Document:

Exhibit 4.2

 

 
  
 Exhibit 4.2

 NUMBER 
 Incorporated Under the Laws of the State of Maryland 
 SHARES 
 9% SERIES B CUMULATIVE REDEEMABLE PREFERRED STOCK 
 9% SERIES B CUMULATIVE REDEEMABLE PREFERRED STOCK 
 CUSIP 804395 50 7

 SUBJECT TO TRANSFER RESTRICTIONS 
 - SEE LEGEND ON REVERSE – 
 SEE REVERSE FOR CERTAIN DEFINITIONS

 Saul Centers, Inc. 
 This Certifies that 
 SPECIMEN 
 is the owner of 
 FULLY PAID AND NON-ASSESSABLE SHARES OF 9% SERIES B CUMULATIVE REDEEMABLE PREFERRED STOCK, PAR VALUE $.01, OF 
 Saul Centers, Inc., transferable on the books of the Corporation by the holder hereof in person, or by duly authorized attorney upon surrender of the Certificate properly endorsed. 
 This Certificate is not valid unless countersigned and registered by the Transfer Agent and Registrar. 
 Witness the seal of the Corporation and the signatures of the duly authorized officers. 
 Dated: March 27, 2008 
 COUNTERSIGNED AND REGISTERED: 
 CONTINENTAL STOCK TRANSFER & TRUST COMPANY 
 (JERSEY CITY, NJ) 
 TRANSFER AGENT AND REGISTRAR 
 PRESIDENT 
 SECRETARY 
 AUTHORIZED SIGNATURE 
 © 1999 CORPEX BANKNOTE CO., BAY SHORE N.Y. 

 

 
  
 The following
abbreviations, when used in the inscription on the face of this certificate, shall be construed as though they were written out in full according to applicable laws or regulations: 
 TEN COM—as tenants in common 
 TEN ENT—as tenants by the entireties 
 JT TEN—as joint tenants with right of survivorship
and not as tenants in common 
 Additional abbreviations may also be used though not in the above list 
 UNIF GIFT MIN ACT—Custodian 
 (Cust) (Minor) 
 under Uniform Gifts to Minors 
 Act 
 (State)

 NOTICE: THE SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME AS WRITTEN UPON THE FACE OF THE CERTIFICATE IN EVERY
PARTICULAR WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATEVER. 
 For value received hereby sell, assign and transfer
unto 
 PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE 
 (PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF ASSIGNEE) 
 Shares represented by the within Certificate, and do hereby irrevocably constitute and appoint 
 Attorney to transfer the said Shares on the books of the within named Corporation with full power of substitution in the premises.

 Dated 
 In presence of 
 SAUL CENTERS, INC. 
 The securities represented by this certificate are subject to restrictions on transfer for the purpose of maintenance of the
Corporation’s status as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended (the “Code”). Except as otherwise provided pursuant to the Charter of the Corporation, no Person may
(i) Beneficially or Constructively Own shares of Equity Stock in excess of 2.5 percent (or such greater percentage as may be determined by the Board of Directors of the Corporation) of the Value of the outstanding shares of Equity Stock of the
Corporation (except in such circumstances as the Existing Holder Limit shall apply) or (ii) Beneficially Own Equity Stock which would result in the Corporation being “closely held” under Section 856(h) of the Code or otherwise
would cause the Corporation to fail to qualify as a REIT. Any Person who attempts or proposes to Beneficially or Constructively Own shares of Equity Stock in excess of the above limitations must notify the Corporation in writing at least fifteen
(15) days prior to the proposed or attempted transfer. If the transfer restrictions referred to herein are violated, the shares of Equity Stock represented hereby automatically will be held in trust by the Corporation, all as provided in the
Charter of the Corporation. All capitalized terms in this legend have the meanings identified in the Corporation’s Charter, as the same may be amended or restated from time to time, a copy of which, including the restrictions on transfer, will
be sent without charge to each stockholder who so requests. 
 The Corporation will furnish to any stockholder, on request and
without charge, a full statement of the information required by Section 2-211(b) of the Maryland General Corporation Law with respect to the designations and any preferences, conversion and other rights, voting powers, restrictions, limitations
as to distributions, qualifications, and terms and conditions of redemptions of the stock of each class which the Corporation has authority to issue and, if the Corporation is authorized to issue any preferred or special class in series or classes,
(i) the difference in the relative rights and preferences between the shares of each series and class to the extent set, and (ii) the authority of the Board of Directors to set such rights and preferences of subsequent series and classes.
The foregoing summary does not purport to be complete and is subject to and qualified in its entirety by reference to the Charter of the Corporation, a copy of which will be sent without charge to each stockholder who so request. Such request must
be made to the Secretary of the Corporation at its principal office.Fifth Amendment to Credit and Security Agreement

 Exhibit 10.46 
 FIFTH AMENDMENT TO SECOND AMENDED AND RESTATED 
 CREDIT AND SECURITY AGREEMENT 
 THIS FIFTH AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AND SECURITY AGREEMENT (the “Fifth Amendment”), dated March 21, 2008, is
entered into by and between SRI/SURGICAL EXPRESS, INC., a Florida corporation (“Borrower”), WACHOVIA BANK, NATIONAL ASSOCIATION, a national banking association (“Wachovia”) and LASALLE BANK NATIONAL ASSOCIATION, a national
banking association (“LaSalle,” and together with Wachovia, the “Banks”); 
 W I T N E S S E T H: 
 WHEREAS, the Borrower and the Banks have previously entered into the Second Amended and Restated Credit and Security Agreement, dated as of
June 21, 2005 as amended from time to time (collectively, the “Agreement”); 
 WHEREAS, the Borrower and Banks desire
to reduce the amount of revolving loans available to Borrower under the Agreement; 
 NOW, THEREFORE, in consideration of the
premises, mutual covenants contained herein and other good and valuable consideration, the Borrower and the Banks do hereby amend the Agreement as follows: 
 Section 1. Definition of Maximum Revolving Loan Amounts Amended. The definition of Maximum Revolving Loan Amounts in the Agreement is hereby amended by inserting the following new definition in lieu
thereof: 
 “Maximum Revolving Loan Amounts” means (i) with respect to Wachovia, the amount of
$11,333,000 and (ii) with respect to LaSalle, the amount of $8,667,000. The Bond Letters of Credit are included in determining the Maximum Revolving Loan Amounts for each Bank’s Maximum Revolving Loan Amount. 
 Section 2. Section 7.2 of Agreement Amended. Section 7.2 of the Agreement is hereby amended by deleting in its entirety such
Section 7.2 and inserting the following in lieu thereof: 
 7.2 Funds Flow Coverage Ratio. Borrower shall, on a
consolidated basis, maintain, a Funds Flow Coverage Ratio of not less than 1.00 to 1.00 for the fiscal quarter ending March 31, 2008 and thereafter. “Funds Flow Coverage Ratio” shall mean (i) the sum, for the four fiscal quarters
then ended, of net income after taxes plus depreciation, amortization of good will, interest, Add-Backs and expenses related to Share Based Payments as required by Statement of Financial Accounting Standards (SFAS) No. 123(R) minus all
dividends, withdrawals and non-cash income divided by (ii) the sum of all current maturities of long-term debt and capital leases obligations, plus interest. Such 

 
Share Based Payments shall exclude for this covenant calculation purposes any expenses related to such Share Based Payments arising from payments in cash or
other property; provided, the term “other property” shall not include stock, restricted stock or options to purchase stock. “Add-Backs” shall mean (1) an amount of AT Kearney consulting expenses not to exceed $450,000 to be
incurred in fiscal quarters ending June 30, 2007, and (2) executive search fees in an aggregate amount not to exceed $50,000 to be incurred during fiscal quarters ending June 30, 2007. 
 Section 3. Section 7.3 of Agreement Amended. Section 7.3 of the Agreement is hereby amended by deleting in its entirety such
Section 7.3 and inserting the following in lieu thereof: 
 Section 7.3. Tangible Net Worth. Borrower shall,
at the end of each fiscal quarter beginning March 31, 2008, maintain a Tangible Net Worth of at least $43,500,000. “Total Liabilities” shall mean all liabilities of Borrower including capitalized leases and all reserves for deferred
taxes and other deferred sums appearing on the liabilities side of a balance sheet of Borrower, in accordance with GAAP applied on a consistent basis. “Tangible Net Worth” shall mean the total assets of Borrower minus Total Liabilities.
For purposes of this computation, the aggregate amount owing from any officers, stockholders or other Affiliates of Borrower and the aggregate amount of any intangible assets of Borrower including, without limitation, goodwill, franchises, licenses,
patents, trademarks, trade names, copyrights, service marks, and brand names, shall be subtracted from total assets. 
 Section 4.
Amendment Fee. In consideration for this Fifth Amendment and the wavier of any defaults under the Agreement, the Borrower shall pay to each Bank a fee of $5,000. 
 Section 5. Effect of Modification and Amendment of Agreement. The Agreement shall be deemed to be modified and amended in accordance with the provisions of this Fifth Amendment to the Agreement and the
respective rights, duties and obligations of the Borrower and the Banks under the Agreement shall remain to be determined, exercised and enforced under the Agreement subject in all respects to such modifications and amendments in writing, and all
the terms and conditions of this Fifth Amendment to the Agreement shall be part of the terms and conditions of the Agreement for any and all purposes. All the other terms of the Agreement shall continue in full force and effect subject to the
amendments set forth herein. 
 Section 6. Representations and Warranties. The Borrower represents and warrants to the Banks as
follows: 
 (a) Representations and Warranties in Agreement. The representations and warranties of the Borrower contained in the
Agreement (i) were true and correct when made, and (ii) after giving effect to this Fifth Amendment continue to be true and correct on the date hereof (except to the extent of changes resulting from transactions contemplated or permitted
by the Agreement, as amended hereby, and changes occurring in the ordinary course of business that singly or in the aggregate are not materially adverse, and to the extent that such representations and warranties relate expressly to an earlier
date). 
  

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 (b) Authority. The execution and delivery by the Borrower of this Fifth Amendment and the
performance by the Borrower of all of its agreements and obligations under this Fifth Amendment within its corporate authority, have been duly authorized by all necessary corporate action and do not and will not: (i) contravene any provision of
its charter documents or any amendment thereof; (ii) conflict with, or result in a breach of any material term, condition or provision of, or constitute a default under or result in the creation of any mortgage, lien, pledge, charge, security
interest or other encumbrance upon any of its respective property under any agreement, deed of trust, indenture, mortgage or other instruments to which it is a party or by which any of its properties are bound including, without limitation, any of
other agreements; (iii) violate or contravene any provision of any law, statute, rule or regulation to which the Borrower is subject or any decree, order or judgment of any court or governmental or regulatory authority, bureau, agency or
official applicable to the Borrower; (iv) require any waivers, consents or approvals by any of its creditors which have not been obtained; or (v) require any approval, consent, order, authorization or license by, or giving notice to, or
taking any other action with respect to, any governmental or regulatory authority or agency under any provision of any law. 
 (c)
Enforceability of Obligations. This Fifth Amendment and the Agreement, as amended hereby, constitute the legal, valid and binding obligations of the Borrower enforceable against the Borrower in accordance with their respective terms,
provided that: (i) enforcement may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws of general application affecting the rights and remedies of creditors; and (ii) the availability of the
remedies of specific performance and injunctive relief may be subject to the discretion of the court before which any proceedings for such remedies may be brought. 
 Section 7. Counterparts. This Fifth Amendment to the Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but all of which together shall constitute one
and the same instrument. 
 Section 8. Governing Law. This Fifth Amendment to the Agreement shall be construed in accordance with
and governed by the laws of the State of Florida. 
  

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 IN WITNESS WHEREOF, the Borrower and the Banks have caused this Fifth Amendment to the Agreement to be
executed in their respective names to be hereunto by their duly authorized representatives, all as of the date first above written. 
  

									
	THE BORROWER:	 		 	THE BANKS:
			
	SRI/SURGICAL EXPRESS, INC.	 		 	WACHOVIA BANK, NATIONAL ASSOCIATION
					
	By:	 	 /s/ Wallace D. Ruiz
	 		 	By:	 	 /s/ Leslie A. Fredericks

	Name:	 	Wallace D. Ruiz	 		 	Name:	 	Leslie A. Fredericks
	Title:	 	Sr. Vice President & CFO	 		 	Title:	 	Vice President
				
		 		 		 	LASALLE BANK NATIONAL ASSOCIATION
					
		 		 		 	By:	 	 /s/ Kimberly A. Bruce

		 		 		 	Name:	 	Kimberly A. Bruce
		 		 		 	Title:	 	Senior Vice President

  

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