Document:

exv10w1

 

Exhibit 10.1

AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT

     This AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT (this “Amendment”) is made this 31st day
of March, 2007 by and between (i) Mark R. Keller (the “Executive”) and (ii) Republic Property
Trust, a Maryland real estate investment trust (the “Company”).

     WHEREAS, the Executive and the Company are parities to that certain Employment Agreement dated
as of December 20, 2005 (the “Employment Agreement”), pursuant to which the Company employed the
Executive on the terms and conditions set forth therein;

     WHEREAS, the Executive has requested that the Company amend the Employment Agreement to (i)
align the Employment Agreement with the employment agreements of the other executive officers with
respect to the severance payment calculated pursuant to Paragraph 4(c) of the Employment Agreement
and (ii) provide the Executive with an excess life insurance policy;

     WHEREAS, on February 28, 2007, the Company’s Compensation Committee of the Board of Trustees
agreed to amend the Employment Agreement on the terms and conditions set forth herein.

     NOW, THEREFORE, in consideration of the foregoing premises, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, and fully intending to
be legally bound by the Amendment, the parties hereto agree as follows:

     1. Definitions; Preamble. Capitalized terms and phrases used herein without
definition shall have the meanings assigned to such terms and phrases in the Employment Agreement.
The Preamble hereto is hereby incorporated herein and, by this reference, made a substantive part
hereof.

     2. Amendments to Employment Agreement. As of the date first written above, the
Employment Agreement is hereby amended as follows:

“2. Compensation. Paragraph 2 is amended by adding the following new paragraph
2(f) at the end thereof:

(f) Additional Benefits. In addition to the benefits provided
pursuant to this paragraph 2, the Company shall pay for life insurance
coverage on Executive’s life with a minimum benefit of One Million
Dollars ($1,000,000), provided that the Company is able to obtain a life
insurance policy at reasonable rates, using commercially reasonable
efforts that fully insures this minimum benefit to Executive.

 

 

4. Rights Upon Termination. Paragraph 4(c) is amended and restated as follows:

If the Executive’s employment terminates under circumstances described
in paragraph 3(a) (relating to the Executive’s death), paragraph 3(b)
(relating to the Executive’s Disability), paragraph 3(d) (Constructive
Termination), paragraph 3(g) (termination by the Company for reasons
other than for Cause, death or Disability), or due to non-renewal of
the Agreement Term by the Company prior to Executive attaining age 62,
or under the circumstances described in paragraph 3(h) (terminations
after Change in Control), then, in addition to the amounts payable in
accordance with paragraph 4(a), the Executive shall receive from the
Company a lump sum cash payment, payable within 30 days of such
termination, equal to (i) two and one-half (2-1/2) times the total of
(A) and (B), where (A) is his Salary then in effect, and (B) is his
Average Annual Bonus, where “Average Annual Bonus” shall mean the
average bonus actually paid to the Executive with respect to the prior
three (3) calendar years, or if greater, 100% of his Salary then in
effect; and (ii) a pro-rata Bonus for the portion of the calendar year
elapsed through the Date of Termination based on the amount set forth
in clause (B) of this paragraph 4(c). During the 30-month period
beginning on the Date of Termination of the Executive’s employment
pursuant to paragraph 3(h), the Executive and his family members shall
be entitled to continued participation in all medical, dental,
disability, life insurance coverage and any other benefit plans and
arrangements, in each case with benefits no less favorable in any
material respect than the level of coverage and benefits applicable to
them immediately prior to the Date of Termination, and the Company
shall pay all premium amounts therefor. The 30 months of continued
medical coverage at the Company’s expense shall run concurrently with
the time period for which the Executive and his family members are
entitled to continued medical coverage under the provisions of Section
4980B of the Code and Section 601 of ERISA, if applicable, or any
similar state law continuation coverage requirements. The Executive’s
restricted shares and other equity awards shall vest, and any stock
options and stock appreciation rights shall be exercisable, after the
Date of Termination, as set forth at paragraph 2(e)(iv)(A) or (B)
hereof, as the case may be.”

     3. No Other Changes. Except as otherwise expressly provided by this Amendment, all of
the terms, conditions and provisions of the Employment Agreement remain unaltered and in full force
and effect. The Employment Agreement and this Amendment shall be read and construed as one
agreement. The making of the amendments in this Amendment does not imply any obligation or
agreement by the Company to make any other amendment, waiver, modification or consent as to any
matter on any subsequent occasion.

 

 

     4. Governing Law. This Amendment shall be governed by and construed in accordance
with the laws of the District of Columbia, without regard to the principles of conflict of laws.

     5. Assignment. This Amendment shall be binding upon and inure to the benefit of each
of the parties hereto and their respective permitted successors and assigns.

     6. Counterparts. This Amendment may be executed in any number of counterparts, but
all such counterparts shall together constitute but one and the same agreement. In making proof of
this Amendment, it shall not be necessary to produce or account for more than one counterpart
thereof signed by each of the parties hereto.

     IN WITNESS WHEREOF, the undersigned have duly executed and delivered this Amendment as of the
date first set forth above.

	 	 	 	 	 
	 	 	 
	 	                    /s/ Mark. R. Keller
 	 
	 	Name:  	Mark R. Keller 	 
	 	 	 
	 
	 	REPUBLIC PROPERTY TRUST

 	 
	 	By:  	/s/ Gary R. Siegel
 	 
	 	Name:  	Gary R. Siegel 	 
	 	Title:  	Chief Operating Officer and

General Counselexv10w2

 

	 	 	 	 	 

Exhibit 10.2

SECOND AMENDMENT TO SENIOR SECURED

REVOLVING CREDIT AGREEMENT

     THIS SECOND AMENDMENT TO SENIOR SECURED REVOLVING CREDIT AGREEMENT (this “Amendment”)
made as of the 28th day of March, 2007, by and among REPUBLIC PROPERTY LIMITED PARTNERSHIP, a
Delaware limited partnership (“Borrower”), REPUBLIC PROPERTY TRUST, a Maryland real estate
investment trust (“Parent Guarantor”), THE OTHER ENTITIES LISTED ON THE SIGNATURE PAGES HEREOF AS
GUARANTORS (the “Subsidiary Guarantors”; the Parent Guarantor and the Subsidiary Guarantors are
hereinafter referred to collectively as the “Guarantors”), KEYBANK NATIONAL ASSOCIATION, a national
banking association (“KeyBank”), THE OTHER LENDERS WHICH ARE SIGNATORIES HERETO (KeyBank and the
other lenders which are signatories hereto, collectively, the “Lenders”), and KEYBANK NATIONAL
ASSOCIATION, a national banking association, as Administrative Agent for the Lenders (the “Agent”).

W I T N E S S E T H:

     WHEREAS, Borrower, Parent Guarantor, Agent and the Lenders entered into that certain
Senior Secured Revolving Credit Agreement dated as of May 1, 2006 (the “Original Credit
Agreement”), as amended by that certain First Amendment to Senior Secured Revolving Credit
Agreement dated as of September 27, 2006, (the “First Amendment”) (the Original Credit Agreement,
as amended by the First Amendment, the “Credit Agreement”); and

     WHEREAS, Borrower has requested that the Agent and the Lenders make certain modifications to
the terms of the Credit Agreement; and

     WHEREAS, the Agent and the Lenders have agreed to make such modifications subject to the
execution and delivery by Borrower and Guarantors of this Amendment.

     NOW, THEREFORE, for and in consideration of the sum of TEN and NO/100 DOLLARS ($10.00), and
other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged,
the parties hereto do hereby covenant and agree as follows:

     1. Definitions. All the terms used herein which are not otherwise defined herein
shall have the meanings set forth in the Credit Agreement.

     2. Modification of the Credit Agreement. Borrower, Parent Guarantor, the Lenders and
Agent do hereby modify and amend the Credit Agreement by deleting §9.6(a) of the Credit Agreement
in its entirety, and inserting in lieu thereof the following new §9.6(a):

     “(a) at all times, at least eighty percent (80%) of the total Net Rentable Area
of the Mortgaged Properties within the Borrowing Base (on a portfolio basis) shall
be physically occupied by tenants under arms-length written Leases which are in full
force and effect and pursuant to which the tenants are paying rent; provided
that, Agent and the Lenders agree that for the purposes of determining compliance
with this §9.6(a), the Mortgaged Property commonly known as Presidents Park II shall
only be included in the calculation set forth in this clause (a) beginning with the
calculation made at the earlier of (i) the end of the calendar quarter ending March
31, 2008, or (ii) the calendar quarter during which XO Communications, LLC takes
occupancy under their lease dated as of February 28, 2007, as modified or amended
from time to time.”

 

 

     3. References to Credit Agreement. All references in the Loan Documents to the Credit
Agreement shall be deemed a reference to the Credit Agreement, as modified and amended herein.

     4. Acknowledgment of Borrower and Guarantors. Borrower and Guarantors hereby
acknowledge, represent and agree that the Loan Documents, as modified and amended herein, remain in
full force and effect and constitute the valid and legally binding obligation of Borrower and
Guarantors, as applicable, enforceable against Borrower and Guarantors in accordance with their
respective terms, and that the execution and delivery of this Amendment and any other documents in
connection therewith do not constitute, and shall not be deemed to constitute, a release, waiver or
satisfaction of Borrower’s or Guarantors’ obligations under the Loan Documents.

     5. Representations and Warranties. Borrower and Guarantors represent and warrant to
Agent and the Lenders as follows:

          (a) Authorization. The execution, delivery and performance of this Amendment and the
transactions contemplated hereby (i) are within the authority of Borrower and Guarantors, (ii) have
been duly authorized by all necessary proceedings on the part of the Borrower and Guarantors, (iii)
do not and will not conflict with or result in any breach or contravention of any provision of law,
statute, rule or regulation to which the Borrower or any of the Guarantors is subject or any
judgment, order, writ, injunction, license or permit applicable to the Borrower or any of the
Guarantors, (iv) do not and will not conflict with or constitute a default (whether with the
passage of time or the giving of notice, or both) under any provision of the partnership agreement
or certificate, certificate of formation, operating agreement, articles of incorporation or other
charter documents or bylaws of, or any mortgage, indenture, agreement, contract or other instrument
binding upon, the Borrower or any of the Guarantors or any of their respective properties or to
which the Borrower or any of the Guarantors is subject, and (v) do not and will not result in or
require the imposition of any lien or other encumbrance on any of the properties, assets or rights
of the Borrower or any of the Guarantors, other than the liens and encumbrances created by the Loan
Documents.

          (b) Enforceability. The execution and delivery of this Amendment are valid and
legally binding obligations of Borrower and Guarantors enforceable in accordance with the
respective terms and provisions hereof, except as enforceability is limited by bankruptcy,
insolvency, reorganization, moratorium or other laws relating to or affecting generally the
enforcement of creditors’ rights and the effect of general principles of equity.

          (c) Approvals. The execution, delivery and performance of this Amendment and the
transactions contemplated hereby do not require the approval or consent of any Person or the
authorization, consent, approval of or any license or permit issued by, or any filing or
registration with, or the giving of any notice to, any court, department, board, commission or
other governmental agency or authority other than those already obtained.

2

 

          (d) Reaffirmation. Borrower and Guarantors reaffirm and restate as of the date hereof
each and every representation and warranty made by the Borrower, the Guarantors and their
respective Subsidiaries in the Loan Documents or otherwise made by or on behalf of such Persons in
connection therewith except for representations or warranties that expressly relate to an earlier
date.

     6. No Default. By execution hereof, the Borrower and Guarantors certify that Borrower
and each of the Guarantors is and will be in compliance with all covenants under the Loan Documents
after the execution and delivery of this Amendment, and that no Default or Event of Default has
occurred and is continuing.

     7. Waiver of Claims. Borrower and Guarantors acknowledge, represent and agree that
none of such Persons has any defenses, setoffs, claims, counterclaims or causes of action of any
kind or nature whatsoever with respect to the Loan Documents, the administration or funding of the
Loan or with respect to any acts or omissions of Agent or any Lender, or any past or present
officers, agents or employees of Agent or any Lender, and each of such Persons does hereby
expressly waive, release and relinquish any and all such defenses, setoffs, claims, counterclaims
and causes of action, if any.

     8. Ratification. Except as hereinabove set forth, all terms, covenants and provisions
of the Credit Agreement remain unaltered and in full force and effect, and the parties hereto do
hereby expressly ratify and confirm the Loan Documents as modified and amended herein. Nothing in
this Amendment or any other document delivered in connection herewith shall be deemed or construed
to constitute, and there has not otherwise occurred, a novation, cancellation, satisfaction,
release, extinguishment or substitution of the indebtedness evidenced by the Notes or the other
obligations of Borrower and Guarantors under the Loan Documents.

     9. Effective Date. This Amendment shall be deemed effective and in full force and
effect as of the date hereof upon the execution and delivery of this Amendment by Borrower,
Guarantors, Agent and the Required Lenders. The Borrower will pay the reasonable fees and expenses
of Agent in connection with this Amendment.

     10. Amendment as Loan Document. This Amendment shall constitute a Loan Document.

     11. Counterparts. This Amendment may be executed in any number of counterparts which
shall together constitute but one and the same agreement.

     12. MISCELLANEOUS. THIS AMENDMENT SHALL, PURSUANT TO NEW YORK GENERAL OBLIGATIONS LAW
SECTION 5-1401, BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.
This Amendment shall be binding upon and shall inure to the benefit of the parties hereto and their
respective permitted successors, successors-in-title and assigns as provided in the Credit
Agreement.

[Remainder of Page Intentionally Left Blank]

3

 

IN WITNESS WHEREOF, the parties hereto have hereto set their hands and affixed their seals as of
the day and year first above written.

	 	 	 	 	 	 	 	 	 
	 	 	BORROWER:	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	REPUBLIC PROPERTY LIMITED PARTNERSHIP,

a Delaware limited partnership	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	Republic
Property Trust, a Maryland real estate
investment trust, its sole general partner	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:

Name:
	 	/s/ Gary R. Siegel
 

Gary R. Siegel
	 	 
	 

	 	 	 	Title:
	 	Chief Operating Officer	 	 
	 
	 

	 	 	 	 	 	(SEAL)	 	 

	 	 	 	 	 	 	 
	 	 	GUARANTORS:	 	 
	 
	 	 	 	 	 	 
	 	 	REPUBLIC PROPERTY TRUST, a Maryland real estate investment trust	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Gary R. Siegel
 

Gary R. Siegel
	 	 
	 

	 	Title:
	 	Chief Operating Officer	 	 
	 
	 	 	 	 	 	 
	 	 	RPT PRESIDENTS PARK LLC, a Delaware limited liability company	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Gary R. Siegel	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Gary R. Siegel	 	 
	 

	 	Title:
	 	Chief Operating Officer	 	 
	 
	 	 	 	 	 	 
	 	 	PRESIDENTS PARK I LLC, a Delaware limited liability company	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Gary R. Siegel	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Gary R. Siegel	 	 
	 

	 	Title:
	 	Chief Operating Officer	 	 

[SIGNATURES CONTINUED ON NEXT PAGE]

4

 

	 	 	 	 	 	 	 
	 	 	PRESIDENTS PARK II LLC, a Delaware limited liability company	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Gary R. Siegel
 

Gary R. Siegel
	 	 
	 

	 	Title:
	 	Chief Operating Officer	 	 
	 
	 	 	 	 	 	 
	 	 	PRESIDENTS PARK III LLC, a Delaware limited liability company	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Gary R. Siegel
 

Gary R. Siegel
	 	 
	 

	 	Title:
	 	Chief Operating Officer	 	 

[SIGNATURES CONTINUED ON NEXT PAGE]

5

 

	 	 	 	 	 	 	 
	 	 	LENDERS:	 	 
	 
	 	 	 	 	 	 
	 	 	KEYBANK NATIONAL ASSOCIATION, individually as a Lender and as Agent	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Michael P. Szuba
 

Michael P. Szuba
	 	 
	 

	 	
Title:
	 	

Vice President
	 	 
	 
	 	 	 	 	 	 
	 	 	SUNTRUST BANK	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Nancy B. Richards	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Nancy B. Richards	 	 
	 

	 	Title:
	 	Senior Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	CHARTER ONE BANK, N.A.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Michele S. Jawyn	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Michele S. Jawyn	 	 
	 

	 	Title:
	 	Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	RAYMOND JAMES BANK, FSB	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Steven F. Paley	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Steven F. Paley	 	 
	 

	 	Title:
	 	Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	PNC BANK, NATIONAL ASSOCIATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Timothy P. Gleeson	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Timothy P. Gleeson	 	 
	 

	 	Title:
	 	Vice President	 	 

[SIGNATURES CONTINUED ON NEXT PAGE]

6

 

	 	 	 	 	 	 	 
	 	 	SOVEREIGN BANK	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ T. Gregory Donohue
 

T. Gregory Donohue
	 	 
	 

	 	Title:
	 	Senior Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	WACHOVIA BANK, NATIONAL ASSOCIATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Amit Khimji	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Amit Khimji	 	 
	 

	 	Title:
	 	Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	EMIGRANT BANK	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Russell T. Wyman	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Russell T. Wyman	 	 
	 

	 	Title:
	 	Vice President	 	 

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