Document:

2011 Executive Incentive Plan

 Exhibit 10.2 
 Advanced Micro Devices, Inc. 
  
 Executive Incentive Plan 
 (Approved by the
Board of Directors on February 3, 2011) 
 (Approved by the Stockholders on May 3, 2011) 

 

	1.	Purposes. 

  
 The purposes of the Advanced Micro Devices, Inc. (“AMD”) Executive Incentive Plan are to motivate the Company’s key employees to improve stockholder value by linking a portion of their cash
compensation to the Company’s financial performance, reward key employees for improving the Company’s financial performance, and help attract and retain key employees. The Plan is intended to permit the payment of bonuses that qualify as
performance-based compensation under Section 162(m) of the Code. 
  

	2.	Definitions. 

  
 Wherever the following terms are used in the Plan they shall have the meanings specified below, unless the context clearly indicates otherwise. 
  

	 	A.	“Award” means, with respect to each Participant, any cash incentive payment made under the Plan for a Performance Period, including Awards that qualify as
performance-based compensation under Section 162(m) of the Code. 

  

	 	B.	“Code” means the Internal Revenue Code of 1986, as amended. 

 

	 	C.	“Committee” means the Compensation Committee of AMD’s Board of Directors, or such other committee designated by that Board of Directors, which is
authorized to administer the Plan under Section 3 hereof. With respect to payments hereunder intended to qualify as performance-based compensation under Section 162(m) of the Code, the Committee shall be comprised solely of two or more
directors who are “outside directors” under Section 162(m) of the Code. 

  

	 	D.	“Company” means AMD and any corporation or other business entity of which AMD (i) directly or indirectly has an ownership interest of 50% or more, or
(ii) has a right to elect or appoint 50% or more of the board of directors or other governing body. 

  

	 	E.	“Key Employee” means any employee of the Company whose performance the Committee determines can have a significant effect on the success of the Company.

  

	 	F.	“Participant” means any Key Employee to whom an Award is granted under the Plan. 

  

	 	G.	“Performance Period” means any fiscal year of the Company or such other period as determined by the Committee. 

 

	 	H.	“Plan” means this Plan, which shall be known as the AMD Executive Incentive Plan. 

  

	3.	Administration. 

  

	 	A.	The Plan shall be administered by the Committee. Subject to the requirements for qualifying payments hereunder as performance-based compensation under
Section 162(m) of the Code, the Committee shall have the authority to: 

  

	 	(i)	interpret and determine all questions of policy and expediency pertaining to the Plan; 

  

	 	(ii)	adopt such rules, regulations, agreements and instruments as it deems necessary for its proper administration; 

	 	(iii)	select Key Employees to receive Awards; 

  

	 	(iv)	determine the terms of Awards; 

  

	 	(v)	determine amounts subject to Awards (within the limits prescribed in the Plan); 

 

	 	(vi)	determine whether Awards will be granted in replacement of or as alternatives to any other incentive or compensation plan of the Company or an acquired business unit;

  

	 	(vii)	grant waivers of Plan or Award conditions (other than Awards intended to qualify as performance-based compensation under Section 162(m) of the Code);

  

	 	(viii)	accelerate the payment of Awards (but with respect to Awards intended to qualify as performance-based compensation under Section 162(m) of the Code, only as
permitted under that Section); 

  

	 	(ix)	correct any defect, supply any omission, or reconcile any inconsistency in the Plan, any Award or any Award notice; 

 

	 	(x)	take any and all other actions it deems necessary or advisable for the proper administration of the Plan; 

 

	 	(xi)	adopt such Plan procedures, regulations, subplans and the like as it deems are necessary to enable Key Employees to receive Awards; and 

 

	 	(xii)	amend the Plan at any time and from time to time, provided however that no amendment to the Plan shall be effective unless approved by the Company’s stockholders,
to the extent such stockholder approval is required under Section 162(m) of the Code. 

  

	 	B.	The Committee may delegate its authority to grant and administer Awards to a separate committee; however, only the Committee may grant and administer Awards which are
intended to qualify as performance-based compensation under Section 162(m) of the Code. 

  

	4.	Eligibility. 

  
 Only Key Employees as designated by the Committee are eligible to become Participants in the Plan. No person shall be automatically entitled to participate in the Plan. 

 

	5.	Performance Goals. 

  

	 	A.	The Committee shall set forth in writing objectively determinable performance goals (“Performance Goals”) applicable to a Participant for a Performance
Period prior to the commencement of such Performance Period, provided, however, that such goals may be established after the start of the Performance Period but, with respect to an Award that is intended to qualify as performance-based compensation
under Section 162(m) of the Code, in no event later than the latest time permitted by Section 162(m) of the Code with respect to any payments intended to qualify as performance-based compensation under Section 162(m) of the Code
(generally, no later than the earlier of (i) 90 days after the commencement of the Performance Period or (ii) the lapse of 25% of the Performance Period, and in any event while the outcome is substantially uncertain) (the “ 162(m)
Determination Date ”). 

	 	B.	Each Performance Goal shall relate to one or more of the following business criteria of the individual, the Company as a whole, any business unit of the Company, or any
combination thereof, that are to be monitored during the fiscal year (or Performance Period): 

  

	 	•	 	 Net income 

  

	 	•	 	 Operating income 

  

	 	•	 	 Earnings before interest and taxes 

  

	 	•	 	 Earnings per share 

  

	 	•	 	 Return on investment 

  

	 	•	 	 Return on capital 

  

	 	•	 	 Return on invested capital 

  

	 	•	 	 Return on capital compared to cost of capital 

 

	 	•	 	 Return on capital employed 

  

	 	•	 	 Return on equity 

  

	 	•	 	 Return on assets 

  

	 	•	 	 Return on net assets 

  

	 	•	 	 Stockholder return 

  

	 	•	 	 Cash return on capitalization 

  

	 	•	 	 Revenue 

  

	 	•	 	 Revenue ratios (per employee or per customer) 

 

	 	•	 	 Stock price 

  

	 	•	 	 Market share 

  

	 	•	 	 Stockholder value 

  

	 	•	 	 Net cash flow 

  

	 	•	 	 Cash flow 

  

	 	•	 	 Cash flow from operations 

  

	 	•	 	 Cost reductions and cost ratios (per employee or per customer) 

 

	 	•	 	 New product releases 

  

	 	•	 	 Strategic positioning programs, including the achievement of specified milestones or the completion of specified projects.

 Goals may be based on GAAP or non-GAAP measures as determined by the Committee and may also be based on
performance relative to a peer group of companies. Unless otherwise stated, such a Performance Goal need not be based upon an increase or positive result under a particular business criterion and could include, for example, maintaining the status
quo or limiting economic losses (measured, in each case, by reference to specific business criteria). 
  

	 	C.	With respect to an Award that is intended to qualify as performance-based compensation under Section 162(m) of the Code, on or prior to the 162(m) Determination
Date, the Committee shall establish in writing a bonus formula specifying the target level and/or other level(s) of performance that must be achieved with respect to each criterion that is identified in a Performance Goal in order for an Award to be
payable and shall, for each Participant, establish in writing a target (and/or other level(s)) Award payable under the Plan for the Performance Period upon attainment of the Performance Goals. 

 

	 	D.	In the event Performance Goals are based on more than one business criterion, the Committee may determine to make Awards upon attainment of the Performance Goal
relating to any one or more of such criteria, provided the Performance Goals, when established, are stated as alternatives to one another at the time the Performance Goal is established. 

 

	6.	Awards. 

  

	 	A.	During any fiscal year of the Company, no Participant shall receive an Award of more than $10,000,000. 

 

	 	B.	No Award that is intended to qualify as performance-based compensation under Section 162(m) of the Code shall be paid to a Participant unless and until the
Committee makes a certification in writing with respect to the attainment of the Performance Goals to the extent required by Section 162(m) of the Code. Although the Committee may in its sole discretion eliminate or reduce an Award payable to a
Participant pursuant to the applicable bonus formula, the Committee shall have no discretion to increase the amount of a Participant’s Award as determined under the applicable bonus formula. 

 

	 	C.	Unless otherwise directed by the Committee, each Award shall be paid on the March 15 immediately following the end of the Performance Period to which such Award
relates. 

  

	 	D.	The payment of an Award requires that the Participant be on the Company’s payroll as of the date of payment of the Award. Subject to the requirements for
qualifying payments hereunder as performance-based compensation under Section 162(m) of the Code, the Committee may make exceptions to this requirement in the case of change in control, retirement, death or disability, as determined by the
Committee in its sole discretion, provided, however, in the case of retirement under an Award that is intended to qualify as performance-based compensation under Section 162(m) of the Code, an exception may be made by the Committee only if the
performance goals for such qualifying payments have been satisfied based on actual performance through the end of the Performance Period (or if applicable, based on actual performance through the termination date), the amount is pro-rated based on
the time employed during the Performance Period, and the payment is made at the same time similarly situated participants receive bonuses for such Performance Period. 

 

	 	E.	The Company shall withhold all applicable federal, state, local and foreign taxes required by law to be paid or withheld relating to the receipt or payment of any
Award. 

  

	 	F.	At the discretion of the Committee, payment of an Award or any portion thereof may be deferred under a nonqualified deferred compensation plan maintained by the
Committee until a time established by the Committee and in accordance with the terms of such plan. 

	7.	General. 

  

	 	A.	No Awards that are intended to qualify as performance-based compensation under Section 162(m) of the Code shall be paid under the Plan unless and until the
Company’s stockholders shall have approved the Plan and the business criteria set forth above as required by Section 162(m) of the Code. So long as the Plan shall not have been previously terminated by the Company, it shall be resubmitted
for approval by the Company’s stockholders in the fifth year after it shall have first been approved by the Company’s stockholders, and no later than every fifth year thereafter. In addition, the Plan shall be resubmitted to the
Company’s stockholders for approval as required by Section 162(m) of the Code if it is amended in any way that changes the material terms of the Plan, including by materially modifying the business criteria set forth above, increasing the
maximum Award payable under the Plan or changing the Plan’s eligibility requirements. 

  

	 	B.	Any rights of a Participant under the Plan shall not be assignable by such Participant, by operation of law or otherwise, except by will or the laws of descent and
distribution. No Participant may create a lien on any funds or rights to which he or she may have an interest under the Plan, or which is held by the Company for the account of the Participant under the Plan. 

 

	 	C.	Participation in the Plan shall not give any Key Employee any right to remain in the employ of the Company. Further, the adoption of this Plan shall not be deemed to
give any Key Employee or other individual the right to be selected as a Participant or to be granted an Award. 

  

	 	D.	The Plan shall constitute an unfunded, unsecured obligation of the Company to make bonus payments from its general assets in accordance with the provisions of the Plan.
To the extent any person acquires a right to receive payments from the Company under this Plan, such rights shall be no greater than the rights of an unsecured creditor of the Company. 

 

	 	E.	The Plan shall be governed by and construed in accordance with the laws of the State of California. 

 

	 	F.	The Board may amend or terminate the Plan at any time and for any reason, subject to stockholder approval as described above.Unassociated Document

  
 

Exhibit 10.1

 

Confidential Treatment Requested by Capital Trust, Inc.

 

Execution Version

   

CONTRIBUTION AGREEMENT

 

THIS CONTRIBUTION AGREEMENT (this “Agreement”) is made and entered into as of March 31, 2011, by and among Capital Trust, Inc., a Maryland corporation (“CT”), CT Legacy Holdings, LLC, a Delaware limited liability company (“CT Legacy Holdings”), and CT Legacy REIT Mezz Borrower, Inc., a Maryland corporation (the “CT Legacy REIT Mezz Borrower”).  Capitalized terms not defined herein shall have the meanings ascribed to such terms in Exhibit A hereto.

 

RECITALS

 

WHEREAS, CT proposes to restructure and settle certain of its previously incurred and outstanding recourse debt liabilities in connection with the Restructuring;

 

WHEREAS, in furtherance of the Restructuring, CT has formed CT Legacy Manager, CT Legacy Holdings, CT Series 1 Note Issuer, CT Series 2 Note Issuer, CT Legacy REIT Holdings, CT Legacy REIT Mezz Borrower, CT Legacy Asset, CT Legacy MS and CT Legacy Citi and CT will cause an existing wholly-owned corporation to be converted and renamed into CT Legacy JPM;

 

WHEREAS, in furtherance of the Restructuring, CT desires to consummate the Legacy Asset Contribution Transaction pursuant to which it agrees to contribute to CT Legacy REIT Mezz Borrower the Legacy Assets in exchange for cash and the issuance to CT Legacy Holdings of shares of Class A-1 Common Stock, Class A-2 Common Stock and Class B Common Stock and to CT of shares of Class A Preferred Stock, conditioned on the consummation concurrently of the Repurchase Financing Assumption Transactions;

 

WHEREAS, the Legacy Asset Contribution Transaction, the CTLRMB Legacy Asset Downstream Contribution Transaction, the CTLA Legacy Asset Downstream Contribution Transactions, the Mezzanine Loan Contribution Transaction and the Repurchase Financing Assumption Transactions are conditions precedent to the other transactions contemplated in connection with the Restructuring.

 

NOW, THEREFORE, in consideration of the promises set forth herein and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereby agree as follows:

 

1.           Contributions to CT Legacy REIT Mezz Borrower.   Subject to Section 2, CT hereby contributes to CT Legacy REIT Mezz Borrower all right, title and interest in and to the Legacy Assets, and CT  Legacy REIT Mezz Borrower accepts the contributed Legacy Assets.  In exchange for the contribution of the Legacy Assets, CT Legacy REIT Mezz Borrower hereby agrees to pay $30,000,000.00 in cash and to issue to CT Legacy Holdings 4,393,750 shares of its Class A-1 Common Stock, 3,190,625 shares of its Class A-2 Common Stock and 1,464,582 shares of its Class B Common Stock, and to issue to CT 100 shares of its Class A Preferred Stock.

 

2.           Condition.  The parties’ agreements in Section 1 shall be subject to and conditioned upon the consummation of the CTLRMB Legacy Asset Downstream Contribution Transaction, the CTLA Legacy Asset Downstream Contribution Transactions, the Mezzanine Loan Contribution Transaction  and the Repurchase Financing Assumption Transactions.

 

  

  

  

 

3.           Representations and Warranties by CT and CT Legacy Holdings.  CT and CT Legacy Holdings severally, and not jointly, each hereby represent and warrant to CT Legacy REIT Mezz Borrower that:

 

(a)           Ownership.  CT owns beneficially and of record the Legacy Assets and all the rights and interests attached thereto to be transferred hereunder, free and clear of any taxes, liens, security interests, transfer restrictions, options, purchase rights or other encumbrances;

 

(b)           Due Authorization.  It has full power and authority (including full corporate or other entity power and authority, if applicable) to execute, deliver and perform its obligations under this Agreement, and this Agreement constitutes the legal, valid and binding obligation of it, enforceable against it  in accordance with its terms except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, and other laws of general application affecting enforcement of creditors' rights generally, and (ii) as limited by laws relating to general equitable principles;

 

(c)           Conflicts.  The execution, delivery and performance of this Agreement by it does not and will not (i) violate any constitution, statute, regulation, rule, injunction, judgment, order, decree, ruling, charge, or other restriction of any government, governmental agency, or court to which it is subject or any provision of its charter, bylaws, or other governing documents, (ii) conflict with, result in a breach of, constitute a default under, result in the acceleration of, create in any party the right to accelerate, terminate, modify, or cancel, or require any notice under any agreement, contract, lease, license, instrument, or other arrangement to which it is a party or by which it is bound or to which any of its assets is subject, or (iii) result in the imposition or creation of a lien or security interest upon or with respect to the Legacy Assets;

 

(d)           Securities Law Representations.

 

(i)         The Stock to be acquired by it pursuant to this Agreement will be acquired for its own account and not with a view to, or intention of, distribution thereof in violation of the Securities Act of 1933, as amended (the “Securities Act”), or any applicable state securities laws, and the Stock will not be disposed of in contravention of the Securities Act or any applicable state securities laws;

 

(ii)         It understands and acknowledges that (i) the Stock has not been registered under the Securities Act or any state securities laws, and such units are being sold in reliance upon an exemption or exemptions from the registration and prospectus delivery requirements of the Securities Act and applicable state securities laws, and must be held by it indefinitely unless a subsequent disposition thereof is registered under the Securities Act and applicable state securities laws or is exempt therefrom (and is able to bear the economic risk from holding the Stock for an indefinite period of time), and (ii) there is not currently a trading market for the Stock and there can be no assurances that the same will be listed on any exchange or quoted on any quotation system;

 

  

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(iii)         It is an “accredited investor” as that term is defined under Rule 501(a) promulgated pursuant to the Securities Act, and a “qualified purchaser” within the meaning of Section 3(c)(7) of the Investment Company Act of 1940, as amended (the “Investment Company Act”), and as such that term is defined in Section 2(a)(51) of the Investment Company Act.  It is an experienced and sophisticated investor and has such knowledge and experience in financial, business and investment matters as are necessary to evaluate the merits and risks of an investment in the Stock and protecting its interests in connection therewith; and

 

(iv)         It has received and reviewed information regarding CT Legacy REIT Mezz Borrower and its subsidiaries that has been provided to it by CT Legacy REIT Mezz Borrower and has been given the opportunity to ask questions of and to receive answers from CT Legacy REIT Mezz Borrower concerning the Legacy Assets, and the business, operations and financial condition of CT Legacy REIT Mezz Borrower and its subsidiaries.

 

4.           Transaction Steps.  The parties hereby acknowledge that the transactions contemplated by this Agreement involve a series of steps as more fully described in the Recitals to this Agreement and as set forth in Exhibit A hereto, and represent that it is their intention that the various steps set forth in such Recitals be consummated in the sequence set forth therein.

 

5.           Section 362(e)(2)(C) Election.   The parties hereby agree to elect to apply section 362(e)(2)(C) of the Internal Revenue Code of 1986, as amended, to reduce CT’s basis in the CT Legacy REIT Mezz Borrower stock instead of reducing CT Legacy REIT Mezz Borrower’s basis in the Legacy Assets.

 

6.           Further Assurances.  From time to time following the date hereof, the parties hereto shall execute and deliver such other instruments of assignment, transfer and delivery and shall take such other actions as any other party hereto reasonably may request in order to consummate, complete and carry out the transactions contemplated by this Agreement.

 

7.           Severability.  Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability will not affect any other provision or the effectiveness or validity of any provision in any other jurisdiction, and this Agreement will be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein.

 

8.           Complete Agreement.  This Agreement embodies the complete agreement and understanding among the parties hereto and supersedes, preempts and terminates all other prior understandings, agreements or representations by or among the parties hereto, written or oral, to the extent relating to the subject matter hereof.

 

  

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9.           Counterparts.  This Agreement may be executed (including by facsimile) in separate counterparts, each of which will be deemed to be an original and all of which taken together will constitute one and the same agreement.

 

10.           Successors and Assigns.  This Agreement is intended to bind and inure to the benefit of and be enforceable by the parties hereto and their respective successors, heirs and assigns.  Neither party may assign this Agreement without the prior written consent of the other party.

 

11.           No Third Party Beneficiaries. There are no third party beneficiaries of this Agreement and nothing in this Agreement, express or implied, is intended to confer on any person other than the parties hereto other than their respective successors, heirs and assigns, any rights, remedies, obligations or liabilities; provided, however, that Five Mile Capital II CT Mezz SPE LLC and Five Mile Capital II CT Equity SPE LLC shall be third party beneficiaries of the agreements set forth in paragraph 5 of this Agreement.

 

12.           Governing Law.  This Agreement, and the rights of the parties under this Agreement, shall be governed by and construed in accordance with the laws of the State of New York, that are applicable to contracts that are made in and to be fully performed in such state, without giving effect to any choice of law or conflict of law rules or provisions (whether of the State of New York or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of New York.

 

13.           Amendments and Waivers.  Any provision of this Agreement may be amended or waived only with the prior written consent of each of the parties hereto.

 

14.           Admission of CT Legacy REIT Mezz Borrower.  Notwithstanding any provision in the Limited Liability Company Agreement of CT XLC Holding, LLC, a Delaware limited liability company (“CT XLC LLC”), dated as of January 7, 2009 (the “CT XLC LLC Agreement”), the Limited Liability Company Agreement of Bellevue C2 Holdings, LLC, a Delaware limited liability company (“Bellevue LLC”), dated as of July 8, 2010 (the “Bellevue LLC Agreement”), and the Limited Liability Company Agreement of CNL Hotel JV, LLC, a Delaware limited liability company (and together with CT XLC LLC and Bellevue LLC, each a “Subsidiary” and collectively, the “Subsidiaries”), dated as of January 3, 2011 (and together with the CT XLC LLC Agreement and the Bellevue LLC Agreement, each a “Subsidiary LLC Agreement”), to the contrary, upon the execution of this Agreement, automatically and without any further action of any other person or entity: (i) pursuant to the contribution described in Section 1 of this Agreement, CT has hereby contributed all of the limited liability company interests in each of the Subsidiaries (collectively, the “Subsidiary LLC Interests”), to the CT Legacy REIT Mezz Borrower, and CT thereby ceases to be a member of each of the Subsidiaries, and ceases to have any interest in, or the right to exercise any right or power as a member of, the Subsidiaries; (ii) immediately prior thereto, the CT Legacy REIT Mezz Borrower is hereby admitted to each of the Subsidiaries as a member of each of the Subsidiaries; and (iii) each of the Subsidiaries shall continue without dissolution under the Delaware Limited Liability Company Act and the applicable Subsidiary LLC Agreement.

* * * * *

 

  

4

  

 

IN WITNESS WHEREOF, the parties hereto have executed this Contribution Agreement as of the date first written above.

 

	 	
CAPITAL TRUST, INC.

	 
	 	 	 	 	 
	
 

	
By: 

	/s/ Geoffrey G. Jervis	 
	 	 	Name:  	Geoffrey G. Jervis	 
	 	 	Title: 	Chief Financial Officer	 

 

 

	 	

CT LEGACY HOLDINGS, LLC

	 
	 	 	 	 	 
	
 

	
By: 

	/s/ Geoffrey G. Jervis	 
	 	 	Name:  	Geoffrey G. Jervis	 
	 	 	Title: 	Chief Financial Officer	 

 

 

	 	

CT LEGACY REIT MEZZ BORROWER, INC.

	 
	 	 	 	 	 
	
 

	
By: 

	/s/ Geoffrey G. Jervis	 
	 	 	Name:  	Geoffrey G. Jervis	 
	 	 	Title: 	Chief Financial Officer	 

  

  

  

  

 

EXHIBIT A

 

 

 

 

 

 

 

  

  

  

 

EXHIBIT A

Secured and Unsecured Obligations

Set forth below is a list of certain secured and unsecured debt obligations (the “Legacy Debt Obligations”) of Capital Trust, Inc., a Maryland corporation (“CT”):

	
  

	
1.

	
$42,369,695 due and payable under that certain master repurchase agreement, dated as of July 30, 2007, by and among CT, as seller (“Citi Seller”) and Citigroup Global Markets Inc., as securities buyer (“Citi Securities Buyer”) and Citigroup Financial Products Inc., as loan buyer (“Citi Loan Buyer”, together with Citi Securities Buyer, “Citi Buyers”), as amended by that certain amendment No. 2 to master repurchase agreement, dated as of July 24, 2008, by and between Citi Seller and Citi Buyers, as further amended by that certain amendment No. 3 to master repurchase agreement, dated as of March 16, 2009, by and between Citi Seller and Citi Buyers, as further amended by that certain amendment No. 4 to master repurchase agreement, dated as of October 1, 2009, by and between Citi Seller and Citi Buyers.

	
  

	
2.

	
$131,939,582 due and payable under that certain master repurchase agreement, dated as of October 24, 2008, by and among CT and CT BSI Funding Corp., as sellers (collectively, “JPM 1 Sellers”) and JPMorgan Chase Bank, N.A., as buyer (“JPM 1 Buyer”), as amended by that certain amendment No. 1 to master repurchase agreement, dated as of March 16, 2009, by and among JPM 1 Sellers, JPM 1 Buyer and JPMorgan Chase Bank, N.A., as affiliated hedge counterparty.

	
  

	
3.

	
$61,833,585 due and payable under that certain master repurchase agreement, dated as of November 21, 2008, by and among CT and CT BSI Funding Corp., as sellers (collectively, “JPM 2 Sellers”) and JPMorgan Chase Funding Inc., as buyer (“JPM 2 Buyer”), as amended by that certain amendment No. 1 to master repurchase agreement, dated as of March 16, 2009, by and among JPM 2 Sellers, JPM 2 Buyer and JPMorgan Chase Bank., N.A., as affiliated counter party.

 

  

  

  

 

	
  

	
4.

	
$104,106,223 due and payable under that certain master repurchase agreement, dated as of July 29, 2005, by and among CT, CT RE CDO 2004-1 Sub, LLC, and CT RE CDO 2005-1 Sub, LLC, as sellers (collectively, “MS Sellers”) and Morgan Stanley Bank, N.A., as buyer (“MS Buyer”), as amended by that certain amendment No. 1 to master repurchase agreement, dated as of November 4, 2005, by and among MS Sellers and MS Buyer, as further amended by that certain amendment No. 2 to master repurchase agreement, dated as of November 16, 2005, by and among MS Sellers and MS Buyer, as further amended by that certain amendment No. 3 to master repurchase agreement, dated as of April 6, 2006, by and among MS Sellers and MS Buyer, as further amended by that certain amendment No. 4 to master repurchase agreement, dated as of April 26, 2006, by and among MS Sellers and MS Buyer, as further amended by that certain letter agreement, dated June 23, 2006, from CT to Morgan Stanley, as further amended by that certain amendment No. 5 to master repurchase agreement, dated as of February 14, 2007, by and among MS Sellers and MS Buyer, as further amended by that certain joinder and amendment, dated as of June 5, 2007, by and among, CT Investment Management Co., LLC (“CT Investment”), MS Sellers, MS Buyer, Deutsche Bank National Trust Company (“Custodian”) and Midland Loan Services, Inc. (“Servicer”), as further amended by that certain amendment No. 6 to master repurchase agreement, dated as of December 14, 2007, by and among MS Sellers and MS Buyer, as further amended by that certain amendment No. 7 to master repurchase agreement, dated as of June 30, 2008, by  and among MS Sellers, CT Investment (together with MS Sellers, “New MS Sellers”) and MS Buyer, as further amended by that certain amendment No. 8 to master repurchase agreement, dated as of July 28, 2008, by and among New MS Sellers and MS Buyer, as further amended by that certain joinder No. 2 and amendment No. 9 to master repurchase agreement, dated as of February 13, 2009, by and among CT XLC Holding, LLC (“XLC”), New MS Sellers, MS Buyer, Custodian and Servicer, as further amended by that certain amendment No. 10 to master repurchase agreement, dated as of March 16, 2009, by and among MS Sellers, XLC and MS Buyer, as further amended by that certain amendment No. 11 to master repurchase agreement, dated as of October 1, 2009, by and among MS Sellers, XLC and MS Buyer, as further amended by that certain joinder No. 3 and amendment No. 12 to master repurchase agreement, dated as of February 3, 2011, by and among MS Sellers, XLC, and Bellevue CT Holdings, LLC, as sellers (collectively, “New MS Sellers II”), MS Buyer, as buyer, Custodian, and Servicer, as further amended by that certain joinder No. 4 and amendment No. 13 to master repurchase agreement, dated as of February 3, 2011, by and among New MS Sellers II and CNL Hotel JV, LLC, as sellers (collectively, “New MS Sellers III”), MS Buyer, as buyer, Custodian, and Servicer.

	
  

	
5.

	
$99,338,851 due and payable under that certain amended and restated credit agreement, dated as of March 16, 2009, among CT, WestLB, AG, New York Brach, BNP Paribas, Morgan Stanley Bank N.A., JPMorgan Chase Bank, N.A., Deutsche Bank Trust Company Americas and Wells Fargo Bank, N.A. and WestLB AG, New York Branch, as administrative agent for the lenders.

	
  

	
6.

	
$143,752,750 due and payable under that certain junior subordinated indenture, dated as of March 16, 2009, between CT and The Bank of New York Mellon Trust Company, National Association (“BNYM”), as trustee, and that certain junior subordinated indenture, dated as of May 14, 2009, by and between CT and BNYM, as trustee.

Legacy Assets

Set forth on Exhibit B to the Agreement to which this Exhibit A is attached is a list of certain assets owned by CT or its subsidiaries to be contributed to CT Legacy REIT Mezz Borrower (as defined below) in connection with the Restructuring (as defined below) (the “Legacy Assets”).

Restructuring

CT has undertaken to restructure and/or settle the Legacy Debt Obligations pursuant to a plan (the “Restructuring”) that contemplates the following steps and transactions:

 

  

  

  

 

	
1.

	
The transfer of the Legacy Assets to CT Legacy REIT Mezz Borrower, Inc., a Maryland corporation (“CT Legacy REIT Mezz Borrower”) in exchange for cash and the issuance to CT Legacy Holdings, LLC, a Delaware limited liability company (“CT Legacy Holdings”), of shares of Class A-1 Common Stock, Class A-2 Common Stock, Class B Common Stock of CT Legacy REIT Mezz Borrower and the issuance to CT of Class A Preferred Stock (each of the foregoing as defined herein) of CT Legacy REIT Mezz Borrower pursuant to that certain contribution agreement, dated as of the date hereof, by and among CT, CT Legacy REIT Mezz Borrower and CT Legacy Holdings (the “Legacy Asset Contribution Transaction”);

 

	
2.

	
The transfer of the Legacy Assets by CT Legacy REIT Mezz Borrower as a contribution to CT Legacy Asset, LLC, a Delaware limited liability company (“CT Legacy Asset”), pursuant to that certain contribution agreement, dated as of the date hereof, by and between CT Legacy REIT Mezz Borrower and CT Legacy Asset (the “CTLRMB Legacy Asset Downstream Contribution Transaction”);

 

	
3.

	
The transfer of certain of the Legacy Assets by CT Legacy Asset as a contribution to CT Legacy MS SPV, LLC, a Delaware limited liability company (“CT Legacy MS”), CT Legacy Citi SPV, LLC, a Delaware limited liability company (“CT Legacy Citi”) and CT Legacy JPM SPV, LLC, a Delaware limited liability company (“CT Legacy JPM”), pursuant to that certain contribution agreement, dated as of the date hereof, by and among CT Legacy Asset, on the one hand, and each of CT Legacy MS, CT Legacy Citi and CT Legacy JPM, on the other hand (the “CTLA Legacy Asset Downstream Contribution Transactions”);

 

	
4.

	
The funding of cash to CT Legacy REIT Mezz Borrower pursuant to that certain mezzanine loan agreement, dated as of the date hereof, by and between CT Legacy REIT Mezz Borrower, as borrower, and Five Mile Capital II CT Mezz SPE LLC (“Five Mile Lender”), as lender (the “Mezzanine Loan Agreement”), the pledge by CT Legacy REIT Mezz Borrower of 100% of its membership interests in CT Legacy Asset, and certain other assets of CT Legacy REIT Mezz Borrower, all pursuant to a pledge and security agreement, dated as of the date hereof, by CT Legacy REIT Mezz Borrower, as security for CT Legacy REIT Mezz Borrower’s obligations under the Mezzanine Loan Agreement and related mezzanine loan promissory note (the “Mezzanine Pledge”), and the non-recourse carve-out guaranty thereof by CT pursuant to that certain guaranty, dated as of the date hereof, pursuant to that certain contribution agreement, dated as of the date hereof, by and among Five Mile Lender, Five Mile Capital II CT Equity SPE LLC (“Five Mile Shareholder”) and CT Legacy REIT Mezz Borrower, in exchange for the issuance by CT Legacy REIT Mezz Borrower to Five Mile Lender of the related mezzanine loan promissory note and Five Mile Shareholder of shares of Class A-2 Common Stock of CT Legacy REIT Mezz Borrower (the “Mezzanine Loan Contribution Transaction”);

 

	
5.

	
The contribution to CT Legacy REIT Holdings, LLC, a Delaware limited liability company (“CT Legacy REIT Holdings”) of Class A-1 Common Stock and Class A-2 Common Stock held by CT Legacy Holdings and Five Mile Shareholder in exchange for the issuance to CT Legacy Holdings and Five Mile Shareholder of Class A-1 Units and/or Class A-2 Units of CT Legacy REIT Holdings pursuant to that certain contribution agreement, dated as of the date hereof, by and among CT Legacy REIT Holdings, CT Legacy Holdings and Five Mile Shareholder (the “REIT Stock Contribution Transaction”);

 

  

  

  

 

	
6.

	
The transfer by CT Legacy Holdings of Class A-1 Units and/or Class A-2 Units of CT Legacy REIT Holdings to each of CT Legacy Series 1 Note Issuer, LLC, a Delaware limited liability company (“CT Series 1 Note Issuer”) and CT Legacy Series 2 Note Issuer, LLC, a Delaware limited liability company (“CT Series 2 Note Issuer”) in exchange for the issuance to CT Legacy Holdings by CT Series 1 Note Issuer of those certain series 1 secured notes, dated as of the date hereof, secured by Class A-1 Units and Class A-2 Units of CT Legacy REIT Holdings (the “Series 1 Notes”), pursuant to that certain exchange agreement, dated as of the date hereof, by and between CT Legacy Holdings and CT Series 1 Note Issuer (the “Series 1 Note Exchange Transaction”), and the issuance to CT Legacy Holdings by CT Series 2 Note Issuer of those certain series 2 secured notes, dated as of the date hereof, secured by Class A-1 Units of CT Legacy REIT Holdings (the “Series 2 Notes”), pursuant to that certain exchange agreement, dated as of the date hereof, by and between CT Legacy Holdings and CT Series 2 Note Issuer (the “Series 2 Note Exchange Transaction” and together with the Series 1 Note Exchange Transaction, the “Note Exchange Transactions”);

 

	
7.

	
The assumption of certain Legacy Debt Obligations by newly acquired and converted or formed subsidiaries of CT Legacy Asset pursuant to:

 

	
  

	
(a)

	
that certain amended and restated master repurchase agreement, dated as of the date hereof, by and between CT Legacy JPM and JPMorgan Chase Bank, N.A.;

 

	
  

	
(b)

	
that certain amended and restated master repurchase agreement, dated as of the date hereof, by and between CT Legacy JPM and JPMorgan Chase Funding Inc.;

 

	
  

	
(c)

	
that certain amended and restated master repurchase agreement, dated as of the date hereof, by and among CT Legacy MS, CT XLC Holding, LLC, Bellevue C2 Holding, LLC, CNL Hotel JV, LLC and Morgan Stanley Asset Funding Inc.; and

 

	
  

	
(d)

	
that certain amended and restated master repurchase agreement, dated as of the date hereof,  by and between CT Legacy Citi and Citigroup Financial Products, Inc. and Citigroup Global Markets, Inc. ((a), (b), (c) and (d) together, the “Repurchase Financing Assumption Transactions”);

 

	
8.

	
The satisfaction and discharge of certain Legacy Debt Obligations pursuant to that certain exchange agreement, dated as of the date hereof, by and among CT, CT Legacy Holdings, CT Legacy REIT Holdings, CT Series 1 Note Issuer and WestLB AG, New York Branch, BNP Paribas, Wells Fargo Bank, N.A., JPMorgan Chase Bank, N.A., Morgan Stanley Senior Funding, Inc. and Deutsche Bank Trust Company Americas (collectively, the “WestLB Lenders”) that provides for the delivery to the WestLB Lenders by CT and CT Legacy Holdings of cash, Class A-2 Units of CT Legacy REIT Holdings and the Series 1 Notes (the “WestLB Loan Termination Transaction”);

 

  

  

  

 

	
9.

	
The discharge of certain Legacy Debt Obligations upon the delivery of Class B Common Stock by CT Legacy Holdings and the issuance by JSN Restructure Vehicle 1 Ltd., a newly formed exempted company incorporated under the laws of the Caymans Islands and owned by a third party (“Restructure 1”), of new notes pursuant to that certain indenture, dated as of the date hereof, by and between Restructure 1 and BNYM, as trustee, in exchange for such Legacy Debt Obligations held by the holders thereof and the simultaneous delivery of such obligations to CT for cancellation by the trustee (the “Old JSN Discharge Transaction”) and immediately thereafter the contribution by CT and CT Legacy Holdings of cash, shares of Class B Common Stock and certain Series 2 Notes to Restructure 1, pursuant to that certain contribution and exchange agreement, dated as of the date hereof, by and among CT, CT Legacy Holdings, CT Series 2 Note Issuer, CT Legacy REIT Mezz Borrower, Restructure 1 and the holders of such Legacy Debt Obligations named therein (the “Non-EOD CDO Restructure 1 Contribution Transaction”);

 

	
10.

	
The discharge of certain Legacy Debt Obligations held by certain holders thereof upon the redemption of such obligations in exchange for cash and certain Series 2 Notes, upon the exercise by CT of redemption rights contained in that certain supplemental indenture, dated as of the date hereof, between CT and BNYM, as trustee, to the junior subordinated indenture, dated as of March 16, 2009, between CT and BNYM, as trustee, (the “EOD CDO Redemption Transaction”), whereby such Legacy Debt Obligations shall be cancelled by the trustee, and in connection therewith, the execution of those certain redemption agreements, dated as of the date hereof, among CT, CT Legacy Holdings, CT Series 2 Note Issuer, CT Legacy REIT Mezz Borrower and the holders of such Legacy Debt Obligations (the “Old JSN 2 Discharge Transaction”);

 

	
11.

	
The discharge of certain Legacy Debt Obligations upon the exchange of such obligations by the holders thereof for cash, shares of Class B Common Stock and certain Series 2 Notes, pursuant to that certain exchange agreement, dated as of the date hereof, by and among CT, CT Legacy Holdings, CT Series 2 Note Issuer, CT Legacy REIT Mezz Borrower and the holders of the foregoing Legacy Debt Obligations (the “JSN Opt-Out Exchange Transaction”).

 

For purposes of the foregoing, the term “Class A-1 Common Stock” means the shares of class A-1 common stock, par value $0.001 per share, of CT Legacy REIT Mezz Borrower, the term “Class A-2 Common Stock” means the shares of class A-2 common stock, par value $0.001 per share, of CT Legacy REIT Mezz Borrower, the term “Class B Common Stock” means the shares of class B common stock, par value $0.001 per share, of CT Legacy REIT Mezz Borrower, the term “Class A Preferred Stock” means the shares of class A preferred stock, par value $0.001 per share, of CT Legacy REIT Mezz Borrower and the term “Stock” means each of the Class A-1 Common Stock, the Class A-2 Common Stock, the Class B Common Stock and the Class A Preferred Stock.

 

  

  

  

 

EXHIBIT B

LEGACY ASSETS

 

 

 

  

  

  

 

EXHIBIT B

LEGACY ASSETS

	
I.

	
UNENCUMBERED ASSETS

 

 

	  	
ASSET

	
INTEREST

	 	  	 
	
1.

	
 
[***]  

	
 
[***]  

	 	 	 
	
2.

	
 
[***]  

	
 
[***]  

	 	 	 
	
3.

	
 
[***]  

	
 
[***]  

	 	 	 
	
4.

	
 
[***]  

	
 
[***]  

	 	 	 
	
5.

	
 
[***]  

	
 
[***]  

	 	 	 
	
6.

	
 
[***]  

	
 
[***]  

	 	 	 
	
7.

	
 
[***]  

	
 
[***]  

	 	 	 
	
8.

	
 
[***]  

	
 
[***]  

 

 

	
II.

	
ASSETS TO BE PLEDGED TO JPMORGAN CHASE BANK, N.A.

 

	  	
ASSET

	
INTEREST

	 	 	 
	
1.

	
 
[***]  

	
 
[***]  

	 	 	 
	
2.

	
 
[***]  

	
 
[***]  

 

	
[***]  

	
Information has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

  

  

  

 

	 	 	 
	
3.

	
 
[***]  

	
 
[***]  

	 	 	 
	
4.

	
 
[***]  

	
 
[***]  

	 	 	 
	
5.

	
 
[***]  

	
 
[***]  

	 	 	 
	
6.

	
 
[***]  

	
 
[***]  

	 	 	 
	
7.

	
 
[***]  

	
 
[***]  

	 	 	 
	
8.

	
 
[***]  

	
 
[***]  

	 	 	 
	
9.

	
 
[***]  

	
 
[***]  

	 	 	 
	
10.

	
 
[***]  

	
 
[***]  

	 	 	 
	
11.

	
 
[***]  

	
 
[***]  

 

	
[***]  

	
Information has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

  

  

  

 

	 	 	 
	
12.

	
 
[***]  

	
 
[***]  

 

	
III.

	
ASSETS TO BE PLEDGED TO JPMORGAN CHASE FUNDING INC.

 

 

	  	
ASSET

	
INTEREST

	 	 	 
	
13.

	
 
[***]  

	
 
[***]  

	 	 	 
	
14.

	
 
[***]  

	
 
[***]  

	 	 	 
	
15.

	
 
[***]  

	
 
[***]  

	 	 	 
	
16.

	
 
[***]  

	
 
[***]  

	 	 	 
	
17.

	
 
[***]  

	
 
[***]  

 

 

	
[***]  

	
Information has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

  

  

  

 

	 	 	 
	
18.

	
 
[***]  

	
 
[***]  

	 	 	 
	
19.

	
 
[***]  

	
 
[***]  

	 	 	 
	
20.

	
 
[***]  

	
 
[***]  

	 	 	 
	
21.

	
 
[***]  

	
 
[***]  

	 	 	 
	
22.

	
 
[***]  

	
 
[***]  

	 	 	 
	
23.

	
 
[***]  

	
 
[***]  

	 	 	 
	
24.

	
 
[***]  

	
 
[***]  

 

	
IV.

	
ASSETS TO BE HELD BY CT LEGACY MS SPV, LLC

 

	  	
ASSET

	
INTEREST

	 	 	 
	
1.

	
 
[***]  

	
 
[***]  

	 	 	 
	
2.

	
 
[***]  

	
 
[***]  

	 	 	 
	
3.

	
 
[***]  

	
 
[***]  

 

 

	
[***]  

	
Information has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

  

  

  

 

	 	 	 
	
4.

	
 
[***]  

	
 
[***]  

 

 

	
V.

	
EQUITY MEMBERSHIP INTERESTS TO BE HELD BY CT LEGACY MS SPV, LLC

 

	  	
COMPANY

	
INTEREST HELD BY COMPANY

	 	 	 
	
5.

	
 
[***]  

	
 
[***]  

	 	 	 
	
6.

	
 
[***]  

	
 
[***]  

	 	 	 
	
7.

	
 
[***]  

	
 
[***]  

 

 

	
VI.

	
ASSETS TO BE HELD BY CT LEGACY CITI SPV, LLC

 

	  	
ASSET

	
INTEREST

	 	 	 
	
1.

	
 
[***]  

	
 
[***]  

	 	 	 
	
2.

	
 
[***]  

	
 
[***]  

	 	 	 
	
3.

	
 
[***]  

	
 
[***]  

 

 

	
[***]  

	
Information has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

  

  

  

 

	 	 	 
	
4.

	
 
[***]  

	
 
[***]  

	 	 	 
	
5.

	
 
[***]  

	
 
[***]  

 

	
[***]  

	
Information has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

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