor and (iii) payment in full of the Obligations, (b) be binding upon the Guarantor, its successors and assigns, and (c) inure to the benefit of and be enforceable by any Holder of Securities, the Trustee, and by their respective successors, transferees, and assigns.  This is a Guarantee of payment and not a guarantee of collection.

SECTION 7.  Reinstatement. This Guarantee shall continue to be effective or be reinstated, as the case may be, if at any time any payment of any of the Obligations is rescinded or must otherwise be returned by any Holder of the Securities or the Trustee upon the insolvency, bankruptcy or reorganization of the Issuer or otherwise, all as though such payment had not been made.

SECTION 8.  Severability; Amendment. If any provision of this Guarantee or any application hereof shall be held to be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions hereof shall not be affected or impaired thereby.  The Guarantor may amend this Guarantee at any time for any purpose without the consent of the Trustee or any Holder of the Securities; provided, however, that if such amendment adversely affects (a) the rights of the Trustee or (b) any Holder of the Securities, then (i) the prior written consent of the Trustee (in the case of (b), acting at the written direction of the Holders of more than 50% in aggregate principal amount of Securities) shall be required and (ii) Guarantor shall give written notice of any such change to any nationally recognized statistical ratings organization that, at the time such amendment is put into effect, has provided then-current ratings applicable to any of the Obligations.

 

 

  

  

  

 

SECTION 9. Notices.  All communications and notices hereunder shall be made in writing and deemed to have been duly given if mailed or transmitted by any standard form of telecommunication to Guarantor at:

[Name of Subsidiary Guarantor]

c/o Sysco Corporation

1390 Enclave Parkway

Houston, Texas 77077

Facsimile: 281-584-2510

Attn:  General Counsel

 SECTION 10. Governing Law. This Guarantee shall be governed by, and construed in accordance with the laws of the State of Delaware.

[Signature on following page.]

 

  

  

  

          IN WITNESS WHEREOF, the Guarantor has caused this Guarantee to be duly executed and delivered by its officer thereunto duly authorized as of the date first above written.

	  	
 [SUBSIDIARY GUARANTOR]

	  	  
	  	  
	  	  
	  	
By: ________________________________________________

	  	
Name:

	  	
Title:

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