Document:

ex4-5.htm

    
      
        

      

      
        EXHIBIT
4.5

         

      

      FOURTH
SUPPLEMENTAL INDENTURE

       

      FOURTH SUPPLEMENTAL INDENTURE
(this “Supplemental
Indenture”), dated as of [___________], 2010, among Otelco Inc., a
Delaware corporation (the “Company”), each
subsidiary of the Company listed on the signature pages hereto (the “Guarantors”) and
Wells Fargo Bank, National Association, a national banking association, as
trustee under the Indenture (as defined below) (the “Trustee”).

       

      WITNESSETH:

       

      WHEREAS, the Company and the
Guarantors have heretofore executed and delivered to the Trustee an Indenture
(the “Indenture”), dated as
of December 21, 2004, providing for the issuance of an unlimited aggregate
principal amount of 13% senior subordinated notes due 2019 of the Company (the
“Notes”), as
supplemented by the First Supplemental Indenture, dated as of July 3, 2006 (the
“First Supplemental
Indenture”), providing for the guarantee of the Company’s obligations
under the Indenture by certain additional Guarantors, the Second Supplemental
Indenture, dated as of July 5, 2007 (the “Second Supplemental
Indenture”), providing for the issuance of additional Notes, and the
Third Supplemental Indenture, dated as of October 31, 2008 (the “Third Supplemental
Indenture”), providing for the guarantee of the Company’s obligations
under the Indenture by certain additional Guarantors;

       

      WHEREAS, $103,575,497.50 in
aggregate principal amount of the Notes have been issued and are outstanding
under the Indenture, as supplemented by the First Supplemental Indenture, the
Second Supplemental Indenture and the Third Supplemental Indenture (the “Original
Notes”);

       

      WHEREAS, pursuant to Section
4.14 of the Indenture, the Company has decided to issue up to $4,085,032.50 in
aggregate principal amount of additional Notes (the “Additional Notes”) in
connection with the exchange of up to 544,671 IDSs for up to 544,671 shares of
issued and outstanding Class B Common Stock; and

       

      WHEREAS, pursuant to Section
9.01 of the Indenture, the Company, the Guarantors and the Trustee are
authorized to execute and deliver this Supplemental Indenture.

       

      NOW THEREFORE, in
consideration of the foregoing and for other good and valuable consideration,
the receipt of which is hereby acknowledged, the Company, the Guarantors and the
Trustee mutually covenant and agree for the equal and ratable benefit of the
holders of the Notes as follows:

       

      1.     The Additional
Notes.  The Additional Notes shall be issued in an aggregate
principal amount of up to $4,085,032.50.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      2.     Ratification of Indenture;
Supplemental Indentures Part of Indenture.  Except as expressly
amended hereby and by the First Supplemental Indenture, the Second Supplemental
Indenture and the Third Supplemental Indenture, the Indenture is in all respects
ratified and confirmed and all the terms, conditions and provisions thereof
shall remain in full force and effect. This Supplemental Indenture shall form a
part of the Indenture, as supplemented by the First Supplemental Indenture, the
Second Supplemental Indenture and the Third Supplemental Indenture, for all
purposes, and every holder of Notes heretofore or hereafter authenticated and
delivered shall be bound hereby.

       

      3.     Governing Law. 
THIS SUPPLEMENTAL INDENTURE
SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF
NEW YORK.  THE TRUSTEE, THE COMPANY, ANY OTHER OBLIGOR IN RESPECT OF THE
NOTES AND (BY THEIR ACCEPTANCE OF THE NOTES) THE HOLDERS AGREE TO SUBMIT TO THE
JURISDICTION OF ANY UNITED STATES FEDERAL OR STATE COURT LOCATED IN THE BOROUGH
OF MANHATTAN, IN THE CITY OF NEW YORK, IN ANY ACTION OR PROCEEDING ARISING OUT
OF OR RELATING TO THE INDENTURE, AS SUPPLEMENTED HEREBY AND BY THE FIRST
SUPPLEMENTAL INDENTURE, THE SECOND SUPPLEMENTAL INDENTURE AND THE THIRD
SUPPLEMENTAL INDENTURE, OR THE NOTES.

       

      4.     Trustee Makes No
Representation.  The Trustee makes no representation as to the
validity or sufficiency of this Supplemental Indenture.

       

      5.     Counterparts. 
The parties may sign any number of copies of this Supplemental Indenture. Each
signed copy shall be an original, but all of them together represent the same
agreement.

       

      6.     Effect of
Headings.  The Section headings herein are for convenience only and
shall not effect the construction thereof.

       

      7.     Definitions. 
Capitalized terms used but not defined herein shall have the meanings given to
them in the Indenture.

       

      
[Signature Pages Follow.]

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

         

      

      IN
WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to
be duly executed as of the date first above written.

       

      
        
          	 	OTELCO
      INC.	 
	 	 	 	 
	
                   

                	
                  By:
      

                	 	 
	 	 	
                  Name:
      Curtis L. Garner, Jr.

                	 
	 	 	Title:
      Chief Financial Officer	 

        

      

       

      
        
          
            	 	BRINDLEE
      MOUNTAIN TELEPHONE COMPANY
(As Guarantor)
	 	 	 	 
	
                     

                  	
                    By:
      

                  	 	 
	 	 	
                    Name:
      Curtis L. Garner, Jr.

                  	 
	 	 	Title:
      Chief Financial Officer	 

          

        

         

        
          
            
              	 	BLOUNTSVILLE
      TELEPHONE COMPANY, INC.
(As Guarantor)	 
	 	 	 	 
	
                       

                    	
                      By:
      

                    	 	 
	 	 	
                      Name:
      Curtis L. Garner, Jr.

                    	 
	 	 	Title:
      Chief Financial Officer	 

            

          

           

          
            
              
                
                  	 	COMMUNICATIONS
      DESIGN ACQUISITION CORPORATION
(As Guarantor)
	 	 	 	 
	
                           

                        	
                          By:
      

                        	 	 
	 	 	
                          Name:
      Curtis L. Garner, Jr.

                        	 
	 	 	Title:
      Chief Financial Officer	 

                

              

               

              [Signature
Pages to Fourth Supplemental Indenture]

               

              
                
                  
                  

                

                
                  
                  

                  
                    

                  

                

                
                  
                  

                

              

               

              
                
                  
                    
                      	 	CRC
      COMMUNICATIONS OF MAINE, INC.
(As Guarantor)	 
	 	 	 	 
	
                               

                            	
                              By:
      

                            	 	 
	 	 	
                              Name:
      Curtis L. Garner, Jr.

                            	 
	 	 	Title:
      Chief Financial Officer	 

                    

                  

                   

                  
                    
                      
                        
                          	 	HOPPER
      TELECOMMUNICATIONS COMPANY, INC.
(As Guarantor)
	 	 	 	 
	
                                   

                                	
                                  By:
      

                                	 	 
	 	 	
                                  Name:
      Curtis L. Garner, Jr.

                                	 
	 	 	Title:
      Chief Financial Officer	 

                        

                      

                       

                      
                        
                          
                            
                              
                                	 	IMAGINATION,
      INC.
(As Guarantor)	 
	 	 	 	 
	
                                         

                                      	
                                        By:
      

                                      	 	 
	 	 	
                                        Name:
      Curtis L. Garner, Jr.

                                      	 
	 	 	Title:
      Chief Financial Officer	 

                              

                            

                             

                            
                              
                                
                                  
                                    
                                      	 	MID-MAINE
      TELPLUS
(As Guarantor)	 
	 	 	 	 
	
                                               

                                            	
                                              By:
      

                                            	 	 
	 	 	
                                              Name:
      Curtis L. Garner, Jr.

                                            	 
	 	 	Title:
      Vice President	 

                                    

                                  

                                   

                                  
                                    
                                      
                                        
                                          
                                            	 	MID-MISSOURI
      HOLDING CORP.
(As Guarantor)	 
	 	 	 	 
	
                                                     

                                                  	
                                                    By:
      

                                                  	 	 
	 	 	
                                                    Name:
      Curtis L. Garner, Jr.

                                                  	 
	 	 	Title:
      Chief Financial Officer	 

                                          

                                        

                                         

                                        [Signature
Pages to Fourth Supplemental Indenture]

                                         

                                        
                                          
                                            
                                            

                                          

                                          
                                            
                                            

                                            
                                              

                                            

                                          

                                          
                                            
                                            

                                          

                                        

                                         

                                        
                                          
                                            
                                              
                                                
                                                  	 	OTELCO
      TELECOMMUNICATIONS LLC
(As Guarantor)	 
	 	 	 	 
	
                                                           

                                                        	
                                                          By:
      

                                                        	 	 
	 	 	
                                                          Name:
      Curtis L. Garner, Jr.

                                                        	 
	 	 	Title:
      Chief Financial Officer	 

                                                

                                              

                                               

                                              
                                                
                                                  
                                                    
                                                      
                                                        	 	OTELCO
      TELEPHONE LLC
(As Guarantor)	 
	 	 	 	 
	
                                                                 

                                                              	
                                                                By:
      

                                                              	 	 
	 	 	
                                                                Name:
      Curtis L. Garner, Jr.

                                                              	 
	 	 	Title:
      Chief Financial Officer	 

                                                      

                                                    

                                                     

                                                    
                                                      
                                                        
                                                          
                                                            
                                                              	 	SACO
      RIVER TELEGRAPH AND TELEPHONE COMPANY
(As Guarantor)
	 	 	 	 
	
                                                                       

                                                                    	
                                                                      By:
      

                                                                    	 	 
	 	 	
                                                                      Name:
      Curtis L. Garner, Jr.

                                                                    	 
	 	 	Title:
      Chief Financial Officer	 

                                                            

                                                          

                                                           

                                                          
                                                             

                                                            
                                                              
                                                                
                                                                  
                                                                    
                                                                      	 	THE
      GRANBY TELEPHONE & TELEGRAPH CO. OF MASS.
(As
  Guarantor)
	 	 	 	 
	
                                                                               

                                                                            	
                                                                              By:
      

                                                                            	 	 
	 	 	
                                                                              Name:
      Curtis L. Garner, Jr.

                                                                            	 
	 	 	Title:
      Chief Financial Officer	 

                                                                    

                                                                  

                                                                   

                                                                  
                                                                    
                                                                      
                                                                        
                                                                          
                                                                            
                                                                              	 	THE
      PINE TREE TELEPHONE AND TELEGRAPH COMPANY
(As Guarantor)
	 	 	 	 
	
                                                                                       

                                                                                    	
                                                                                      By:
      

                                                                                    	 	 
	 	 	
                                                                                      Name:
      Curtis L. Garner, Jr.

                                                                                    	 
	 	 	Title:
      Chief Financial Officer	 

                                                                            

                                                                          

                                                                           

                                                                          [Signature
Pages to Fourth Supplemental Indenture]

                                                                           

                                                                          
                                                                            
                                                                              
                                                                              

                                                                            

                                                                            
                                                                              
                                                                              

                                                                              
                                                                                

                                                                              

                                                                            

                                                                            
                                                                              
                                                                              

                                                                            

                                                                          

                                                                           

                                                                          
                                                                            
                                                                              
                                                                                
                                                                                  
                                                                                    
                                                                                      	 	WELLS
      FARGO BANK, NATIONAL ASSOCIATION, AS TRUSTEE
	 	 	 	 
	
                                                                                               

                                                                                            	
                                                                                              By:
      

                                                                                            	 	 
	 	 	
                                                                                              Name:

                                                                                            	 
	 	 	Title:	 

                                                                                    

                                                                                  

                                                                                  
[Signature
Pages to Fourth Supplemental Indenture]ex4-3.htm

Exhibit 4.3

 

 

AWARD AGREEMENT

 

THIS AWARD AGREEMENT (the “Agreement”) is made and entered into by and between DIALYSIS CORPORATION OF AMERICA, a Florida corporation (the “Company”), and _______________, an individual (the “Grantee”), on this _____ day of _______, 20___, pursuant to the Dialysis Corporation of America 2009 Omnibus Incentive Plan (the “Plan”).  The terms of the Plan are incorporated by reference and shall be considered to be a part of this Agreement.  Capitalized terms not defined in this Agreement have the meanings given in the Plan.

 

WHEREAS, the Compensation Committee (the “Committee”) has awarded the Grantee shares of the Company’s common stock, $.01 par value (the “Stock”), and the Grantee desires to be a holder of the Stock, subject to the terms and conditions of this Agreement; and

 

WHEREAS, one of the terms of the Stock award provides vesting _____ year(s) from the grant date as more particularly set forth in Section 1 below; and

 

WHEREAS, the Committee determined not to issue the Stock until the Vesting Date (as defined in Section 3 hereof), but rather to issue Restricted Stock Units, which is a bookkeeping entry representing the equivalent of one share of Stock awarded to a Grantee (the “Units”).

 

NOW, THEREFORE, in consideration of the promises, mutual covenants and agreements contained herein, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows:

 

1.             Summary of the Award.

 

	 	 	●	Award date:	___________________
	 	 	 	 	 
	 	 	●	

Number of Units:

	___________________
	 	 	 	 	 
	 	 	●	

Vesting schedule:

	___  year(s) (see Section 3 below)
	 	 	 	 	 
	 	 	●	

Performance criteria: 

	Serve full term, subject to Section 3 below

 

2.             Grant of Stock.  Subject to the restrictions, forfeiture provisions and other terms and conditions set forth herein (i) the Company grants to the Grantee ________ Units (sometimes referred to as the “Award”), and (ii) the Grantee shall not have and may not exercise any rights or privileges of ownership of the Stock, including without limitation, voting rights, Transfer (as defined in Section 4 hereof), directly or indirectly (such as writing options on the Stock), or the right to receive any dividends in respect thereof, except as provided below, until the Stock, or any portion thereof, has vested in accordance with the vesting schedule as set forth in Section 3 of this Agreement.  The Grantee shall be entitled to receive, upon the Company’s payment of a cash dividend on its outstanding Stock, a cash payment for each Unit held equal to the per share dividend paid on the Stock.  The Company may require the Grantee to reimburse the Company for, or the Company may withhold from any amounts it may owe the Grantee, all amounts required by applicable federal, state and local laws with respect to the vesting and issuance of the Stock.  This Agreement and the grant of the Stock and the Units are subject to the terms and conditions of the Plan.

  

  

  

3.             Vesting.  The Award shall vest at the close of business on _________, 20___ (the “Vesting Date”), provided that no Award shall vest except that the Grantee is then affiliated with the Company on the Vesting Date.  Thereafter, the Company will transfer the Stock to the Grantee upon satisfaction of (i) the Vesting Date, (ii) all performance criteria, if any, and (iii) any tax withholding obligations.  Neither the Grantee nor the Grantee’s beneficiary or estate shall have any further rights with respect to the Units once the Stock represented by the Unit has been delivered.

 

3.1          Acceleration of vesting and the Vesting Date will occur upon:

 

(i)             a Change in Control as provided in Section 14.2 of the Plan;

(ii)            death of the Grantee; or

(iii)           Disability (as defined in Section 2.14 of the Plan) of the Grantee.

 

3.2          Unless otherwise determined by the Committee, termination of affiliation with the Company, whether voluntary or involuntary, for any reason (other than for events of acceleration as provided in Section 3.1 above) will result in the automatic termination of the unvested portion of the Award, which unvested portion of the Award will be automatically and immediately forfeited to the Company without further notice to the Grantee.  A transfer of affiliation between or among the Company and its subsidiaries shall not be considered a termination of affiliation.  Upon forfeiture, the Grantee shall have no further rights with respect to such Award, including but not limited to any rights to receive cash dividends with respect to the Stock or Units.

 

4.             Restriction on Transfer.  The Grantee shall not have any right in or with respect to any of the Stock issuable under the Units, except for any cash dividends as provided in Section 2 of this Agreement, until that portion of the Stock has vested in accordance with Section 3 of this Agreement.  Prior to the Vesting Date neither the Units nor the Stock may be sold, assigned, transferred, pledged, hypothecated or otherwise disposed of or encumbered (collectively “Transferred” or in the present tense, “Transfer”) except as provided in Section 15.9 of the Plan  which includes transfer by will or the laws of descent and distribution.  Absent registration of the Stock under the applicable securities laws, the Grantee may not Transfer the Stock except pursuant to an applicable exemption from such registration requirements.  Such exemptions are very limited.  The Grantee agrees that any Transfer by him of the Stock shall comply in all respects with the requirements of all applicable securities laws, rules and regulations, including, without limitation, the provisions of the Securities Act of 1933, as amended (the “1933 Act”), the Exchange Act, and the respective rules and regulations promulgated thereunder and any other law, rule or regulation applicable thereto, as such laws, rules, and regulations may be amended from time to time.  The Company shall not be obligated to either issue the Stock or permit the Transfer of any Stock if such issuance or Transfer would violate any such requirements.  The Grantee acknowledges that he is an Affiliate (as that term is defined in the Plan) and may only publicly Transfer the Stock on or after the Vesting Date pursuant to an effective registration statement under the 1933 Act, or an exemption from the registration requirements of the 1933 Act and the rules thereunder satisfactory to the Company.

 

5.             Distributions and Adjustments.  If all or any portion of the Stock vests in the Grantee subsequent to any change in the number or character of Stock through a stock split, reverse stock split, exchange or combination of shares, or similar recapitalization, reclassification, stock dividend or other distribution payable in capital stock, or other increase or decrease in such shares effective without receipt of consideration by the Company, such that an adjustment is determined by the Company to be appropriate, the Grantee shall then receive upon any Vesting Date the number and type of securities or other consideration which the Grantee would have received if the Stock had vested prior to the event changing the number or character of outstanding Stock.  Any such additional shares of Stock or any other securities of the Company distributed with respect to the Stock shall be subject to the same restrictions, terms and conditions as the Stock.  Except as otherwise provided in Section 2 of this Agreement relating to cash dividends to which the Units would be entitled, the Grantee shall not be entitled to any dividends payable with respect to the Stock which vests subsequent to the Board’s declaration of any such dividend.

  

2

  

 

6.             Tax Requirements.

 

6.1           The Company shall have the power and the right to deduct or withhold, or require the Grantee to remit to the Company, an amount sufficient to satisfy federal, state and local taxes required by law or regulation to be withheld with respect to any taxable event arising as a result of the Plan and this Agreement.

 

6.2           With respect to tax withholding required upon any taxable event arising as a result of this Agreement, the Grantee may elect, subject to the approval of the Board or the Committee in its discretion, to satisfy the withholding requirement, in whole or in part, by either (i) having the Company withhold Stock or (ii) delivering shares of Stock already owned by the Grantee.  The shares of Stock so withheld or delivered shall have an aggregate Fair Market Value on the date the tax is to be determined equal to the statutory total tax which could be imposed on the transaction.  All such elections shall be made in writing, signed by the Grantee, and shall be subject to any restrictions or limitations that the Board or the Committee in its discretion deems appropriate.  Any fraction of a share of Stock required to satisfy such obligation shall be disregarded and the amount due shall instead be paid in cash by the Grantee.  A Grantee who has made an election pursuant to this Section 6.2 may satisfy his tax withholding obligation only with shares of Stock that are not subject to any repurchase, forfeiture, unfulfilled vesting, or other similar requirements.

 

7.             Limitation on Rights; No Right to Future Grants; Extraordinary Item.  By entering into this Agreement and accepting the Award, the Grantee acknowledges that: (a) the grant of the Award is a one-time benefit and does not create any contractual or other right to receive future grants of awards or benefits in lieu of awards; (b) all determinations with respect to any such future grants, including, but not limited to, the times when awards will be granted, the number of shares of Stock subject to each award, the award price, if any, and the time or times when each award will be settled, will be at the sole discretion of the Company; (c) the future value of the Stock subject to the Award is unknown and cannot be predicted with certainty; (d) neither the Plan, the Award, nor the issuance of the Stock confers upon the Grantee any right to continue in any relationship with the Company, nor do they limit in any respect the right of the Board to lawfully terminate the Grantee’s relationship with the Company at any time; and (e) in the event that the Grantee is not an employee of the Company, the grant of the Award will not be interpreted to form an employment relationship with the Company.

 

8.             Miscellaneous.

 

8.1           Any purported Transfer of the Units or Stock in breach of any provision of this Agreement shall be void and ineffectual, and shall not operate to Transfer any interest or title in the purported transferee.

 

8.2           Any notice, instruction, authorization, request or demand required hereunder shall be in writing, and shall be delivered either by personal delivery, by telegram, telex, telecopy or similar facsimile means, by certified or registered mail, return receipt requested, or by courier or delivery service, addressed to the party at the address indicated beneath its (his) signature on the execution page of this Agreement, or at such other address as a party shall have previously designated by written notice given to the other party in the manner hereinabove set forth.  Notices shall be deemed given when received, if sent by facsimile means (confirmation of such receipt by confirmed facsimile transmission being deemed receipt of communications sent by facsimile means); and when delivered and receipted for (or upon the date of attempted delivery where delivery is refused), if hand-delivered, sent by express courier or delivery service, or sent by certified or registered mail, return receipt requested.

  

3

  

 

8.3          This Agreement may be amended, modified or superseded only by written instrument executed by the Company and the Grantee.  Any waiver of the terms or conditions hereof shall be made only by a written instrument executed and delivered by the party waiving compliance.  Any waiver granted by the Company shall be effective only if executed and delivered by a duly authorized executive officer of the Company other than the Grantee.  The failure of any party at any time or times to require performance of any provision hereof shall in no manner affect the right to enforce the same.  No waiver by any party of any term or condition, or the breach of any term or condition contained in this Agreement, in one or more instances shall be deemed to be or construed as a further or continuing waiver of any such condition or breach, or a waiver of any other condition or the breach of any other term or condition.

 

8.4           This Agreement shall be governed by the laws of the State of Florida.  The invalidity of any provision of this Agreement shall not affect any other provision of this Agreement, which shall remain in full force and effect.

 

8.5           This Agreement shall bind, be enforceable by and inure to the benefit of the Company and its successors and assigns, and the Grantee, and the Grantee’s permitted assigns, and upon death, estate and beneficiaries thereof (whether by will or the laws of descent and distribution), executors, administrators, agents, legal and personal representatives.

 

8.6           This Agreement together with the Plan supersede any and all other prior understandings and agreements, either oral or in writing, between the parties with respect to the subject matter hereof, and constitute the sole and only agreements between the parties with respect to the said subject matter.  All prior negotiations and agreements between the parties with respect to the subject matter hereof are merged into this Agreement.  Each party to this Agreement acknowledges that no representations, inducements, promises or agreements, orally or otherwise, have been made by any party or by anyone acting on behalf of any party, which are not embodied in this Agreement or the Plan, and that any agreement, statement or promise that is not contained in this Agreement or the Plan shall not be valid or binding or of any force or effect.

 

9.             Counterparts.  This Agreement may be executed in multiple original counterparts, each of which shall be deemed an original, but all of which together shall constitute but one and the same instrument.

 

10.           Grantee’s Acknowledgements.  The Grantee acknowledges receipt of a copy of the Plan, and represents that he is familiar with the terms and provisions thereof, and accepts this Agreement subject to all the terms and provisions of the Plan and this Agreement.  The Grantee hereby agrees to accept as binding, conclusive and final, all decisions or interpretations of the Board or the Committee, as appropriate, upon any questions arising under the Plan or this Agreement.

 

[signatures on following page]

  

4

  

 

IN WITNESS WHEREOF, the parties have caused this Agreement to be executed on the date first above written.

 

	 	COMPANY:
	 	 
	 	DIALYSIS CORPORATION OF AMERICA
	 	 
	 	By: 	 
	 	Name: STEPHEN W. EVERETT
	 	Title: President and CEO
	 	Address:	1302 Concourse Drive, Suite 204
	 	 	Linthicum, MD 21090
	 	Telecopier:    	(410) 694-0596

 

	 	GRANTEE:
	 	 
	 	By: 	 
	 	Name:
	 	Title: Director
	 	Address:

 

 

5

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