Document:

Exhibit 10.4

 

 

July 8, 2010

 

Anthony L. Wolk

52 Winthrop Road

Short Hills, NJ 07078

 

Dear Tony:

 

This letter will confirm the terms of your offer of employment with Universal American Corp.  (the “Company”) and/or its subsidiaries. Such terms and conditions are as follows:

 

1. Position and Responsibilities.  You will serve in the position of SVP, General Counsel & Secretary for the Company. You will report to Richard A. Barasch, Chairman & Chief Executive Officer, and assume and discharge such responsibilities as are commensurate with such position as your manager may direct.  During your employment with the Company, you shall devote your full-time attention to your duties and responsibilities and shall perform them faithfully, diligently, and completely.  In addition, you shall comply with and be bound by the operating policies, procedures, and practices of the Company including, without limitation, the Company’s Code of Conduct and Business Ethics, that are in effect during your employment.  In addition, you agree to be bound by the terms of a non-competition agreement, which is attached as Appendix A. You also acknowledge that you shall be required to travel in connection with the performance of your duties.

 

2. Compensation.

 

a)                         In consideration of your services, your annual base salary will be $325,000 as the same may be increased from time to time (“Base Salary”), payable in accordance with the Company’s prevailing payroll practices.

 

b)                         You will be eligible to receive a target cash bonus of 60% of your Base Salary, the amount of which shall be determined at the Company’s sole discretion.  Annual target bonus payouts are based on both individual and Company performance, and will be paid in accordance with the Company’s bonus distribution schedule. For 2010, your bonus will be pro-rated based on actual time served with the Company, the amount of which is to be determined at the Company’s sole discretion.

 

3. Other Benefits.  You will be entitled to receive the standard employee benefits made available by the Company to its employees to the full extent of your eligibility.  You shall be entitled to 15 paid vacation days per year consistent with the Company’s vacation policy.  During your employment, you shall be permitted, to the extent eligible, to participate in any group medical, dental, life insurance and disability insurance plans, or similar benefit plan of the Company that is available to employees generally.  Participation in any such plan shall be consistent with your rate of compensation to the extent that compensation is a determinative factor with respect to coverage under any such plan.  You have 30 days from your date of hire to complete your Benefits enrollment forms and forward them to the appropriate location indicated with your new hire packet. Benefits eligibility begins on the first day of the month following 30 days of service with the Company. The Company shall reimburse you for all reasonable expenses actually incurred or paid by you in the performance of your services on behalf of the Company, upon prior authorization and approval in accordance with the Company’s expense reimbursement policy in effect at any given time.

 

Initial:

           (Company Rep)

           (Employee)

 

 

4. Sign-on Equity Compensation.  Subject to the approval of the Compensation Committee or the Board of Directors, and under the terms and conditions of the Universal American 1998 Incentive Compensation Plan, including the vesting provisions contained therein, you will be granted on the later of your first day of employment or the date such grant is approved by the Compensation Committee or the Board of Directors, restricted stock valued at $75,000 (the “Restricted Stock”) and an option (the “Option”) to purchase 20,000  shares of Universal American common stock with an exercise price equal to the closing price on the date of grant. The Restricted Stock and Option shall vest and cease to be subject to forfeiture, subject to your continued employment on the applicable dates, as follows:  25% of the grant on each of the first, second, third and fourth anniversaries of the date of grant (full vesting occurring on the fourth anniversary of the date of grant).

 

Additionally, as part of our long-term incentive program, under the terms and conditions of the Company’s 1998 Incentive Compensation Plan, you will be granted 7,500 Performance Shares.  Performance will be measured over three years with cliff vesting of shares after three years based on performance results for the period. Performance shares are settled in shares of UAM common stock.

 

You will be entitled to a full grant of equity beginning with the compensation granted in the first quarter of 2011, subject to Board approval in its discretion. This will be commensurate with the lower part of Tier 1 (expectation of approximately $300,000 of value).

 

5.  Start date, Work Location and Schedule.  It is anticipated that your first day of employment with the Company will be Monday, July 19, 2010.  You will begin with a 50% time work schedule through August 31, 2010.  Beginning Wednesday, September 1, 2010, you will assume a full-time work schedule.  You will work from our Rye Brook, NY office.

 

6.  Conflicting Employment.  You agree that, during your employment with the Company, you will not engage in any other employment, occupation, consulting or other business activity directly related to the business in which the Company is now involved or becomes involved during your employment, nor will you engage in any other activities that conflict with your obligations to the Company.

 

7. At-Will Employment.  You acknowledge that your employment with the Company is for an unspecified duration that constitutes at-will employment, and that either you or the Company can terminate this relationship at any time, for any lawful reason, with or without cause and with or without notice.

 

8. Termination.  Notwithstanding any other provision of this Agreement, in the event of your termination:

 

(a)                                 By the Company for Cause or Resignation by you without Good Reason.

 

(i)                                     Your employment may be terminated by the Company for Cause (as defined in Section 8(a)(ii)) or you by resignation without Good Reason (as defined in Section 8(c)).

 

(ii)                                  For purposes of this Agreement, “Cause” shall mean (A) your willful and continued failure to substantially perform the duties of your position or breach of material terms of this Agreement, after written notice (specifying the details of such alleged failure) and a reasonable opportunity to cure; (B) any willful act or omission which is demonstrably and materially injurious to the Company or any of its subsidiaries or affiliates; or (C) conviction or plea of nolo contendere or no contest to a felony or other crime of moral turpitude (or having adjudication withheld). No act or failure to act will be deemed “willful” (X) unless effected without a reasonable belief that such action or failure to act was in or not opposed to the Company’s best interest; or (Y) if it results from any physical or mental incapacity.

 

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(iii)                               If your employment is terminated by the Company for Cause, or if you resign without Good Reason, you will be entitled to receive (A) any accrued but unpaid Base Salary through the date of termination, (B) the opportunity to exercise vested stock options for 90 days following such termination and (C) such compensation and Employee Benefits, if any, as to which you may be entitled under the employee compensation and benefit plans of the Company and any other long-term incentive or equity program. Following such termination of your employment by the Company for Cause or your resignation without Good Reason, except as set forth in this Section, you shall have no further rights to any compensation or any other benefits under this Agreement.

 

(b)                                 Disability or Death.

 

(i)                                     Your employment will terminate (A) upon your death and (B) if you become physically or mentally incapacitated for a period of indefinite duration and are therefore unable for a period of six (6) consecutive months or for an aggregate of eight (8) months in any twelve (12) consecutive month period to perform your duties (such incapacity is hereinafter referred to as “Disability”). Any question as to the existence of your Disability to which you and the Company cannot agree shall be determined in writing by a qualified independent physician mutually acceptable to you and the Company. If you and the Company cannot agree as to a qualified independent physician, each shall appoint such a physician and those two physicians shall select a third who shall make such determination in writing.

 

(ii)                                  Upon termination of your employment hereunder for death or Disability, you or your estate (as the case may be) shall be entitled to receive (A) any accrued but unpaid Base Salary through the end of the month in which such termination occurs, (B) a pro rata portion of any Bonus that you would have been entitled to receive pursuant to Section 2(b) above in such year based upon the percentage of the calendar year that shall have elapsed through the date of your termination of employment, payable when such Bonus would have otherwise been payable had your employment not terminated, (C) the opportunity to exercise vested stock options and your stock options scheduled to vest during the year following such termination for one year following such termination, (D) a pro rata portion of any long term incentive granted to you and (E) such compensation and Employee Benefits, if any, as to which you may be entitled under the employee compensation and benefit plans and arrangements of the Company. Following such termination of your employment due to death or Disability, except as set forth in this Section, you will have no further rights to any compensation or any other benefits under this Agreement.

 

(c)                                  By the Company without Cause or Resignation for Good Reason.

 

(i)                                     Your employment hereunder may be terminated by the Company without Cause or by your resignation for Good Reason.

 

(ii)                                  For purposes of this Agreement, “Good Reason” shall mean:

 

(A)                      assignment of duties materially inconsistent with your position;

 

(B)                      any reduction in your Base Salary or percentage of target bonus as then in effect;

 

(C)                      relocation of your office location further than 75 miles from the Company’s Rye Brook, NY office;

 

(D)                      failure of any successor to all or substantially all of the business of the Company to assume the Agreement.

 

(E)                       any material breach of the Agreement by the Company; or

 

(F)                        a change in reporting relationship.

 

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(iii)                               If your employment is terminated by the Company without Cause (other than by reason of death or Disability) or if you resign for Good Reason, provided that at such time you shall have been employed by the Company for three months, you will be entitled to receive (v) within 30 business days after such termination, any accrued but unpaid Base Salary through the date of termination, (w) within 30 business days after such termination, a pro rata portion of any unpaid Bonus for the fiscal year that includes the date of   termination, (x) within 30 business days after such termination, a lump sum payment equal to your Base Salary, (y) continued coverage under the Company’s welfare benefit plans available to senior executives for a period of 12 months or comparable coverage for such period and (z) such earned compensation and Employee Benefits, if any, as to which you may be entitled under the employee compensation and benefit plans and arrangements of the Company.

 

(iv)                              If your employment is terminated by the Company without Cause (other than by reason of death or Disability) or if you resign for Good Reason within 12 months after a Change in Control (as defined below), you will be entitled to receive, in addition to your entitlements in (iii) above (w) within 30 business days after such termination, an additional lump sum payment equal to one-half of your Base Salary and (x) continued coverage under the Company welfare benefit plans available to senior executives for an additional 6 month period and (y) the value of full vesting of the unvested portion of your account balance under the Company’s 401(k) plan and  (z) any equity award carrying a right to exercise that was not previously exercisable and vested shall become fully exercisable and vested as of the time of the Change in Control including without limitation stock options, restricted stock and performance shares.

 

(v)                                 For purposes of this Agreement, “Change in Control” shall mean:

 

(A)                               any Person (as defined in Section 3(a)(9) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and as used in Sections 13(d) and 14(d), and shall include a “group” as defined in Section 13(d)) (other than the Company, any trustee or other fiduciary holding securities under any employee benefit plan of the Company, or any company owned, directly or indirectly, by the stockholders of the Company immediately prior to the occurrence with respect to which the evaluation is being made in substantially the same proportions as their ownership of the common stock of the Company immediately prior to the occurrence with respect to which the evaluation is being made) becomes the Beneficial Owner (as defined in Rule 13d-3 of the Exchange Act) (except that a Person shall be deemed to be the Beneficial Owner of all shares that any such Person has the right to acquire pursuant to any agreement or arrangement or upon exercise of conversion rights, warrants or options or otherwise, without regard to the sixty day period referred to in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company or any Significant Subsidiary (as defined below), representing 40% or more of the combined voting power of the Company’s or such Significant Subsidiary’s then-outstanding securities and is the largest shareholder of the Company;

 

(B)                               during any period of two consecutive years, individuals who at the beginning of such period constitute the Board, and any new director (other than a director designated by a Person who has entered into an agreement with the Company to effect a transaction described in clause (A), (C), or (D) of this paragraph) whose election by the Board or nomination for election by the Company’s stockholders was approved by a vote of at least two-thirds of the directors then still in office who either were directors at the beginning of the two-year period or whose election or nomination for election was previously so approved but excluding for this purpose any such new director whose initial assumption of office occurs as a result of either an actual or threatened election contest (as such terms are used in Rule 14a-11 of Regulation 14A promulgated under the Exchange Act) or other actual or threatened solicitation of proxies or consents by or on behalf of an

 

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individual, corporation, or partnership, group, associate or other entity or Person other than the Board (the “Continuing Directors”), cease for any reason to constitute at least a majority of the Board;

 

(C)                               the consummation of a merger or consolidation of the Company or any subsidiary owning directly or indirectly all or substantially all of the consolidated assets of the Company (a “Significant Subsidiary”) with any other entity, other than a merger or consolidation which would result in the voting securities of the Company or a Significant Subsidiary outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving or resulting entity) more than 50% of the combined voting power of the surviving or resulting entity outstanding immediately after such merger or consolidation;

 

(D)                               the Company disposes of all or substantially all of the consolidated assets of the Company (other than such a sale or disposition immediately after which such assets will be owned directly or indirectly by the shareholders of the Company in substantially the same proportions as their ownership of the common stock of the Company immediately prior to such sale or disposition) in which case the Board shall determine the effective date of the Change in Control resulting there from.

 

(d)                                 Notice of Termination. Any purported termination of employment by the Company or by you (other than due to your death) shall be communicated by written Notice of Termination to the other party.  For purposes of this Agreement, a “Notice of Termination” shall mean a notice which shall indicate the specific termination provision in this Agreement relied upon and shall set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of employment under the provision so indicated.

 

9. Prior Employment.  You represent that you will have delivered to the Company prior to your start date an accurate and complete copy of any and all agreements with any prior employer to which you continue to be subject. You represent that the execution by you of this Agreement and the performance by you of your obligations hereunder shall not conflict with, or result in a violation or breach of, any other agreement or arrangement, including, without limitation, any employment, consulting or non-competition agreement. You hereby agree to abide by the limitations on your conduct as set forth in any Agreement between you and your prior employer.  In your work for the Company, you will be expected not to use or disclose any confidential information, including trade secrets, of any former employer or other person to whom you have an obligation of confidentiality. Rather, you will be expected to use only that information which is generally known and used by persons with training and experience comparable to your own, which is common knowledge in the industry or otherwise legally in the public domain, or which is otherwise provided or developed by the Company. During our discussions about your proposed job duties, you assured us that you would be able to perform those duties within the guidelines just described.

 

You agree you will not bring onto Company premises any unpublished documents or property belonging to any former employer or other person to whom or with respect to which you have any obligation of confidentiality.

 

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10.  General Provisions.

 

(a)                                 Your employment is contingent upon successful completion of a background and reference check.  We would caution you not to resign any current employment until you have received notification of successful completion of both.

 

(b)                                 We are required by law to confirm your eligibility for employment in the United States.  Thus, you will be asked to provide proof of your identity and eligibility to work in the U.S. on your start date.

 

(c)                                  This offer letter and the terms of your employment will be governed by the laws of the State of New York, applicable to agreements made and to be performed entirely within such state.

 

(d)                                 This offer letter sets forth the entire agreement and understanding between the Company and you relating to your employment and supersedes all prior discussions between us.

 

(e)                                  This agreement will be binding upon your heirs, executors, administrators and other legal representatives and will be for the benefit of and binding upon the Company and its respective successors and assigns.

 

(f)                                   All payments pursuant to this letter will be subject to applicable withholding taxes.

 

(g)                                  The prevailing party in any litigation arising out of or related to this Agreement shall be entitled to recover all costs and expenses, including but not limited to, reasonable attorney’s fees,  costs and expenses incurred at trial and all appellate levels.

 

Please acknowledge and confirm your acceptance of this letter by, signing and returning one copy of this offer letter in its entirety to me, no later than Monday, July 12, 2010.  Your new hire packet will provide you with further instructions for additional required paperwork.  We look forward to a mutually rewarding working arrangement.

 

 

	
By
    	
 
    	
 
    
	
 
    	
Jeffrey Robinson
    	
 
    
	
 
    	
Senior Vice President, Human Resources
    	
 
    

 

 

OFFER ACCEPTANCE:

 

I accept the terms of my employment with the Company  as set forth herein.  I understand that this offer letter does not constitute a contract of employment for any specified period of time, and that either party, with or without cause and with or without notice, may terminate my employment relationship.

 

	
 
    	
 
    
	
 
    	
 
    	
Date:    /    /
    
	
 
    	
Anthony L. Wolk
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
CC: Richard Barasch
    	
 
    

 

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APPENDIX A

 

Non-Competition

 

You acknowledge and recognize the highly competitive nature of the businesses of the Company and its subsidiaries and accordingly agree as follows:

 

(i)                                     During the Employment Term and for a period of one year following your termination of employment, unless such termination occurs within 12 months after a Change in Control (the “Restricted Period”), you will not, (A) engage in any business that is in Competition with the business of the Company or its subsidiaries (including, without limitation, businesses which the Company or its subsidiaries have specific plans to conduct in the future and as to which you are aware of such planning), (B) render any services, as an employee or otherwise, to any business in Competition with the business of the Company or its subsidiaries, (C) acquire a financial interest in any person engaged in any business that is in Competition with the business of the Company or its subsidiaries, as an individual, partner, shareholder, officer, director, principal, agent, trustee or consultant, or (D) interfere with business relationships (whether formed before or after the date of this Agreement) between the Company or any of its subsidiaries and their customers and suppliers. For purposes of this Section 10, a business shall be deemed to be in “Competition” with the business of the Company or its subsidiaries if such business substantially involves (x) the provision of any services or financial products provided by the Company or its subsidiaries as a material part of the business of the Company or subsidiary or (ii) the purchase or sale of any property (other than securities purchased for investment) purchased or sold by the Company or subsidiary as a material part of the business of the Company or one of its subsidiaries. For the avoidance of doubt, you shall not be prohibited from rendering any services to any company (even if such company is engaged in a business which is in Competition with the business of the Company or any of its subsidiaries) if such services relate to a business of such company that is not in Competition with the business of the Company or any of its subsidiaries. For purposes of this Agreement, “subsidiary” means any person or entity that directly or indirectly, through one or more intermediaries, is controlled by the Company.

 

(ii)                                  Notwithstanding anything to the contrary in this Agreement, you may, directly or indirectly, own securities of any person engaged in the business of the Company or its affiliates which are publicly traded on a national or regional stock exchange or on the over-the-counter market if you (A) are not a controlling person of, or a member of a group which controls, such person and (B) do not, directly or indirectly, own 3% or more of any class of securities of such person.

 

(iii)                               During the Restricted Period, you will not, directly or indirectly, solicit or encourage any employee of the Company or its subsidiaries to leave the employment of the Company or its subsidiaries.

 

It is expressly understood and agreed that although you and the Company consider the restrictions contained in this Section 10 to be reasonable, if a final judicial determination is made by a court of competent jurisdiction that the time or territory or any other restriction contained in this Agreement is an unenforceable restriction against you, the provisions of this Agreement shall not be rendered void but shall be deemed amended to apply as to such maximum time and territory and to such maximum extent as such court may judicially determine or indicate to be enforceable. Alternatively, if any court of competent jurisdiction finds that any restriction contained in this Agreement is unenforceable, and such restriction cannot be amended so as to make it enforceable, such finding shall not affect the enforceability of any of the other restrictions contained herein.

 

	
 
    	
 
    	
Date:    /    /
    
	
 
    	
Anthony L. Wolk
    	
 
    

 

7Exhibit 10.30

 

FIRST AMENDMENT TO CREDIT AGREEMENT

 

This FIRST AMENDMENT TO CREDIT AGREEMENT (this “First Amendment”), dated as of February 13, 2013, is entered into among STAG INDUSTRIAL OPERATING PARTNERSHIP, L.P., a Delaware limited partnership (“Borrower”), STAG INDUSTRIAL, INC., a Maryland corporation and the sole member of the sole general partner of Borrower (“Parent”), BANK OF AMERICA, N.A., as Administrative Agent on behalf of the various lenders (the “Lenders”) under the Credit Agreement set forth below, Swing Line Lender and L/C Issuer (the “Administrative Agent”), and the Lenders.

 

WHEREAS, the Borrower, Parent, Lenders, and the Administrative Agent have entered into a certain Credit Agreement dated as of September 10, 2012 (the “Credit Agreement”; unless otherwise defined herein, capitalized terms shall have the meaning provided in the Credit Agreement); and

 

WHEREAS, the parties hereto wish to amend the Credit Agreement as provided herein.

 

NOW, THEREFORE, in consideration of the mutual covenants and agreements herein and in the Credit Agreement, the parties hereto agree as follows:

 

1.                                      The definition of “Borrowing Base” is hereby deleted in its entirety and shall be replaced by the following:

 

“Borrowing Base” means, as of any date of determination, (a) the lesser of (i) the product of (A) sixty percent (60%) times (B) the aggregate Borrowing Base Values of the Borrowing Base Properties, and (ii) the Implied Loan Amount, less (b) any Unsecured Indebtedness then outstanding (other than the Total Outstandings).  Notwithstanding the foregoing, the amount of the Borrowing Base attributable to any individual Borrowing Base Property shall not exceed twenty five percent (25%) of the Borrowing Base.

 

2.                                      The definition of “Consolidated Debt Service Ratio” is hereby deleted in its entirety and shall be replaced by the following:

 

“Consolidated Debt Service Coverage Ratio” means, as of any date of determination, the ratio of (a) the aggregate Adjusted NOI with respect to the Borrowing Base Properties for the quarter most-recently ended for which financial statements are available divided by (b) pro forma debt service on an amount equal to all Unsecured Indebtedness of the Parent and its Subsidiaries assuming a thirty (30) year amortization and an interest rate equal to seven and one-half percent (7.5%) per annum.

 

3.                                      The definition of “Unencumbered Asset Value” is hereby deleted in its entirety and shall be replaced by the following:

 

 

“Unencumbered Asset Value” means without duplication, the sum of (a) for each Unencumbered Property owned for the most recent four fiscal quarters ended, the Adjusted NOI attributable to such Unencumbered Property for the most recent four quarters for which quarterly financial statements are available divided by the Capitalization Rate, plus (b) for each Unencumbered Property owned the last two fiscal quarters but less than four fiscal quarters, the Adjusted NOI attributable to such Unencumbered Property for the most recently ended two fiscal quarters for which financial statements are available multiplied by two divided by the Capitalization Rate, plus (c) for each Unencumbered Property acquired within the last two fiscal quarters, the acquisition cost of such Unencumbered Property.

 

4.                                      The following definitions are hereby added to the Credit Agreement in the correct alphabetical order:

 

“Release Request” has the meaning specified in Section 4.09(a).

 

“Required Notice” has the meaning specified in Section 2.01(b)(ii).

 

“Unencumbered Property” means any Property owned by the Borrower, the Parent or any of their Subsidiaries which is (a) a Borrowing Base Property or (b) free and clear of any Liens other than Permitted Liens and meets the requirements of (1) subsections (i), (ii) and (iii) of the definition of Acceptable Property and (2) subsections (b), (c), (e) and (f) of Section 4.04.

 

“Wells Credit Agreement” means that certain Term Loan Agreement dated February 14, 2013 entered into by the Borrower, as borrower, the Parent and Wells Fargo Bank, National Association, as administrative agent and the various lenders that are a party thereto.

 

5.                                      Section 4.09(c) is hereby amended by deleting the first sentence of the first paragraph of such subsection and shall be replaced by the following:

 

“Upon the written request of Borrower delivered to Agent at least ten (10) Business Days prior to the requested release date (the “Material Subsidiary Release Request”), Administrative Agent shall release an applicable Material Subsidiary which is not a Subsidiary which owns a Borrowing Base Property or owns a direct or indirect interest in a Borrowing Base Property from the Subsidiary Guaranty, provided that no Default exists before and after giving effect thereto, to the extent the Borrower provides evidence that such release is required in order for the Borrower to consummate a sale, financing or refinancing of a Real Property owned by such Material Subsidiary, or another financing which will involve such Material Subsidiary being obligated (whether as a borrower,

 

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guarantor or otherwise) in connection with such financing and such financing expressly prohibits the Material Subsidiary from guaranteeing Indebtedness of any other person or entity.”

 

6.                                      Section 8.02 is hereby amended by deleting subsection (f) thereof and adding the following subsections (f), (g) and (h) at the end thereof:

 

(f)                                   Unsecured Indebtedness under the Wells Credit Agreement;

 

(g)                                  Unsecured Indebtedness of the Borrower and its Subsidiaries and unsecured guarantees with respect to such Unsecured Indebtedness, provided that (i) such Indebtedness shall at all times remain Unsecured Indebtedness in all respects (including, for the avoidance of doubt, that the Equity Interests of any Guarantor shall not be pledged as security for any such Indebtedness), (ii) both before and immediately after giving effect to the incurrence of any such Unsecured Indebtedness, no Default or Event of Default has occurred or is continuing, (iii) prior to incurring any such Unsecured Indebtedness, the Borrower shall be in compliance with Section 2.05(c) and each of the financial covenants set forth in Section 8.14 of this Agreement on a pro  forma basis immediately after giving effect to such Unsecured Indebtedness; and

 

(h)                                 Indebtedness of the Borrower or the Parent incurred or assumed after the date hereof that is either Unsecured Indebtedness or is secured by Liens on assets of the Parent or the Borrower (other than any Unencumbered Property that is a Borrowing Base Property or the Equity Interests in any Loan Party); provided, such Indebtedness shall be permitted under this Section 8.02(h) only if: (i) no Default shall exist immediately before or immediately after the incurrence or assumption of such Indebtedness, and (ii) there exists no violation of the financial covenants set forth in Section 8.14 hereunder on a pro forma basis after the incurrence or assumption of such Indebtedness.

 

7.                                      Section 8.13(b) and (c) are hereby deleted in their entirety and replaced with the following:

 

(b)                                 Any Person (other than Parent or Borrower) that directly or indirectly owns Equity Interests in any Subsidiary Guarantor to (i) incur any Secured Indebtedness (other than Indebtedness listed on Schedule 8.13), (ii) provide Guarantees to support Secured Indebtedness (other than Indebtedness listed on Schedule 8.13), or (iii) have its Equity Interests subject to any Lien or other encumbrance (other than in favor of the Administrative Agent).

 

(c)                                  Any Subsidiary Guarantor that owns a Borrowing Base Property to incur any Secured Indebtedness.

 

8.                                      Exhibit C to the Credit Agreement (Compliance Certificate) is hereby deleted in its entirety and replaced with Exhibit C annexed hereto.

 

9.                                      Exhibit E to the Credit Agreement (Borrowing Base Report) is hereby deleted in its entirety and replaced with Exhibit E annexed hereto

 

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10.                               Borrower hereby acknowledges and agrees that it does not have any offsets, defenses, claims, or counterclaims against the Administrative Agent, the L/C Issuer or any Lender or any of their respective affiliates, or their respective officers, directors, employees, affiliates, attorneys, representatives, predecessors, successors, or assigns with respect to the Credit Agreement, any Loan Document or any other documents executed in connection with the Loan, or otherwise, and that if the Borrower now has, or ever did have, any such offsets, defenses, claims, or counterclaims against the Administrative Agent, the L/C Issuer or any Lender or any of their respective affiliates, or their respective officers, directors, employees, affiliates, attorneys, representatives, predecessors, successors, or assigns, whether known or unknown, at law or in equity, from the beginning of the world through this date and through the time of execution of this Agreement, all of them are hereby expressly WAIVED, and the Borrower hereby RELEASES the Administrative Agent, the L/C Issuer and each Lender and their respective affiliates, and their respective officers, directors, employees, affiliates, attorneys, representatives, predecessors, successors, and assigns from any liability therefor.

 

11.                               Miscellaneous.

 

(a)                                 Borrower represents and warrants that there is no Default or Event of Default under the Loan.

 

(b)                                 This Agreement shall be binding upon the Borrower the Administrative Agent, the L/C Issuer and each Lender and their respective successors and assigns and shall enure to the benefit of the Administrative Agent, the L/C Issuer and each Lender and the Borrower and their respective successors and assigns.

 

(c)                                  Except as amended hereby, the Loan Documents shall remain in full force and effect and are in all respects hereby ratified and affirmed.

 

(d)                                 The execution of this Agreement and acceptance of any documents related hereto shall not be deemed to be a waiver of any breach, Default or Event of Default under the Loan Documents, whether or not known to the Administrative Agent, the L/C Issuer or any Lender and whether or not existing on the date of this Agreement.

 

(e)                                  Any determination that any provision of this Agreement or any application thereof is invalid, illegal, or unenforceable in any respect in any instance shall not affect the validity, legality, or enforceability of such provision in any other instance, or the validity, legality, or enforceability of any other provision of this Agreement.

 

(f)                                   This Agreement, together with the agreements, instruments and other documents executed in connection herewith, incorporates all discussions and negotiations between the Borrower, the Administrative Agent, the L/C Issuer and each Lender, either express or implied, concerning the matters included herein and in such other instruments, any custom, usage, or course of dealings to the contrary notwithstanding.  No such discussions, negotiations, custom, usage, or course of dealings shall limit, modify, or otherwise affect the provisions hereof.  No modification, amendment, or waiver of any provision of this Agreement or of any provision of any other agreement between the Borrower, the Administrative Agent, the L/C Issuer and each Lender shall be effective

 

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unless executed in writing by the party to be charged with such modification, amendment and waiver, and if such party shall be the Lenders, then by a duly authorized officer thereof.

 

(g)                                  Except as otherwise expressly provided for in this Agreement or in the other agreements being executed contemporaneously herewith, all of the terms, conditions and provisions of the Loan Documents shall remain the same.  The Borrower shall continue to comply with all of the terms and conditions of the Loan Documents, as modified hereby or contemporaneously herewith.

 

(h)                                 All rights and obligations hereunder, including matters of construction, validity, and performance, shall be governed by and construed in accordance with the law of the State of New York and are intended to take effect as sealed instruments.

 

(i)                                     The captions of this Agreement are for convenience purposes only, and shall not be used in construing the intent of the parties to this Agreement.

 

(j)                                    In the event of any inconsistency between the provisions of this Agreement and the Loan Documents, the provisions of this Agreement shall govern and control.

 

(k)                                 This Agreement may be executed in several counterparts and by each party on a separate counterpart, each of which when so executed and delivered shall be an original, and all of which together shall constitute one instrument.

 

[Remainder of page intentionally left blank]

 

5

 

It is intended that this Agreement be executed as an instrument under seal as of the date first written above.

 

	
 
    	
BORROWER:
    
	
 
    	
 
    
	
 
    	
STAG   INDUSTRIAL OPERATING PARTNERSHIP, L.P., a Delaware limited   partnership
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
STAG   Industrial GP, LLC,
   its General Partner 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   Benjamin S. Butcher 
    
	
 
    	
 
    	
Name:
    	
Benjamin   S. Butcher 
    
	
 
    	
 
    	
Title:
    	
President
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
PARENT:
    
	
 
    	
 
    
	
 
    	
STAG   INDUSTRIAL, INC., a Maryland corporation
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Benjamin S. Butcher 
    
	
 
    	
Name:
    	
Benjamin   S. Butcher 
    
	
 
    	
Title:
    	
President
    

 

[Signature page to First Amendment to Credit Agreement]

 

 

	
 
    	
BANK   OF AMERICA, N.A., as Administrative Agent on behalf of the Lenders,   and as Lender, L/C Issuer and Swing Line Lender
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Jane E. Huntington
    
	
 
    	
Name:
    	
Jane   E. Huntington 
    
	
 
    	
Title:
    	
Senior   Vice President
    

 

[Signature page to First Amendment to Credit Agreement]

 

 

	
LENDERS:
    	
ROYAL   BANK OF CANADA, as Lender 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Joshua Freedman 
    
	
 
    	
Name:
    	
Joshua   Freedman 
    
	
 
    	
Title:
    	
Authorized   Signatory
    

 

[Signature page to First Amendment to Credit Agreement]

 

 

	
 
    	
WELLS   FARGO BANK, N.A., as  Lender
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   D. Bryan Gregory
    
	
 
    	
Name:
    	
D.   Bryan Gregory
    
	
 
    	
Title:
    	
Director
    

 

[Signature page to First Amendment to Credit Agreement]

 

 

	
 
    	
PNC   BANK, NATIONAL ASSOCIATION, as Lender
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Douglas E. Blackman
    
	
 
    	
Name:
    	
Douglas   E. Blackman
    
	
 
    	
Title:
    	
SVP
    

 

[Signature page to First Amendment to Credit Agreement]

 

 

	
 
    	
CAPITAL   ONE, NATIONAL ASSOCIATION, as Lender
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Frederick H. Denecke
    
	
 
    	
Name:
    	
Frederick   H. Denecke
    
	
 
    	
Title:
    	
Vice   President
    

 

[Signature page to First Amendment to Credit Agreement]

 

 

	
 
    	
RAYMOND   JAMES BANK, N.A., as Lender
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   James M. Armstrong
    
	
 
    	
Name:
    	
James   M. Armstrong
    
	
 
    	
Title:
    	
Senior   Vice President
    

 

[Signature page to First Amendment to Credit Agreement]

 

 

	
 
    	
TD   BANK, N.A., as Lender 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Michael S. Pappas 
    
	
 
    	
Name:
    	
Michael   S. Pappas 
    
	
 
    	
Title:
    	
Vice   President
    

 

[Signature page to First Amendment to Credit Agreement]

 

 

	
 
    	
UBS   LOAN FINANCE LLC, as Lender
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Lana Gifas 
    
	
 
    	
Name:
    	
Lana   Gifas 
    
	
 
    	
Title:
    	
Director   
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   David Urban 
    
	
 
    	
Name:
    	
David   Urban 
    
	
 
    	
Title:
    	
Associate   Director
    

 

[Signature page to First Amendment to Credit Agreement]

 

 

EXHIBIT C

 

FORM OF COMPLIANCE CERTIFICATE

 

Financial Statement Date:               ,      

 

To:                             Bank of America, N.A., as Administrative Agent

 

Ladies and Gentlemen:

 

Reference is made to that certain Credit Agreement, dated as of September 10, 2012 (as amended, restated, extended, supplemented, or otherwise modified in writing from time to time, the “Agreement;” the terms defined therein being used herein as therein defined), among STAG Industrial Operating Partnership, L.P., a Delaware limited partnership (“Borrower”), STAG Industrial, Inc., a Maryland corporation and the sole general partner of Borrower (“Parent”), the Lenders from time to time party thereto, and Bank of America, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer.

 

The undersigned Responsible Officer hereby certifies as of the date hereof that he/she is the                                       of Parent, and that, as such, he/she is authorized to execute and deliver this Certificate to Administrative Agent on the behalf of Parent, for itself and as general partner of Borrower, and that:

 

[Use following paragraph 1 for fiscal year-end financial statements]

 

1.             Parent has delivered the year-end audited financial statements required by Section 7.01(a) of the Agreement for the fiscal year of Parent ended as of the above date, together with the report and opinion of an independent certified public accountant required by such section.

 

[Use following paragraph 1 for fiscal quarter-end financial statements]

 

1.             Parent has delivered the unaudited financial statements required by Section 7.01(b) of the Agreement for the fiscal quarter of Parent ended as of the above date.  Such financial statements fairly present the financial condition, results of operations and cash flows of the Companies in accordance with GAAP as at such date and for such period, subject only to normal year-end audit adjustments and the absence of footnotes.

 

2.             The undersigned has reviewed and is familiar with the terms of the Agreement and has made, or has caused to be made under his/her supervision, a detailed review of the transactions and condition (financial or otherwise) of the Companies during the accounting period covered by such financial statements.

 

3.             A review of the activities of the Companies during such fiscal period has been made under the supervision of the undersigned with a view to determining whether during such fiscal period the Companies performed and observed all of their Obligations under the Loan Documents, and

 

[select one:]

 

[during such fiscal period each Company has performed and observed each covenant and condition of the Loan Documents applicable to it, and no Default has occurred and is continuing.]

 

Exhibit C - 1

 

—or—

 

[during such fiscal period the following covenants or conditions have not been performed or observed and the following is a list of each such Default and its nature and status:]

 

4.             The representations and warranties of Parent and Borrower contained in Article VI of the Agreement, and any representations and warranties of any Loan Party that are contained in any document furnished at any time under or in connection with the Loan Documents, are true and correct on and as of the date hereof, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct as of such earlier date, and except that for purposes of this Compliance Certificate, the representations and warranties contained in Section 6.05(b) shall be deemed to refer to the most-recent statements furnished pursuant to Section 7.01(b) of the Agreement, in each case, including the statements delivered in connection with this Compliance Certificate.

 

5.             The financial covenant analyses and information set forth on Schedules 1 and 2 attached hereto are true and accurate on and as of the date of this Certificate.

 

IN WITNESS WHEREOF, the undersigned has executed this Certificate as of                          , 20    .

 

	
 
    	
BORROWER:
    
	
 
    	
 
    
	
 
    	
STAG   INDUSTRIAL OPERATING PARTNERSHIP, L.P., a Delaware limited   partnership
    
	
 
    	
 
    
	
 
    	
By:
    	
STAG   Industrial GP, LLC,
    
	
 
    	
 
    	
It’s   General Partner
    
	
 
    	
 
    
	
 
    	
 
    	
By:
    	
 
    
	
 
    	
 
    	
 
    	
Name:
    	
 
    
	
 
    	
 
    	
 
    	
Title:
    	
 
    
	
 
    	
 
    
	
 
    	
PARENT:
    
	
 
    	
 
    
	
 
    	
STAG   INDUSTRIAL, INC., a Maryland corporation
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    	
 
    
	
 
    	
 
    	
Title:
    	
 
    
							

 

Exhibit C - 2

 

For the Quarter/Year ended                                       (“Statement Date”)

 

SCHEDULE 1
 to the Compliance Certificate 
 ($ in 000’s)

 

	
I. 
    	
Section 8.14(a) —   Maximum Consolidated Leverage Ratio.
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
A.
    	
Consolidated   Total Debt as of the Statement Date:
    	
 
    	
$             
    
	
 
    	
B.
    	
Total   Asset Value as of the Statement Date (See Schedule 2):
    	
 
    	
$             
    
	
 
    	
C.
    	
Consolidated   Leverage Ratio (Line I.A divided by   Line I.B):
    	
 
    	
             %
    
	
 
    	
 
    	
Maximum   permitted:
    	
 
    	
60%
    
	
 
    	
 
    	
 
    	
 
    
	
II. 
    	
Section 8.14(b) —   Maximum Secured Leverage Ratio.
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
A.
    	
Secured   Indebtedness as of the Statement Date:
    	
 
    	
$             
    
	
 
    	
B.
    	
Total   Asset Value as of the Statement Date (See Schedule 2):
    	
 
    	
$              
    
	
 
    	
C.
    	
Secured   Leverage Ratio (Line II.A divided by   Line II.B):
    	
 
    	
             %
    
	
 
    	
 
    	
Maximum   permitted:
    	
 
    	
45%
    
	
 
    	
 
    	
 
    	
 
    
	
III. 
    	
Section 8.14(c) —   Maximum Unencumbered Leverage Ratio.
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
A.
    	
Unsecured   Indebtedness as of the Statement Date:
    	
 
    	
$              
    
	
 
    	
B.
    	
Unencumbered   Asset Value as of the Statement Date (See Schedule 2):
    	
 
    	
$              
    
	
 
    	
C.
    	
Unencumbered   Leverage Ratio (Line III.A divided by   Line III.B):
    	
 
    	
             %
    
	
 
    	
 
    	
Maximum   permitted:
    	
 
    	
60%
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
IV.
    	
Section 8.14(d) —   Maximum Secured Recourse Debt.
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
A.
    	
Secured   Indebtedness which is Recourse Indebtedness with respect to the Borrower, as   of the Statement Date:
    	
 
    	
$              
    
	
 
    	
B.
    	
Total   Asset Value as of the Statement Date (See Schedule 2):
    	
 
    	
$              
    
	
 
    	
C.
    	
Secured   Recourse Debt Ratio (Line IV.A divided by   Line IV.B):
    	
 
    	
             %
    
	
 
    	
 
    	
Maximum   permitted:
    	
 
    	
7.5%
    
	
 
    	
 
    	
 
    	
 
    
	
V.
    	
Section 8.14(e) —   Minimum Fixed Charge Ratio.
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
A.
    	
Consolidated   EBITDA for the four (4) fiscal quarters ending on the Statement Date   (the “Subject Period”) (See Schedule 2):
    	
 
    	
$              
    
	
 
    	
B.
    	
Consolidated   Fixed Charges for the Subject Period (See Schedule   2):
    	
 
    	
$              
    

 

Exhibit C - 3

 

	
 
    	
C.
    	
Fixed   Charge Ratio (Line V.A. divided by   Line V.B):
    	
 
    	
          to   1
    
	
 
    	
 
    	
Minimum   required:
    	
 
    	
1.5   to 1
    
	
 
    	
 
    	
 
    	
 
    
	
VI.
    	
Section 8.14(f) —  Minimum Tangible Net Worth.
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
A.
    	
Tangible   Net Worth as of the Closing Date multiplied by   85%:
    	
 
    	
$              
    
	
 
    	
B.
    	
Net   proceeds of Equity Issuances by the Companies from the Closing Date to the   Statement Date multiplied by 75%:
    	
 
    	
$              
    
	
 
    	
C.
    	
Minimum   Tangible Net Worth (Line VI.A plus Line   VI.B):
    	
 
    	
$              
    
	
 
    	
D   
    	
Tangible   Net Worth as of the Statement Date:
    	
 
    	
$              
    
	
 
    	
E.
    	
[Excess][Deficiency]   for covenant compliance (Line VI.D minus Line   VI.C):
    	
 
    	
$              
    
	
 
    	
 
    	
 
    	
 
    
	
VII.
    	
Section 8.03   —  Investments
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
A.
    	
Investments   in non-wholly owned Subsidiaries and Unconsolidated Affiliates not to at any   time exceed twenty-five (25%) of Total Asset Value:
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Investments   in Subsidiaries and Unconsolidated Affiliate
    	
$
    	
 
    	
 
    
	
 
    	
 
    	
Total   Asset Value 
    	
$
    	
 
    	
 
    
	
 
    	
 
    	
Percentage
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
B.
    	
Investments   in mortgages and mezzanine loans not to at any time exceed fifteen percent   (15%) of Total Asset Value:
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Investments   in Mortgages and Mezzanine Loans 
    	
$
    	
 
    	
 
    
	
 
    	
 
    	
Total   Asset Value 
    	
$
    	
 
    	
 
    
	
 
    	
 
    	
Percentage
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
C.
    	
Investments   in unimproved land holdings and Construction in Progress not to at any time   exceed ten percent (10%) of Total Asset Value: 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Investments   in unimproved land holdings and Construction in Progress
    	
$
    	
 
    	
 
    
	
 
    	
 
    	
Total   Asset Value 
    	
$
    	
 
    	
 
    
	
 
    	
 
    	
Percentage
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
D   
    	
Aggregate   Investments of the types described in clauses A through C above shall not at   any time exceed thirty percent (30%) of Total Asset Value:
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Total   Investments (A —C) 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Total   Asset Value 
    	
$
    	
 
    	
 
    

 

Exhibit C - 4

 

	
 
    	
 
    	
Percentage
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
VIII.  
    	
Availability.
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
A.
    	
Aggregate   Borrowing Base Values times 60%
    	
 
    	
$              
    
	
 
    	
B.
    	
Implied   Loan Amount
    	
 
    	
$              
    
	
 
    	
C.
    	
Borrowing   Base (lesser of A and B) less any Unsecured Indebtedness (other than the   Total Outstandings)
    	
 
    	
$              
    

 

Exhibit C - 5

 

For the Quarter/Year ended                                       (“Statement Date”)

 

SCHEDULE 2
 to the Compliance Certificate 
 ($ in 000’s)

 

CALCULATION OF TOTAL ASSET VALUE, UNENCUMBERED ASSET VALUE,
  CONSOLIDATED EBITDA, ADJUSTED NOI, CONSOLIDATED FIXED CHARGES,
 AVAILABILITY, ETC.

 

(all in accordance with the definition for such term
 as set forth in the Agreement)

 

[Provide Various Calculations]

 

Exhibit C - 6

 

Exhibit E

 

BORROWING BASE REPORT

 

To:                             Bank of America, N.A., as Administrative Agent

 

Date:          ,       

 

	
A.                                    Aggregate Borrowing Base Values (multiplied   by 60%):
    	
 
    	
$                                     
    
	
 
    	
 
    	
 
    
	
B.                                    Implied Loan Amount (See Schedule   I):
    	
 
    	
$                                     
    
	
 
    	
 
    	
 
    
	
C.                                    Borrowing Base (Lesser of Line   A and Line B) less any Unsecured Indebtedness then outstanding (other than   the Total Outstandings):
    	
 
    	
$                                     
    
	
 
    	
 
    	
 
    
	
D.                                    Aggregate Commitments:
    	
 
    	
$                                     
    
	
 
    	
 
    	
 
    
	
E.                                     Available Loan Amount (Lesser of   Line D and Line C):
    	
 
    	
$                                     
    
	
 
    	
 
    	
 
    
	
F.                                      Total Outstandings:
    	
 
    	
$                                     
    
	
 
    	
 
    	
 
    
	
G.                                    [Borrowing Availability][Borrowing Base Deficiency] 
   (Line E minus Line F):
    	
 
    	
$                                     
    
	
 
    	
 
    	
 
    
	
H.                                   Total Revolver Outstandings
    	
 
    	
$                                     
    
	
 
    	
 
    	
 
    
	
I.                                        Aggregate Revolving Commitments
    	
 
    	
$                                     
    
	
 
    	
 
    	
 
    
	
J.                                        Available Revolver Loan Amount (lesser of (I) or   ((C) less the Total Term Loan Outstandings))
    	
 
    	
$                                     
    
	
 
    	
 
    	
 
    
	
K.                                   [Borrowing Availability][Borrowing Base Deficiency] 
   (Line J minus Line H):
    	
 
    	
 
    

 

This report (this “Report”) is submitted pursuant to that certain Credit Agreement, dated as of              , 2012 (as amended, restated, extended, supplemented, or otherwise modified in writing from time to time, the “Agreement;” the terms defined therein being used herein as therein defined), among STAG Industrial Operating Partnership, L.P., a Delaware limited partnership (“Borrower”), STAG Industrial, Inc., Maryland corporation (“Parent”), the Lenders from time to time party thereto, and Bank of America, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer.

 

Exhibit E - 1

 

The undersigned hereby certify, as of the date first written above, that (a) the amounts and calculations herein and in Schedule I accurately reflect the Borrowing Base, Available Loan Amount, and Total Outstandings and (b) no Default has occurred or is continuing.

 

	
 
    	
BORROWER:
    
	
 
    	
 
    
	
 
    	
STAG   INDUSTRIAL OPERATING PARTNERSHIP, L.P., a Delaware limited   partnership
    
	
 
    	
 
    
	
 
    	
By:
    	
STAG   Industrial GP, LLC,
    
	
 
    	
 
    	
its   General Partner
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
 
    
	
 
    	
 
    	
 
    	
Name:
    	
 
    
	
 
    	
 
    	
 
    	
Title:
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    
	
 
    	
PARENT:
    
	
 
    	
 
    
	
 
    	
STAG   INDUSTRIAL, INC., a Maryland corporation
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    	
 
    
	
 
    	
 
    	
Title:
    	
 
    
						

 

Exhibit E - 2

 

SCHEDULE I
 to Borrowing Base Report

 

Implied Loan Amount

 

[Provide Calculation]

 

Exhibit E - 3

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