Document:

INLAND REAL ESTATE CORPORATION

EXHIBIT 10.6

2010 Employment Agreements

We have entered into new employment agreements with the named executive officers effective January 1, 2010.  The agreements expire on December 31, 2010, unless otherwise extended by the mutual consent of the parties.  The compensation committee recommended, and the board approved and authorized, the terms and conditions of the new employment agreements for 2010 to emphasize the importance of the company performing well relative to peers while maintaining individual incentives for executives by basing a portion of the award on an evaluation of each named executive’s individual performance.  Under the new employment agreements, base compensation has been amended to include both a cash and a non-cash component.  The cash component consists of base salary, with each named executive entitled to receive an amount equal to 110% of the executive’s 2009 base salary.  The non-cash component consists of deferred compensation in the form of restricted shares of our common stock to be granted on July 1, 2010 with a value on the date of grant of approximately 5% of the executive’s 2010 base salary.  These restricted shares of common stock vest at a rate of 20% per year on the anniversary date of the grant; however, the recipient of each share of restricted stock is the record owner of the share and thus may vote the share and receive any distributions paid on the share.  Vesting is accelerated upon the executive’s death, disability, approved retirement, or upon a change of control, as defined in the employment agreements, as further described in the section captioned “2010 Potential Payments upon Termination or a Change of Control.”

The 2010 employment agreements do not provide for any minimum, non-discretionary incentive awards, any bonus opportunities if the Company performs below the “target” level of performance, or any stock option awards.  Thus, under the new employment agreements, the named executives are eligible to receive incentive awards of cash and restricted stock only, and each executive will receive an incentive award only if we achieve at least a “target” level of performance in one of the two company performance metrics or the executive achieves certain personal goals previously agreed to by the executive and the compensation committee or Mr. Zalatoris, as the case may be.  For fiscal year 2010, we will be considered to have met at least a “target” level of performance with respect to FFO growth or Total Shareholder Return if we achieve positive growth in either metric and perform at least as well as the median performance of the companies in the NAREIT Index with respect to that metric.  

The compensation committee believes that executive compensation should motivate executives to obtain the most value for our shareholders.  By linking incentive compensation not only with FFO growth, as was the case under the previous employment agreements, but also with our Total Shareholder Return, the compensation committee believes that incentive compensation will more closely align the interests of our executives with those of our shareholders than if incentive compensation was linked to FFO growth alone.  The committee believes that utilizing both criteria will motivate our named executive officers to strive to achieve current improvements in performance as measured by FFO as well as to create longer-term value for our stockholders that may ultimately be reflected in some combination of a higher market price for our common stock or larger distributions.  Utilizing both performance metrics, as opposed to just one or the other, may allow for some award when using one metric alone would have left an executive without an award for reasons beyond his or her control or the control of the Company.  For example, there might be years in which our stock price is influenced by factors beyond our performance or years in which a decision that is good for the long-term health of the Company may result in FFO growth that is lower than it otherwise would have been in the absence of that decision.  The committee believes that using both metrics will motivate executives to give a more balanced consideration to both the Company’s short-term performance and long-term health without being entirely subject to downward movements in the broader stock market or other developments unrelated to our performance that nevertheless may negatively influence our stock price.  Diversifying the metrics used to measure performance will also provide a more fair way of allocating incentive compensation by reducing the impact of a random or anomalous decrease in a given year in either FFO or Total Shareholder Return, which decrease might otherwise have resulted in no incentive award to a named executive officer who may nonetheless have made decisions and taken actions that were the best he or she could have made and taken under the circumstances.  

The committee also believes that the executives have a greater incentive to perform well if a portion of their compensation is tied directly to their individual performance and not dependent upon our overall performance.  Whereas under the employment agreements governing fiscal years 2008 and 2009, our performance dictated the amount of the cash and restricted stock incentive award opportunities, and each executive’s performance dictated the amount of the opportunity that was actually awarded, for fiscal year 2010, the executive’s performance is a separate basis for awarding cash and restricted stock.  Thus, for 2010, each executive who achieves personal goals agreed to by the executive and Mr. Zalatoris or the compensation committee, as the case may be, will be entitled to receive an award of cash and restricted stock, regardless of our level of performance.

Determining Compensation under the 2010 Employment Agreements.

The compensation committee believes that our culture and objectives and the responsibilities we ascribe to our named executive officers are the most important elements to consider when determining how to award compensation.  In setting the formulas for compensation included in the agreements governing employment during fiscal year 2010, our compensation committee considered, among other things, compensation paid by us historically to our named executive officers.  Members of the committee met with, and considered the recommendations of, Mr. Zalatoris and other directors and also met in the absence of management to discuss compensation under the 2010 employment agreements.  Both our management and our compensation committee also reviewed surveys of industry compensation practices, such as the 2009 NAREIT Compensation Survey, to provide them with relevant market data and informally compare the compensation paid to our named executive officers with that paid by other REITs in the retail sector, and by all REITs with a total capitalization of between $1 billion and $2.99 billion and between 50 to 199 full-time employees.  The compensation committee and management used the survey data to obtain a general understanding of current compensation practices and as a general reference.  The compensation committee did not know the identity of the specific companies participating in the survey.  Neither the compensation committee nor management tied their respective recommendations regarding compensation to any particular multiple or other metric presented in the survey data.  

The following table reflects, for each element of compensation, where the named executive officers’ compensation for 2010 assuming a “target” level of performance falls as a percentage of the median within the range of companies used as general reference points (i.e., companies with total capitalization between $1 billion and $2.99 billion and number of full-time employees between 50 and 199):

35

					
	INLAND REAL ESTATE CORPORATION COMPENSATION FOR 2010 

AS PERCENTAGE OF MEDIAN COMPENSATION 

OF COMPANIES PARTICIPATING IN 

THE NAREIT 2009 COMPENSATION AND BENEFITS SURVEY

	COMPANIES WITH TOTAL CAPITALIZATION BETWEEN $1B - $2.99B

	 
	NAREIT Median Base Salary

	NAREIT Median Total Annual Cash Compensation*(1)

	NAREIT Median Long-Term Incentive Award Value*

	NAREIT Median Total Remuneration*

	CEO

	96%

	75%

	18%

	57%

	CFO

	113%

	93%

	26%

	72%

	General Counsel

	114%

	99%

	55%

	95%

	Senior Vice President, Portfolio Management

	114%

	96%

	32%

	100%

	Vice President, Transactions

	158%

	138%

	92%

	133%

	COMPANIES WITH BETWEEN 50-199 FULL-TIME EMPLOYEES

	 
	NAREIT Median Base Salary

	NAREIT Median Total Annual Cash Compensation*(1)

	NAREIT Median Long-Term Incentive Award Value*

	NAREIT Median Total Remuneration*

	CEO

	96%

	54%

	16%

	42%

	CFO

	110%

	75%

	20%

	58%

	General Counsel

	112%

	89%

	25%

	82%

	Senior Vice President, Portfolio Management

	114%

	85%

	19%

	57%

	Vice President, Transactions

	116%

	66%

	24%

	50%

*

The figures in these columns assume that the company will achieve a “Target” level of performance for 2010 and that each of the named executive officers will receive the full discretionary portion of his or her annual cash and restricted stock awards.

(1)

For purposes of this column, “total annual cash compensation” includes, in addition to the cash incentive award described in the above footnote, the named executive officer’s base compensation, including the portion of base compensation payable in restricted stock.

Determining Our Level of Performance under the 2010 Employment Agreements.

The total award opportunity available to each named executive officer for the fiscal year ending December 31, 2010, depends upon performance relative to the NAREIT Index as measured by both:  (i) the growth rate in our FFO and (ii) our Total Shareholder Return.  Under the employment agreements, we will be treated as achieving: (1) a “target” level of performance if the measure in question is both positive and equal to or greater than 100%, but less than 135%, of the median for the NAREIT Index for 2010; and (2) a “high” level of performance if the measure is both positive and equal to or greater than 135% of the median for the NAREIT Index for 2010. 

36

Cash Incentive Award Available to Each Named Executive Officer for 2010

Each named executive officer has a right to earn a cash incentive award in an amount equal to a percentage of his or her base salary for 2010.  The percentage will be the sum of three components.  The first component, as set forth below, will depend upon our level of performance for 2010 as measured by the growth rate in our FFO:

			
	Level of Company

	First Component (FFO Performance) 

of Cash Incentive Award

(As Percentage of 2010 Base Salary)

	Performance

	Mark Zalatoris

	Other Executives

	 
	 
	 

	Target

	7%

	5%

	High 

	14%

	10%

	 
	 
	 

The second component, as set forth below, will depend upon our level of performance for 2010 as measured by the growth rate in our Total Shareholder Return relative to the median total shareholder return of the companies included in the NAREIT Index:

			
	Level of Company

	Second Component (Total Shareholder Return) 

of Cash Incentive Award

(As Percentage of 2010 Base Salary)

	Performance

	Mark Zalatoris

	Other Executives

	 
	 
	 

	Target

	7%

	5%

	High

	14%

	10%

	 
	 
	 

The third component will be fixed in the discretion of the compensation committee or Mr. Zalatoris based upon the named executive officer achieving the personal goals agreed upon in advance.  The maximum possible amount of the third component are set forth immediately below.

		
	Third Component (Individual Performance) 

of Cash Incentive Award

(Maximum Possible As Percentage of 2010 Base Salary)

	Mark Zalatoris

	Other Executives

	 
	 

	12%

	10%

	 
	 

The total cash incentive award will be equal to the sum of the three components.  For example, if we achieve a “target” level of performance for 2010 as measured by the growth rate in our FFO and a “high” level of performance for 2010 as measured by the growth rate in our Total Shareholder Return, and the compensation committee awards 6% for achieving some but not all personal goals, then Mr. Zalatoris will receive a cash incentive award equal to 27% of his base salary for 2010.  However, if we do not achieve at least a “target” level of performance with respect to at least one of the two components, then only the third component may be awarded to Mr. Zalatoris and the other named executive officers.  The award for the third component may range from zero to the maximum percentage reflected above and is dependent upon the achievement of personal goals.  Whether a third component is awarded and the amount of that award will be determined in the discretion of the compensation committee (with respect to Mr. Zalatoris) or Mr. Zalatoris (with respect to the other named executive officers).  

Restricted Stock Incentive Award Available to Each Named Executive Officer for 2010

Each named executive officer has a right to earn a restricted stock incentive award in an amount equal to a fraction, the numerator of which is the dollar value corresponding to a percentage of the executive’s base salary in 2010, and the denominator of which is the average of the high and low trading price of our common stock as reported by the New York Stock Exchange on the date of grant.  The percentage utilized in determining the amount of the numerator will be the sum of three components.  The first component of the numerator, as set forth below, will depend upon our level of performance for 2010 as measured by the growth rate in our FFO:

			
	Level of Company

	First Component (FFO Performance) 

of Restricted Stock Incentive Award

(As Percentage of 2010 Base Salary)

	Performance

	Mark Zalatoris

	Other Executives

	 
	 
	 

	Target

	8%

	7%

	High 

	15%

	12%

	 
	 
	 

The second component of the numerator, as set forth below, will depend upon our level of performance for 2010 as measured by the growth rate in our Total Shareholder Return:

			
	Level of Company

	Second Component (Total Shareholder Return) 

of Restricted Stock Incentive Award

(As Percentage of 2010 Base Salary)

	Performance

	Mark Zalatoris

	Other Executives

	 
	 
	 

	Target

	8%

	7%

	High

	15%

	12%

	 
	 
	 

The third component will be determined in the discretion of the compensation committee or Mr. Zalatoris based upon a determination of whether the named executive officer achieved the personal goals agreed upon in advance.  The third component may not exceed the maximum amount set forth below.  

		
	Third Component (Individual Performance) 

of Restricted Stock Incentive Award

(As Maximum Percentage of 2010 Base Salary)

	Mark Zalatoris

	Other Executives

	 
	 

	15%

	12%

	 
	 

The amount of the restricted stock incentive award as measured on the date of grant will be equal to the sum of the three components.  For example, if we achieve a “target” level of performance for 2010 as measured by the growth rate in our FFO, a “high” level of performance for 2010 as measured by the growth rate in our Total Shareholder Return and the compensation committee awards the maximum amount for the achievement by Mr. Zalatoris of his personal goals, then Mr. Zalatoris will receive a restricted stock incentive award in an amount equal to 38% of his base salary for 2010 (8% reflecting “target” FFO performance plus 15% for “high” Total Shareholder Return performance plus 15% for achieving all personal goals) divided by the average of the high and low trading price of our common stock as reported by the New York Stock Exchange on the date of grant.  However, if we do not achieve at least a “target” level of performance with respect to at least one of the two components, and the compensation committee determines that Mr. Zalatoris is not entitled to the discretionary portion of his award, then he will not receive a restricted stock incentive award.  The award for the third component may range from zero to the maximum percentage reflected above.  Whether a third component is awarded and the amount of that award will be determined in the discretion of the compensation committee (with respect to Mr. Zalatoris) or Mr. Zalatoris (with respect to the other named executive officers).

37exhibit4_1.htm

ENTECH SOLAR, INC.

 

CERTIFICATE OF DESIGNATIONS

OF PREFERENCES, RIGHTS AND LIMITATIONS

OF

SERIES H PREFERRED STOCK

 

 

The undersigned, Charles Michel, hereby certifies that:

 

1.           He is the Chief Financial Officer of Entech Solar, Inc., a Delaware corporation (the “Corporation”).

 

2.           The Corporation is authorized to issue 10,000,000 shares of preferred stock, of which 66,667 shares of Series A Preferred Stock, 611,111 shares of Series B Preferred Stock, 750,000 shares of Series C Preferred Stock, 8,000,000 shares of Series D Preferred Stock, 19,700 shares of Series E Preferred Stock, 20,000 shares of Series F Preferred Stock, and 1,000 shares of Series G Preferred Stock have been designated and authorized and of which no shares of Series A Preferred Stock, 611,111 shares of Series B Preferred Stock, no shares of Series C Preferred Stock, 4,892,857 shares of Series D Preferred Stock, no shares of Series E Preferred Stock, no shares of Series F Preferred Stock and 150 shares of Series G Preferred Stock are currently issued and outstanding.

 

3.           The following resolutions were duly adopted by the Board of Directors:

 

WHEREAS, the Certificate of Incorporation of the Corporation provides for a class of its authorized stock known as preferred stock, comprised of 10,000,000 shares, $0.01 par value per share (the Preferred Stock”), issuable from time to time in one or more series;

 

WHEREAS, the Board of Directors of the Corporation is authorized to fix the dividend rights, dividend rate, voting rights, conversion rights, rights and terms of redemption and liquidation preferences of any wholly unissued series of Preferred Stock and the number of shares constituting any series and the designation thereof, of any of them; and

 

WHEREAS, it is the desire of the Board of Directors of the Corporation, pursuant to its authority as aforesaid, to fix the rights, preferences, restrictions and other matters relating to a series of Preferred Stock, which shall consist of up to 1,000 shares of the Preferred Stock which the Corporation has the authority to issue, with face value of $10,000.00 per share, as follows:

 

NOW, THEREFORE, BE IT RESOLVED, that the Board of Directors does hereby provide for the issuance of a series of Preferred Stock for cash or exchange of other securities, rights or property and does hereby fix and determine the rights, preferences, restrictions and other matters relating to such series of Preferred Stock as follows:

 

 

TERMS OF PREFERRED STOCK

 

1. Designation, Amount and Par Value.  The series of Preferred Stock shall be designated as the Corporation’s Series H Preferred Stock (the “Series H Preferred Stock”) and the number of shares so designated shall be 1,000 (which shall not be subject to increase without any consent of the holders of the Series H Preferred Stock (each a “Holder” and collectively, the “Holders”) that may be required by applicable law.  Each share of Series H Preferred Stock shall have a par value of $0.01 per share.

 

2. Ranking and Voting.

 

a. Ranking.  The Series H Preferred Stock shall, with respect to dividend rights and rights upon liquidation, winding-up or dissolution, rank: (i) senior to the Corporation’s common stock, par value $0.001 per share (“Common Stock”), and any other class or series of preferred stock of the Corporation except as set forth in clause (ii) below (collectively, together with any warrants, rights, calls or options exercisable for or convertible into such Preferred Stock, the “Junior Securities”); and (ii) junior to the Series D Preferred Stock, Series G Preferred Stock and all existing and future indebtedness of the Corporation.

 

b. Voting.  Except as required by applicable law or as set forth herein, the holders of shares of Series H Preferred Stock will have no right to vote on any matters, questions or proceedings of this Corporation including, without limitation, the election of directors.

 

3. Dividends and Other Distributions.  Commencing on the date of the issuance of any such shares of Series H Preferred Stock (each respectively an “Issuance Date”), Holders of Series H Preferred Stock shall be entitled to receive annual dividends on each outstanding share of Series H Preferred Stock (“Dividends”), which shall accrue in shares of Series H Preferred Stock at a rate equal to 10.0% per annum from the Issuance Date.  Accrued Dividends shall be payable upon redemption of the Series H Preferred Stock in accordance with Section 6.

 

a. Any calculation of the amount of such Dividends payable pursuant to the provisions of this Section 3 shall be made based on a 365-day year and on the number of days actually elapsed during the applicable period, compounded annually.

 

b. So long as any shares of Series H Preferred Stock are outstanding, no dividends or other distributions will be paid, declared or set apart with respect to any Junior Securities.  The Common Stock shall not be redeemed while the Series H Preferred Stock is outstanding.

 

4. Protective Provision.  So long as any shares of Series H Preferred Stock are outstanding, the Corporation shall not, without the affirmative approval of the Holders of a majority of the shares of the Series H Preferred Stock then outstanding (voting as a class), (a) alter or change adversely the powers, preferences or rights given to the Series H Preferred Stock or alter or amend this Certificate of Designations, (b) authorize or create any class of stock ranking as to distribution of assets upon a liquidation senior to or otherwise pari passu with the Series H Preferred Stock, (c) amend its certificate or articles of incorporation, articles of association, or other charter documents in breach of any of the provisions of this Certificate of Designations, (d) increase the authorized number of shares of Series H Preferred Stock, (e) liquidate, dissolve or wind-up the business and affairs of the Corporation, or effect any Deemed Liquidation Event (as defined below), or (f) enter into any agreement with respect to the foregoing.

 

a. A “Deemed Liquidation Event” shall mean:  (i) a merger or consolidation in which the Corporation is a constituent party or a subsidiary of the Corporation is a constituent party and the Corporation issues shares of its capital stock pursuant to such merger or consolidation, except any such merger or consolidation involving the Corporation or a subsidiary in which the shares of capital stock of the Corporation outstanding immediately prior to such merger or consolidation continue to represent, or are converted into or exchanged for shares of capital stock that represent, immediately following such merger or consolidation, at least a majority, by voting power, of the capital stock of the surviving or resulting corporation or if the surviving or resulting corporation is a wholly owned subsidiary of another corporation immediately following such merger or consolidation, the parent corporation of such surviving or resulting corporation; or (ii) the sale, lease, transfer, exclusive license or other disposition, in a single transaction or series of related transactions, by the Corporation or any subsidiary of the Corporation of all or substantially all the assets of the Corporation and its subsidiaries taken as a whole,  or the sale or disposition (whether by merger or otherwise) of one or more subsidiaries of the Corporation if substantially all of the assets of the Corporation and its subsidiaries taken as a whole are held by such subsidiary or subsidiaries, except where such sale, lease, transfer, exclusive license or other disposition is to a wholly owned subsidiary of the Corporation.

 

b. The Corporation shall not have the power to effect a Deemed Liquidation Event referred to in Section 4(a) unless the agreement or plan of merger or consolidation for such transaction provides that the consideration payable to the stockholders of the Corporation shall be allocated among the holders of capital stock of the Corporation in accordance with Section 5.

 

5. Liquidation.

 

a. Upon any liquidation, dissolution or winding up of the Corporation, whether voluntary or involuntary, after payment or provision for payment of debts and other liabilities of the Corporation, before any distribution or payment shall be made to the holders of any Junior Securities by reason of their ownership thereof, the Holders of Series H Preferred Stock shall first be entitled to be paid out of the assets of the Corporation available for distribution to its stockholders an amount with respect to each outstanding share of Series H Preferred Stock equal to $10,000.00 (the “Original Series H Issue Price”), plus any accrued but unpaid Dividends thereon (collectively, the “Series H Liquidation Value”).  If, upon any liquidation, dissolution or winding up of the Corporation, whether voluntary or involuntary, the amounts payable with respect to the shares of Series H Preferred Stock are not paid in full, the holders of shares of Series H Preferred Stock shall share equally and ratably in any distribution of assets of the Corporation in proportion to the liquidation preference and an amount equal to all accumulated and unpaid Dividends, if any, to which each such holder is entitled.

 

b. After payment has been made to the Holders of the Series H Preferred Stock of the full amount of the Series H Liquidation Value, any remaining assets of the Corporation shall be distributed among the holders of the Corporation’s Junior Securities in accordance with the Corporation’s Certificates of Designation and Certificate of Incorporation.

 

c. If, upon any liquidation, dissolution or winding up of the Corporation, the assets of the Corporation shall be insufficient to make payment in full to all Holders, then such assets shall be distributed among the Holders at the time outstanding, ratably in proportion to the full amounts to which they would otherwise be respectively entitled.

 

6. Redemption.

 

a. Corporation’s Redemption Option.  Upon or after the fourth anniversary of the initial Issuance Date, the Corporation shall have the right, at the Corporation’s option, to redeem all or a portion of the shares of Series H Preferred Stock, at a price per share (the “Corporation Redemption Price”) equal to 100% of the Series H Liquidation Value.

 

b. Early Redemption.  Prior to redemption pursuant to Section 6(a) hereof, the Corporation shall have the right, at the Corporation’s option, to redeem all or a portion of the shares of Series H Preferred Stock, at a price per share equal to: (i) 127% of the Series H Liquidation Value if redeemed on or after the first anniversary but prior to the second anniversary of the initial Issuance Date, (ii) 118% of the Series H Liquidation Value if redeemed on or after the second anniversary but prior to the third anniversary of the initial Issuance Date, and (iii) 109% of the Series H Liquidation Value if redeemed on or after the third anniversary but prior to the fourth anniversary of the initial Issuance Date.

 

c. Mandatory Redemption.  If the Corporation determines to liquidate, dissolve or wind-up its business and affairs, or effect any Deemed Liquidation Event, the Corporation shall redeem the Series H Preferred Stock at the prices set forth in Section 6(b) including the premium for early redemption set forth therein.

 

d. Mechanics of Redemption.  If the Corporation elects to redeem any of the Holders’ Series H Preferred Stock then outstanding, it shall do so by delivering written notice thereof via facsimile and overnight courier (“Notice of Redemption at Option of Corporation”) to each Holder, which Notice of Redemption at Option of Corporation shall indicate (A) the number of shares of Series H Preferred Stock that the Corporation is electing to redeem and (B) the Corporation Redemption Price (plus the premium for early redemption pursuant to Section 6(b) if applicable).

 

e. Payment of Redemption Price.  Upon receipt by any Holder of a Notice of Redemption at Option of Corporation, such Holder shall promptly submit to the Corporation such Holder’s Series H Preferred Stock certificates.  Upon receipt of such Holder’s Series H Preferred Stock certificates, the Corporation shall pay the Corporation Redemption Price (plus the premium for early redemption pursuant to Section 6(b) if applicable), to such Holder, at the Corporation’s option either (i) in cash, or (ii) by offset against any outstanding note payable from Holder to the Corporation that was issued by Holder in connection with the exercise of warrants by such Holder.

 

7. Transferability. The Series H Preferred Stock may only be sold, transferred, assigned, pledged or otherwise disposed of (“Transfer”) in accordance with state and federal securities laws.  The Corporation shall keep at its principal office, or at the offices of the transfer agent, a register of the Series H Preferred Stock.  Upon the surrender of any certificate representing Series H Preferred Stock at such place, the Corporation, at the request of the record Holder of such certificate, shall execute and deliver (at the Corporation’s expense) a new certificate or certificates in exchange therefor representing in the aggregate the number of shares represented by the surrendered certificate.  Each such new certificate shall be registered in such name and shall represent such number of shares as is requested by the Holder of the surrendered certificate and shall be substantially identical in form to the surrendered certificate.

 

8. Miscellaneous.

 

a. Notices.  Any and all notices to the Corporation shall be addressed to the Corporation’s President or Chief Executive Officer at the Corporation’s principal place of business on file with the Secretary of State of the State of Delaware.  Any and all notices or other communications or deliveries to be provided by the Corporation to any Holder hereunder shall be in writing and delivered personally, by facsimile, sent by a nationally recognized overnight courier service addressed to each Holder at the facsimile telephone number or address of such Holder appearing on the books of the Corporation, or if no such facsimile telephone number or address appears, at the principal place of business of the Holder. Any notice or other communication or deliveries hereunder shall be deemed given and effective on the earliest of (i) the date of transmission, if such notice or communication is delivered via facsimile at the facsimile telephone number specified in this Section 8 prior to 5:30 p.m. Eastern time, (ii) the date after the date of transmission, if such notice or communication is delivered via facsimile at the facsimile telephone number specified in this section later than 5:30 p.m. but prior to 11:59 p.m. Eastern time on such date, (iii) the second business day following the date of mailing, if sent by nationally recognized overnight courier service, or (iv) upon actual receipt by the party to whom such notice is required to be given.

 

b. Lost or Mutilated Preferred Stock Certificate.  Upon receipt of evidence reasonably satisfactory to the Corporation (an affidavit of the registered Holder shall be satisfactory) of the ownership and the loss, theft, destruction or mutilation of any certificate evidencing shares of Series H Preferred Stock, and in the case of any such loss, theft or destruction upon receipt of indemnity reasonably satisfactory to the Corporation (provided that if the Holder is a financial institution or other institutional investor its own agreement shall be satisfactory) or in the case of any such mutilation upon surrender of such certificate, the Corporation shall, at its expense, execute and deliver in lieu of such certificate a new certificate of like kind representing the number of shares of such class represented by such lost, stolen, destroyed or mutilated certificate and dated the date of such lost, stolen, destroyed or mutilated certificate.

 

c. Headings.  The headings contained herein are for convenience only, do not constitute a part of this Certificate of Designations and shall not be deemed to limit or affect any of the provisions hereof.

 

 

 

 

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RESOLVED, FURTHER, that the chairman, chief executive officer, president or any vice-president or chief financial officer, and the secretary or any assistant secretary, of the Corporation be and they hereby are authorized and directed to prepare and file a Designation of Preferences, Rights and Limitations of Series H Preferred Stock in accordance with the foregoing resolution and the provisions of Delaware law.

 

           IN WITNESS WHEREOF, the undersigned has executed this Certificate of Designations this 30th day of April, 2010.

By:       /s/ Charles Michel        

Name:  Charles Michel

Title:    Chief Financial Officer

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