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	Exhibit 10.70

	HEXION SPECIALTY CHEMICALS, INC.
ADDITIONAL OF TERMS OF EMPLOYMENT
FOR DALE PLANTE

	 
	 
	 
	 
	 
	 

	Supplement to August 2008 Promotional Employment Offer

	 
	 
	 
	 
	 
	 

	Immigration to U.S.:
	The Company will pursue the application of a “green card” on your behalf effective immediately.  However, the Company cannot guarantee the timing or issuance of a green card.

	 
	 
	 
	 
	 
	 

	Termination of Employment:
	Should your employment be terminated through no fault of your own, you will be eligible to receive 18 (eighteen) months of severance consistent with the Company's U.S. relocation policy.

	 
	Should your employment be terminated through no fault of your own prior to August 2013, the Company will pay for the cost of relocating you and your family back to Canada from the U.S. per the Company's U.S. relocation policy.

	 
	 
	 
	 
	 
	 

	Family Travel Allowance*:
	The Company will provide you with a lump sum payment of $7,000 per calendar year through December 2013 for your immediate family members to travel between Canada and the United States.  In addition, the Company will reimburse the cost of travel for you and your wife for bereavement leave related to immediate family members.

	 
	 
	 
	 
	 
	 

	Temporary Housing:
	The Company will cover the cost of temporary U.S. housing for up to 90 (ninety) days.

	 
	 
	 
	 
	 
	 

	Disturbance Allowance* as 
Off-set to relinquishing 
Company Car:
	The Company will provide you a one time Disturbance Allowance of $20,000 USD.  This allowance is for you to use as you need as part of your move from The Netherlands to the United States.  You have already received $15,000 of this payment and will receive the remaining $5,000 no later than July 31, 2009.

	 
	 
	 
	 
	 
	 

	Vacation:
	Your vacation entitlement of 5 weeks will now be accrued annually on a calendar year basis.  Any of the vacation carried over from 2008 can be taken through December 31, 2010.

	 
	 
	 
	 
	 
	 

	Taxes:
	Hexion agrees to cover the cost of tax preparation for 2009.  In addition, we agree to jointly review your needs in 2010.

	 
	 
	 
	 
	 
	 

	2009 Incentive Plan:
	You have now been increased to participate in the 2009 Incentive Plan year at 70% of your $300,000 base salary effective Jan 1, 2009.

	 
	 
	 
	 
	 
	 

	2008 Discretionary 
Incentive Award:
	Additionally, you were approved to receive $24,824 as a Discretionary Incentive award to recognize your 2008 performance.  This amount combined with your earned Incentive totaled a payment of $60,000 to you.

	 
	 
	 
	 
	 
	 

	2009 Long Term Incentive:
	You were approved by the Board to be eligible to receive up to 200% of your base salary in the 2009 Cash Based LTI plan.

	 
	 
	 
	 
	 
	 

	Grandfathered Retirement
Savings Plan - Company Match:
	The Company will provide you a retroactive grandfathered 2% Company Match contribution (including gains/losses) to the new Deferred Compensation Plan from January 1, 2009 - April 1, 2009 (Company Match was frozen from April 1, 2009 - May1, 2010) and from May1, 2010 through the inception of the Plan.  The Company will thereafter continue to grandfather this 2% Company Match with quarterly contributions to the deferred Compensation Plan.

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	*The aforementioned allowances shall be made in accordance with standard Hexion payroll procedures in the year in which the allowance is earned, and no later than March 15 of the year following the year in which the allowance is earned.  This is in accordance with Internal Revenue Code Section 409A.exhibit10o.htm

                                                           EXHIBIT (10)(o)

 

FIRST AMENDMENT TO

SECOND AMENDED AND RESTATED

CREDIT AGREEMENT

THIS FIRST AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT (the "First Amendment") is made and entered into as of February 2, 2011, by and among EASTGROUP PROPERTIES, L.P., a Delaware limited partnership, and EASTGROUP PROPERTIES, INC., a Maryland corporation, jointly and severally (collectively, the "Borrower"), the financial institutions (including PNC, the "Lenders") which are now parties to the Agreement (as hereinafter defined) and, PNC BANK, NATIONAL ASSOCIATION, a national banking association ("PNC"), as Administrative Agent for the Lenders (in such capacity, "Agent").

 

WITNESSETH THAT:

 

WHEREAS, Borrower, the Lenders, and Agent are parties to a certain Second Amended and Restated Credit Agreement dated as of January 4, 2008 (as amended, the "Agreement") which Agreement amended and restated a First Amended and Restated Credit Agreement among Borrower, Agent and certain of the Lenders dated December 6, 2004; and

 

WHEREAS, Borrower, Lenders and Agent wish to amend the Agreement as set forth herein by, among other things, (i) changing the definition of Tangible Net Worth and (ii) increasing the existing Tangible Net Worth covenant.

 

NOW, THEREFORE, the parties hereto, in consideration of their mutual covenants and agreements hereinafter set forth and intending to be legally bound hereby, agree to amend the Agreement as follows:

 

1. Unless a particular word or phrase is otherwise defined or the context otherwise requires, capitalized words and phrases used in this First Amendment shall have the meanings ascribed thereto in the Agreement.

 

2. The definition of "Tangible Net Worth" as set forth in Section 1 of the Agreement is hereby amended to provide in full as follows:

 

"Tangible Net Worth" means, as of given date, (a) the stockholders' equity of the Borrower, and their Subsidiaries determined on a consolidated basis, plus (b) accumulated depreciation and amortization, minus (c) the following (to the extent reflected in determining stockholders' equity of the Borrower and their Subsidiaries); (i) the amount of any write-up in the book value of any assets contained in any balance sheet resulting from revaluation thereof or any write-up in excess of the cost of assets acquired, and (ii) all amounts appearing on the assets side of any such balance sheet for assets which would be classified as intangible assets under Generally Accepted Accounting Principles, all determined on a consolidated basis.

 

 

  

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3. Section 5.3(c) of the Agreement is hereby amended to provide in full as follows:

 

(c)           a Tangible Net Worth of at least Five Hundred Seventy Million Dollars ($570,000,000), plus eighty-five percent (85%) of the net proceeds (gross proceeds less reasonable and customary costs of sale and issuance paid to Persons not Affiliates of any Obligor) received by the Borrower at any time following September 30, 2010, from the issuance of an ownership interest in the Borrower, at all times;

 

4. Except as specifically modified herein, the Agreement is hereby ratified and confirmed and shall remain in full force and effect and nothing contained herein shall be deemed to waive Borrower's compliance with any provision of the Agreement or the other Credit Documents.

 

5. The Agreement as amended by this First Amendment shall continue to be secured by the Credit Documents and nothing contained herein shall affect the priority of any lien or security interest in any of the Credit Documents and the Agreement as amended by this First Amendment.

 

6. All references to the "Agreement" contained in the Credit Documents shall be deemed to refer to and include the Agreement as amended by this First Amendment.

 

7. This First Amendment is to be construed and enforced in all respects in accordance with the laws of the Commonwealth of Pennsylvania, without regard to the principles of conflicts of laws.

 

8. This First Amendment is binding upon and shall inure to the benefit of the parties hereto and their respective successors and assigns.

 

9. The Borrower hereby represents and warrants to the Lenders that (a) no Event of Default, and no Default, under the Agreement or any of the Credit Documents has occurred and is continuing on the date of execution hereof, (b) the Borrower has no set-off claim or other defense with respect to its obligations under the Agreement or any of the Credit Documents, and (c) all representations and warranties contained in the Agreement or any of the Credit Documents are true and correct and are hereby ratified and confirmed, except to the extent of matters previously disclosed to the Lenders in writing.

 

10. This First Amendment is conditioned upon, and shall only become effective upon, the satisfaction of the following conditions:

 

(a) the representations and warranties contained in Section 9 hereof and Article 4 of the Agreement shall be true and correct; and

 

(b) the Borrower shall reimburse Agent for the closing costs, and all reasonable attorney's fees and other expenses incurred by Agent in connection with this First Amendment.

 

  

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11. This First Amendment may be executed in any number of counterparts each of which, when so executed, shall be deemed an original, but all such counterparts shall constitute but one and the same instrument.

 

[REMAINDER OF PAGE LEFT INTENTIONALLY BLANK]

 

 

  

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[SIGNATURE PAGE 1 OF 3 - FIRST AMENDMENT TO SECOND AMENDED

AND RESTATED CREDIT AGREEMENT]

 

IN WITNESS WHEREOF, the parties hereto have executed this First Amendment as of the date set forth above.

 

EASTGROUP PROPERTIES, L.P., a Delaware limited partnership

 

By:          EastGroup Properties General Partners, Inc.,

General Partner

 

By:           /s/ N. Keith McKey

Name:      N. Keith McKey

Title:        Chief Financial Officer

 

By:           /s/ Bruce Corkern

Name:      Bruce Corkern

Title:        Controller

 

 

EASTGROUP PROPERTIES, INC.

 

By:          /s/ N. Keith McKey

Name:     N. Keith McKey

Title:       Chief Financial Officer

 

By:          /s/ Bruce Corkern

Name:     Bruce Corkern

Title:       Controller

 

 

PNC BANK, NATIONAL ASSOCIATION, as

Administrative Agent and as a Lender

 

By:          /s/ Andrew T. White

Name:     Andrew T. White

Title:       Senior Vice President

 

 

  

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[SIGNATURE PAGE 2 OF 3 - FIRST AMENDMENT TO SECOND AMENDED

AND RESTATED CREDIT AGREEMENT]

 

REGIONS BANK, as Co-Syndication Agent and

as a Lender

 

By:          /s/ Phil E. Burgan

Name:     Phil E. Burgan

Title:       Vice President

 

 

SUNTRUST BANK, as Co-Syndication Agent and

as a Lender

 

By:          /s/ W. John Wendler

Name:     W. John Wendler

Title:       Senior Vice President

 

 

WELLS FARGO BANK, NATIONAL ASSOCIATION, as Documentation Agent and

as a Lender

 

By:          /s/ Andrew W. Hussion

Name:     Andrew W. Hussion

Title:       Asst Vice President

 

 

U.S. BANK NATIONAL ASSOCIATION,

as a Lender

 

By:          /s/ Dennis Redpath

Name:     Dennis Redpath

Title:       Senior Vice President

 

 

  

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[SIGNATURE PAGE 3 OF 3 - FIRST AMENDMENT TO SECOND AMENDED

AND RESTATED CREDIT AGREEMENT]

 

TRUSTMARK NATIONAL BANK,

as a Lender

 

By:          /s/ Gretchen Ware

Name:     Gretchen Ware

Title:       First Vice President

 

 

BANK OF AMERICA, N.A., as a Lender

 

By:          /s/ Lissette Rivera-Pauley

Name:     Lissette Rivera-Pauley

Title:       Senior Vice President

 

  

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CONSENT

The undersigned, having executed and delivered the Guaranties, as defined in the Second Amended and Restated Credit Agreement (the "Agreement") referenced in the foregoing First Amendment to Second Amended and Restated Credit Agreement (the "First Amendment"), hereby consent to the First Amendment and to the amendments to the Agreement contained therein, and hereby ratify and confirm the undersigned's obligations under the Guaranties.  All references in the Guaranties to defined terms in the Agreement are hereby amended in accordance with the First Amendment to the Agreement and all references in the Guaranties executed by the undersigned to the Agreement shall be deemed to refer to the Agreement as amended by the First Amendment.

 

                                                         EASTGROUP PROPERTIES HOLDINGS, INC., 

                                                         a Delaware corporation

                                                         By:           /s/ N. Keith McKey

                                                         Name:      N. Keith McKey

                                                         Title:        Chief Financial Officer

                                                         By:           /s/ Bruce Corkern

                                                         Name:      Bruce Corkern

                                                         Title:        Controller

                                                         EASTGROUP PROPERTIES GENERAL PARTNERS, INC., 

                                                         a Delaware corporation

                                                         By:           /s/ N. Keith McKey

                                                         Name:      N. Keith McKey

                                                         Title:        Chief Financial Officer

                                                         By:           /s/ Bruce Corkern

                                                         Name:      Bruce Corkern

                                                         Title:        Controller

 

  

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                                                        SAMPLE I-95 ASSOCIATES, a Florida joint venture

                                                        By:           EASTGROUP PROPERTIES GENERAL PARTNERS, INC., 

                                                                         a Delaware corporation, General Partner

                                                          By:           /s/ N. Keith McKey

                                                          Name:      N. Keith McKey

                                                          Title:        Chief Financial Officer

                                                          By:           /s/ Bruce Corkern

                                                          Name:      Bruce Corkern

                                                          Title:        Controller

                                                        EASTGROUP TRS, INC., a Delaware corporation

                                                        By:           /s/ N. Keith McKey

                                                        Name:      N. Keith McKey

                                                        Title:        Chief Financial Officer

                                                        By:          /s/ Bruce Corkern

                                                        Name:     Bruce Corkern

                                                        Title:       Controller

 

  

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