Document:

Exhibit 10.1

PERFORMANCE
SHARE AGREEMENT

 

This
Performance Share Agreement (“Agreement”) is made as of the       
day of                     ,
20     (the “Grant Date”), between Qwest Communications
International Inc., a Delaware corporation (the “Company”), and                                                             
(the “Grantee”).

 

WHEREAS,
pursuant to the Qwest Communications International Inc. Equity Incentive Plan
(the “Plan”), the Company desires to grant an Award to the Grantee subject to
the terms and conditions herein.

 

NOW
THEREFORE, in connection with the mutual covenants hereinafter set forth and
for other good and valuable consideration, the receipt and adequacy of which is
hereby acknowledged, the parties hereto agree as follows:

 

1.                                      DEFINITIONS; CONFLICTS.

 

Capitalized
terms used and not otherwise defined herein shall have the meanings given
thereto in the Plan.  The terms and
provisions of the Plan are incorporated herein by reference.

 

2.                                      GRANT OF PERFORMANCE SHARES.

 

(a)                                  Performance Shares.  The
Company hereby grants to the Grantee         
Performance Shares on the date first written above (the “Grant Date”).  Except as provided below, the Performance
Shares will be unvested and forfeitable.

 

(b)                                 Performance Period.  The “Performance Period”
begins on                             ,
and ends on the earlier of (i)                         
or (ii) the closing date of a Change in Control.

 

(c)                                  Vesting of Performance Shares.  Except
as provided in paragraph 3(c) below,  the
Performance Shares will vest on the last day of the Performance Period provided
that the Grantee remains employed with the Company for the entire Performance
Period.

 

(d)                                 Performance Payout.  As
soon as practicable after the end of the Performance Period, the Company will calculate
the percentage, if any, of the Performance Shares to be paid out pursuant to
the formula set forth in Exhibit 1, hereto.

 

 (e)                               Settlement in Shares or Cash.  The amount payable
to the Grantee for the Grantee’s vested Performance Shares, as adjusted as
described in the formula set forth in Exhibit 1,  may be paid either in shares of Common Stock par
value $0.01 per share, of the Company (“Common Stock”), in cash based on the
fair market value of the Common Stock, (determined based on the closing price for
the Common Stock on the last day of the Performance Period, as reported on the
New York Stock Exchange), as elected by Grantee in writing except that cash
shall be 

 

 

distributed
in lieu of any fractional share of Common Stock or if no election is made.   Each
Performance Share is equal to one share of Common Stock.  An election to be paid in Common Stock is subject
to Qwest’s Insider Trading Policy.

 

(f)                                    Payment Date.  Settlement pursuant to paragraph 2(e) will
occur within five business days after the end of the Performance Period.

 

3.                                      TERMINATION OF EMPLOYMENT DURING
PERFORMANCE PERIOD.

 

(a)                                  Resignation or Retirement.  In the event Grantee
resigns or retires his or her employment with the Company during the
Performance Period all Performance Shares and rights thereto will be forfeited
and canceled immediately upon such termination of employment and the Grantee
will have no further rights under this Agreement with respect to such
Performance Shares.

 

(b)                                 Involuntary
Termination of Employment With or Without Cause.  In the event the Grantee’s employment with
the Company is involuntarily terminated during the Performance Period without
Cause (as defined by any employment agreement between Company and Grantee, or
if there is no employment agreement, as defined by the Plan) or during or after
the Performance Period for Cause, all Performance Shares and rights thereto will
be forfeited and canceled immediately upon such termination of employment and
the Grantee will have no further rights under this Agreement with respect to
such Performance Shares.

 

(c)                                  Termination Because Grantee Dies or Becomes
Disabled.  In the event the Grantee’s employment with
the Company is terminated during the Performance Period due to the Grantee’s
death or Disability, the Grantee’s Performance 
Shares shall immediately vest. 
The Company will determine the total amount, if any, to be paid to the
Grantee for such vested Performance Shares at the end of the Performance Period
as set forth in paragraph 2(d) of this Agreement.  The amount paid to Grantee will be prorated based
on the ratio of the number of months the Grantee was employed during the
Performance Period to the total number of months in the Performance Period.  Partial months or employment will be counted
as full months for the purposes of this paragraph.  Payment for the vested Performance Shares
will be made as provided in paragraphs 2(e) and (f).

 

(d)                                 Termination of Employment After Performance
Period.  In
the event the Grantee’s employment with the Company is terminated after the end
of the Performance Period for any reason other than for Cause, but before
payment has been made, the Performance Shares shall be payable as provided
herein as if such termination had not occurred.

 

4.                                      ADJUSTMENT
OF PERFORMANCE SHARES.

 

Upon
the occurrence of an event described in Article IV of the Plan, the number
of Performance Shares granted herein shall be adjusted in accordance with Article IV.

 

 

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5.                                      IMPACT
OF CHANGE IN CONTROL ON PERFORMANCE SHARES.

 

Upon
the closing of a Change in Control, as defined in Section 5.4(ii) of
the Plan, Grantee’s Performance Shares will immediately vest, provided that the
Grantee has been continuously employed by the Company throughout the
Performance Period.  The determination of
the amount to be paid, if any, for the vested Performance Shares will be made
as of the closing date of the Change in Control pursuant to paragraph 2(d), and
payment of the vested Performance Shares will be made as provided in paragraphs
2(e) and (f).

 

6.                                      FORFEITURE
OF PERFORMANCE SHARES.

 

(a)                                  Performance for Competitors.  Notwithstanding
any other provision of this Agreement, Grantee shall immediately forfeit all
Performance Shares (whether or not vested) and all rights under this Agreement
if, prior to the payment of the Performance Shares, Grantee accepts employment
with a Competitor (as defined herein) or Grantee owns more than 2% of the
common stock of, or is employed by, advises, represents or assists in any other
way any Competitor and if the Company, in its sole discretion, determines that
such actions by Grantee are, or could be, detrimental to the Company.  For the purposes of this Agreement, “Competitor”
means a person or entity that competes with, or intends to compete with the
Company with respect to any product sold or service performed by the Company in
any state or country in which the Company sells such products or performs such
services, and if the Company, in its sole discretion, determines that such
actions by Grantee are detrimental to the Company.  Notwithstanding the foregoing, if Grantee is
an attorney, Grantee may, subject to the applicable rules of ethics and
the nondisclosure provisions herein, perform services solely in his or her
capacity as an outside attorney on behalf of any person or entity, even if such
person or entity competes with the Company or sells goods or services similar
to those the Company sells.

 

(b)                                 Non-solicitation of Employees.  Notwithstanding
any other provision of this Agreement, Grantee shall immediately forfeit all Performance
Shares (whether or not vested) and all rights under this Agreement if, prior to
the payment of the Performance Shares, Grantee induces any employee of the
Company to leave the Company’s employment, and if the Company, in its sole
discretion, determines that such actions by Grantee are detrimental to the
Company.

 

(c)                                  Nondisclosure.  Grantee will
not disclose outside of the Company or to any person within the Company who
does not have a legitimate business need to know, any Confidential Information
(as defined below) during Grantee’s employment with the Company.  Grantee will not disclose to anyone or make
any use of any Confidential Information of the Company after Grantee’s
employment with the Company ends for any reason, except as required by law
after timely notice is given by Grantee to the Company.  This agreement not to disclose or use
Confidential Information means, among other things, that Grantee, for a period
of 18 months beginning on the effective date of the termination of Grantee’s
employment with the Company, or any subsidiary or parent of the Company, for
any reason, may not take or perform a job whose responsibilities would likely 

 

 

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lead Grantee to disclose or
use Confidential Information.  Grantee
acknowledges and agrees that the assumption and performance of such
responsibilities, in that situation, would likely result in the disclosure or
use of Confidential Information and would likely result in irreparable injury
to the Company.  Moreover, during Grantee’s
employment with the Company, Grantee shall not disclose or use for the benefit
of the Company, himself or any other person or entity any confidential or trade
secret information belonging to any former employer or other person or entity
to which Grantee owes a duty of confidence or nondisclosure of such
information.  If a court determines that
this provision is too broad, Grantee and Company agree that the court shall
modify the provision to the extent (but not more than is) necessary to make the
provision enforceable.  “Confidential
Information” is any oral or written information not generally known outside of
the Company, including without limitation, trade secrets, intellectual
property, software and documentation, customer information (including, without
limitation, customer lists), company policies, practices and codes of conduct,
internal analyses, analyses of competitive products, strategies, merger and
acquisition plans, marketing plans, corporate financial information,
information related to negotiations with third parties, information protected
by the Company’s privileges (such as the attorney-client privilege), internal
audit reports, contracts and sales proposals, training materials, employment
and  personnel records, performance
evaluations, and other sensitive information.  This Agreement does not relieve Grantee of any
obligations Grantee has to the Company under law.  If Grantee fails to comply with the provisions
of this paragraph 6(c), Grantee shall immediately forfeit all Performance
Shares and all rights under this Agreement if the Company, in its sole
discretion, determines that such actions by Grantee are, or were, detrimental
to the Company.  Nothing in this
paragraph shall prevent or limit Grantee’s ability to provide truthful
responses to legitimate inquiries from governmental agencies.

 

7.                                      TRANSFERABILITY
OF PERFORMANCE SHARES.

 

The
Grantee may not voluntarily or involuntarily pledge, hypothecate, assign, sell
or otherwise transfer any Performance Shares held by the Grantee, except by
will or the laws of descent and distribution, and during the Grantee’s
lifetime, payment for the Performance Shares shall be made only to the Grantee.

 

8.                                      NO
RIGHTS AS A SHAREHOLDER.

 

The
Grantee shall have no rights as a shareholder with respect to any shares of
Common Stock that may be payable for the Performance Shares until the Grantee becomes
a holder of record of those shares.  No
adjustments, other than as provided in Article IV of the Plan, shall be
made for dividends (ordinary or extraordinary and whether in cash, securities
or other property) or distributions for which the record date is prior to the
date on which the Grantee becomes the holder of record of the shares of Common
Stock.

 

 

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9.                                      REGISTRATION;
GOVERNMENTAL APPROVAL.

 

The
grant of Performance Shares hereunder is subject to the requirement that, if at
any time the Company determines, in its discretion, that the listing,
registration, or qualifications of shares of Common Stock issuable upon payment
for the Performance Shares is required by any securities exchange or under any
state or federal law, rule or regulation, or the consent or approval of
any governmental regulatory body or other person is necessary or desirable as a
condition of, or in connection with, the issuance of shares of Common Stock, no
shares shall be issued, in whole or in part, unless such listing, registration,
qualification, consent or approval has been effected or obtained free of any
conditions or with such conditions as are acceptable to the Company.

 

10.                               TAX
WITHHOLDING.

 

The
Company may make such provisions and take such steps as it may deem reasonably
necessary or appropriate for the withholding of all federal, state, local and
other taxes required by law to be withheld with respect to the vesting of and payment
for the Performance Shares. 
Notwithstanding any Plan provision to the contrary, upon the issuance of
any shares of Common Stock for the Performance Shares pursuant to paragraph
2(e), above, the Company shall withhold from those shares a number of shares
having a value equal to the minimum amount required to be withheld under
applicable federal, state and local income and other tax laws (collectively, “Withholding
Taxes”). In such case, the value of the Shares to be withheld shall be based on  the closing
market price of the Common Stock on the date the amount of the Withholding
Taxes is determined.

 

11.                               COMMITTEE
DISCRETION.

 

Any
decision, interpretation or other action made or taken in good faith by the
Committee arising out of or in connection with this Agreement, the Plan or the
Performance Shares shall be final, binding and conclusive on the Company, the
Grantee and any respective heir, executor, administrator, successor or assign.

 

12.                               BINDING
EFFECT.

 

This
Agreement shall be binding upon the heirs, executors, administrators and
successors of the parties hereto.

 

13.                               WAIVER
OF RIGHT TO JURY.

 

By
signing this Agreement, Grantee voluntarily, knowingly and intelligently waives
any right he or she may have to a jury trial for all claims relating to this
Agreement and any other claim relating to Grantee’s employment with
Company.  The Company also hereby
voluntarily, knowingly, and intelligently waives any right it might otherwise
have to a jury trial for all claims relating to this Agreement and any other
claim relating to Grantee’s employment with the Company.

 

 

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14.                               GOVERNING
LAW.

 

This
Agreement shall be construed and interpreted in accordance with the laws of the
State of Delaware, without regard to the conflict of laws provisions of any
state.  Any action to enforce this
Agreement shall be brought in Colorado state or federal district court and the
parties waive any objection to the jurisdiction or venue of such courts.

 

15.                               HEADINGS.

 

Headings
are for the convenience of the parties and are not deemed to be part of this
Agreement.

 

16.                               EXECUTION.

 

This
Agreement is voidable by the Company if the Grantee does not execute the
Agreement within 30 days of execution by the Company.

 

17.                               COMPLIANCE
WITH SECTION 409A OF THE INTERNAL REVENUE CODE.

 

To the extent applicable,
the provisions of this Agreement shall be read consistent with Section 409A
of the Internal Revenue Code and the final Treasury Regulations issued
thereunder.  Payments for Performance Shares shall not be accelerated
except as expressly permitted under Code Section 409A or the final
regulations issued thereunder.

 

IN
WITNESS WHEREOF, the parties hereto have executed this Agreement on the dates
set forth opposite their signatures to be effective as of the date and year
first written above.

 

	
   

  	
   

  	
  QWEST
  COMMUNICATIONS INTERNATIONAL INC.

  
	
   

  	
   

  	
   

  	
   

  
	
  Date:

  	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
  EVP
  — Chief Administrative Officer

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  GRANTEE:

  
	
   

  	
   

  	
   

  
	
  Date:

  	
   

  	
   

  	
   

  

 

 

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EXHIBIT 1

 

PERFORMANCE TARGETS and CALCULATION OF PAYOUTS

 

The
percentage, if any, of the vested Performance Shares that will be paid to the
Grantee in accordance with, and subject to the terms and conditions of, the
Agreement will be calculated as follows (rounded to a full basis point):

 

[(Average
Qwest TSR Percentage - Average Telecom Peer TSR Percentage) x 5] + 100%;

 

provided, however,  that
the maximum percentage of the vested Performance Shares that will be paid to
the Grantee is 200%.  The table below is
provided only as an example of the calculation above:

 

	
  If the Average Qwest TSR Percentage 

  minus the Average Telecom Peer 

  TSR Percentage equals:

  	
   

  	
  Then the percentage of the vested

  Performance Shares that will be paid

  to the Grantee will be:

  	
   

  
	
  20%
  or more

  	
   

  	
  200%

  	
   

  
	
  10%

  	
   

  	
  150%

  	
   

  
	
  0%

  	
   

  	
  100%

  	
   

  
	
  -10%

  	
   

  	
  50%

  	
   

  
	
  -20%
  or less

  	
   

  	
  0%

  	
   

  

 

For purposes of the calculation above:

 

1.               “Average Qwest TSR Percentage” is the percentage increase or
decrease in (a) the average of the closing market price of one share of
Common Stock (as adjusted for all dividends paid, assuming they are reinvested
on the applicable payment dates) on each trading day in the Measurement Period,
as compared to (b) the closing market price of one share of Common Stock
on the first day of the Performance Period.

 

2.               “Average Telecom Peer TSR Percentage” is calculated as
follows:

 

(a)          For
each company in the Telecom Peer Group, calculate the percentage increase or
decrease in (i) the average of the closing market price of one share of
the company’s common stock (as adjusted for all dividends paid, assuming they
are reinvested on the applicable payment dates) on each trading day in the
Measurement Period, as compared to (ii) the closing market price of one
share of the company’s common stock on the first day of the Performance Period;
and

 

(b)         Calculate
the average of the percentages calculated under paragraph 2(a) above.

 

3.               “Measurement Period” is the 60 consecutive trading days on
the New York Stock Exchange ending on the last day of the Performance Period
(or the immediately preceding trading day if the last day of the Performance
Period is not a trading day); provided, however,
that in the event of a Change in Control the “Measurement
Period” is only the closing date of the Change in Control.

 

4.               “Telecom Peer Group” is AT&T, CenturyTel, Cincinnati
Bell, Citizens Communications Company, Embarq, Verizon and Windstream
Communications.   The definition of the
Telecom Peer Group is subject to change in the sole and exclusive discretion of
the Committee should one or more members of the Telecom Peer Group cease to be
in existence or undergo a material change in its business.Exhibit 10.1

 

CONFORMED
COPY THROUGH FOURTH AMENDMENT,

AS
OF DECEMBER 19, 2007

 

LOAN
AGREEMENT

 

(Revolving Line of Credit)

 

 

THIS
SECURED LOAN AGREEMENT (“Agreement”) is entered into as of December 27,
1999, by and between BIBP COMMODITIES, INC.,
a Delaware corporation (the “Borrower”), and
CAPITAL DELIVERY, LTD., a Kentucky
corporation (the “Lender”).

 

 

RECITAL:

 

 

Borrower desires to establish a line of
credit with Lender to finance its working capital needs in operating its
business of purchasing cheese in accordance with product specifications for
Papa John’s Pizza restaurants and selling cheese to PJ Food Service, Inc.,
the wholly owned distribution subsidiary of Papa John’s International, Inc.
(“PJI”), and Lender is willing to make such loan on the terms and conditions
set forth herein.

 

 

AGREEMENT:

 

 

                NOW,
THEREFORE, Borrower and Lender have agreed as follows:

 

                1.             Loan.

 

                                (a)           Loan;
Promissory Note.  Lender
agrees to make “Advances” to Borrower from time to time during the period
commencing on the date hereof and ending on the day immediately prior to the
Maturity Date, as defined below, in an aggregate principal amount not to exceed
the Maximum Amount, as defined below (the “Loan”).  The Loan shall be evidenced by a Promissory
Note (the “Note”) of even date herewith.

 

1

 

                                (b)           Extension of Term.  Effective December 31, 2000, and
continuing effective each December 31 thereafter, the Maturity Date shall
be extended for a period of one (1) year, provided that on the effective
of each such extension there exists then no Event of Default, as defined below,
and provided further that Lender has not given notice to Borrower of
nonextension prior to such effective date.

 

                                (c)           Maximum Principal Balance.  The aggregate outstanding principal balance
of the Loan shall not exceed $30,000,000 (“Maximum Amount”).

 

                                (d)           Loan Account.  Lender shall maintain a loan account on its
books in which shall be recorded all advances made by Lender to Borrower
pursuant to this Agreement, and all payments made by Borrower with respect to
the Loan; provided, however, that failure to maintain such account or record
any advances therein shall not relieve Borrower of its obligations to repay the
outstanding principal amount of the Loan, all accrued interest thereon, and any
amounts payable with respect thereto in accordance with the terms of this
Agreement and the Note.

 

                                (e)           Interest Rate and Payment.

 

                                                (i)            Interest shall accrue daily on the aggregate outstanding
principal balance of the Loan, for the period commencing on the date an initial
Advance under the Loan is made until the Loan is paid in full, at a variable
rate per annum equal to the “Prime Rate” less one (1) percentage point, in
respect of such principal amount until such unpaid amount has been paid in
full, adjusted monthly on the first day of each calendar month.  “Prime Rate,” as used in this Note, shall
mean the interest rate published in The Wall
Street Journal in the “Money Rates” column as the prevailing “Prime
Rate,” it being understood and agreed that the Prime Rate is not necessarily
the lowest or best rate of interest available on commercial loans of the nature
evidenced by this Note.

 

2

 

                                                (ii)           Interest on the outstanding principal
balance of the Loan shall be calculated daily for each day on which there is an
outstanding balance on the Loan. 
Interest shall be due and payable as provided in the Note.

 

                                                (iii)         Interest shall be computed
on the basis of a 360-day year and the actual number of days elapsed.

 

                                                (iv)          Any principal or interest
payment due under the Note not paid at stated maturity, by acceleration,
conversion or otherwise, shall, to the extent permitted by applicable law,
thereafter bear interest (compounded monthly and payable upon demand) at a rate
which is 2% per annum in excess of the rate of interest otherwise payable under
this Agreement in respect of such principal amount until such unpaid amount has
been paid in full (whether before or after judgment).  The charging or collection of any such
additional interest shall not be deemed a waiver of any of the Lender’s rights
arising thereby or hereunder, including the right to declare an “Event of
Default” hereunder.

 

                                (f)            Repayment of the Loan.  If not earlier paid, or if not accelerated
for payment, the outstanding principal amount of the Loan and all accrued and
unpaid interest shall, at the close of business on December 31, 2002 (the
“Maturity Date”), be paid in full.

 

                                (g)           One Obligation.  All Advances made hereunder, and all interest
accrued thereon, shall constitute one obligation of Borrower secured by all
security interests, liens, claims, and encumbrances from time to time hereafter
granted to Lender by Borrower.

 

                                (h)           Credit Resources.  Borrower acknowledges that Lender has
informed it that Lender may not from time to time in the future have cash, cash
equivalents, and credit resources sufficient to permit Lender to make all
requested advances under this Agreement and other agreements with developers
and franchisees of PJI while maintaining sufficient working capital for
Lender’s expansion and operating needs, and Borrower agrees that in the event
Lender shall fail to fund the Loan as and to the extent required hereby and
such failure shall constitute a 

 

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breach of this Agreement (a “Funding Default”), such Funding Default
shall not (v) constitute fraud (by any person or entity, including Lender
and its Successors and Assignees) or (vi) give rise to any liability of
any person or entity, including Lender and its Successors and Assignees, in any
other tort, and Borrower further agrees that it shall be limited to its
remedies in contract solely against Lender.

 

                                (i)            Payment Method.  All payments to be made by Borrower hereunder
shall be made in lawful money of the United States (vii) by check
delivered to Lender, (viii) in immediately available funds, or (ix) via
electronic funds transfer, without set off, counterclaims, deduction or
withholding of any type.

 

                2.             Conditions on
Advances.  Advances
under the Note shall be subject to the following:

 

                                (a)           Lender shall have received, at least five (5) business
days prior to the day an Advance is to be made hereunder, (i) a written
request from an authorized officer of Borrower for an Advance in a specific
amount, (ii) a Certificate of Borrower in the form attached hereto as Exhibit A,
which shall be signed by the president or chief financial officer of Borrower
and which shall certify that Borrower meets all conditions for receipt of the
Advance and is in compliance with this Agreement, and (iii) copies of all
other documents reasonably requested by Lender.

 

                                (b)           No material adverse change, as determined by Lender in its
sole discretion, in the financial condition, results of operations, assets, or
business of Borrower, shall have occurred at any time or times subsequent to
the date hereof.

 

                                (c)           No Event of Default or any event that, through the passage
of time or the service of notice or both, would mature into an Event of Default
shall have occurred and be continuing under this Agreement or the Note.

 

4

 

                                (d)           The representations and warranties contained in Section 6
hereof shall be true and correct as of the date such Advance is made.

 

                                (e)           Advances may be used solely to finance Borrower’s working
capital needs in operating its business of purchasing cheese in accordance with
product specifications for Papa John’s Pizza restaurants and selling cheese to
PJ Food Service, Inc. (“PJFS”).

 

                                (f)            Advances will be permitted
only to the extent of Borrower’s deficit cash position, if any, resulting from
its business and the application of the Pricing Formula in effect as of the
date of this Agreement, or as amended from time to time with the consent of
Lender, and employed to establish the price of cheese under the Cheese Purchase
Agreement between Borrower and PJFS.

 

                                (g)           No Advances will be made if any
agreement between Lender (or any affiliate of Lender) and Borrower (or any
affiliate of Borrower) is in default or has been terminated.

 

                                (h)           Advances will be made in increments
of $100,000.

 

                                (i)            Advances shall be made by wire
transfer from Lender to the account of Borrower or by regular check of Lender
payable to Borrower and forwarded to Borrower by overnight courier to its
address as set forth herein for delivery on the next regular business day.

 

                3.             Representations,
Agreements and Warranties.  To induce the Lender to enter into this
Agreement, Borrower represents, warrants and agrees as follows:

 

                                (a)           Borrower has full power and authority to enter into and
perform this Agreement; this Agreement has been duly entered into and delivered
and constitutes a legal, valid and binding obligation of the Borrower enforceable
in accordance with its terms.

 

5

 

                                (b)           Borrower has no debt other than ordinary trade accounts
payable, except for the debt evidenced by the Note.

 

                                (c)           Borrower is a corporation duly organized and validly
existing in good standing under the laws of the state of Delaware and is
qualified to do business and is in good standing in every jurisdiction where
the nature of its business and the ownership of its properties requires it to
be so qualified and where failure so to qualify might materially affect its
business or property, and has all requisite power and authority, corporate and
otherwise, to conduct its business, to own its property, and to execute,
deliver and perform all of its Obligations under this Agreement and the Note.

 

                                (d)           Borrower’s registered office, chief executive office and
principal place of business, are at the addresses set forth in Section 10.

 

                                (e)           The execution, delivery and performance of this Agreement
and the Note are within Borrower’s powers, have been duly authorized by all
necessary or proper action on the part of Borrower including the consent of its
members where required, are not in contravention of any provision of law or of
any agreement or indenture by which Borrower is bound or of the organizational
or charter documents of Borrower and do not require the consent or approval of
any governmental body, agency, authority or other person that has not been
obtained and a copy thereof furnished to Lender.

 

                                (f)            Borrower is, and after giving effect to the transactions
contemplated hereby, will be solvent, and will remain solvent throughout the
Term.

 

                                (g)           No action or proceeding is now pending or, threatened
against Borrower at law, in equity or otherwise before any court, board,
commission, agency or instrumentality of the federal or state government or of
any state or municipal government or any agency or subdivision thereof, or
before any arbitrator or panel of arbitrators.

 

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                                (h)           Borrower is not engaged in any joint venture or
partnership with any Person.

 

                                (i)            Borrower has filed all United States tax returns and all
state, local and foreign tax returns that are required to be filed, and has
paid, or made provision for the payment of, all taxes that have become due
pursuant to said returns or pursuant to any statement received by Borrower,
except such taxes, if any, as are being contested in good faith and as to which
adequate reserves have been provided. 
Such tax returns properly reflect Borrower’s income and taxes for the
periods covered thereby, subject only to reasonable adjustments required by the
Internal Revenue Service upon audit, and having no material adverse affect on
Borrower’s financial condition, business or results of operations.

 

                                (j)            (i)            The
financial statements of Borrower, copies of which have been delivered to
Lender, are true, correct and accurate and contain no material misstatements or
omissions and fairly presents the financial position of Borrower as of the date
thereof.

 

                                                (ii)           Since the date of the
financial statements referred to in subsection (i) above, Borrower has not
incurred any obligations or guaranteed the obligations of any other person.

 

                                (k)           Borrower is not in violation of any applicable statute,
regulation or ordinance of any governmental entity, or of any agency thereof,
in any respect materially and adversely affecting Borrower’s business,
property, assets, operations or condition, financial or otherwise.

 

                4.             Affirmative
Covenants.  For so long
as Borrower shall have any Obligations to Lender under this Agreement, Borrower
covenants as follows:

 

                                (a)           Borrower shall preserve and maintain its separate
existence and all rights, privileges, and franchises in connection therewith,
and maintain its qualification and good 

 

7

 

standing in all states in which such qualification is necessary in
order for Borrower to conduct its business in such states.

 

                                (b)           Borrower shall file all federal, state and local tax
returns and other reports that it is required by law to file, maintain adequate
reserves for the payment of all taxes, assessments, governmental charges, and
levies imposed upon it, its income, or profits, or taxes, assessments, governmental
charges and levies prior to the date on which penalties attach thereto, except
where the same may be contested in good faith by appropriate proceedings.

 

                                (c)           Borrower shall comply with all laws, statutes, regulations
and ordinances of any governmental entity, or any agency thereof, applicable to
it, a violation of which, in any respect, may materially and adversely affect
Borrower’s business, property, assets, operations or condition, financial or
otherwise, including, without limitation, any such laws, statutes, regulations
or ordinances regarding the collection, payment, and deposit of employees’
income, unemployment, and Social Security taxes and with respect to pension
liabilities.

 

                                (d)           Borrower shall notify Lender in writing:

 

                                                (i)            promptly upon learning thereof, of any material
litigation affecting Borrower, whether or not the claim is considered to be
covered by insurance, and of the institution of any suit or administrative
proceeding which may materially and adversely affect a Borrower’s operations,
financial condition or business;

 

                                                (ii)           at least thirty (30) days
prior thereto, opening of any new office or place of business by Borrower or
the closing by Borrower of any existing office or place of business; provided,
however, this provision shall not be construed as a waiver or consent by
Lender to allow Borrower to open or close any new office or place of business;
and

 

8

 

 

                                                (iii)         within three (3) calendar
days after the occurrence thereof, of Borrower’s default under any lease, deed
or other similar agreement to which Borrower is a party or by which Borrower is
bound.

 

                                (e)           From time to time as requested by Lender, Borrower shall
submit a written plan setting forth its current and proposed:  management, growth plans, cash position and
debt, and such other information as Lender may reasonably request.

 

                5.             Negative Covenants.  For so long as Borrower shall have any
obligations to Lender under this Agreement, Borrower covenants that:

 

                                (a)           Borrower shall not create, incur, assume, or suffer to
exist any indebtedness for borrowed money, except (i) obligations due to
Lender under this Agreement and the Note, and (ii) unsecured trade
payables incurred in the ordinary course of business.

 

                                (b)           Borrower shall not assume, guarantee, endorse or otherwise
become directly or contingently liable in connection with any other liability
of any other person except by endorsement of negotiable instruments for deposit
or collection and similar transactions in the ordinary course of business.

 

                                (c)           Borrower shall not, without the prior written consent of
Lender, merge into or consolidate with any other person or enter into any
agreement with a view to do same.

 

                                (d)           Borrower shall not enter into any new business or make any
material change in its business objectives.

 

                                (e)           Borrower shall not, without the prior written consent of
Lender, sell or dispose of any of its “assets” (as that term is defined in
accordance with generally accepted accounting principles) other than a sale in
the ordinary course of business.

 

9

 

                                (f)            Borrower shall not make any loans, advances or extensions
of credit to, or investments in, any persons, including, without limitation,
any of Borrower’s affiliates, partners, officers or employees other than
expenses advanced in the ordinary course of business.

 

                                (g)           Borrower shall not acquire all or any material portion of
the stock, securities, or assets of any other person or entity.

 

                                (h)           Borrower shall not cancel any claim or debt, except for
consideration and in the ordinary course of its business.

 

                                (i)            Without the prior written consent of Lender, Borrower
shall not suffer to exist any lien, encumbrance, mortgage, or security interest
on any of its property, except:  (i) those
in favor of Lender, and (ii) liens for (A) property taxes not delinquent,
(B) taxes not yet subject to penalties, and (C) pledges or deposits
made under Workmen’s Compensation, Unemployment Insurance, Social Security and
similar legislation, or to secure statutory obligations.

 

                                (j)            Borrower shall not use any fictitious name.

 

                                (k)           Borrower shall not enter into or be a party to any
transaction with any of Borrower’s affiliates.

 

                                (l)            Borrower shall not make, or obligate itself to make, any
distribution to its shareholders, or redeem, retire, purchase or otherwise acquire,
directly or indirectly, any of its ownership interests now or hereafter
outstanding, or set aside any funds for any of the foregoing purposes.

 

                                (m)          Borrower shall not liquidate, dissolve, discontinue
business or materially change its capital structure or its general business
purpose or take any action with a view towards the same.

 

10

 

                                (n)           Borrower shall not, without
the prior written consent of Lender, effect any revisions to the Pricing
Formula in effect on the date of this Agreement and employed to establish
cheese prices under the Cheese Purchase Agreement between Borrower and PJFS.

 

                                (o)           Borrower shall not, without
the prior written consent of Lender, increase the dividend paid to Borrower shareholders.

 

                6.             Default.  At the option of the Lender the happening of
any of the following events shall constitute a default under this Agreement (an
“Event of Default”):

 

                                (a)           The occurrence of any “Event of Default” under the Note.

 

                                (b)           Breach or non-compliance by Borrower of any covenant,
representation or warranty under this Agreement.

 

                                (c)           Encumbrance of any of Borrower’s assets, or the making of
a levy, seizure or attachment thereof or thereon.

 

                7.             Remedies.  Upon any Event of Default, the Lender may at
its option declare any and all of the Obligations to be immediately due and
payable, in addition to exercising all other rights or remedies available to
the Lender at law or in equity.

 

                8.             Mandatory Laws Governing
Exercise of Remedies.  All
of the remedies under this Agreement are subject to the mandatory, non-waivable
provisions of the laws of the jurisdiction in which Collateral is located or
which governs the exercise of the remedies.

 

                9.             Cumulative Remedies.  The rights and remedies of the Lender shall
be deemed to be cumulative, and any exercise of any right or remedy shall not
be deemed to be an election of that right or remedy to the exclusion of any
other right or remedy.

 

11

 

                10.          Notice.  All notices or communications under this
Agreement shall be in writing and shall be given (i) via hand delivery, (ii) by
certified mail, return receipt requested, or (iii) by a nationally
recognized overnight carrier, to the party at the address listed below, or at
such other address as a party may designate as provided herein.

 

	
  Lender
  (if by mail):

  	
   

  	
  P.O. Box
  99900

  
	
   

  	
   

  	
  Louisville,
  Kentucky  40269

  
	
   

  	
   

  	
   

  
	
  (if
  by hand delivery or overnight):

  	
   

  	
  2002
  Papa John’s Boulevard

  
	
   

  	
   

  	
  Louisville,
  Kentucky  40299

  
	
   

  	
   

  	
   

  
	
  Borrower:

  	
   

  	
  2002
  Papa John’s Boulevard

  
	
   

  	
   

  	
  Louisville,
  Kentucky  40299

  

 

                11.          Miscellaneous.

 

                                (a)           Failure by the Lender to exercise any
right under this Agreement or the Note shall not be deemed a waiver of that
right, and any single or partial exercise of any right shall not preclude the
further exercise of that right.  Every
right of the Lender shall continue in full force and effect until such right is
specifically waived in a writing signed by the Lender.

 

                                (b)           If any part, term or provision of this Agreement is held
by any court to be prohibited by any law applicable to this Agreement, the
rights and obligations of the parties shall be construed and enforced with that
part, term or provision enforced to the greatest extent allow by law, or if it
is totally unenforceable, as if this Agreement did not contain that particular
part, term or provision.

 

                                (c)           The headings in this Agreement have been included for ease
of reference only, and shall not be considered in the construction or
interpretation of this Agreement.

 

                                (d)           Lender shall have the right to assign this Agreement
and/or the Note to a third party, including any affiliate of Lender.  This Agreement shall inure to the benefit of
the 

 

12

 

Lender,
its successors and assigns.  Borrower
shall not make any transfer or assignment of any of its rights or obligations
under this Agreement or the Note without Lender’s prior written consent.

 

                                (e)           To the extent allowed under the Uniform Commercial Code,
this Agreement shall in all respects be governed by and construed in accordance
with the laws of the Commonwealth of Kentucky.

 

                                (f)            Borrower hereby irrevocably agrees that any legal action,
suit or proceeding against it with respect to its obligations and liabilities
hereunder or any other matter under or arising out of or in connection with
this Agreement, the Note or the Ownership Pledge Agreement or for recognition
or for enforcement of any judgment rendered in any such action, suit or
proceeding may be brought in the United States District Court for the Western
District of Kentucky or in the Courts of the Commonwealth of Kentucky, as the
Lender may elect, and, by execution and delivery of this Agreement, Borrower
hereby irrevocably accepts and submits to the non-exclusive jurisdiction of
each of the aforesaid courts in  personam generally and
unconditionally with respect to any such action, suit or proceeding for it
and/or in respect of its property. 
Borrower further agrees that final judgment against it in any action,
suit or proceeding referred to herein shall be conclusive and may be enforced
in any other jurisdiction within the United States of America by suit on the
judgment, a certified or exemplified copy of which shall be conclusive evidence
of the fact and of the amount of the obligations and liabilities.  Borrower hereby irrevocably consents and
agrees to the service of any and all legal process, summons, notices and
documents out of any of the aforesaid courts in any such action, suit or
proceeding by mailing copies thereof via registered or certified mail, postage
prepaid to the Borrower at the address set forth herein.  Nothing herein shall in any way be deemed to
limit the ability of the Lender to serve any writs, processes or summons, in
any other manner permitted by applicable law or to obtain jurisdiction over the
Borrower in any such other jurisdictions, and in such manner, as may be
permitted by applicable law.  In
addition, Borrower hereby irrevocably and unconditionally waives any objection
which it may now or hereafter have to the laying of venue of any of the
aforesaid actions, suits or proceedings arising out of or in connection with
this Agreement or the Note brought in any of the aforesaid courts, and hereby
further irrevocably and 

 

13

 

unconditionally
waives and agrees not to plead or claim that any such action, suit or
proceeding brought in any such court has been brought in an inconvenient forum.

 

                                (g)           The parties waive to the fullest extent permitted by law
any right to or claim for any punitive or exemplary damages against the other
and agree that, in the event of a dispute, the party making the claim will be
limited to equitable relief and to recovery of any actual damages it sustains.

 

                                (h)           Lender and Borrower irrevocably waive trial by jury in any
action, proceeding or counterclaim, whether at law or in equity, brought by
either of them.

 

                                (i)            “Affiliate” shall mean any person or entity that
directly, or through one or more intermediaries, controls or is controlled by,
or is under common control with, a specified person or entity.

 

                                (j)            This Agreement, together with the Exhibits hereto,
constitute the entire agreement of the parties with respect to the Loan, and
supersede all prior understandings and agreements concerning the Loan.  No change, modification, addition or
termination of this Agreement or the Note shall be enforceable unless in
writing and signed by the party against whom enforcement is sought.

 

 

                IN
WITNESS WHEREOF, Borrower and the Lender have executed and delivered
this Secured Loan Agreement as of the date first set forth above, but actually
on the dates set forth below their respective names.

 

14

 

	
   

  	
   

  	
  BORROWER:

  	
  BIBP COMMODITIES, INC.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Patrick
  W. Gaunce

  
	
   

  	
   

  	
   

  	
   

  	
  President
  and Director

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Date:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  LENDER:

  	
  CAPITAL DELIVERY, LTD.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Charles
  W. Schnatter

  
	
   

  	
   

  	
   

  	
   

  	
  President

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Date:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  

 

15

 

EXHIBIT A

 

CERTIFICATE
OF BORROWER

 

 

                BIBP
COMMODITIES, INC., the “Borrower” under a Loan Agreement and
Promissory Note dated December 27, 1999 (the “Loan Agreement” and the
“Note,” respectively), evidencing a loan to Borrower from CAPITAL DELIVERY, LTD. (“Lender”), hereby (a) certifies,
represents and warrants to Lender that Borrower meets all the terms and
conditions for the receipt of an Advance (as defined in the Loan Agreement)
under the terms of the Loan Agreement, and (b) makes a request for an Advance
of $               
under the Loan Agreement and the Note.

 

 

                Borrower requests that the
proceeds of the Advance be delivered to the account or address below via (check
one):

 

 

	
  G             wire transfer

  	
  G             check

  
	
   

  	
   

  
	
  Pay
  to:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
			

 

 

 

                IN
WITNESS WHEREOF, the undersigned, being the duly authorized
representative of Borrower, has executed this Certificate on the date set forth
below.

 

 

	
   

  	
  BIBP COMMODITIES, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Date:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00137-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00137-of-00352.parquet"}]]