Document:

Filed by Bowne Pure Compliance

 

EXHIBIT 10.4

EXECUTION COPY

PROMISSORY NOTE

			
	 	 	 
	$120,000,000
	 	New York, New York
	 
	 	June 29, 2007

FOR VALUE RECEIVED PGRT ESH, INC., a Delaware corporation, as maker, having its principal
place of business at 77 West Wacker Drive, Suite 3900, Chicago, Illinois 60601 (“Borrower”), hereby
unconditionally promises to pay to the order of Citicorp USA, Inc., a Delaware corporation, having
an address at 666 Fifth Avenue, New York, New York 10103 (“Lender”), or at such other place as the
holder hereof may from time to time designate in writing, the principal sum of ONE HUNDRED TWENTY
MILLION AND 00/100 DOLLARS ($120,000,000), in lawful money of the United States of America with
interest thereon to be computed from the date of this promissory note (as amended, restated,
replaced, supplemented or otherwise modified from time to time in accordance with the terms of the
Loan Agreement (as defined below), this “Note”) at the Applicable Interest Rate (plus any
additional interest as provided under the Loan Agreement), and to be paid in accordance with the
terms of this Note and that certain Loan Agreement dated the date hereof, between Borrower and
Lender (as amended, restated, replaced, supplemented or otherwise modified from time to time in
accordance with the terms thereof, the “Loan Agreement”). All capitalized terms not defined herein
shall have the respective meanings set forth in the Loan Agreement.

ARTICLE 1.

PAYMENT TERMS

Borrower agrees to pay the principal sum of this Note at the times, and interest on the unpaid
principal sum of this Note from time to time outstanding at the rates and at the times, specified
in Article II of the Loan Agreement, and the outstanding balance of the principal sum of this Note
and all accrued and unpaid interest thereon shall be due and payable on the Maturity Date.

ARTICLE 2.

DEFAULT AND ACCELERATION

The Debt shall without notice become immediately due and payable at the option of Lender if
this Note is not paid in full on the Maturity Date or on the happening of any other Event of
Default and in addition, upon the occurrence of either such event, Lender shall be entitled to
receive interest on the entire unpaid principal sum at the Default Rate pursuant to the terms of
the Loan Agreement. This Article 2, however, shall not be construed as an agreement or privilege
to extend the date of the payment of the Debt, nor as a waiver of any other right or remedy
accruing to Lender by reason of the occurrence of any Event of Default.

 

 

ARTICLE 3.

LOAN DOCUMENTS

This Note is secured by and entitled to the benefits of the Pledge Agreements, the Mortgages,
the Guaranties and the other Loan Documents. All of the terms, covenants and conditions contained
in the Loan Agreement, the Pledge Agreements, the Mortgages, the Guaranties and the other Loan
Documents are hereby made part of this Note to the same extent and with the same force as if they
were fully set forth herein. In the event of a conflict or inconsistency between the terms of this
Note and the Loan Agreement, the terms and provisions of the Loan Agreement shall govern.

ARTICLE 4.

SAVINGS CLAUSE

This Note and the Loan Agreement are subject to the express condition that at no time shall
Borrower be obligated or required to pay interest on the principal balance of the Loan at a rate
which could subject Lender to either civil or criminal liability as a result of being in excess of
the Maximum Legal Rate. If, by the terms of this Note, the Loan Agreement or the other Loan
Documents, Borrower is at any time required or obligated to pay interest on the principal balance
due hereunder at a rate in excess of the Maximum Legal Rate, the Applicable Interest Rate (plus any
additional interest as provided in the Loan Agreement) or the Default Rate, as the case may be,
shall be deemed to be immediately reduced to the Maximum Legal Rate and all previous payments in
excess of the Maximum Legal Rate shall be deemed to have been payments in reduction of principal
and not on account of the interest due hereunder. All sums paid or agreed to be paid to Lender for
the use, forbearance, or detention of the sums due under the Loan shall, to the extent permitted by
applicable law, be amortized, prorated, allocated, and spread throughout the full stated term of
the Loan until payment in full so that the rate or amount of interest on account of the Loan does
not exceed the Maximum Legal Rate of interest from time to time in effect and applicable to the
Loan for so long as the Loan is outstanding.

ARTICLE 5.

NO ORAL CHANGE

This Note may not be modified, amended, waived, extended, changed, discharged or terminated
orally or by any act or failure to act on the part of Borrower or Lender, but only by an agreement
in writing signed by the party against whom enforcement of any modification, amendment, waiver,
extension, change, discharge or termination is sought.

ARTICLE 6.

WAIVERS

Borrower and all others who may become liable for the payment of all or any part of the Debt
do hereby severally waive presentment and demand for payment, notice of dishonor, notice of
intention to accelerate, notice of acceleration, protest and notice of protest and non-payment and
all other notices of any kind, except as expressly provided to the contrary in any other Loan
Document. No release of any security for the Debt (including, without limitation, under the Pledge
Agreements or the Mortgages) or extension of time for payment of this Note or any installment
hereof, and no alteration, amendment or waiver of any provision of this Note, the Loan Agreement or
the other Loan Documents made by agreement between

 

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Lender or any other Person shall release, modify, amend, waive, extend, change, discharge,
terminate or affect the liability of Borrower, or any other Person (including, without limitation,
Guarantors) who may become liable for the payment of all or any part of the Debt, under this Note,
the Loan Agreement or the other Loan Documents. No notice to or demand on Borrower shall be deemed
to be a waiver of the obligation of Borrower or of the right of Lender to take further action
without further notice or demand to the extent provided for in this Note, the Loan Agreement or the
other Loan Documents.

ARTICLE 7.

TRANSFER

Upon the transfer of this Note, Borrower hereby waiving notice of any such transfer, Lender
may deliver all the collateral mortgaged, granted, pledged or assigned pursuant to the Loan
Documents, or any part thereof, to the transferee who shall thereupon become vested with all the
rights herein and therein or under applicable law given to Lender with respect thereto, and Lender
shall thereafter forever be relieved and fully discharged from any liability or responsibility in
the matter; but Lender shall retain all rights hereby given to it with respect to any liabilities
and the collateral not so transferred.

ARTICLE 8.

GOVERNING LAW

This Note shall be governed in accordance with the terms and provisions of Section 8.3 of the
Loan Agreement.

ARTICLE 9.

NOTICES

All notices or other written communications hereunder shall be delivered in accordance with
Section 8.6 of the Loan Agreement.

ARTICLE 10.

LIMITED RECOURSE

Notwithstanding anything herein or in any other Loan Document to the contrary, Borrower shall
be fully liable for repayment of this Note and all the other Obligations, provided that
Lender agrees not to enforce any judgment it may obtain against Borrower with respect to this Note
or the other Obligations against any of Borrower’s assets other than the Initial Collateral.
Lender further agrees that it shall not have or seek recourse to the PGRT Entities (other than to
realize on pledges of the equity interests in the REIT and Prime Group Realty, L.P.) or their
respective assets, other than to Borrower to the extent described in the previous sentence as to
the Initial Collateral, for the payment of the Obligations. Lender’s recourse against Guarantors
under the Guaranties, and Lender’s rights and remedies against all other Collateral Entities and
all other Collateral, shall in no way be limited or otherwise be affected hereby.

[NO FURTHER TEXT ON THIS PAGE]

 

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IN WITNESS WHEREOF, Borrower has caused this Note to be executed by its duly authorized
officer as of the day and year first above written.

	 	 	 	 	 
	 	PGRT ESH, INC.

 	 
	 	By:  	/s/ David Lichtenstein
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

 

-4-Filed by Bowne Pure Compliance

 

Exhibit 10.1

ORBCOMM Inc.

Summary of Non-Employee Director Compensation

(as of January 1, 2007)

	1.	 	Annual Retainer Fees

	 	•	 	$35,000 in cash paid quarterly. Directors may elect to defer all or part of the
cash payment of retainer fees (i) until such time as specified, with interest on
deferred amounts accruing quarterly at 120% of the Federal long-term rate set each
month by the Secretary of the Treasury or (ii) by electing to receive restricted
 shares of common stock valued at the closing price of the Company’s common stock on
Nasdaq on the date each retainer payment would otherwise be made in cash.

	2.	 	Committee Membership Fees

	 	•	 	Audit Committee: $3,000 ($10,000 for the Chairman).
	 
	 	•	 	Compensation Committee: $3,000 ($10,000 for the Chairman).
	 
	 	•	 	Nominating and Corporate Governance Committee: $3,000 ($10,000 for the Chairman).
	 
	 	•	 	Fees are paid quarterly in cash. Directors may elect to defer all or part of the
payment of committee fees (i) until such time as specified, with interest on deferred
amounts accruing quarterly at 120% of the Federal long-term rate set each month by the
Secretary of the Treasury or (ii) by electing to receive restricted shares of common
stock valued at the closing price of the Company’s common stock on Nasdaq on the date
each committee fee payment would otherwise be made in cash.
	 
	 	•	 	Attendance Fees: $1,000 for each committee meeting attended

	3.	 	Annual Awards

	 	•	 	1,850 time-based restricted stock units (RSUs) vesting on December 31 of each year
granted on the date of our annual meeting of shareholders. The RSUs will be granted
to non-employee directors under the Company’s 2006 Long-Term Incentives Plan.

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