Document:

AMENDATORY AGREEMENT #2 

Regency Centers Corporation, as
Employer (“Employer”) and Wells Fargo Bank, N.A., as Trustee
(“Trustee”) make this Amendatory Agreement to the Regency Centers 401(k) Profit
Sharing Plan (“Plan”). 

WITNESSETH 

        WHEREAS,
it is necessary to make amendment to the Plan in order to change the automatic
enrollment/negative deferral election provision, change the employer matching contribution
formula, and add a provision for non-spousal beneficiary rollovers. 

        WHEREAS,
Section 13.02 of the Wells Fargo Defined Contribution Master Plan and Trust Agreement
gives the Employer the authority to amend the Plan. 

        NOW
THEREFORE, in consideration of the above premises, the Employer and Trustee agree to amend
the Plan as follows: 

     	1.	
          Effective January 1, 2007, the Employer’s selection under Adoption
          Agreement Section 3.03(l)(1), Item 15, is hereby amended as follows: 

          

	 	15. 	MATCHING
CONTRIBUTIONS (INCLUDING ADDITIONAL SAFE HARBOR MATCH UNDER PLAN
                    SECTION 14.02(D)(3))  (3.03). The Employer matching
contribution is: 

	 	
Other
matching contribution requirements. The matching contribution formula is subject to
the following additional requirements:  

	 	[X]  	(l)     
Matching contribution limits. A Participant’s matching
          contributions may not exceed:  

	 	[X]	
(1)     $3,600; also, employer matching
          contributions will only be made on employee deferral contributions not
          withdrawn prior to the end of the applicable period.  

     	2.	
          Effective January 1, 2008, the Employer’s selection under Adoption
          Agreement Section 3.03(l)(1), Item 15, is hereby amended as follows: 

          

	 	15. 	MATCHING
CONTRIBUTIONS (INCLUDING ADDITIONAL SAFE HARBOR MATCH UNDER PLAN
                    SECTION 14.02(D)(3)) (3.03). The Employer matching
contribution                     is: 

	 	
Other
matching contribution requirements. The matching contribution formula is subject to
the following additional requirements: 

	 	[X] 	(l)     
Matching contribution limits. A Participant’s matching
          contributions may not exceed:  

	 	[X] 	(1)     
$3,700; also, employer matching           contributions
will only be made on employee deferral contributions not           withdrawn prior
to the end of the applicable period.  

Amendment continued on second page.  

Page Two 

	3. 	Effective
January 1, 2008, the Employer’s selection under Adoption           Agreement
Section 3.02(b), Item 14(b), is hereby amended as follows: 

	 	14.	DEFERRAL
CONTRIBUTIONS  (3.02). The following limitations and terms apply to an
Employee’s deferral contributions: 

	 	[X] 	(b)     
Negative deferral election. The Employer will withhold  3 %
from the           Participant’s Compensation unless the Participant elects a lesser
          percentage (including zero) under his/her salary reduction agreement. See Plan
          Section 14.02(C). The negative election will apply to:  

	 	[X] 	(1)     
All Participants who have not deferred at least the automatic deferral amount
as of: January 1, 2008.  

	 	[   ]	
(2)      Each Employee whose Plan Entry Date is on or following the negative election
effective date. 

	4. 	Effective
January 1, 2007, the Employer amends the Plan as follows: 

DIRECT ROLLOVER OF
NON-SPOUSAL DISTRIBUTION 

	 	(a) 	Non-spouse
beneficiary rollover right. For distributions made after                December 31,
2006, a non-spouse beneficiary who is a “designated                beneficiary” under
Code §401(a)(9)(E) and the regulations thereunder,                by a direct
trustee-to-trustee transfer (“direct rollover”), may roll                over
all or any portion of his/her distribution to an individual retirement
               account the beneficiary establishes for purposes of receiving the
distribution.                In order to be able to roll over the distribution, the
distribution otherwise                must satisfy the definition of an eligible rollover
distribution.  

	 	(b) 	Certain
requirements not applicable. Although a non-spouse beneficiary                may
roll over directly a distribution as provided in Section (a) above, the
               distribution is not subject to the direct rollover requirements of Code
               §401(a)(31), the notice requirements of Code §402(f) or the
mandatory                withholding requirements of Code §3405(c). If a non-spouse
beneficiary                receives a distribution from the Plan, the distribution is not
eligible for a                “60-day” rollover.  

	 	(c) 	Trust
beneficiary. If the participant’s named beneficiary is a                trust,
the Plan may make a direct rollover to an individual retirement account                on
behalf of the trust, provided the trust satisfies the requirements to be a
               designated beneficiary within the meaning of Code §401(a)(9)(E).  

	 	(d) 	Required
minimum distributions not eligible for rollover. A non-spouse
               beneficiary may not roll over an amount which is a required minimum
               distribution, as determined under applicable Treasury regulations and
other                Revenue Service guidance. If the participant dies before his/her
required                beginning date and the non-spouse beneficiary rolls over to an
IRA the maximum                amount eligible for rollover, the beneficiary may elect to
use either the 5-year                rule or the life expectancy rule, pursuant to Treas.
Reg. §1.401(a)(9)-3,                A-4(c), in determining the required minimum
distributions from the IRA that                receives the non-spouse beneficiary’s
distribution.  

	 	(e)	Superseding
of inconsistent provisions. Section (a) through (d) above                supersedes
the provisions of the Plan to the extent those provisions are                inconsistent
with the provisions of said sections.  

     	5.	
          Effective January 1, 2004, the Employer confirms that the Plan uses the
          “prior year method” for purposes of nondiscrimination testing and has
          done so consistently since 2002. 

          

Amendment continued on third page.  

Page Three

        This
Amendatory Agreement shall be effective as of the dates stated above. In all other
respects, the Plan and Adoption Agreement shall remain unchanged and in full force and
effect. 

        IN
WITNESS WHEREOF, the Employer and Trustee have executed this Amendatory Agreement in
2006 this 30th day of January. 

		Regency Centers Corporation 
	

Attest:___________________________________	By:________________________________________________
		"EMPLOYER"
		

Wells Fargo Bank, N.A. 
	

Accepted: _______________________________	By:________________________________________________
		"TRUSTEE"
	DateAMENDMENT NO. 7 TO 
LOAN AND SECURITY
AGREEMENT 

        AMENDMENT
NO. 7 TO LOAN AND SECURITY AGREEMENT (“Amendment No. 7”) dated as of March 20,
2008, by and among Wachovia Bank, National Association, successor by merger to Congress
Financial Corporation (Florida), in its capacity as agent pursuant to the Loan Agreement
(as hereinafter defined) acting for and on behalf of the financial institutions which are
parties thereto as lenders (in such capacity, “Agent”), the financial
institutions which are parties to the Loan Agreement as lenders (individually, each a
“Lender” and collectively, “Lenders”) and Trailer Bridge, Inc.
(“Borrower”). 

W I T N E S S E T H :  

        WHEREAS,
Agent, Lenders and Borrower have entered into financing arrangements pursuant to which
Lenders (or Agent on behalf of Lenders) have made and may make loans and advances and
provide other financial accommodations to Borrower as set forth in the Loan and Security
Agreement, dated April 23, 2004, by and among Agent, Lenders and Borrower, as amended by
Amendment No. 1 to Loan and Security Agreement, dated as of September 10, 2004, Amendment
No. 2 to Loan and Security Agreement, dated as of December 1, 2004, Amendment No. 3 to
Loan and Security Agreement, dated as of December 22, 2004, Amendment No. 4 and Waiver to
Loan and Security Agreement, dated as of November 1, 2006, Amendment No. 5 to Loan and
Security Agreement, dated April 23, 2007 and Amendment No. 6 to Loan and Security
Agreement, dated as of June 14, 2007 (as the same now exists and may hereafter be amended,
modified, supplemented, extended, renewed, restated or replaced the “Loan
Agreement”), and the other agreements, documents and instruments referred to therein
or at any time executed and/or delivered in connection therewith or related thereto,
including, but not limited to, this Amendment No. 7 (all of the foregoing, together with
the Loan Agreement, as the same now exist or may hereafter be amended, modified,
supplemented, extended, renewed, restated or replaced, being collectively referred to
herein as the “Financing Agreements”); 

        WHEREAS,
Borrower used cash to purchase additional equipment in 2007 in order to expand its market
into the Dominican Republic (the “Dominican Republic Expansion”); 

        WHEREAS,
an Event of Default has occurred under Section 10.1(a)(iii) of the Loan Agreement as a
result of the failure of Borrower to maintain the Fixed Charge Coverage Ratio required
under Section 9.17(a) of the Loan Agreement for the period ended December 31, 2007 (the
“FCCR Default”); 

        WHEREAS,
Borrower has requested that Agent and Lenders agree to amend the Loan Agreement and Agent
and Lenders are agreeable to such requests, but only on the terms and subject to the
conditions contained herein; and 

        WHEREAS,
by this Amendment No. 7, Agent, Lenders, and Borrower wish and intend to evidence such
amendments. 

        NOW,
THEREFORE, in consideration of the foregoing, the mutual agreements and covenants
contained herein, and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto agree as follows: 

        1.     Definitions.  

                1.1     
Additional Definitions. As used herein, the following terms shall have the
respective meanings given to them below and the Loan Agreement and the other Financing
Agreements are hereby amended to include, in addition and not in limitation, the
following definitions:  

	 	
“Amendment
No. 7” shall mean Amendment No. 7 to Loan and Security Agreement, dated as of June
14, 2007, by and among Borrower, Agent and Lenders, as the same now exists and may
hereafter be amended, modified, supplemented, extended, renewed, restated or replaced. 

                1.2     
Interpretation. Capitalized terms used herein which are not otherwise defined
herein shall have the respective meanings ascribed to them in the Loan Agreement.  

        2.     Fixed
Charge Coverage Ratio. Section 9.17(a) of the Loan Agreement is           hereby
amended by deleting such Section in its entirety and substituting the           following
therefor:  

	 	
“(a)
                    Without giving effect to the capital expenditures of Borrower in the
aggregate                     amount of up to $17,673,290 incurred during the period from
January 1, 2007                     through and including December 31, 2007 in connection
with the Dominican                     Republic Expansion, the Fixed Charge Coverage
Ratio of Borrower for each period                     of twelve fiscal months ending on
the last day of each fiscal quarter, beginning                     with the fiscal
quarter ending on March 31, 2008, shall not be less than                     1.0:1.0.” 

        3.     Additional
Representations, Warranties and Covenants. Borrower           represents, warrants
and covenants with and to Agent and Lenders as follows,           which representations,
warranties and covenants are continuing and shall survive           the execution and
delivery hereof, the truth and accuracy of, or compliance with           each, together
with the representations, warranties and covenants in the other           Financing
Agreements, being a continuing condition of the making of Loans by           Lenders (or
Agent on behalf of Lenders) to Borrower:  

                3.1     
Neither the execution, delivery and performance of this Amendment No. 7, or any other
Financing Agreements in connection herewith, nor the consummation of the transactions
herein or therein contemplated, are in contravention of law or any indenture, agreement
or undertaking to which Borrower is a party or by which Borrower or its property are
bound, or violates any provision of the Certificate of Incorporation or By-Laws (or
similar governing documents) of Borrower;  

2 

                3.2     
No consent, approval or other action of, or filing with, or notice to any Governmental
Authority is required in connection with the execution, delivery and performance of this
Amendment No. 7;  

                3.3     
This Amendment No. 7 has been duly executed and delivered by Borrower and the agreements
and obligations of Borrower contained herein constitute legal, valid and binding
obligations of Borrower enforceable against Borrower in accordance with their respective
terms;  

                3.4     
All of the representations and warranties set forth in the Loan Agreement and the other
Financing Agreements, each as amended hereby, are true and correct in all material
respects on and as of the date hereof as if made on the date hereof, except to the extent
any such representation or warranty is made as of a specified date, in which case such
representation or warranty shall have been true and correct in all material respects as
of such date; and  

                3.5     
     No Default or Event of Default exists or has occurred and is continuing. 

        4.     Conditions
Precedent.  

                4.1     
Agent shall have received an executed original or executed counterparts of this Amendment
No. 7, duly authorized, executed and delivered by each of the respective parties hereto;  

                4.2     
Agent shall have received an Affidavit of Execution and Delivery, in form and substance
satisfactory to Agent, duly authorized, executed and delivered by Borrower; and  

                4.3     
     No Default or Event of Default shall exist or have occurred and be continuing. 

        5.     Effect
of this Amendment. This Amendment No. 7 constitutes the entire           agreement of
the parties with respect to the subject matter hereof and thereof,           and
supersedes all prior oral or written communications, memoranda, proposals,
          negotiations, discussions, term sheets and commitments with respect to the
          subject matter hereof and thereof. Except as expressly amended pursuant hereto,
          no other changes or modifications to the Financing Agreements are intended or
          implied, and in all other respects the Financing Agreements are hereby
          specifically ratified, restated and confirmed by all parties hereto as of the
          effective date hereof. To the extent that any provision of the Loan Agreement
or           any of the other Financing Agreements are inconsistent with the provisions
of           this Amendment, the provisions of this Amendment shall control.  

        6.     Further
Assurances. Borrower shall execute and deliver such additional           documents
and take such additional action as may be requested by Agent to           effectuate the
provisions and purposes of this Amendment No. 7.  

        7.     Governing
Law. The rights and obligations hereunder of each of the           parties hereto
shall be governed by and interpreted and determined in accordance           with the
internal laws of the State of Florida but excluding any principles of           conflicts
of law or other rule of law that would cause the application of the           law of any
jurisdiction other than the laws of the State of Florida.  

3 

        8.     Binding
Effect. This Amendment No. 7 shall be binding upon and inure to           the benefit
of each of the parties hereto and their respective successors and           assigns.  

        9.     Counterparts.
This Amendment No. 7 may be executed in any number of           counterparts, but all of
such counterparts shall together constitute but one and           the same agreement. In
making proof of this Amendment No. 7, it shall not be           necessary to produce or
account for more than one counterpart thereof signed by           each of the parties
hereto. Delivery of an executed counterpart of this           Amendment No. 7 by
telecopier or other electronic method of transmission shall           have the same force
and effect as delivery of an original executed counterpart           of this Amendment
No. 7. Any party delivering an executed counterpart of this           Amendment No. 7 by
telecopier or other electronic method of transmission also           shall deliver an
original executed counterpart of this Amendment No. 7, but the           failure to
deliver an original executed counterpart shall not affect the           validity,
enforceability, and binding effect of this Amendment No. 7 as to such           party or
any other party.  

[REMAINDER OF PAGE
INTENTIONALLY LEFT BLANK]

4 

        IN
WITNESS WHEREOF, the parties hereto have caused this Amendment No. 7 to be duly executed
and delivered by their authorized officers as of the day and year first above written. 

		WACHOVIA BANK, NATIONAL 
ASSOCIATION, successor by merger to Congress

Financial Corporation (Florida), as Agent and a 
Lender
		

By: /s/ Martin J. Coloson, Jr. 
		Title:   Vice President 
            Wachovia Capital Finance

AGREED AND ACCEPTED: 

TRAILER BRIDGE, INC. 

By:  /s/ John D. McCown 

Title:    Chairman and Chief Executive Officer

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