Document:

Exhibit 10.1

 

TERMINATION AGREEMENT

 

This
Termination Agreement (this “Termination
Agreement”) is made and entered into effective as of this 20th day
of December, 2007, among BEHRINGER HARVARD MULTIFAMILY OP I LP, a
Delaware limited partnership (“Borrower”);
BEHRINGER HARVARD MULTIFAMILY REIT I, INC., a Maryland corporation (“REIT”), BEHRINGER HARVARD HOLDINGS, LLC, a
Delaware limited liability company (the “Sponsor”);
and BEHRINGER HARVARD OPERATING PARTNERSHIP I LP, a Texas limited partnership,
as agent (in such capacity, the “Agent”)
and as lender (in such capacity, the “Lender”
and together with Borrower, REIT and Sponsor, each a “Party” and together the “Parties”).

 

WITNESSETH:

 

WHEREAS,
the Parties and each of the Subsidiary Guarantors (as defined in the
Agreement (as hereinafter defined)) made a party thereto from time to time, previously entered into a Revolving Credit,
Security and Guaranty Agreement, dated April 2, 2007, and that certain
First Amendment to Revolving Credit, Security and Guaranty Agreement, dated August 29,
2007 (the “Agreement”).

 

WHEREAS,
the Parties desire to terminate the Agreement on the terms set forth herein.

 

NOW THEREFORE, for the
reasons described above, in consideration of the promises and the mutual
covenants and representations herein contained, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby mutually
acknowledged, Borrower and Lender hereby agree as follows:

 

AGREEMENT:

 

1.             Capitalized Terms.  All capitalized terms used, but not defined
herein shall have the meanings set forth in the Agreement.

 

2.             Termination of Agreement.  Each of Borrower and Lender agree that the
Agreement be and hereby is terminated in accordance with Section 13.2
therein. Lender hereby waives Borrower’s requirement to provide 30-day written
notice of such termination.

 

3.             No Outstanding Obligations.  Borrower hereby represents and warrants that
there remain no Obligations outstanding to Lender under the Agreement or
otherwise and acknowledges and agrees that Borrower shall no longer be under
any obligation to make any Advances thereunder. 
Further, Lender hereby acknowledges receipt from Borrower of $67,456.03,
in satisfaction of all amounts due and payable under Section 3.4 of the
Agreement.

 

4.             Indemnification by Borrower.  Borrower does hereby indemnify Lender and
each of its officers, directors, Affiliates, employees and agents from and
against any and all liabilities, obligations, losses, damages, penalties,
actions, judgments, suits, costs, expenses and disbursements of any kind or
nature whatsoever (including, without limitation, fees and disbursements of
counsel) which may be imposed on, incurred by, or asserted against Lender in
any litigation, proceeding or investigation instituted or conducted by any
governmental agency 

 

 

or
instrumentality or any other Person with respect to any aspect of, or any
transaction contemplated by, or referred to in, or any matter related to, the
Agreement or any Obligations created by the Agreement, the Other Documents,
whether or not Lender is a party thereto, except to the extent that any of the
foregoing arises out of the gross negligence or willful misconduct of the party
being indemnified.

 

5.             Release of Liens.  Lender hereby agrees to terminate and to take
all steps necessary to release any and all liens and security interests Lender
may have in any of the Collateral, including all Subsidiary Stock and Bank
Accounts. Lender hereby authorizes Borrower to file UCC termination statements
in each jurisdiction that Borrower deems necessary or desirable in order to
terminate Lender’s perfected security interests in any and all Collateral.

 

6.             Authority. Each individual
executing this Termination Agreement on behalf of an entity represents and
warrants that (a) he or she is duly authorized to execute and deliver this
Termination Agreement on behalf of the entity; (b) the entity has all
requisite power and authority to execute, deliver and perform under this
Termination Agreement; (c) the execution, delivery and performance by the
entity has been duly authorized by all necessary action, corporate or
otherwise, on the part of the entity; and (d) this Termination Agreement
is binding upon the entity.

 

 

[Rest of Page Left Blank; Signature Page to
Follow]

 

2

 

IN WITNESS WHEREOF, the parties hereto have caused this
Termination Agreement to be duly executed on the day and year first above
written.

 

 

	
   

  	
  BORROWER:  

  
	
   

  	
   

  
	
   

  	
  BEHRINGER
  HARVARD MULTIFAMILY OP I LP,

  a Delaware limited partnership  

  
	
   

  	
   

  
	
   

  	
  By:

  	
  BHMF, Inc.,
  its general partner  

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/
  Gerald J. Reihsen, III

  
	
   

  	
   

  	
  Name:

  	
  Gerald
  J. Reihsen, III  

  
	
   

  	
   

  	
  Title:

  	
  Executive
  Vice President –

  
	
   

  	
   

  	
   

  	
  Corporate
  Development & Legal

  

 

 

	
   

  	
  REIT:

  
	
   

  	
   

  
	
   

  	
  BEHRINGER
  HARVARD MULTIFAMILY REIT I, INC.,

  a Maryland corporation

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Gerald J. Reihsen, III

  
	
   

  	
  Name:

  	
  Gerald
  J. Reihsen, III  

  
	
   

  	
  Title:

  	
  Executive
  Vice President – Corporate 

  
	
   

  	
   

  	
  Development &
  Legal

  

 

 

	
   

  	
  SPONSOR:

  
	
   

  	
   

  
	
   

  	
  BEHRINGER
  HARVARD HOLDINGS, LLC, 

  a Delaware limited liability company

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Gerald J. Reihsen, III

  
	
   

  	
  Name:

  	
  Gerald
  J. Reihsen, III  

  
	
   

  	
  Title:

  	
  Executive
  Vice President – Corporate 

  
	
   

  	
   

  	
  Development &
  Legal

  

 

3

 

	
   

  	
  AGENT AND LENDER:

  
	
   

  	
   

  
	
   

  	
  BEHRINGER
  HARVARD OPERATING 

  
	
   

  	
  PARTNERSHIP
  I LP, a Texas limited partnership

  
	
   

  	
   

  
	
   

  	
  By:

  	
  BHR, Inc.

  
	
   

  	
  Its:

  	
  General
  Partner

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/
  Gerald J. Reihsen, III

  
	
   

  	
   

  	
  Name:

  	
  Gerald
  J. Reihsen, III  

  
	
   

  	
   

  	
  Title:

  	
  Executive
  Vice President –

  
	
   

  	
   

  	
   

  	
  Corporate
  Development & Legal

  
					

 

4Exhibit 10(t)

 

THE TORO COMPANY

PERFORMANCE SHARE AWARD
AGREEMENT

 

This Agreement is
entered into as of                             
by and between                               
(“Employee” or “you”) and The Toro Company, a Delaware corporation (“Toro” or “we”),
to set forth the terms and conditions of a Performance Share Award granted to
you by the Compensation and Human Resources Committee of the Board of Directors
of Toro (the “Committee”) pursuant to The Toro Company Performance Share Plan
(the “Plan”).

 

1.             Performance Share Award. Toro hereby grants
you                     
Performance Shares (your “Maximum Potential Payout”) for Fiscal Years           
to               (the
“Award Term”), subject to the terms and conditions of this Agreement and of the
Plan and to your consent to those terms and conditions.

 

a.             Performance Share Definition. A  Performance
Share is a right to receive one share of Toro Common Stock, par value $1.00 per
share, and Preferred Share Purchase Rights attached thereto, (the “Common Stock”),
contingent on the achievement of Performance Goals.

 

b.             Performance Goal Achievement
Required. You  will receive shares of Common Stock for Performance Shares under
this Performance Share Award only if Toro achieves Performance Goals for the Award
Term established by the Committee and the Committee certifies in writing that
the Performance Goals have been achieved. If the Performance Goals are not
achieved, a portion or all of your Performance Shares will be canceled and you
will receive no Common Stock for canceled shares.

 

c.             Performance Goals. The
Performance Goals to be achieved with respect to the Award Term are corporate
revenue of $<                  >,
cumulative net income plus after-tax interest of $<                >
and cumulative average net asset turns of <                >
(the “Target Levels”).

 

2.                                       Number of Shares Delivered. If the
Performance Goals are achieved at the Target Levels, you will receive                 
shares of Common Stock (your “Target Payout”). If the Performance Goals are
achieved at levels above or below the Target Levels, the number of shares of
Common Stock you will receive will be increased or reduced, including to zero,
in accordance with the matrix set forth in Exhibit A, which is attached to
and forms a part of this Agreement, subject further to adjustment and proration
as provided in the Plan and the Committee’s resolutions of                         .
You may not receive a greater number of shares of Common Stock than your
Maximum Potential Payout.

 

3.                                       Payment of Awards. Performance Shares
payable to you will be paid solely in shares of Common Stock.

 

 

4.             Vesting and Cancellation Under Special Circumstances.

 

a.             Retirement,
Death or Disability. If
a Plan Participant retires, dies or becomes permanently disabled and unable to
work prior to the end of an Award Term, but after the conclusion of not less
than 33% of the Award Term, the Committee may, in its sole discretion, cause
shares of Common Stock to be delivered with respect to the participant’s Performance
Share Award, but only if otherwise earned and only with respect to the portion
of the applicable Award Term completed at the date of such event, with
proration based on full fiscal years only and no shares to be delivered for
partial fiscal years. “Retirement” means termination of employment with the
Company at age 55 or older and with a number of years of service to the Company
that, when added together with the participant’s age, equals at least 65. The
Committee shall consider the requirements of paragraph 3 .e.(i).(A) of the
Plan and shall have the discretion to consider any other fact or circumstance
in making its decision as to whether to deliver shares, including whether the
participant again becomes employed. Shares shall be delivered only after the
conclusion of the applicable Award Term in accordance with paragraphs 3.b.,
3.c. and 3.d. of the Plan.

 

(i)   Non-compete. Notwithstanding the
foregoing, if a Plan Participant retires prior to age 65, and within one year
after the later of the date of that retirement or the date shares are delivered
pursuant to paragraph 3 .e.(i) of the Plan, the Plan Participant (a) is
employed or retained by or renders service to any organization that, directly
or indirectly, competes with or becomes competitive with the Company, or if the
rendering of such services is prejudicial or in conflict with the interests of
the Company; or (b) violates any confidentiality agreement or agreement
governing the ownership or assignment of intellectual property rights with the
Company, or (c) engages in any other conduct or act determined to be
injurious, detrimental or prejudicial to any interest of the Company, the
Company may rescind or restrict the special vesting under paragraph 3.e.(i) of
the Plan or withhold or have the right to the return of the economic value of
the Performance Shares that vested under that paragraph; provided, however,
that this provision shall not be applicable in the event of a Change of
Control.

 

b.             Reassignment. If
prior to the end of an Award Term, a Plan Participant is reassigned to a
position with the Company (including a subsidiary or parent of the Company),
and that position is not eligible to participate in the Plan, but the Plan
Participant does not terminate employment with the Company, the Committee may,
in its sole discretion, cause shares of Common Stock to be delivered with
respect to the participant’s Performance Share Award, but only if otherwise
earned and only with respect to the portion of the applicable Award Term
completed at the date of such reassignment, based on full fiscal years only,
with no shares to be delivered for partial fiscal years.

 

c.             Other Termination. In the event that a Plan
Participant terminates employment with the Company other than by reason of
retirement, death or disability as provided in

 

 

paragraph 3 .e.(i) of the Plan, Performance Shares in such
participant’s name that have not yet vested shall not vest and shall be
canceled.

 

d.             Change of Control. Notwithstanding any other
provision of this Agreement, all Performance Shares that have not yet vested
shall vest and become immediately payable if there is a Change of Control of
Toro, as defined in the Plan.

 

e.             Scale Back.  The
Committee may, in its discretion, cancel a portion of the Performance Shares
covered by this Agreement prior to the conclusion of the Award Term, if the
Committee determines that the Performance Goals for the Award Term cannot be
achieved at the maximum levels established, in accordance with paragraph 3.e,(v) of
the Plan.

 

5.                                       Dividends and Voting. You will have no
rights as a stockholder with respect to Performance Shares unless and until
Common Stock is issued in settlement of the Performance Share Award. Except as
expressly provided in the Plan, no adjustments will be made for dividends or
other rights for which the record date is prior to issuance of the Common
Stock.

 

6.                                       Non-transferability. Neither your
Performance Shares nor this Performance Share Award nor any interest in the
shares or award may be anticipated, alienated, encumbered, sold, pledged,
assigned, transferred or subjected to any charge or legal process, other than
by will or the laws of descent and distribution, so long as the Performance
Shares have not vested and shares of Common Stock have not been distributed in
accordance with the Plan, and any sale, pledge, assignment or other attempted
transfer shall be null and void.

 

7.                                       Successors and Heirs. This Agreement shall
be binding upon and inure to the benefit of Toro and its successors and
assigns, and upon any person acquiring, whether by merger, consolidation,
purchase of assets or otherwise, all or substantially all of Toro’s assets and
business. In the event of your death, any shares of Common Stock to which you
may become entitled will be delivered to your heirs or personal representative
in accordance with the terms of the Plan.

 

8.                                       Governing Law. This Agreement will be
construed, administered and governed in all
respects under and by the applicable laws of the State of Delaware,
excluding any conflicts or choice of law rule or principle that might
otherwise refer construction or interpretation of this Agreement, the Plan, the
award or the Performance Shares to the substantive law of another jurisdiction.

 

9.                                       Tax Withholding. Toro has the right to
deduct from any award payment made under this Agreement or to require you to
pay the amount of any federal, state or local taxes of any kind required by law
to be withheld with respect to the grant, vesting, payment or settlement of an
award under this Agreement, or to take such other action as may be necessary in
the opinion of Toro to satisfy all obligations for the payment of such taxes.
If Common Stock is withheld or surrendered to satisfy tax withholding, such
stock will be valued at fair market value as of the date such Common Stock is
withheld or surrendered. Toro may also deduct from any award payment any other
amounts due by you to Toro.

 

 

10.           Miscellaneous. Notwithstanding anything in
this Agreement to the contrary, the terms of this Agreement shall be subject to
the terms of the Plan. In accordance with the Plan, all decisions of the
Committee shall be final and binding upon you and Toro.

 

IN WITNESS WHEREOF, this
Performance Share Award Agreement has been executed and delivered by Toro on
the terms and conditions set forth above.

 

	
   

  	
  THE TORO COMPANY

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Its:  Chairman, President and
  CEO

  

 

 

I hereby agree to the terms and conditions of this Performance Share
Award Agreement as a condition to the grant made to me.

 

 

	
   

  	
   

  
	
   

  	
   

  
	
   

  	
         NAME

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