Document:

EX-10.2

Exhibit 10.2

SUMMARY OF ANNUAL COMPENSATION OF OUTSIDE DIRECTORS

The following table summarizes the annual compensation of our outside directors effective as of
January 1, 2013. Employee directors are not separately compensated for service as a director.

Cash Retainer

	 	•	 	$55,000

Non-Executive Chairman of the Board Retainer

	 	•	 	$150,000

Audit Committee Chairperson Retainer

	 	•	 	$20,000

Committee Chairperson Retainer (other than Audit Committee) 

	 	•	 	$15,000

Board Meeting Attendance Fee

	 	•	 	$2,000

Committee Meeting Attendance Fee

	 	•	 	$2,000

Deferred Compensation Plan 

	 	•	 	Under the terms of the Harris Corporation 2005 Directors’ Deferred Compensation Plan
(As Amended and Restated Effective January 1, 2009), as amended (the “2005 Directors’
Plan”), on January 1, April 1, July 1, and October 1 (each such day an “Award Date”) of
each year, Harris credits each non-employee director’s account with a number of Harris
stock equivalent units having a fair market value equal to $31,250 (for an annual rate of
$125,000), which amount may be changed from time to time by the Board. In addition, under
the 2005 Directors’ Plan, prior to the commencement of a calendar year each non-employee
director may make an irrevocable election to defer all or a portion of his or her
director compensation for the subsequent year or years. Amounts deferred at the election
of the non-employee director may be invested in investment alternatives similar to those
available under the Harris Corporation 401(k) Retirement Plan or in Harris stock
equivalent units, pursuant to which a non-employee director’s account is credited with a
number of units of Harris stock equivalents based upon the fair market value of Harris
common stock on the date of deferral. Such Harris stock equivalent units are equivalent
in value to our shares of common stock. A non-employee director may not transfer or
reallocate amounts invested in other investments into Harris stock equivalents. Amounts
credited in Harris stock equivalents may be reallocated into any other investment
alternatives, provided director minimum stock ownership guidelines are satisfied.
Deferred amounts and investment earnings on such amounts are payable in cash following
the non-employee director’s resignation, retirement, or death. Each Harris stock
equivalent unit is credited with dividend equivalents, which are deemed reinvested in
additional Harris stock equivalent units on the dividend payment date.

	 	•	 	Amounts invested in Harris stock equivalents shall be appropriately adjusted in the
event of any stock dividend or split, recapitalization, merger, spin-off, extraordinary
dividends, or other similar events.

	 	•	 	A non-employee director may elect to receive amounts deferred under the 2005
Directors’ Plan, including amounts deferred in the form of Harris stock equivalent units,
either in a cash lump sum on a date certain within five years of his or her resignation
or retirement or in annual substantially equal cash installments over a designated number
of years beginning on a date certain within five years of a director’s resignation or
retirement, provided that all amounts are fully paid within ten years of resignation or
retirement.

	 	•	 	Within ninety (90) days of a Change of Control (as defined in the 2005 Directors’
Plan), and to the extent permitted by Section 409A of the Internal Revenue Code, each
non-employee director (or former non-employee director) will receive a lump sum cash
payment equal to the then remaining balance in his or her account.

	 	•	 	The foregoing summary description of the 2005 Directors’ Plan is not complete and is
qualified in its entirety by, and should be read in conjunction with, the complete text
of the 2005 Directors’ Deferred Compensation Plan.

Travel and Other Expenses

	 	•	 	Actual expenses incurred in the performance of their services as directors are
reimbursed.

Director Education Institutes/Activities

	 	•	 	Reimbursed for costs and expenses.

Accidental Death and Dismemberment Insurance and Business Travel Insurance

	 	•	 	Up to $200,000 accidental death and dismemberment insurance and an additional $200,000
in the event a director is involved in an accident while traveling on business relating
to our affairs.

Charitable Gift Matching Program

	 	•	 	Annual maximum of $10,000 per director is matched to eligible educational institutions
and charitable organizations.exh10_1.htm

 

Exhibit 10.1

 

 

THIRD LOAN MODIFICATION AGREEMENT

 

THIS THIRD LOAN MODIFICATION AGREEMENT (this "Modification") is made October 26, 2012 (the "Effective Date"), between and among REPUBLIC FIRST BANK (D/B/A REPUBLIC BANK) ("Bank"), a Pennsylvania chartered bank, having an address at Two Liberty Place, Suite 2400, 50 S. 16th Street, Philadelphia, PA 19102, RESOURCE CAPITAL INVESTOR, INC., a Delaware corporation (“RCI”), and RESOURCE PROPERTIES XXX, INC., a Delaware corporation (“RP XXX” and together with RCI, collectively, "Borrower"), each with offices at One Crescent Drive, Suite 203, Navy Yard Corporate Center, Philadelphia, PA 19112.

 

BACKGROUND

 

Bank and Borrower are parties to a Loan Agreement, dated February 25, 2011, as modified by a Loan Modification Agreement, dated September 21, 2011 (the "First Modification"), and by a Second Loan Modification Agreement, dated as of January 13, 2012 (the "Second Modification"), pursuant to which Bank made available to Borrower a $3,500,000 line of credit facility (the "Loan Agreement"). Capitalized terms used in this Modification without definition have the respective meanings given to them in the Loan Agreement.

 

Bank and Borrower now desire to extend the time period during which the Line of Credit Facility will be available to Borrower.

 

AGREEMENT

 

Borrower and Bank, for good and valuable consideration, the receipt and sufficiency of which are acknowledged, and intending to be legally bound, hereby agree to modify the Loan Agreement and the other Loan Documents as follows.

 

1.           In Section 1.1 of the Loan Agreement, the definition of "Loan Documents" is hereby expanded to expressly include this Modification as a Loan Document.  Reference in any of the Loan Documents to the Loan Documents generally, or to any specific Loan Document, shall be deemed to mean the Loan Documents generally, or such specific Loan Document, as modified hereby.

 

2.           The date "August 31, 2012" appearing in Section 2.1(a) of the Loan Agreement, and changed to November 30, 2012, in the First Modification, and further changed to November 1, 2013, in the Second Modification, is hereby changed to "November 30, 2014".

 

3.           The date "September 28, 2012" appearing in Sections 2.1(d) and 2.2(d) of the Loan Agreement, as well as elsewhere in the Loan Documents, including (without limitation) Section 1(c) of the Note, and changed to December 28, 2012, in the First Modification, and further changed to December 1, 2013, in the Second Modification, is hereby changed to "December 28, 2014".

 

4.           The date "September 1, 2012" appearing in Section 1(b) of the Note, and changed to December 1, 2012, in the First Modification, and further changed to November 1, 2013, in the Second Modification, is hereby changed to "December 1, 2014".

 

 

 

 

 

5.           To induce Bank to enter into this Modification, Borrower represents and warrants to Bank that:

 

(a)           Organization, Qualification of Borrower.  Borrower is a corporation duly formed and in good standing, with full power and authority to conduct its business as such business is now being conducted.  Borrower is qualified to do business in all states where the failure to be so qualified would have a material adverse effect on its business or properties.

 

(b)           Authority, Authorization.

 

(i)           Borrower has taken all necessary action to authorize the borrowings provided for in the Loan Agreement, as modified hereby, and the execution, delivery, and performance of the Loan Documents to which Borrower is a party.

 

(ii)           No consent of any other party and no consent, license, approval, or authorization of, or registration or declaration with, any governmental authority, bureau, or agency is required in connection with the execution, delivery, performance, validity, or enforceability of this Modification or any other Loan Documents to which Borrower or Guarantor is a party.

 

(c)             Enforceability.

 

(i)           This Modification has been duly and validly executed by Borrower and duly and validly joined in by Guarantor and, to Borrower’s knowledge, constitutes a legal, valid, and binding contract of Borrower and Guarantor, enforceable in accordance with its terms.

 

(ii)           All other Loan Documents to which they are a party are legal, valid, and binding obligations of Borrower and Guarantor, enforceable in accordance with their terms.

 

(d)             Other.  All other representations and warranties contained in the Loan Documents continue to be true, correct and complete in all material respects as of the date of this Modification, and are hereby ratified and confirmed by Borrower.

 

6.           The Loan Documents represent the entire agreement and understanding of the parties respecting the Line of Credit Facility, and may not be amended subsequently by oral statements of, or courses of dealing between, the parties.

 

7.           THE LOAN DOCUMENTS, INCLUDING THIS MODIFICATION, CONTINUE IN FULL FORCE AND EFFECT AND ARE HEREBY RATIFIED AND CONFIRMED.  SPECIFICALLY, AND WITHOUT LIMITATION, BORROWER AND, BY ITS JOINDER BELOW, GUARANTOR, HEREBY INTENTIONALLY, KNOWINGLY, AND WITH THE ADVICE OF COUNSEL ACKNOWLEDGE AND REAFFIRM ALL OF BANK'S RIGHTS AND REMEDIES CONTAINED IN THE LOAN DOCUMENTS, INCLUDING (WITHOUT LIMITATION) THE WARRANTS OF ATTORNEY ALLOWING FOR CONFESSION OF JUDGMENT AGAINST BORROWER AND/OR GUARANTOR.

 

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IN WITNESS WHEREOF, Borrower and Bank, each intending to be legally bound hereby, has caused this Modification to be executed on the Effective Date.

 

	  	
BANK:

	 
	  	
 

REPUBLIC FIRST BANK

(D/B/A REPUBLIC BANK)

 

By:       /s/ Stephen McWilliams

Name:  Stephen McWilliams

Title:    Senior Vice President

 

	 
	 	 	 
	  	
BORROWER:

	 
	  	
 

RESOURCE CAPITAL INVESTOR, INC.

 

By:       /s/ Thomas C. Elliott

Name:  Thomas C. Elliott

Title:    Chief Financial Officer

 

	 
	 	 	 
	  	
RESOURCE PROPERTIES XXX, INC.

 

By:       /s/ Thomas C. Elliott

Name:  Thomas C. Elliott

Title:    Senior Vice President

 

 

	 
	  	  	 

 

Guarantor hereby joins in the execution of this Modification to affirm and acknowledge (a) its consent hereto, (b) that the Surety Agreement continues in full force and effect notwithstanding this Modification, and (c) all of Bank's rights and remedies contained in the Loan Documents to which Guarantor is a party, including (without limitation) the warrants of attorney for confession of judgment against Guarantor.

 

	 	

RESOURCE AMERICA, INC.

 

By:       /s/ Thomas C. Elliott

Name:  Thomas C. Elliott

Title:    Senior Vice President

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