Document:

Fourth Amendment to Loan Document

 

Exhibit 10.1

FOURTH AMENDMENT TO LOAN DOCUMENTS

     THIS FOURTH AMENDMENT TO LOAN DOCUMENTS (“Fourth Amendment”), dated as of the 2nd day of
May, 2005, by and between BFC FINANCIAL CORPORATION, a Florida corporation (“Borrower”) and
CITY NATIONAL BANK OF FLORIDA, a national banking association (the “Lender”). Each
capitalized term not defined herein shall have the meaning provided in that certain Revolving Line
of Credit Agreement dated as of December 17, 2001 as modified by the First Amendment, Second
Amendment and Third Amendment (as each such term is herein defined), by and between Lender and
Borrower (the “Credit Agreement”).

RECITALS

     WHEREAS, pursuant to the terms and conditions of the Credit Agreement, Lender agreed to make
revolving credit loans (individually, a “Loan” and collectively, the “Loans”) to Borrower from time
to time during the Commitment Period in an aggregate principal amount at any one time outstanding
not to exceed a maximum of Eight Million and No/100 ($8,000,000.00) Dollars;

     WHEREAS, in connection with the Credit Agreement, the Borrower executed and delivered to
Lender, among other instruments, that certain Revolving Line of Credit Promissory Note in the
principal amount of Eight Million and No/100 ($8,000,000.00) Dollars to the order of Lender (the
“Note”) and an Amended and Restated Pledge and Security Agreement (the “Pledge Agreement”) each
dated as of December 17, 2001 (the Credit Agreement, Note, Pledge Agreement and all other
instruments evidencing and/or securing the Loans, “Loan Documents”);

     WHEREAS, Borrower requested and Lender agreed to modify the Loan Documents to extend the
Commitment Period and the Termination Date to May 3, 2004, all in accordance with the terms and
conditions of that certain First Amendment to Loan Documents effective as of May 6, 2003 (the
“First Amendment”) (the Loan Documents as currently modified by the First Amendment, the “2003 Loan
Documents”);

     WHEREAS, Borrower subsequently requested and Lender agreed to modify the 2003 Loan Documents
to among other things extend the Maturity Date to May 2, 2005, changing the Contract Interest Rate
and modifying the Collateral, all in accordance with the terms and conditions of the Second
Amendment to Loan Documents (the “Second Amendment”), Amended and Restated Revolving Line of Credit
Promissory Note, and Second Amended and Restated Stock Pledge and Security Agreement, all made as
of May 3, 2004 (collectively, all of such instruments, the “Second Modification Documents,” and the
2003 Loan Documents as modified by the Second Modification Documents, the “2004 Loan Documents”);

     WHEREAS, Borrower subsequently requested and Lender agreed to increase the Commitment
to Fourteen Million and No/100 ($14,000,000.00) Dollars, all in accordance with the terms and
conditions of the Third Amendment to Loan Documents (the “Third Amendment”) and

 

 

Second Amended, Restated and Increased Revolving Line of Credit Promissory Note (the “Second
Amended Note”) each dated December 10, 2004 (the 2004 Loan Documents as modified by the Third
Amendment and the Second Amended Note, the “December 2004 Loan Documents”); and

     WHEREAS, Borrower has requested and Lender has agreed to amend the December 2004 Loan
Documents by extending the Maturity Date to April 30, 2006.

AGREEMENT

     NOW, THEREFORE, in consideration of the premises and for other good and valuable
consideration, the receipt and adequacy of which is hereby acknowledged, the Borrower hereby agrees
with the Lender as follows:

     1. The recitals set forth above are true and correct.

     2. Exhibit “A” to the Credit Agreement is hereby deleted in its entirety and the Third
Amended, Restated and Increased Revolving Line of Credit Promissory Note (the “Current Note”)
attached hereto as Exhibit “A” is substituted therefor.

     3. Each of the representations and warranties of the December 2004 Loan Documents as modified
by this Fourth Modification are true and correct in all material respects on and as of the date
hereof.

     4. Interest under the Loan has been paid through April 30, 2005 and the outstanding principal
balance of the Loan, as of the date hereof, is Nine Million Nine Hundred Eighty-Three Thousand One
Hundred Twenty-Five and No/100 ($9,983,125.00) Dollars.

     5. Simultaneous with Borrower’s execution of this Third Amendment and the Note and the
delivery hereof and thereof to Lender, Borrower shall pay Lender a Commitment Fee of Thirty-Five
Thousand and No/100 ($35,000.00) Dollars.

     6. Borrower hereby represents and warrants to Lender that there has been no material adverse
change in the business, properties, condition (financial or otherwise), result of operations,
operations, or prospects of Borrower since the date of the most recent financials of Borrower
furnished to Lender.

     7. Borrower agrees (a) to pay or reimburse the Lender for all its reasonable
out-of-pocket costs and expenses incurred in connection with the preparation and execution of, and
any amendment, supplement or modification to, this Fourth Amendment, the Current Note and any other
documents prepared in connection herewith, and the consummation of the transactions contemplated
hereby and thereby, including, without limitation, the reasonable fees and disbursements of counsel
to the Lender, (b) to pay or reimburse the Lender for all its reasonable costs and expenses
incurred in connection with the enforcement or preservation of any rights under this Fourth
Amendment, the Current Note, the December 2004 Loan Documents and any such other documents,
including, without limitation, reasonable fees and disbursements of counsel to the Lender, (c) to
pay, indemnify, and hold the Lender harmless from, any and all recording and filing fees and any

-2-

 

documentary stamps, intangible taxes, excise and other taxes (other than any taxes based upon
the overall net income of the Lender), if any, which may be payable or determined to be payable in
connection with the execution and delivery of, or consummation of any of the transactions
contemplated by, or any amendment, supplement or modification of, or any waiver or consent under or
in respect of, this Fourth Amendment, the Current Note, the December 2004 Loan Documents and any
such other documents and all liabilities with respect to, or resulting from any delay in paying
documentary stamps, intangible taxes, excise and other taxes, if any, which may be payable or
determined to be payable in connection with the execution and delivery of, or consummation of any
of the transactions contemplated by, or any amendment, supplement or modification of, or any waiver
or consent under or in respect of, this Fourth Amendment, the Current Note, the December 2004 Loan
Documents and any such other documents, and (d) to pay, indemnify, and hold the Lender harmless
from and against any and all other liabilities, obligations, losses, damages, penalties, actions,
judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever with respect to
the execution, delivery, enforcement, performance and administration of this Fourth Amendment, the
Current Note, the December 2004 Loan Documents and any such other documents, or the use of the
proceeds of the Loan (all the foregoing, collectively, the “indemnified liabilities”); provided,
that Borrower shall not have any obligation hereunder to the Lender with respect to indemnified
liabilities arising from the gross negligence or willful misconduct of the Lender. The agreements
in this Section shall survive repayment of the Note and all other amounts payable hereunder.

     8. As a material inducement for Lender to execute this Fourth Amendment, Borrower does hereby
waive and release, acquit, satisfy and forever discharge Lender and its affiliates and assigns from
any and all claims, counterclaims, defenses, actions, causes of action, suits, controversies,
agreements, promises and demands whatsoever in law or in equity which the Borrower ever had, now
has, or which any personal representative, successor, heir or assign of the Borrower hereafter can,
shall or may have against Lender, or its affiliates and assigns for, upon or by reason of any
matter, cause or thing whatever through the date hereof. In addition to, and without limiting the
generality of the foregoing, and in consideration of the Lender’s execution of this Third
Amendment, the Borrower covenants with and warrants unto Lender, and its affiliates and assigns,
that there exist no claims, counterclaims, defenses, objections, offsets or claims of offsets
against the Lender or the obligation of the Borrower to pay the indebtedness evidenced by the Note
to the Lender when and as the same becomes due and payable.

     9. Except as specifically modified by this Fourth Amendment and the Current Note, the terms of
the December 2004 Loan Documents remain in full force and effect and unmodified and Borrower
reaffirms each representation, warranty and covenant set forth in the December 2004 Loan Documents
as if the same had been made on the date hereof, except with respect to factual information which
has changed, and which changes are reflected either in amended exhibits to the Credit Agreement, as
so modified, including without limitation, financial statements and income tax returns which have
been previously provided to Lender.

     10. Waiver of Trial by Jury. LENDER AND BORROWER EACH HEREBY KNOWINGLY,
IRREVOCABLY, VOLUNTARILY AND INTENTIONALLY WAIVE ANY RIGHT EITHER MAY HAVE TO A TRIAL BY JURY IN
RESPECT OF ANY ACTION, PROCEEDING OR COUNTERCLAIM BASED ON THE LOAN AGREEMENT, AS MODIFIED,

-3-

 

OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH THE LOAN AGREEMENT, AS MODIFIED, THE CURRENT
NOTE, OR ANY OTHER LOAN DOCUMENT, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER
VERBAL OR WRITTEN) OR ACTIONS OF ANY PARTY HERETO OR TO ANY LOAN DOCUMENT. THIS PROVISION IS A
MATERIAL INDUCEMENT FOR THE LENDER AND BORROWER MODIFYING THE SUBJECT LOAN TRANSACTION.

     IN WITNESS WHEREOF, the parties hereto have caused this Third Amendment to be duly executed
and delivered in International Waters as of the day and year first above written.

	 	 	 	 	 
	 	BFC FINANCIAL CORPORATION, a Florida
 corporation

 	 
	 	By:  	 	 
	 	Name: Glen R. Gilbert	 
	 	Title: Executive Vice President	 
	 
	 	CITY NATIONAL BANK OF FLORIDA, a
 national banking corporation

 	 
	 	By:  	 	 
	 	 	   Carol F. Fine, Senior Vice President 	 
	 	 	 	 
	 

-4-

 

EXHIBIT “A”

THIRD AMENDED, RESTATED AND INCREASED

REVOLVING LINE OF CREDIT PROMISSORY NOTE

$14,000,000.00

Dated as of May 2, 2005

     FOR VALUE RECEIVED, BFC FINANCIAL CORPORATION, a Florida corporation (the “Borrower”),
promises to pay to the order of CITY NATIONAL BANK OF FLORIDA, a national banking association
(“Lender”), at the office of the Lender at 25 West Flagler Street, Miami, Florida 33130 or at such
other place as the holder hereof may from time to time designate in writing, in immediately
available funds, the principal amount of the lesser of (a) FOURTEEN MILLION and 00/100
($14,000,000.00) DOLLARS or (b) the aggregate unpaid principal amount of all Loans made by the
Lender to the Borrower pursuant to Section 2.1 of the Revolving Line of Credit Agreement as
modified by (a) First Amendment to Loan Documents dated as of May 6, 2003, (b) Second Amendment to
Loan Documents dated as of May 3, 2004, (c) Third Amendment to Loan Documents dated December 10,
2004 and (d) Fourth Amendment to Loan Documents of even date herewith (collectively, the “Loan
Agreement”), together with interest thereon on the principal amount thereof from time to time
outstanding, in accordance with the terms and conditions of this Note and the Loan Agreement.

     Borrower further agrees to pay interest in like money at such office on the unpaid principal
amount hereof from time to time from the date hereof at the rate per annum and applicable margin,
and on the dates as provided in Section 2.7 of the Loan Agreement, until paid in full.

     This Note is the Note referred to in the Loan Agreement, is entitled to the benefits thereof,
is secured as provided therein and is subject to optional and mandatory prepayment in whole or in
part as provided therein. Terms used herein which are defined in the Loan Agreement shall have such
defined meanings unless otherwise defined herein or unless the context otherwise requires.

     As to each Loan, payments shall be applied first to interest accrued and unpaid on the unpaid
balance of the respective Loan and/or indebtedness due under any of the other Loan Documents and
then to the balance to unpaid principal of the respective Loan.

     Borrower shall pay all amounts owing under this Note in full when due without set-off,
counterclaim, deduction or withholding for any reason whatsoever. Any payment received by Lender on
a day which is not a Business Day, or after 1:00 p.m. on a day which is a Business Day, shall not
be credited against the indebtedness under this Note until the next succeeding Business Day.

A-1

 

     Upon the occurrence of any one or more of the Events of Default specified in the Loan
Agreement, all amounts then remaining unpaid on this Note shall become, or may be declared to be,
immediately due and payable, all as provided therein.

     The Borrower expressly waives diligence, presentment, protest, demand and other notices of any
kind, except for such notices expressly required under the Loan Documents.

     This Note shall be governed by, construed and interpreted in accordance with the laws of the
State of Florida, without giving effect to the conflict of law provisions thereof.

     This Note amends and restates in its entirety that certain Second Amended, Restated and
Increased Revolving Line of Credit Promissory Note dated December 10, 2004 from Borrower to the
order of Lender in the original principal amount of Fourteen Million and No/100 ($14,000,000.00)
Dollars.

     LENDER AND BORROWER HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE THE RIGHT EACH MAY
HAVE TO TRIAL BY JURY IN RESPECT TO ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER OR IN
CONNECTION WITH THIS NOTE AND ANY AGREEMENT CONTEMPLATED TO BE EXECUTED IN CONJUNCTION HEREWITH, OR
ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF ANY
PARTY. BORROWER ACKNOWLEDGES THAT THIS WAIVER OF JURY TRIAL IS A MATERIAL INDUCEMENT TO THE LENDER
IN EXTENDING CREDIT TO THE BORROWER, THAT THE LENDER WOULD NOT HAVE EXTENDED SUCH CREDIT WITHOUT
THIS JURY TRIAL WAIVER, AND THAT BORROWER HAS BEEN REPRESENTED BY AN ATTORNEY OR HAS HAD AN
OPPORTUNITY TO CONSULT WITH AN ATTORNEY IN CONNECTION WITH THIS JURY TRIAL WAIVER AND UNDERSTANDS
THE LEGAL EFFECT OF THIS WAIVER.

	 	 	 	 	 
	 	BFC FINANCIAL CORPORATION, a Florida
 corporation

 	 
	 	By:  	 	 
	 	Glen R. Gilbert, Executive Vice President and
 Secretary 	 
	 	 	 	 
	 

A-2<PAGE>

                                                                   EXHIBIT 10.1

                              COX ENTERPRISES, INC.

                             UNIT APPRECIATION PLAN

1.       DEFINITIONS

For the purposes of this Plan, the following terms mean:

(a)      APPRAISED VALUE - means the appraised fair market value of one share of
CEI Class A common stock or any other security of CEI that may be exchanged,
converted or substituted for such Class A common stock. This value is determined
by one or more appraisals conducted by an independent appraisal firm or firms as
selected from time to time by CEI, and in CEI's sole discretion may consist of
an average of some or all of such appraisals. If shares of Class A common stock
or such other security of CEI are listed on a national securities exchange or
are quoted in the National Market List of Nasdaq, then the Appraised Value will
be the average closing price of those shares over the 10 trading days prior to a
date on which the Appraised Value is being determined.

(b)      CAUSE - means conduct that is materially detrimental to CEI or to one
of its subsidiaries, divisions or other affiliated entities as determined by CEI
in its sole discretion.

(c)      CEI - means Cox Enterprises, Inc. a Delaware corporation, and any
successor to that corporation.

(d)      COMMITTEE - means the individuals designated by the Cox Enterprises,
Inc. Board of Directors to manage and administer the Plan.

(e)      DISABILITY - means total disability, as determined by the terms of
CEI's Long-Term Disability Plan in effect at that time.

(f)      EMPLOYEE - means any person who is employed by CEI or by one of CEI's
subsidiaries, divisions or other affiliated entities.

(g)      PARTICIPANT - means any Employee, or any non-Employee member of the
Board of Directors of CEI, who is so designated by the Committee.

(h)      PERFORMANCE GOAL - means, as established by the Committee in its sole
discretion, the attainment of one or more (singly or in combination) of
pre-established amounts of revenue, income (including operating income, income
before depreciation and amortization or net income), cash flow (either operating
cash flow or free cash flow), earnings before interest, taxes, depreciation or
amortization, number of customers, customer satisfaction, investments, debt,
profit, return on assets, return on investment or total shareholder return,
measured with respect to the Company and/or any of its subsidiaries, divisions
or other affiliated entities throughout the Unit Appreciation Period with
respect to any Units awarded under the Plan.

(i)      PLAN - means the Cox Enterprises, Inc. Unit Appreciation Plan, as may
be amended hereafter.

<PAGE>

(j)      RETIREMENT - means the date on which a Participant terminates
employment on or after the first date the Participant first is eligible to begin
to receive retirement benefits under the Cox Enterprises, Inc. Pension Plan (or
under another tax-qualified pension plan sponsored by CEI or one of its
subsidiaries, divisions or other affiliated entities in effect at that time).

(k)      UNIT - means an accounting unit awarded by the Committee to measure the
benefit payable under this Plan.

2.       UNIT AWARDS

The Committee will award Units to each Participant in such amounts as determined
by the Committee in its sole discretion. A Unit will be outstanding once it is
awarded if it has not been canceled as provided herein. At the discretion of the
Committee, payment with respect to Units awarded under the Plan may be made
dependent upon the attainment of a Performance Goal.

3.       BEGINNING UNIT PRICE

The initial price (the "Beginning Unit Price") assigned to a Unit shall be equal
to the Appraised Value as of the December 31 that immediately precedes the
effective date of the award, as determined by the Committee (the "Effective
Date").

4.       UNIT APPRECIATION PERIOD

A Participant's benefit from each Unit is measured over the appreciation period
(the "Unit Appreciation Period") for that Unit, which is five years unless
employment terminates. The Unit Appreciation Period for each Unit shall start on
the Effective Date and shall end on the earlier of the fifth December 31 that
immediately follows the Effective Date, or the December 31 that immediately
precedes the date the Participant's employment terminates for any reason;
provided, that if the date of a Participant's termination of employment is on
December 31, then the Unit Appreciation Period shall end as of the date of such
termination.

5.       VESTED PERCENTAGE

(a)      Except as otherwise provided in subsections (b) and (c), a
Participant's Vested Percentage in each Unit shall be determined in accordance
with the provisions of this Section 5, as follows:

         Effective Date of the award through the
         third December 30 after the Effective Date:       No Vested Percentage

         The third December 31 after the Effective
         Date through the fourth December 30 after
         the Effective Date:                              60% Vested Percentage

         The fourth December 31 after the Effective
         Date through the fifth December 30 after the
         Effective Date:                                  80% Vested Percentage

         The fifth December 31 after the Effective
         Date:                                           100% Vested Percentage

                                      -2-
<PAGE>

The Committee, acting in its sole discretion, is authorized to apply a different
vesting schedule to some or all Units issued under the Plan with respect to any
calendar year.

(b)      In the event that a Participant terminates employment with the Company
on account of Retirement, Disability or death then the Participant shall, as of
the effective date of such termination, have a 100% Vested Percentage in all
Units issued to such Participant under the Plan.

(c)      Notwithstanding any provisions of the Plan to the contrary, a
Participant whose employment with CEI or any of CEI's subsidiaries, divisions or
other affiliated entities is terminated on account of Cause will receive no
benefits under the Plan, and all Units awarded to such a Participant, whether
otherwise vested or unvested, immediately will be cancelled.

6.       BENEFIT MEASUREMENT

(a)      Except with respect to Units subject to the satisfaction of a
Performance Goal, which shall be subject to potential adjustment as described in
subsection (c) below, the value of a Participant's benefit (measured at the end
of the Unit Appreciation Period) is equal to the Participant's Vested Percentage
multiplied by any appreciated value of the Unit, which shall be equal to the
Appraised Value of a Unit as of the last day of the Unit Appreciation Period
minus the Beginning Unit Price for such Unit, which product then shall be
multiplied by the number of Units awarded to such Participant with respect to
that Unit Appreciation Period.

(b)      Notwithstanding any provisions of this Section 6 to the contrary, with
respect to any benefit as to which the Unit Appreciation Period ends as of the
fifth December 31 following the Effective Date with respect to any Unit, the
benefit payable to any affected Participant shall be equal to the greater of the
benefit determined in subsection (a) above or the benefit that otherwise would
be determined under subsection (a) if the relevant Appraised Value was replaced
by an amount equal to the average of the Appraised Value as of the last day of
such Unit Appreciation Period and the Appraised Value as of the immediately
preceding December 31.

(c)      The appreciated value of a Unit, as measured at the end of the Unit
Appreciation Period, cannot exceed 150% of the Beginning Unit Price for such
Unit. If the Unit's appreciated value reaches the 150% cap either as of or prior
to the end of the Unit Appreciation Period, then the Committee, acting in its
sole discretion, may grant new Units with respect to such Unit Appreciation
Period, thereby allowing the Plan to reward superior performance, or may choose
to remove the 150% cap.

(d)      Once a Unit is paid, that Unit is canceled immediately.

(e)      Notwithstanding any provisions of this Plan to the contrary, with
respect to any Units subject to the satisfaction of a Performance Goal, the
value of a Participant's benefit payable under the Plan shall be reduced to the
extent that such Performance Goal is not satisfied at the end of the Unit
Appreciation Period. The method of such reduction shall be specified by the
Committee at the time of the award of the affected Units, and the calculation of
any such reduction shall be made by the Committee in its sole discretion.

                                      -3-
<PAGE>

7.       BENEFIT PAYMENTS

At the Committee's sole discretion, a Plan benefit (as measured under Section 6)
may be paid either

(a)      in cash, either

         (1)      in a lump sum, or

         (2)      in a maximum of five annual installments (interest on the
unpaid balance will be paid annually at the rate paid on one-year U.S.
Government Securities as of the beginning of each installment period); or

(b)      in the case of senior executives of CEI or of one of its subsidiaries,
divisions or other affiliated entities, and to the extent permitted by
applicable law, in any mode(s) as determined by the Committee.

The Committee will direct Plan benefits to be paid as soon as practicable after
the later of the date when the Appraised Value is furnished to CEI for the
applicable Unit Appreciation Period or, for participants with Units subject to
the satisfaction of a Performance Goal, when the satisfaction of the Performance
Goal has been determined. If a Participant owes money to CEI or its affiliated
entities, then the Committee is entitled to direct any portion or all of a
benefit to be applied to such obligations.

8.       WITHHOLDING OF BENEFIT PAYMENTS

CEI is entitled to withhold from benefit payments any amounts required under
applicable federal, state or local law or the order of any court.

9.       BENEFICIARY

Each Participant may designate in a writing delivered to the Committee a
beneficiary(ies) who will be paid benefits, if any, in the event of the
Participant's death. The beneficiary designation is not effective until received
by the Committee or its representative. If a deceased Participant has not
designated a beneficiary(ies), the beneficiary does not survive the Participant
or the beneficiary(ies) cannot be located within six months of the Participant's
death, then the Committee will pay any Plan benefit (as of the Participant's
date of death) to the Participant's estate.

10.      COMMITTEE

The Committee has the authority, in its sole discretion, to:

(a)      designate Participants,

(b)      determine the number of Units awarded to each Participant, and the
vesting schedule or other features related to such Units,

                                      -4-
<PAGE>

(c)      determine whether any Units shall be subject to the satisfaction of a
Performance Goal, and whether any payment under the Plan related to such Units
shall be reduced because such Performance Goal was not satisfied,

(d)      delegate certain functions under the Plan, including without limitation
the designation of Participants and the award of Units, to such person(s) as the
Committee may from time to time designate,

(e)      determine the form of benefit payment under this Plan,

(f)      make any adjustments to the number, or any other feature, of
outstanding Units, including the adjustments described in Section 13, and

(g)      make such other decisions as the Committee deems appropriate in
connection with the management and administration of this Plan.

All decisions of the Committee are final. No member of the Committee is eligible
to vote on a decision affecting him/her individually as a Participant. If a
Committee member is designated as a Participant, then the other members, or the
Compensation Committee of the Board of Directors, will decide how many Units
will be awarded, the form of benefit payments and any other issue respecting the
member individually as a Participant.

11.      LIMITATION ON CLAIM FOR BENEFITS

Any claim under this Plan is solely the obligation of CEI. No member of the
Committee or any director, officer, employee or agent of CEI is liable as an
individual to any person for the payment of a benefit or any other claim under
this Plan.

All cash payments under this Plan are made from CEI's general assets. No claim
for payment under this Plan will be superior to any unsecured claim of a general
creditor of CEI.

12.      POSSIBLE ADDITIONAL CONDITIONS

The Committee may require a Participant or a beneficiary to sign any documents
deemed appropriate by the Committee in its sole discretion, including the
release of CEI and the Committee from any laws that control the payment of
benefits to a minor or to an incompetent person.

13.      ADJUSTMENT PROVISIONS

If the Committee determines in its sole discretion that any significant
transaction or event (including without limitation any acquisition,
distribution, whether in the form of cash or other property, recapitalization,
reorganization, merger, consolidation, spin-off, asset sale, change in
accounting, combination, repurchase or share exchange or other similar corporate
transaction, event, loss or gain) affects the Units such that an adjustment is
determined by the Committee to be appropriate in order to prevent dilution or
enlargement of the rights of the Participants under the Plan, then the Committee
may, in such manner as it may deem equitable or appropriate, adjust any or all
of the Units issued, the Beginning Unit Price of any Unit, and/or the provision
for payment with respect to any issued Units.

                                      -5-
<PAGE>

14.      NOT A CONTRACT OF EMPLOYMENT

Participation in this Plan does not give any person the right to become or be
retained as an Employee. Upon the termination of employment or service as a
non-Employee member of CEI's Board of Directors, the Participant does not have
any interest, right or claim other than as expressly provided in this Plan.

15.      NO ALIENATION, ASSIGNMENT OR OTHER RIGHTS

Neither a Participant nor any designated beneficiary has any right to anticipate
or assign any or all of any benefit or payment under this Plan. Furthermore, no
Participant or beneficiary has any rights by virtue of his or her participation
that are either legally or customarily associated with the rights of a
stockholder, including, without limitation, voting rights, dividends or other
distributions, or the right of access to any financial information regarding
CEI.

16.      AMENDMENT AND TERMINATION

CEI may amend this Plan from time to time. CEI is entitled to terminate this
Plan as of any December 31, in which case that date becomes the end of the Unit
Appreciation Period for determining benefits, except to the extent that any such
actions might adversely affect the tax deferred nature of the benefits or
payments under the Plan pursuant to applicable law. In such event, all
Participants will be fully vested as of the termination date.

17.      MISCELLANEOUS

(a)      This Plan will be construed in accordance with the laws of the State of
Delaware, without regard to its conflicts of laws provisions.

(b)      If any provision of this Plan is invalid or unenforceable, then it will
not affect the other provisions. This Plan will remain in effect as though the
invalid or unenforceable provisions were omitted.

                                      -6-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00088-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00088-of-00352.parquet"}]]