Document:

exv10w1

 

Exhibit
10.1

EXECUTION COPY

COMMON SHARE DELIVERY AGREEMENT

     This Common Share Delivery Agreement (the “Agreement”) is being made as of the 27th day of
June, 2006 by and between EOP Operating Limited Partnership, a Delaware limited partnership (the
“Operating Partnership”), and Equity Office Properties Trust, a Maryland real estate investment
trust (the “Company”).

Recitals

     WHEREAS, the Company is the general partner of the Operating Partnership; and

     WHEREAS, the Operating Partnership and the Company have entered into a Purchase Agreement,
dated June 22, 2006, with Merrill Lynch, Pierce, Fenner & Smith Incorporated, Banc of America
Securities LLC, J.P. Morgan Securities Inc. and Wachovia Capital Markets, LLC (the “Initial
Purchasers”) providing for the sale to the Initial Purchasers by the Operating Partnership of
$1,300,000,000 aggregate principal amount of its 4.00% Exchangeable Senior Notes due 2026 (the
“Notes”) under the Indenture, dated as of August 29, 2000 (as supplemented by the First
Supplemental Indenture thereto, dated as of June 18, 2001, and the Second Supplemental Indenture
thereto, dated as of June 27, 2006, the “Indenture”), among the Operating Partnership, as Issuer,
the Company, as Guarantor, and U.S. Bank National Association (formerly, U.S. Bank Trust National
Association), as Trustee, and granting the Initial Purchasers an option to purchase up to an
additional $200,000,000 in aggregate principal amount of the Notes to cover any over-allotments,
which Notes shall be exchangeable into cash and, if applicable, common shares of beneficial
interest, par value $0.01 per share, of the Company (the “Common Shares”) under certain
circumstances; and

     WHEREAS, the Company will be a co-obligor in respect of the Notes and will fully and
unconditionally guarantee the payment of the principal thereof and interest thereon (the
“Guarantee”).

     NOW, THEREFORE, in consideration of the foregoing and in consideration of the mutual covenants
contained herein, the parties agree as follows:

Agreement

     1. The Operating Partnership hereby acknowledges that it is a co-obligor of the Notes and is,
therefore, responsible for the obligations contained in the Notes, other than those related to the
Guarantee.

     2. If the Operating Partnership determines, in its sole discretion, to deliver Net Shares (as
such term is defined in the Notes) upon an exchange of the Notes by a holder in accordance with the
terms of the Notes and the Indenture, the Company agrees to issue to the
Operating Partnership for delivery to such holder the number of Common Shares determined by
the Operating Partnership to be delivered to such holder in respect of such Net Shares, and the
Operating Partnership hereby directs the Company to deliver such Net Shares to such holder on
behalf of the Operating Partnership in accordance with the terms of the Notes and the Indenture.

 

 

     3. The Operating Partnership agrees to issue to the Company on a concurrent basis a number of
“Class A Units” (as defined in the Third Amended and Restated Agreement of Limited Partnership of
EOP Operating Limited Partnership, dated July 2, 2001, as amended) equal in number to the number of
Common Shares issued by the Company pursuant to this Agreement.

     4. The Company agrees that it will not consolidate with or merge into another business entity
or transfer or lease all or substantially all of its assets, unless:

	 	•	 	either (1) the Company is the continuing entity in the case of a merger or
(2) the resulting, surviving or acquiring entity, if other than the Company, is
a U.S. entity and expressly assumes the Company’s obligations under this
Agreement and the Indenture;
	 
	 	•	 	immediately after giving effect to the transaction, no Event of Default
under, and as defined in, the Indenture and no circumstances which, after
notice or lapse of time or both, would become an Event of Default under the
Indenture, shall have happened and be continuing; and
	 
	 	•	 	the Company has delivered to the Trustee an officers’ certificate and a
legal opinion confirming that the Company has complied with the Indenture.

     5. Miscellaneous.

          (a) This Agreement shall be governed by and construed in accordance with the laws of
the State of New York, without giving effect to conflict laws, rules or principles.

          (b) No provision of this Agreement may be amended, modified or waived, except in
writing signed by both parties.

          (c) In the event that any claim of inconsistency between this Agreement and the terms
of the Indenture arise, as they may from time to time be amended, the terms of the Indenture
shall control.

          (d) If any provision of this Agreement shall be held illegal, invalid or unenforceable
by any court, this Agreement shall be construed and enforced as if such provision had not
been contained herein and shall be deemed an Agreement between the parties hereto to the
full extent permitted by applicable law.

-2-

 

          (e)
This Agreement shall be binding upon, inure to the benefit of and be enforceable by the
respective successors and assigns of the parties hereto.

          (f) This Agreement may not be assigned by either party without the prior written
consent of both parties.

[Signature page follows]

-3-

 

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement by their duly authorized
officers as of the day and year above written.

	 	 	 	 	 	 	 
	 	 	EOP OPERATING LIMITED PARTNERSHIP	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	Equity Office Properties Trust,	 	 
	 

	 	 	 	its General Partner	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	     /s/ Stanley M. Stevens	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:   Stanley M. Stevens	 	 
	 

	 	 	 	Title:     Executive Vice President, Chief Legal	 	 
	 

	 	 	 	               Counsel and Secretary	 	 
	 
	 	 	 	 	 	 
	 	 	EQUITY OFFICE PROPERTIES TRUST	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	     /s/ Stanley M. Stevens	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:   Stanley M. Stevens	 	 
	 

	 	 	 	Title:     Executive Vice President, Chief Legal	 	 
	 

	 	 	 	               Counsel and Secretary	 	 

-4-<PAGE>

                                                                    EXHIBIT 10.5

                                               January 14, 2000

Mr. Denis Longpre
American Color Graphics, Inc.
100 Winners Circle
Brentwood, TN  37027

Dear Denis:

This will confirm that if American Color Graphics, Inc. ("ACG") terminates your
employment without cause, then ACG shall continue to pay your then current base
salary and maintain all your then current benefits (to the extent allowed under
the applicable benefit plans) for a period of one year following your
termination. In such event, ACG shall also pay you a pro rata portion of the
bonus to which you would have been entitled for the year of termination had you
been employed for the entire year, which bonus shall be payable at the time
bonuses under the applicable bonus plan are paid to ACG's executives generally.
Such base salary payments and benefits will be reduced to the extent you receive
compensation and benefits from another employer with respect to such period. The
term "Cause" shall mean the termination of your employment hereunder in the
event of your (i) conviction of any crime or offense involving money or other
property of ACG or any felony, (ii) willful and unreasonable refusal to
substantially perform your duties hereunder, (iii) competition with ACG, or (iv)
gross negligence in the conduct of your duties; provided, however, no
termination shall be deemed for "Cause" under clauses (ii) or (iv) unless you
shall have first received written notice from ACG advising you of the acts or
omissions that constitute the refusal or gross negligence and you fail to
correct the acts or omissions complained of within 20 business days following
receipt of such notice.

For so long as you are employed by ACG, and continuing for one year thereafter,
you shall not, without the prior written consent of ACG, directly or indirectly,
as a sole proprietor, member of a partnership, stockholder or investor, officer
or director of a corporation, or as an employee, associate, consultant or agent
of any person, partnership, corporation or other business organization or entity
other than ACG: (i) render any service to or in any way be affiliated with a
competitor (or any person or entity that is reasonably anticipated (to the
general knowledge of you or the public) to become a competitor) of ACG; (ii)
solicit or endeavor to entice away from ACG any person or entity who is, or,
during the then most recent two-year-12-month period, was employed by, or had
served as an agent or key consultant of, ACG; or (iii) solicit or endeavor to
entice away from ACG any person or entity who is, or was within the most recent
12-month period, a customer or client (or reasonably anticipated (to the general
knowledge of you or the public) to become a customer or client) or ACG.

                                       91
<PAGE>

You covenant and agree with ACG that you will not at any time, except in
performance of your obligations to ACG hereunder or with the prior written
consent of ACG, directly or indirectly, disclose any secret or confidential
information that you may learn or have learned by reason of your association
with ACG. The term "confidential information" includes information not
previously disclosed to the public or to the trade by ACG's management, or
otherwise in the public domain, with respect to ACG's products, facilities,
applications and methods, trade secrets and other intellectual property,
systems, procedures manuals, confidential reports, product price lists, customer
lists, technical information, financial information (including the revenues,
costs or profits associated with any of ACG's products), business plans,
prospects or opportunities, but shall exclude any information which (i) is or
becomes available to the public or is generally known in the industry or
industries in which ACG operates other than as a result of disclosure by you in
violation of your agreements under this paragraph or (ii) you are required to
disclose under any applicable laws, regulations or directives of any government
agency, tribunal or authority having jurisdiction in the matter or under
subpoena or other process of law.

All references to "ACG" include its divisions, subsidiaries and affiliates.

If the foregoing meets with your approval, please sign and return the enclosed
copy of this letter to the undersigned. This agreement constitutes our entire
agreement, supersedes all prior agreements between us, and its provisions may
not be changed or waived, except by a writing signed by the party to be charged
with such change.

                                                 Sincerely,

                                                 AMERICAN COLOR GRAPHICS, INC.

                                                 By:     /s/   Stephen M. Dyott
                                                        -----------------------
                                                               Stephen M. Dyott
                                                               Chairman and CEO

ACCEPTED AND AGREED TO:

/s/  Denis Longpre
-----------------------
     Denis Longpre

                                       92

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00106-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00106-of-00352.parquet"}]]