Document:

exhibit101.htm

Exhibit 10.1

	
BORROWER NAME AND ADDRESS

	
LENDER NAME AND ADDRESS

	
LOAN DESCRIPTION

	  	  	  
	
AMERICAN CHURCH MORTGAGE COMPANY

	
BEACON BANK

	  	  
	
10237 YELLOW CIRCLE DR

	
19765 HIGHWAY SEVEN

	
Number

	
5010071

	
MINNETONKA, MN 55343

	
SHOREWOOD, MN 55331

	
Amount

	
$8,000,000.00

	  	  	
Date

	
09-12-2008

Refer to the attached Signature Addendum, incorporated herein, for additional Borrowers and their signatures

	
COMMERCIAL DEBT MODIFICATION AGREEMENT

DATE AND PARTIES.  The date of this Debt Modification Agreement (Modification) is 12-03-2010

DEFINITIONS.  As used in this Modification, the terms have the following meanings:

	
  

	
Pronouns.  The pronouns “I,” “me,” and “my” refer to each Borrower signing this Modification, individually and together with their heirs, executors, administrators, successors, and assigns.  “You” and “your” refer to the Lender, with its participants or syndicators, successors and assigns, or any person or entity that acquires an interest in this Modification or Prior Obligation.

	
  

	
Prior Obligation.  “Prior Obligation” refers to my previous agreement governing my promise to pay you money, including any loan agreement, note, or document that evidences my indebtedness, and any extensions, renewals, modifications, and substitutions.

	
  

	
BACKGROUND.  You and I have entered into a Prior Obligation which is evidenced by Promissory Note dated 09-12-2008 x  in the original principal amount of /  o  with a maximum possible principal amount of $8,000,000.00.  o  payable on demand / x  payable on demand but if no demand is made, by the maturity date of 11-05-2010 / o  with a maturity date of _____________________.

	
  

	
As of the date of this Modification, the o  amount remaining due is / x  current amount outstanding on the Prior Obligation is $1,416,000.00 principal (Principal) plus $211.89 accrued interest, for a total of $1,416,211.89.

	
  

	
MODIFICATION. For value received, you and I agree to modify the Prior Obligation as follows.

o  INTEREST RATE MODIFICATION.

o  INTEREST RATE.

Maximum Interest Amount.  Any amount assessed or collected as interest will be limited to the maximum lawful amount of interest allowed by state or federal law.  Amounts collected in excess of the maximum lawful amount will be applied first to the unpaid principal balance.  Any remainder will be refunded to me.

o  Post-Maturity/Default Interest Rate.

	
o  Compounding. This Modification provides for the compounding of interest.

o  PAYMENT MODIFICATION.

	  
	
x  DRAW PERIOD MODIFICATION.

MATURITY DATE IS MODIFIED TO DECEMBER 31, 2011.

	  
	
x  FEES AND CHARGES MODIFICATION.

MODIFICATION FEE IN THE AMOUNT OF $5,000.00.

	  
	
ADDITIONAL TERMS.

	
  

	
CURRENT OUTSTANDING BALANCE OF $1,416,000.00 IS TO BE REDUCED BY 1⁄2 BY DECEMBER 31, 2011 AND THE REMAINING BALANCE AND ANY ACCRUED INTEREST TO BE PAID OFF BY DECEMBER 31, 2012.

	
  

	
NO FURTHER ADVANCES WILL BE PERMITTED FROM THE REVOLVING LINE.

CONTINUATION OF TERMS.  Except as specifically amended in this Modification, all terms of the Prior Obligation remain in effect.

INTERPRETATION.  Whenever used, the singular Includes the plural and the plural includes the singular.  The section headings are for convenience only and are not to be used to interpret or define the terms of this Modification.

VT only o NOTICE TO BORROWER: THIS IS A DEMAND NOTE AND SO MAY BE COLLECTED BY THE LENDER AT ANY TIME.  A NEW NOTE MUTUALLY AGREED UPON AND SUBSEQUENTLY ISSUED MAY CARRY A HIGHER OR LOWER RATE OF INTEREST.

o  ORAL AGREEMENTS OR COMMITMENTS TO LOAN MONEY, EXTEND CREDIT OR TO FORBEAR FROM ENFORCING REPAYMENT OF A DEBT INCLUDING PROMISES TO EXTEND OR RENEW SUCH DEBT ARE NOT ENFORCEABLE, REGARDLESS OF THE LEGAL THEORY UPON WHICH IT IS BASED THAT IS IN ANY WAY RELATED TO THE CREDIT AGREEMENT.  TO PROTECT YOU (BORROWER/DEBTOR) AND US (LENDER/SECURED PARTY) FROM MISUNDERSTANDING OR DISAPPOINTMENT, ANY AGREEMENTS WE REACH COVERING SUCH MATTERS ARE CONTAINED IN THIS WRITING, WHICH IS THE COMPLETE AND EXCLUSIVE STATEMENT OF THE AGREEMENT BETWEEN US, EXCEPT AS WE MAY LATER AGREE IN WRITING TO MODIFY IT.  BY SIGNING THIS MODIFICATION, THE PARTIES AFFIRM THAT NO UNWRITTEN ORAL AGREEMENT EXISTS BETWEEN THEM.

SIGNATURES.  By signing under seal, Borrower agrees to the terms contained in this Note.  Borrower also acknowledges receipt of a copy of this Note.

BORROWER:

	
AMERICAN CHURCH MORTGAGE COMPANY

	  	  
	
Entity Name

	  	  
	  	  	  
	
/s/ PHILIP J. MYERS

	  	
12/3/10

	
(Seal)

	  	  	  	
(Seal)

	
Signature PHILIP J. MYERS, PRESIDENT

	
Date

	  	
Signature

	  	
Date

	  
	  	  	  	
(Seal)

	  	  	  	
(Seal)

	
Signature

	
Date

	  	
Signature

	  	
Date

	  
	  	  	  	  	  	  
	
LENDER:

	  	  	  	  	  
	  	  	  	  	  	  
	
BEACON BANK

	  	  	  	  	  
	
Entity Name

	  	  	  	  	  
	  	  	  	  	  	  
	
/s/ JOSEPH A. PETERSON

	  	  12/03/10	
(Seal)

	  	  	  	
(Seal)

	
Signature JOSEPH A. PETERSON, SR. VICE PRESIDENT

	
Date

	  	
Signature

	  	
Date

	  
	
COMMERCIAL DEBT MODIFICATION AGREEMENT

	  	
NOT TO BE USED FOR LOANS SUBJECT TO CONSUMER LENDING LAWS

 © 1998, 2001 Bankers Systems, Inc., St. Cloud, MN Form COMM-DMOD 7/1/2004                                                                                                                                                     (page 1 of 1)exv10w21

Exhibit 10.21

AVANIR PHARMACEUTICALS, INC.

[2005] [2003] Equity Incentive Plan

Restricted Stock Unit Grant Agreement

     This Restricted Stock Unit Grant Agreement (the “Agreement”) is dated as of [          ] and is
entered into between Avanir Pharmaceuticals, Inc., a Delaware corporation (the “Company”), and [          ] (the “Awardee”). Capitalized terms not otherwise defined herein shall have the
respective meanings set forth in the Plan.

RECITALS

          A. The Company’s [2003 / 2005] Equity Incentive Plan (the “Plan”) provides that the Company
may issue stock awards, including awards of restricted stock units.

          B. On [          ], the Board of Directors, acting directly or through its Compensation
Committee, approved the grant of the following restricted stock units, representing the right to
receive shares of common stock of the Company upon the vesting schedule set forth below in Section
2 (the “Restricted Stock Units”).

AGREEMENT

     In consideration of the mutual promises set forth below, the parties hereto agree as follows:

     1. Award of Restricted Stock Units. Subject to the terms and conditions of this
Agreement and the Plan (the terms of which are incorporated herein by reference) and effective as
of the date set forth above, the Company hereby grants to the Awardee [      ] Restricted Stock
Units.

     2. Vesting. The Restricted Stock Units shall vest with respect to one-quarter of
the Restricted Stock Units on the 13-month anniversary of the grant date, 6.25% of the Restricted
Stock Units on the 15-month anniversary of the grant date and then with respect to the remaining
Restricted Stock Units, in equal portions on a quarterly basis thereafter over the next 33 months.

     3. Effect of Termination. Following the Termination of Awardee’s service, the
unvested portions of the Restricted Stock Units, if any, as of the date of Termination shall be
forfeited.

     4. Distribution. Stock certificates evidencing a one-for-one conversion (adjusted
as provided in the Plan) of vested Restricted Stock Units into Shares (the “Certificate”) shall be
issued and registered in the Awardee’s name as promptly as practicable following a particular
Vesting Date. Notwithstanding the foregoing, the distribution of the shares and the issuance of
the Certificates may, for directors and officers of the Company, be deferred beyond the vesting
date if such director or officer (a) elects to make such a deferral within thirty days from the
date of grant and (b) executes and delivers a deferral election form, which is attached hereto as
Exhibit A. In the case of Awardee’s death, Certificates shall be delivered to the
Awardee’s

 

 

beneficiary or estate as soon as practicable. If a deferral election has been made, the
distribution of the Shares and the issuance of the certificates shall occur at the time provided in
the deferral election.

     5. Dividends. Participants holding Restricted Stock Units shall not be entitled to
receive cash payments equal to any cash dividends and other distributions paid with respect to a
corresponding number of Shares until the underlying Shares have been delivered in accordance with
this Agreement.

     6. Tax Withholding Obligations. In circumstances in which tax withholding is
applicable, to meet any such obligations of the Company and Awardee that might arise with respect
to any withholding taxes, FICA contributions, or the like under any federal, state, or local
statute, ordinance, rule, or regulation in or connection with the award, deferral, or settlement of
the Restricted Stock Units, the Awardee shall remit to the Company an amount of cash sufficient to
meet the withholding requirements and/or the Company shall withhold the required amounts from the
Awardee’s pay. Notwithstanding the foregoing, the Committee may, in its sole discretion, allow
Awardee to satisfy such withholding obligations upon settlement of the Restricted Stock Units by
withholding a number of Shares having a Fair Market Value equal to the Company’s statutory
withholding obligations. The Company shall not deliver any of the Certificates until and unless the
Awardee has made the payment(s) required herein or proper provision for required withholding has
been made. The Awardee hereby consents to any action reasonably taken by the Company to meet the
withholding obligations.

     7. Restriction on Transferability. Restricted Stock Units may not be sold,
transferred, pledged, assigned, or otherwise alienated at any time. Any attempt to do so contrary
to the provisions hereof shall be null and void. Notwithstanding the above, transfers can be made
pursuant to intra-family transfer instruments or to an inter vivos trust.

     8. Rights as Stockholder. The Awardee shall not have voting or any other rights as
a stockholder of the Company with respect to the Restricted Stock Units. Upon settlement of the
Restricted Stock Units into Shares, the Awardee will obtain full voting and other rights as a
stockholder of the Company.

     9. Administration. The Committee shall have the power to interpret the Plan and
this Agreement and to adopt such rules for the administration, interpretation, and application of
the Plan as are consistent therewith and to interpret or revoke any such rules. All actions taken
and all interpretations and determinations made by the Committee shall be final and binding upon
the Awardee, the Company, and all other interested persons. No member of the Committee shall be
personally liable for any action, determination, or interpretation made in good faith with respect
to the Plan or this Agreement.

     10. Effect on Other Employee Benefit Plans. The value of the Restricted Stock Units
granted pursuant to this Agreement shall not be included as compensation, earnings, salaries, or
other similar terms used when calculating the Awardee’s benefits under any Awardee or other benefit
plan sponsored by the Company or any Affiliate except as such plan otherwise expressly

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provides. The Company expressly reserves its rights to amend, modify, or terminate any of the
Company’s or any Affiliate’s employee benefit plans.

     11. Effect on Service. The award of the Restricted Stock Units pursuant to this
Agreement shall not give the Awardee any right to remain in the service of the Company or any
Affiliate. The award is completely within the discretion of the Company. It is not made as a part
of any ongoing element of compensation or something that the Awardee should expect to receive
annually or on any other periodic basis. It does not constitute part of the Awardee’s compensation
for purposes of determining any post-employment payment or severance.

     12. Amendment. This Agreement may be amended only by a writing executed by the
Company and the Awardee which specifically states that it is amending this Agreement.
Notwithstanding the foregoing, this Agreement may be amended solely by the Committee by a writing
which specifically states that it is amending this Agreement, so long as a copy of such amendment
is delivered to the Awardee, and provided that no such amendment adversely affects the rights of
the Awardee (but limiting the foregoing, the Committee reserves the right to change, by written
notice to the Awardee, the provisions of the Restricted Stock Units or this Agreement in any way it
may deem necessary or advisable to carry out the purpose of the grant as a result of any change in
applicable laws or regulations or any future law, regulation, ruling, or judicial decision,
provided that any such change shall be applicable only to Restricted Stock Units which are then
subject to restrictions as provided herein).

     13. Notices. Any notice to be given under the terms of this Agreement to the
Company shall be addressed to the Secretary of the Company. Any notice to be given to the Awardee
shall be addressed to the Awardee at the address listed in the Company’s records. By a notice given
pursuant to this Section, either party may designate a different address for notices. Any notice
shall have been deemed given when actually delivered.

     14. Severability. If all or any part of this Agreement or the Plan is declared by
any court or governmental authority to be unlawful or invalid, such unlawfulness or invalidity
shall not invalidate any portion of this Agreement or the Plan not declared to be unlawful or
invalid. Any Section of this Agreement (or part of such a Section) so declared to be unlawful or
invalid shall, if possible, be construed in a manner which will give effect to the terms of such
Section or part of a Section to the fullest extent possible while remaining lawful and valid.

     15. Construction. The Restricted Stock Units are being issued pursuant to the Plan
and are subject to the terms of the Plan, the terms of which are incorporated herein by reference.
A copy of the Plan has been given to the Awardee, and additional copies of the Plan are available
upon request during normal business hours at the principal executive offices of the Company. To the
extent that any provision of this Agreement violates or is inconsistent with an express provision
of the Plan, the Plan provision shall govern and any inconsistent provision in this Agreement shall
be of no force or effect.

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     16. Miscellaneous.

          (a) The Board may terminate, amend, or modify the Plan; provided, however, that no such
termination, amendment, or modification of the Plan may in any way adversely affect the
Participant’s rights under this Agreement, without the Participant’s written approval.

          (b) This Agreement shall be subject to all applicable laws, rules, and regulations, and to
such approvals by any governmental agencies or national securities exchanges as may be required.

          (c) All obligations of the Company under the Plan and this Agreement, with respect to the
Restricted Stock Units, shall be binding on any successor to the Company, whether the existence of
such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise,
of all or substantially all of the business and/or assets of the Company.

          (d) By signing this Agreement, the Awardee acknowledges that his or her personal employment
information regarding participation in the Plan and information necessary to determine and pay, if
applicable, benefits under the Plan must be shared with other entities, including companies related
to the Company and persons responsible for certain acts in the administration of the Plan. By
signing this Agreement the Awardee consents to such transmission of personal data as the Company
believes is appropriate to administer the Plan.

          (e) To the extent not preempted by federal law, this Agreement shall be governed by, and
construed in accordance with, the laws of the State of California.

     IN WITNESS WHEREOF, the parties have executed and delivered this Agreement effective as of the
day and year first above written.

	 	 	 	 	 	 	 

	AWARDEE	 	AVANIR PHARMACEUTICALS, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

Signature

	 	 	 	 

Name:
	 	 
	 

	 	 	 	Title:	 	 
	 
	 
	 	 	 	 	 	 
	Print Name
	 	 	 	 	 	 

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	Award No.
	 	 	 	 
	 

	 	 

	 	 
	Award Date:
	 	 	 	 
	 

	 	 

	 	 
	No. Shares:
	 	 	 	 
	 

	 	 

	 	 

DIRECTOR AND OFFICER

RSU DEFERRAL ELECTION

The following constitutes an election by the undersigned director or officer of Avanir
Pharmaceuticals, Inc. to defer payment of vested benefits pursuant to the Restricted Stock Unit
award referred to above granted to the undersigned on [___________], 20___ under the Avanir [2003]
[2005] Equity Incentive Plan (“Plan”).

	1.	 	Election: The undersigned hereby elects to receive the distribution (in Company
Shares) of Avanir common stock underlying vested Restricted Stock Units as follows (please
select one of the three distribution choices below):

	 
	o 	 	 In one lump sum upon a “separation from service” (as defined in the final
regulation promulgated under Section 409A of the Internal Revenue Code of 1986, as
amended (the “Regulation”))(such event being, a “Separation from Service”); or
	 
	o 	 	 In one lump sum on ____________ ; or

	 
	o 	 	 In _________ equal annual installments, starting on ___________.

In the event of death, Disability (as defined in the Regulation) or a Change in Control (as defined
in the Regulation), distribution of vested Restricted Stock Units shall be made immediately in one
lump sum. I understand that if I am considered a “specified employee” (as defined in the
Regulation) and distribution is made on account of a Separation from Service, distribution shall
not be made until six months and a day after my Separation from Service, or death, if earlier.

	2.	 	Change of Election: I hereby acknowledge that I may not change the date of the
distribution as elected above unless I do so at least twelve months prior to the date the
first distribution is due under the election above and at least twelve months prior to the
date my new election is scheduled to take effect. I also acknowledge that if I change my
distribution date elected above, the first date I may receive any distribution with respect
to Shares covered by this election is not earlier than five years after the date payment
would otherwise have been made pursuant to the election above. Such change must be timely
filed in writing with the Company’s stock option administrator. The Company shall have sole
discretion to revise the terms of this election or any change, or the procedures with
respect to making this election or any change, to the extent the Company deems it helpful
or appropriate to comply with applicable law.

	 	 	 	 	 

	 
	 

Awardee Signature

	 	 

Date
	 	 
	 
	 
	 	 	 	 
	 

Print Name

	 	 	 	 

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