Document:

Exhibit 10.6

  
 Exhibit 10.6

  
 AMENDMENT NUMBER 1 (this
“Amendment”) to THE CHANGE IN CONTROL AGREEMENT, dated October 17, 2004 (the “Agreement”), by and between Cornerstone Realty Income Trust, Inc. (the “Company”) and David L. Carneal (the
“Executive”). 
  
 RECITALS 
  
 WHEREAS, Section 409A of the Internal Revenue Code has recently become
effective and guidance received under that Section permits plans to be amended to comply and/or terminated this year; and 
  
 WHEREAS, pursuant to Section 9.5 of the Agreement, the Agreement may be amended by the Company and the Executive, and the Company and the Executive desire
to so amend the Agreement. 
  
 NOW, THEREFORE, the Agreement is
hereby amended as follows: 
  
 1. Section 2.7 is deleted in its
entirety and is revised to read: “‘Effective Date’ means the first date during the term of the Agreement (as defined in Article III) on which a change in the ownership, effective control or ownership of a substantial portion of
the assets of the Company, as defined for purposes of Section 409A of the Internal Revenue Code, that is also a Change in Control (or that is related to a previous Change in Control), as defined in Section 2.4 hereof, occurs.” 
  
 2. Article IV is amended as follows: 
  
 (a) The title is deleted in its entirety and is revised to
read: “OBLIGATIONS OF THE COMPANY UPON A CHANGE IN CONTROL.” 
  
 (b) The preamble of Section 4.1 is deleted in its entirety and is revised to read: “Obligations on the occurrence of the Effective Date. On the occurrence of the Effective Date, the Company’s
obligations to the executive shall be as follows:” 
  
 (c) Each reference in Section 4.1 to “Termination Date” is revised to refer to “Effective Date.” 
  

 3. All references to “Employment Period” in the Agreement are revised to refer to
“Benefits Period.” 
  
 4. Sections 2.14, 4.1(h) and 4.2
are deleted in their entirety. 
  
 5. It is the Company’s and
the Executive’s intention that the Agreement, as amended by this Amendment, comply with Section 409A of the Internal Revenue Code. If either party believes, at any time, that the Agreement as amended does not comply, it will promptly advise the
other and will negotiate reasonably and in good faith to amend the terms of this Agreement such that they comply and that amendment will have the most limited possible economic effect on the Company and the Executive. 
  
 6. Capitalized terms used but not defined herein shall have their respective
meanings as used in the Agreement. 
  
 IN WITNESS WHEREOF, the
Company and the Executive have executed this Amendment as of the date indicated below. 
  

					
	CORNERSTONE REALTY INCOME TRUST, INC.	 	 
			
	 /s/ Stanley J. Olander, Jr.
	 	 	 	Date: February 8, 2005
	 By: Stanley J. Olander, Jr.
	 	 	 	 
	 Title: President
	 	 	 	 
			
	 /s/ David L. Carneal
	 	 	 	Date: February 8, 2005
	 David L. CarnealExhibit 10.7

  
 Exhibit 10.7

  
 February 8, 2005 
  
 Glade M. Knight 
 306 East Main Street 
 Richmond, Virginia 23219 
  

	 	Re:	Amendment to Stock Option Agreement 

  
 Dear Mr. Knight: 
  
 By signing below, you agree that the stock option agreement between you and Cornerstone Realty Income Trust, Inc., dated July 23, 1999 (your
“Stock Option Agreement”), will terminate by means of your exercise of the options granted thereunder or the payment of cash to you pursuant to Section 8(b) in 2005. 
  
 This letter agreement will amend your Stock Option Agreement, a copy of which is annexed for your reference. 
  

			
	 CORNERSTONE REALTY INCOME TRUST, INC.

	
	/s/ Stanley J. Olander, Jr.
	 By:
	 	 Stanley J. Olander, Jr.

	 Title:
	 	 Chief Financial Officer

  

	
	 Accepted and Agreed:

	
	/s/ Glade M. Knight
	Glade M. Knight

  
 Date: February 8, 2005Exhibit 10.8

  
 Exhibit 10.8

  
 AMENDMENT TO CORNERSTONE REALTY INCOME TRUST, INC.

 EXECUTIVE SEVERANCE PLAN 
  
 WHEREAS, Cornerstone Realty Income Trust, Inc. (the “Company”) established the Executive Severance Plan, effective October 25, 2004 (the
“Plan”), for the benefit of its eligible executives; 
  
 WHEREAS, Section 409A of the Internal Revenue Code has recently become effective and guidance received under that Section permits plans to be amended to comply and/or terminated this year; and 
  
 WHEREAS, pursuant to Section 13 of the Plan, the Plan may be amended by the
Board of Directors of the Company and the Board of Directors desires to so amend the Plan. 
  
 NOW THEREFORE, the Plan is hereby amended as follows with respect to the Executives listed on the annexed Schedule: 
  
 1. Section 1(o) is deleted in its entirety and is revised to read: “‘Severance Period’ shall mean the period beginning on the date
of the merger of the Company into a subsidiary of Colonial Properties Trust and ending: (i) if the Executive is Senior Vice President, on the date 24 months thereafter, or (ii) if the Executive is Vice President, on the date 12 months thereafter.
The first day of the Severance Period shall be referred to as the ‘Qualifying Change in Control Date.’” 
  
 2. Section 2(a) is deleted in its entirety and is revised to read: “An Executive shall be entitled to a Severance Benefit on the Qualifying Change in
Control Date.” 
  
 3. Except as specifically provided above,
any references in the Plan to “termination of employment” or “employment with the Company terminates” are replaced with or are deemed to refer to the “Qualifying Change in Control Date.” 
  
 IN WITNESS WHEREOF, the Company has executed this amendment to the Plan,
effective as of the date indicated below. 
  

									
	 CORNERSTONE REALTY INCOME TRUST, INC.
	 	 	 	 
			
	/s/ Glade M. Knight	 	 	 	Date: February 8, 2005
	 By:
	 	 Glade M. Knight
	 	 	 	 	 	 
	 Title:
	 	 Chairman of the BoardExhibit 10.9

  
 Exhibit 10.9

  
 AMENDMENT TO CORNERSTONE REALTY INCOME TRUST, INC.

 EXECUTIVE SEVERANCE PLAN 
  
 WHEREAS, Cornerstone Realty Income Trust, Inc. (the “Company”) established the Executive Severance Plan, effective October 25, 2004 (the
“Plan”), for the benefit of its eligible executives; 
  
 WHEREAS, Section 409A of the Internal Revenue Code has recently become effective and guidance received under that Section permits plans to be amended to comply and/or terminated this year; and 
  
 WHEREAS, pursuant to Section 13 of the Plan, the Plan may be amended by the
Board of Directors of the Company and the Board of Directors desire to so amend the Plan. 
  
 NOW THEREFORE, the Plan is hereby amended as follows with respect to the Executives listed on the annexed Schedule: 
  
 1. Section 2(a)(ii) is deleted in its entirety and is revised to read: “within one year after the date of a Change in Control, the Executive
terminates his or her employment with the Company for Good Reason; provided, however, that the Executive must give notice of termination for Good Reason within sixty days of the occurrence of the event(s) giving rise to such termination.”

  
 2. Section 2(e) is deleted in its entirety and is revised to
read: “The Outplacement Services Benefit shall consist of $15,000 for a Senior Vice President and $10,000 for a Vice President, payable to a nationally recognized outplacement organization selected by the Executive with the approval of the
Company (which approval shall not be unreasonably withheld) as a lump sum within 30 days after the Executive’s termination of employment.” 
  
 3. It is the Company’s and the Executive’s intention that the Plan, as hereby amended, comply with Section 409A of the Internal Revenue Code. If
either party believes, at any time, that the Plan as amended does not comply, it will promptly advise the other and will negotiate reasonably and in good faith to amend the terms of this Plan such that they comply and that amendment will have the
most limited possible economic effect on the Company and the Executive. 
  

 IN WITNESS WHEREOF, the Company has executed this amendment to the Plan, effective as of the date
indicated below. 
  

									
	 CORNERSTONE REALTY INCOME TRUST, INC.
	 	 	 	 
			
	 /s/ Glade M. Knight
	 	 	 	Date: February 8, 2005
	 By:
	 	 Glade M. Knight
	 	 	 	 	 	 
	 Title:
	 	 Chairman of the Board
	 	 	 	 	 	 

  

 -2-Description Of Registrant's Director Compensation Arrangement

 Exhibit 10.15 
  
 Description of Director Compensation Arrangement 
  
 Members of the Board of Directors of SWS Group, Inc. who are non-employee directors, other than the Chairman of the Board, receive an annual
retainer of $17,000 paid on a quarterly basis, $1,000 for attendance at each regular quarterly Board meeting and $500 for attendance at each special Board meeting and committee meeting. Committee chairmen receive $750 per committee meeting. The
Chairman of the Board receives an annual retainer of $145,000 paid on a biweekly basis and other compensation, aggregating approximately $15,000 per year, which includes the use of a car and club membership dues. SWS Group, Inc. also reimburses
directors for expenses relating to attendance at meetings. Non-employee directors are also eligible to receive grants under the SWS Group, Inc. 2003 Restricted Stock Plan. Employee directors of SWS Group, Inc. receive no additional compensation for
serving as directors.Performance goals for the Cadmus FY 2005-2007

 Exhibit 10.13 
  
 Performance Goals for the 
 Cadmus FY 2005-2007 Executive Long-Term Incentive Plan and 
 Cadmus FY 2005-2007 Management
Long-Term Incentive Plan 
 (as established November 10, 2004) 
  
 The Annual EPS Goal for a Fiscal Year under the LTIPs is a stated earnings per share amount for that fiscal year (Base Annual EPS), which
may be set separately for each vesting level, with the levels of vesting driven by the Base Annual EPS before recognition of Stock Plan compensation expense (the Annual EPS Goals) as determined pursuant to generally accepted accounting principles
for the Company’s financial accounting reporting purposes. EPS is the Company’s earnings per share from continuing operations which exclude (i) the effect of discontinued operations and dispositions of business segments, (ii) material
extraordinary items that are both unusual and infrequent, and (iii) changes in accounting principles. Stock Plan compensation expense is the financial accounting expense associated with the 2004 Employee Plan (including both LTIPs) and the
Company’s 2004 Non-Employee Director Stock Compensation Plan. 
  
 The Annual
Share Price Goal for a fiscal year is the fair market value of a share being equal to or greater than a stated amount at any time during the three calendar months following the end of that fiscal year. The Base Price relates to the fair market value
of a share on the date on which a change in control occurs.

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