Document:

Exhibit
10.1

 

EXECUTIVE RETIREMENT AGREEMENT

 

This Executive Retirement
Agreement (the “Agreement”) is entered into as of December 27, 2007 (the “Effective
Date”), by and between Sepracor Inc. (“Sepracor” or the “Company”) and Timothy
J. Barberich (“Mr. Barberich,” and individually, a “Party,” and
collectively, the “Parties”).

 

WHEREAS, the Company wishes to
retain the services of Mr. Barberich for at least two years and to
compensate him for his willingness to continue to provide such services to the
Company; and

 

WHEREAS, the Company wishes to
provide retirement benefits to Mr. Barberich who has served as the Company’s
chief executive for over 20 years.

 

NOW, THEREFORE, for good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the Parties agree as follows:

 

1.             Term of Service.  The
term of this Agreement shall extend from the Effective Dater through December 31,
2009 (the “Term”).  Sepracor and Mr. Barberich
agree that for the period from the Effective Date through a date no later than May 13,
2008, Mr. Barberich will serve as Executive Chairman of the Company, or in
such other executive position at Sepracor as is agreed to by Sepracor and Mr. Barberich
(each such position being referred to as an “Executive”), subject to the next
paragraph of this Agreement.  In his
capacity as an Executive, Mr. Barberich shall perform such duties
consistent with his position as an Executive as are reasonably assigned to him
by the Board of Directors of the Company or Sepracor’s Chief Executive Officer.

 

At such time on or prior to May 13,
2008 that Mr. Barberich ceases to be an Executive either because he elects
to retire from the Company or because Sepracor elects to terminate his
employment other than for “Cause” (as defined in Section 5(b) below),
Mr. Barberich agrees to serve in a consulting – independent contractor
capacity as an advisor (an “Advisor”) to the Company for the remainder of the
Term.  In his capacity as Advisor, Mr. Barberich
shall provide such advice and perform such projects as are reasonably requested
of him by the Board of Directors of the Company or Sepracor’s Chief Executive
Officer.

 

The right to receive the
compensation set forth in Section 2 below for such portion of the Term
that Mr. Barberich serves as an Advisor is subject to his execution of a
release, substantially in the form of Exhibit A hereto, which shall
include but not be limited to, provisions involving a general release of all
claims, confidentiality, non-competition (in a business capacity), non-disparagement
and return of Company property.

 

2.             Compensation and Benefits. 
During the Term, the Company shall pay Mr. Barberich at the rate of
$1,650,000 per year, except as set forth in Section 7 below. For so long
as he serves as an Executive of the Company, such amount shall be paid, less
applicable taxes and withholdings, in accordance with the Company’s regular
payroll practices.  While Mr. Barberich
is serving as an Advisor to the Company, such amount shall be paid in regular
monthly installments at the annualized rate of $1,650,000 and Mr. Barberich
shall be solely responsible for all state and federal income taxes,
unemployment insurance and social security 

 

 

taxes and for maintaining
adequate workers’ compensation insurance for himself, consistent with his
independent contractor status.

 

During the Term, in addition to
the amounts payable under the first paragraph of this Section 2, Mr. Barberich
shall continue (a) to receive a salary and continue to be eligible for
bonus and equity compensation for so long as he serves as an Executive (in such
amounts as are determined by the Compensation Committee of the Board of
Directors), and (b)  to be eligible to receive the health and dental
benefits which he currently enjoys under the Company’s plans and policies under
the same terms that applied to him immediately prior to the Effective Date,
subject to the terms of those plans and policies.

 

The Company shall reimburse Mr. Barberich
for all reasonable travel, entertainment and other expenses incurred or paid by
Mr. Barberich during the Term in connection with, or related to, the
performance of his duties, responsibilities or services under this Agreement,
upon presentation by Mr. Barberich of documentation, expense statements,
vouchers and/or such other supporting information as the Company may request.

 

3.             Restricted Stock.  The
Company agrees to grant to Mr. Barberich under the Company’s 2000 Stock
Incentive Plan (the “Stock Plan”) 47,500 restricted shares of common stock (the
“Restricted Stock”).  The Restricted
Stock shall vest in two equal annual installments on each of the first two
anniversaries of the grant date, and shall be contingent upon continued service
as an Executive of, or Advisor to, the Company, and shall contain such other
terms are as set forth in the award agreement attached hereto as Exhibit B.

 

4.             Service as Member of Board of Directors.  Mr. Barberich serves as member of the
Board of Directors of Sepracor.  This
Agreement is not intended to address or interfere with Mr. Barberich’s position
as a director.

 

5.             Employment Termination. 
The employment of Mr. Barberich shall terminate no later than May 13,
2008 and this Agreement shall terminate no later than the expiration date of
the Term. In addition, prior to May 13, 2008, the employment of Mr. Barberich
by the Company shall terminate upon the occurrence of any of the following:

 

a.             At
the election of the Company, for “Cause” (as defined below) immediately upon
written notice by the Company to Mr. Barberich, which notice shall identify
the Cause upon which termination is based.

 

For purposes
of this Section 5(a), Cause shall mean:

 

(i)            Mr. Barberich’s
willful and continued failure to substantially perform his reasonably assigned
duties (other than any such failure resulting from incapacity due to physical
or mental illness) which failure continues, in the reasonable judgment of the
Board of Directors of the Company, after written notice to Mr. Barberich
by the Board; or

 

(ii)           Mr. Barberich’s
willful engagement in illegal conduct or gross misconduct which is materially
and demonstrably injurious to the Company.

 

2

 

For purposes
of this Section 5(a), no act or failure to act by Mr. Barberich shall
be considered “willful” unless it is done, or omitted to be done, in bad faith
and without reasonable belief that Mr. Barberich’s action or omission was
in the best interests of the Company.

 

b.             Upon
the death or disability of Mr. Barberich. 
As used in this Agreement, the term “disability” shall mean Mr. Barberich’s
absence from the full-time performance of his duties with the Company for one
hundred eighty (180) consecutive calendar days as a result of incapacity due to
mental or physical illness which is determined to be total and permanent by a
physician selected by the Company or its insurers.

 

c.             At
the election of Mr. Barberich upon not less than sixty (60) days’ written
notice to the Company.

 

d.             At
the election of the Company, without Cause, upon not less than sixty (60) days’
written notice to Mr. Barberich.

 

6.             Termination of Advisor Engagement. 
The engagement of Mr. Barberich as an Advisor by the
Company under this Agreement shall terminate upon the occurrence of any of the
following:

 

a.             On
the expiration date of the Term.

 

b.             A
breach by Mr. Barberich of his Advisor obligations.

 

c.             At
the election of Mr. Barberich upon not less than sixty (60) days’ written
notice to the Company.

 

d.             At
the election of the Company upon not less than sixty (60) days’ written notice
to Mr. Barberich.

 

7.                                      Effect of Termination of Employment or Termination of Advisor
Engagement.

 

a.             In
the event Mr. Barberich’s employment is terminated for Cause by the
Company pursuant to Section 5(a) or his Advisor engagement is
terminated by the Company pursuant to Section 6(b) or at the election
of Mr. Barberich pursuant to Section 6(c), the Company shall pay to Mr. Barberich
a pro-rated portion of his compensation and benefits otherwise payable to him
under Section 2 through the last calendar day of his actual employment by
the Company or services as an Advisor.

 

b.             In
the event Mr. Barberich’s employment is terminated because of his death
pursuant to Section 5(b), the Company shall pay to the estate of Mr. Barberich
a pro-rated portion of the compensation which would otherwise be payable to Mr. Barberich
up to the end of the month in which his death occurs.  In the event Mr. Barberich’s employment
is terminated because of disability pursuant to Section 5(b), the Company
shall pay to Mr. Barberich a pro-rated portion of the compensation which
would otherwise be payable to Mr. Barberich under Section 2 up
through the last calendar day of his actual employment by the Company.

 

3

 

c.             In
the event Mr. Barberich’s employment is terminated by Mr. Barberich
pursuant to Section 5(c) or by the Company pursuant to Section 5(d),
and Mr. Barberich agrees to serve as an Advisor to the Company following
such termination, this Agreement shall remain in effect and Section 2
shall apply for the remainder of the Term, unless and until Mr. Barberich’s
service as an Advisor is earlier terminated, at which point Section 7(a) or
Section 7(d) shall apply, as applicable.

 

d.             In
the event the Company terminates Mr. Barberich’s service as an Advisor
pursuant to Section 6(d) or Mr. Barberich’s employment is
terminated by the Company pursuant to Section 5(d) and does not
engage Mr. Barberich as Advisor, the Company shall pay to Mr. Barberich
the compensation and benefits otherwise payable to him under Section 2 in
accordance with the provisions of Section 2 through the end of the Term
and all unvested shares of Restricted Stock shall immediately vest.

 

e.             Notwithstanding
anything to the contrary contained herein, in the event Mr. Barberich
receives compensation and/or benefits in connection with a Change in Control
under the terms of the Executive Retention Agreement between Mr. Barberich
and the Company, dated February 1, 2002 (the “ERA”), his right to
compensation and benefits under this Agreement shall cease immediately upon
such Change in Control.  For purposes of
this Agreement, Change in Control shall have the meaning set forth in the ERA.

 

8.             Section 409A.

 

a.             Distributions.  The following rules shall apply with
respect to distribution of the payments and benefits, if any, to be provided to
Mr. Barberich under Section 2:

 

(i)            It
is intended that each installment of the payments and benefits provided under Section 2
shall be treated as a separate “payment” for purposes of Section 409A of
the U.S. Internal Revenue Code of 1986, as amended, and the guidance issued
thereunder (“Section 409A”). 
Neither the Company nor Mr. Barberich shall have the right to
accelerate or defer the delivery of any such payments or benefits except to the
extent specifically permitted or required by Section 409A;

 

(ii)           If,
as of the date of the “separation from service” of Mr. Barberich from the
Company (as defined below), Mr. Barberich is not a “specified employee”
(within the meaning of Section 409A), then each installment of the
payments and benefits shall be made on the dates and terms set forth in Section 2;
and

 

(iii)          If,
as of the date of the “separation from service” of Mr. Barberich from the
Company, Mr. Barberich is a “specified employee” (within the meaning of Section 409A),
then:

 

(A)          Each
installment of the payments and benefits due under Section 2 that, in
accordance with the dates and terms set forth herein, will in all
circumstances, regardless of when the separation from service occurs, be paid
within the Short-Term Deferral Period (as hereinafter defined) shall be treated
as a short-term deferral within the meaning of Treasury Regulation Section 1.409A-1(b)(4) to
the maximum extent permissible under Section 409A.  For purposes of this Agreement, the “Short-Term
Deferral Period” means the period 

 

4

 

ending on the later of the 15th
day of the third month following the end of Mr. Barberich’s tax year in
which the separation from service occurs and the 15th day of the
third month following the end of the Company’s tax year in which Mr. Barberich’s
separation from service occurs; and

 

(B)           Each
installment of the payments and benefits due under Section 2 that is not
paid within the Short-Term Deferral Period and that would, absent this
subsection, be paid within the six-month period following the “separation from
service” of Mr. Barberich from the Company shall not be paid until the
date that is six months and one day after such separation from service (or, if
earlier, Mr. Barberich’s death), with any such installments that are
required to be delayed being accumulated during the six-month period and paid
in a lump sum on the date that is six months and one day following Mr. Barberich’s
separation from service and any subsequent installments, if any, being paid in
accordance with the dates and terms set forth herein.

 

b.             The
determination of whether and when a separation from service has occurred shall
be made and in a manner consistent with, and based on the presumptions set forth
in, Treasury Regulation Section 1.409A-1(h).

 

c.             All
reimbursements and in-kind benefits provided under the Agreement shall be made
or provided in accordance with the requirements of Section 409A to the
extent that such reimbursements or in-kind benefits are subject to Section 409A.

 

d.             The
Company makes no representation or warranty and shall have no liability to Mr. Barberich
or any other person if any provisions of this Agreement are determined to
constitute deferred compensation subject to Section 409A but do not
satisfy an exemption from, or the conditions of, such section.

 

9.             Health Benefits. 
Following the Term, Mr. Barberich will be eligible to participate
in the executive retiree health benefit program adopted by the Board of
Directors of Sepracor on February 27, 2007, and as further described on Exhibit C.  For such time that Mr. Barberich elects
to participate in any such program, Mr. Barberich will reimburse Sepracor
at the lesser of (a) the actual cost to Sepracor for his participation and
(b) the rate applicable to former Sepracor employees who elect COBRA
health coverage.

 

10.          Cooperation.  During
and after the Term, Mr. Barberich agrees reasonably to cooperate with the
Company in the defense or prosecution of any threatened or actual claims or
actions which may be brought by, against or on behalf of the Company, its
predecessors or any of its current or former partners, agents, employees,
directors or affiliates and which relate to events or occurrences that
transpired or are alleged to have transpired during his employment with the
Company or service as an Advisor.  Such
cooperation shall include, without implication of limitation, being available
to meet with the Company’s counsel to prepare for discovery or trial or an
administrative hearing or government investigation or alternative dispute
resolution procedure and to testify truthfully as a witness when reasonably
requested by the Company at reasonable times and for reasonable time
periods.  In the event any such
cooperation is required following the expiration of the Term and requires more
than de minimis time or effort, the Company
agrees to reimburse Mr. Barberich for reasonable travel, food and lodging
expenses for any cooperation provided after the Term under this Section 10.

 

5

 

11.          Indemnification. 
Nothing contained in this Agreement shall constitute a relinquishment or
waiver by Mr. Barberich of his right to be indemnified by the Company
pursuant to the terms of the Company’s Restated Certificate of Incorporation,
as amended (the “Indemnification Provisions”), with respect to conduct or
events occurring during, or relating to, his employment by, or while serving as
a director of, Sepracor, or of any right that he may have under, or with
respect to, the Company’s Directors and Officers liability insurance policies.

 

12.          Binding Nature of Agreement. 
This Agreement shall be binding upon and inure to the benefit of the
Parties and their respective heirs, administrators, representatives, executors,
successors and assigns.

 

13.          Use of the Agreement as Evidence.  This Agreement may not be used as evidence in
any subsequent proceeding of any kind, except one in which either Party alleges
a breach of the terms of this Agreement or elects to use this Agreement as a
defense to any claim.

 

14.          Entire Agreement; Modifications.  With the exception of the stock option and
restricted stock agreements between the Company and Mr. Barberich, the
Company’s stock option and incentive stock plan under which such equity
incentives were granted, the Employee, Non-Disclosure Agreement executed by Mr. Barberich,
dated June 27, 1985, and the ERA, which will survive and remain in full
force and effect, this Agreement contains the entire agreement among the
Parties hereto with respect to the matters covered hereby, and supersedes all
prior and contemporaneous communications, e-mails, agreements, representations,
understandings or negotiations between Mr. Barberich, the Company and/or
their agents and attorneys.  This Agreement
may be modified only by a written agreement signed by an authorized
representative of each of the Parties hereto. 
No waiver of this Agreement or any provision hereof shall be binding
upon the Party against whom enforcement of such waiver is sought unless it is
made in writing and signed by or on behalf of such Party.

 

15.          Further Assurances. 
The Parties agree to execute, acknowledge (if reasonably requested), and
deliver such documents, certificates or other instruments and take such other
actions as may be reasonably required from time to time to carry out the
intents and purposes of this Agreement, provided they do not impose any
material additional obligations upon either Party.

 

16.          Acknowledgments and Other Terms.  Mr. Barberich agrees that he has
carefully read and understands all of the provisions of this Agreement, that he
has been advised to consult with and has consulted with an attorney, and that
he is voluntarily entering this Agreement. 
Mr. Barberich further represents and acknowledges that in executing
this Agreement, he is not relying and has not relied upon any representation or
statement made by the Company with regard to the subject matter, basis or
effect of this Agreement.

 

17.          Interpretation.  The
language of all parts of this Agreement shall in all cases be construed as a
whole, according to its fair meaning, and not strictly for or against any of
the Parties.  This Agreement shall be
interpreted in such a manner as to be effective and valid under applicable law,
but if any provision hereof shall be prohibited or invalid under any such law,
such provision shall be ineffective to the extent of such prohibition or
invalidity without invalidating or nullifying the remainder of such provision
or any other provisions of this 

 

6

 

Agreement.  The captions of the sections of this
Agreement are for convenience of reference only, and in no way define, limit or
affect the scope or substance of any section of this Agreement.

 

18.          Counterparts.  This
Agreement may be executed in any number of counterparts and may be delivered by
facsimile, each of which shall be deemed to be an original but all of which
together shall constitute one and the same instrument.

 

19.          Governing Law; Prevailing Party.  This Agreement shall take effect as an
instrument under seal and shall be governed and construed in accordance with
the laws of Massachusetts, without regard to its conflicts of laws principles.  In the event either Party retains legal
counsel in connection with the enforcement of its rights under this Agreement
and the other Party is found by a court having competent jurisdiction to have
breached its obligations hereunder, the prevailing Party shall be entitled to
recover all reasonable legal fees and related reasonable charges and
disbursements incurred by it in connection with such enforcement action and any
negotiations leading up to it.

 

IN WITNESS
WHEREOF, the Parties hereto have executed this Agreement as an instrument under
seal as of the Effective Date.

 

 

	
   

  	
  SEPRACOR
  INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Adrian Adams

  	
   

  
	
   

  	
   

  
	
   

  	
  Name:

  	
  Adrian Adams

  	
   

  
	
   

  	
   

  
	
   

  	
  Title:

  	
  President and Chief Executive Officer

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  /s/ Timothy
  J. Barberich

  	
   

  	
   

  
	
  TIMOTHY
  J. BARBERICH

  	
   

  
								

 

7

 

EXHIBIT
A

 

FORM OF
SEPARATION AGREEMENT AND RELEASE OF CLAIMS

 

In connection with your employment separation
from Sepracor Inc. (the “Company”)
on [INSERT TERMINATION DATE], and in order
to receive the benefits as set forth in Section 2 of the Executive
Retirement Agreement dated December 27, 2007 by and between you and the
Company (the “Executive Retirement Agreement”),  this agreement must become binding between you and the
Company.  By signing and returning this
agreement, you will be entering into a binding agreement with the Company and
will be agreeing to the terms and conditions set forth in the numbered
paragraphs below, including the release of claims set forth in paragraph
1.  Therefore, you are advised to consult
with an attorney before signing this agreement and you have been given more
than twenty-one (21) days to do so.  If
you sign this agreement, you may change your mind and revoke your agreement
during the seven (7) day period after you have signed it.  If you do not so revoke, this agreement will
become a binding agreement between you and the Company upon the expiration of
the seven (7) day revocation period.

 

The following numbered paragraphs set forth
the terms and conditions which will apply if you timely sign and return this
agreement and do not revoke it within the seven (7) day revocation period:

 

1.                                      Mutual Releases - In consideration
of the payments set forth in Section 2 of the Executive Retirement
Agreement, which you acknowledge you would not otherwise be entitled to
receive, you hereby fully, forever, irrevocably and unconditionally release,
remise and discharge the Company, its officers, directors, stockholders,
corporate affiliates, subsidiaries, parent companies, successors and assigns,
agents and employees (each in their individual and corporate capacities)
(hereinafter, the “Released Parties”) from any and all claims, charges,
complaints, demands, actions, causes of action, suits, rights, debts, sums of
money, costs, accounts, reckonings, covenants, contracts, agreements, promises,
doings, omissions, damages, executions, obligations, liabilities, and expenses
(including attorneys’ fees and costs), of every kind and nature which you ever
had or now have against the Released Parties, including, but not limited to,
those claims arising out of your employment with and/or separation from the
Company, including, but not limited to, all claims under Title VII of the Civil
Rights Act of 1964, 42 U.S.C. § 2000e et seq.,
the Age Discrimination in Employment Act, 29 U.S.C. § 621 et  seq.,
the Americans With Disabilities Act of 1990, 42 U.S.C. § 12101 et  seq.,
the Family and Medical Leave Act, 29 U.S.C. § 2601 et  seq., the
Worker Adjustment and Retraining Notification Act (“WARN”), 29 U.S.C. § 2101 et
seq., Section 806 of the Corporate and Criminal Fraud Accountability
Act of 2002, 18 U.S.C. § 1514(A), the Rehabilitation Act of 1973, 29 U.S.C. §
701 et  seq., Executive Order 11246, Executive Order 11141, the
Fair Credit Reporting Act, 15 U.S.C. § 1681 et
seq., the Employee Retirement Income
Security Act of 1974 (“ERISA”), 29 U.S.C. § 1001 et
seq., the Massachusetts Fair Employment
Practices Act., M.G.L. c. 151B, § 1 et seq.,
the Massachusetts Civil Rights Act, M.G.L. c. 12, §§ 11H and 11I, the
Massachusetts Equal Rights Act, M.G.L. c. 93, § 102 and M.G.L. c. 214, § 1C,
the Massachusetts Labor and Industries Act, M.G.L. c. 149, § 1 et  seq.,
the Massachusetts Privacy Act, M.G.L. c. 214, § 1B, and the Massachusetts
Maternity Leave Act, M.G.L. c. 149, § 105D, all as 

 

 

amended; all
common law claims including, but not limited to, actions in tort, defamation
and breach of contract; all claims to
any non-vested ownership interest in the Company, contractual or otherwise,
including, but not limited to, claims to stock or stock options; and any
claim or damage arising out of your employment with or separation from the
Company (including a claim for retaliation) under any common law theory or any
federal, state or local statute or ordinance not expressly referenced above;
provided, however, that nothing in this Agreement prevents you from filing,
cooperating with, or participating in any proceeding before the EEOC or a state
Fair Employment Practices Agency (except that you acknowledge that you may not
be able to recover any monetary benefits in connection with any such claim,
charge or proceeding).  Notwithstanding
the foregoing, the release set forth in this Section 1 shall not apply to (a) any
claim to payments under the Executive Retirement Agreement or your rights under
this agreement, (b) any vested equity interest in the Company, including
vested stock options or (c) any rights you have to be indemnified by the
Company pursuant to the terms of the Company’s Restated Certificate of
Incorporation, as amended with respect to conduct or events occurring during,
or relating to, your employment by, or while serving as a director of, the
Company, or of any rights that you may have under, or with respect to, the
Company’s Directors and Officers liability insurance policies.

 

The Company hereby fully,
forever, irrevocably and unconditionally releases, remises and discharges you
from any and all claims, charges, complaints, demands, actions, causes of
action, suits, rights, debts, sums of money, costs, accounts, reckonings,
covenants, contracts, agreements, promises, doings, omissions, damages,
executions, obligations, liabilities and expenses (including attorney’s fees
and costs), of every kind and nature that the Company ever had or now has
against you as of the date of this agreement.

 

2.                                      Non-Disclosure, Non-Competition and Non-Solicitation
Obligations – You acknowledge and reaffirm your obligation to
keep confidential and not to disclose any and all non-public information
concerning the Company which you acquired during the course of your employment
with the Company, including, but not limited to, any non-public information
concerning the Company’s business affairs, business prospects and financial
condition, as is stated more fully in your non-disclosure agreement with the
Company dated June 27, 1985 (the “NDA Agreement”).  You further acknowledge and reaffirm your
non-competition and non-solicitation obligations under the NDA Agreement for
the benefit of the Company.

 

3.                                      Return of Company Property – Except
for any property that you and the Company agree you may retain in connection
with your service to the Company as an Advisor (as defined in the Executive
Retirement Agreement) and which you agree to return to the Company upon
termination of your service as an Advisor, you confirm that you have returned
to the Company all keys, files, records (and copies thereof), equipment
(including, but not limited to, computer hardware, software and printers,
wireless handheld devices, cellular phones, pagers, etc.), Company
identification, Company vehicles and any other Company-owned property in your
possession or control and have left intact all electronic Company documents,
including but not limited to, those that you developed or helped develop during
your employment.  You further confirm
that, except 

 

 

for those
accounts you and the Company agree may be maintained in connection with your
service to the Company as an Advisor and which you agree to cancel upon
termination of your service as an Advisor, you have cancelled all accounts for
your benefit, if any, in the Company’s name, including but not limited to,
credit cards, telephone charge cards, cellular phone and/or pager accounts and
computer accounts.

 

4.                                      Business Expenses and Compensation
- You acknowledge that you have been reimbursed by the Company for all business
expenses incurred in conjunction with the performance of your employment and
that no other reimbursements are owed to you. 
You further acknowledge that you have received payment in full for all
services rendered in conjunction with your employment by the Company and that no
other compensation is owed to you except as provided herein.

 

5.                                      Non-Disparagement
- You understand and agree that, as a condition for payment to you of the
consideration herein described, you shall not make any false, disparaging or
derogatory statements to any media outlet, industry group, financial
institution or current or former employee, consultant, client or customer of
the Company regarding the Company or any of its directors, officers, employees,
agents or representatives or about the Company’s business affairs and financial
condition; provided, however, that nothing herein shall prevent
you from making truthful disclosures to any governmental entity or in any
litigation or arbitration.  The Company
agrees not to make any false, disparaging or derogatory statements about you to
any media outlet, industry group, financial institution, or current or former
employee, consultant, client, or customer; provided, however,
that nothing herein shall prevent the Company from making truthful disclosures
to any governmental entity or in any litigation or arbitration.  In the event that any inquiries are directed
to the Company’s Human Resources Office regarding you from prospective
employers, the Company will explain its neutral reference policy, confirm only the
fact of your former employment with the Company, starting and ending dates, and
your job title in the last position held.

 

6.                                      Amendment -
This agreement shall be binding upon the parties and may not be modified in any
manner, except by an instrument in writing of concurrent or subsequent date
signed by duly authorized representatives of the parties hereto.  This agreement is binding upon and shall
inure to the benefit of the parties and their respective agents, assigns,
heirs, executors, successors and administrators.

 

7.                                      Waiver of Rights - No delay or
omission by the Company in exercising any right under this agreement shall
operate as a waiver of that or any other right. 
A waiver or consent given by the Company on any one occasion shall be
effective only in that instance and shall not be construed as a bar or waiver
of any right on any other occasion.

 

8.                                      Validity -
Should any provision of this agreement be declared or be determined by any
court of competent jurisdiction to be illegal or invalid, the validity of the
remaining parts, terms or provisions shall not be affected thereby and said
illegal or invalid part, term or provision shall be deemed not to be a part of
this agreement.

 

 

9.                                      Nature of Agreement - You
understand and agree that this agreement does not constitute an admission of
liability or wrongdoing on the part of the Company.

 

10.                               Acknowledgments - You acknowledge
that you have been given at least twenty-one (21) days to consider this
agreement and that the Company advised you to consult with an attorney of your
own choosing prior to signing this agreement. 
You understand that you may revoke this agreement for a period of seven (7) days
after you sign this agreement, and the agreement shall not be effective or
enforceable until the expiration of this seven (7) day revocation
period.  You
understand and agree that by entering into this agreement you are waiving any
and all rights or claims you might have under The Age Discrimination in
Employment Act, as amended by The Older Workers Benefit Protection Act, and
that you have received consideration beyond that to which you were previously
entitled.

 

11.                               Voluntary
Assent - You affirm that no other promises or agreements of any
kind have been made to or with you by any person or entity whatsoever to cause
you to sign this agreement, and that you fully understand the meaning and
intent of this agreement.  You state and
represent that you have had an opportunity to fully discuss and review the
terms of this agreement with an attorney. 
You further state and represent that you have carefully read this
agreement, understand the contents herein, freely and voluntarily assent to all
of the terms and conditions hereof, and sign your name of your own free act.

 

12.                               Applicable
Law - This agreement shall be interpreted and construed by the
laws of the Commonwealth of Massachusetts, without regard to conflict of laws
provisions.  You hereby irrevocably
submit to and acknowledge and recognize the jurisdiction of the courts of the
Commonwealth of Massachusetts, or if appropriate, a federal court located in
Massachusetts (which courts, for purposes of this agreement, are the only
courts of competent jurisdiction), over any suit, action or other proceeding
arising out of, under or in connection with this agreement or the subject
matter hereof.

 

 

Sepracor Inc.

 

 

	
  By:

  	
   

  	
   

  
	
  Name:

  
	
  Title:

  

 

I hereby agree to the terms and conditions
set forth above.  I have been given at
least twenty-one (21) days to consider this agreement and I have chosen to
execute this on the date below.  I intend
that this agreement become a binding agreement between me and the Company if I
do not revoke my acceptance in seven (7) days by notifying                                               
in writing.

 

	
   

  	
   

  	
  Date

  	
   

  
	
  Employee
  Name:

  	
   

  	
   

  

 

 

EXHIBIT B

 

SEPRACOR INC.

 

Restricted
Stock Agreement

 

	
  Name of
  Recipient:

  	
   

  	
   

  
	
   

  	
   

  
	
  Number of
  shares of restricted common

  stock awarded:

  	
   

  	
   

  
	
   

  	
   

  
	
  Grant Date:

  	
   

  	
   

  

 

Sepracor Inc. (the “Company”)
has selected you to receive the restricted stock award described above, which
is subject to the provisions of the Company’s 2000 Stock Incentive Plan (the “Plan”)
and the terms and conditions contained in this Restricted Stock Agreement.  Please confirm your acceptance of this
restricted stock award and of the terms and conditions of this Agreement by
signing a copy of this Agreement where indicated below.

 

	
   

  	
  SEPRACOR INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  [insert name and title]

  
	
  Accepted and Agreed:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  [insert name of
  recipient]

  	
   

  
						

 

 

SEPRACOR INC.

 

Restricted Stock Agreement

 

The terms and conditions of the
award of shares of restricted common stock of the Company (the “Restricted
Shares”) made to the Recipient, as set forth on the cover page of this
Agreement, are as follows:

 

1.             Issuance
of Restricted Shares.

 

a.             The
Restricted Shares are issued to the Recipient, effective as of the Grant Date
(as set forth on the cover page of this Agreement), in consideration of
employment services rendered and to be rendered by the Recipient to the
Company.

 

b.             The
Restricted Shares will initially be issued by the Company in book entry form
only, in the name of the Recipient. 
Following the vesting of any Restricted Shares pursuant to Section 2
below, the Company shall, if requested by the Recipient, issue and deliver to
the Recipient a certificate representing the vested Restricted Shares.    The Recipient agrees that the Restricted
Shares shall be subject to the forfeiture provisions set forth in Section 3
of this Agreement and the restrictions on transfer set forth in Section 4
of this Agreement.

 

2.             Vesting.

 

a.             Vesting
Schedule.  Unless otherwise provided
in this Agreement or the Plan, the Restricted Shares shall vest in accordance
with the following vesting schedule:  50%
of the total number of Restricted Shares shall vest on the first anniversary of
the Grant Date and 50% of the total number of Restricted Shares shall vest on
the second anniversary thereafter.   Any
fractional number of Restricted Shares resulting from the application of the
foregoing percentages shall be rounded down to the nearest whole number of
Restricted Shares.

 

b.             Acceleration
of Vesting.  Notwithstanding the
foregoing vesting schedule, all unvested Restricted Shares  shall vest effective (i) immediately
prior to a Change in Control Event (as defined in the Plan) and/or (ii) upon
the Company’s termination of the Recipient’s employment or service as an
Advisor pursuant to Section 5(d) or Section 6(d) of the
Executive Retirement Agreement entered into between you and the Company dated
as of December 27, 2007.

 

3.             Forfeiture
of Unvested Restricted Shares Upon Employment Termination.

 

In the event that the Recipient
ceases to be employed by, a director of, or a consultant or advisor to, the
Company for any reason or no reason, with or without cause all of the
Restricted Shares that are unvested as of the time of such employment
termination shall be forfeited immediately and automatically to the Company,
without the payment of any consideration to the Recipient, effective as of such
termination of employment.  The Recipient
shall have no further rights with respect to any Restricted Shares that are so
forfeited.  If the Recipient is employed
by a subsidiary of the Company, any references in this Agreement to employment
with the Company shall instead be deemed to refer to employment with such
subsidiary.

 

 

4.             Restrictions
on Transfer.

 

The Recipient shall not sell,
assign, transfer, pledge, hypothecate or otherwise dispose of, by operation of
law or otherwise (collectively “transfer”) any Restricted Shares, or any
interest therein, until such Restricted Shares have vested, except that the
Recipient may transfer such Restricted Shares as part of the sale of all or
substantially all of the shares of capital stock of the Company (including
pursuant to a merger or consolidation). 
The Company shall not be required (i) to transfer on its books any
of the Restricted Shares which have been transferred in violation of any of the
provisions of this Agreement or (ii) to treat as owner of such Restricted
Shares or to pay dividends to any transferee to whom such Restricted Shares
have been transferred in violation of any of the provisions of this Agreement.

 

5.             Restrictive
Legends.

 

The book entry account
reflecting the issuance of the Restricted Shares in the name of the Recipient
shall bear a legend or other notation upon substantially the following terms:

 

“These shares of stock are
subject to forfeiture provisions and restrictions on transfer set forth in a
certain Restricted Stock Agreement between the corporation and the registered
owner of these shares (or his or her predecessor in interest), and such
Agreement is available for inspection without charge at the office of the
Secretary of the corporation.”

 

6.             Rights
as a Shareholder.

 

Except as otherwise provided in
this Agreement, for so long as the Recipient is the registered owner of the
Restricted Shares, the Recipient shall have all rights as a shareholder with
respect to the Restricted Shares, whether vested or unvested, including,
without limitation, any rights to receive dividends and distributions with
respect to the Restricted Shares and to vote the Restricted Shares and act in
respect of the Restricted Shares at any meeting of shareholders.

 

7.             Provisions
of the Plan.

 

This Agreement is subject to
the provisions of the Plan, a copy of which is furnished to the Recipient with
this Agreement.  As provided in the Plan,
upon the occurrence of a Acquisition Event that is not a Change in Control
Event (as such terms are defined in the Plan), the rights of the Company hereunder
(including the right to receive forfeited Restricted Shares) shall inure to the
benefit of the Company’s successor and, unless the Board determines otherwise,
shall apply to the cash, securities or other property which the Restricted
Shares were converted into or exchanged for pursuant to such Acquisition Event
in the same manner and to the same extent as they applied to the Restricted
Shares under this Agreement.

 

8.             Tax
Matters.

 

a.             Acknowledgments;
Section 83(b) Election. 
The Recipient acknowledges that he or she is responsible for obtaining
the advice of the Recipient’s own tax advisors with respect to the acquisition
of the Restricted Shares and the Recipient is relying solely on such advisors
and not on any statements or representations of the Company or any of its
agents with respect to the tax consequences relating to the Restricted
Shares.  The Recipient understands that 

 

 

the Recipient (and not the Company) shall be
responsible for the Recipient’s tax liability that may arise in connection with
the acquisition, vesting and/or disposition of the Restricted Shares.  The Recipient acknowledges that he or she has
been informed of the availability of making an election under Section 83(b) of
the Internal Revenue Code, as amended, with respect to the issuance of the
Restricted Shares and that the Recipient has decided not to file a Section 83(b) election.

 

b.             Withholding.
The Recipient acknowledges and agrees that the Company has the right to deduct
from payments of any kind otherwise due to the Recipient any federal, state,
local or other taxes of any kind required by law to be withheld with respect to
the vesting of the Restricted Shares.  On
each date on which Restricted Shares vest, the Company shall deliver written
notice to the Recipient of the amount of withholding taxes due with respect to
the vesting of the Restricted Shares that vest on such date; provided, however,
that the total tax withholding cannot exceed the Company’s minimum statutory
withholding obligations (based on minimum statutory withholding rates for
federal and state tax purposes, including payroll taxes, that are applicable to
such supplemental taxable income).  The
Recipient shall satisfy such tax withholding obligations by making a cash
payment to the Company on the date of vesting of the Restricted Shares, in the
amount of the Company’s withholding obligation in connection with the vesting
of such Restricted Shares.

 

9.             Miscellaneous.

 

a.             No
Right to Continued Employment.  The
Recipient acknowledges and agrees that, notwithstanding the fact that the
vesting of the Restricted Shares is contingent upon his or her continued
employment by the Company, this Agreement does not constitute an express or
implied promise of continued employment or confer upon the Recipient any rights
with respect to continued employment by the Company.

 

b.             Governing
Law.  This Agreement shall be
construed, interpreted and enforced in accordance with the internal laws of the
State of Delaware without regard to any applicable conflicts of laws
provisions.

 

 

EXHIBIT C

 

Retirement
Health Benefits

 

Sepracor Inc. shall provide continued access to health benefits to the
officer under, at the election and expense of the officer, Sepracor’s Blue
Cross Blue Shield PPO policy or BlueChoice policy (the “Policies”), following
the officer’s retirement from Sepracor, for so long as (i) Sepracor
continues to offer such Policy and (ii) the Policy allows for such
continued access; and, to the extent Sepracor no longer maintains at least one
of the Policies, or access is no longer allowed under either of the Policies,
Sepracor shall allow the officer continued access to health benefits under a
successor policy, or otherwise, for so long as it offers health benefits to its
employees.Exhibit
10.9

 

PROMISSORY NOTE

 

	
  $2,750,000.00

  	
   

  	
  Loan No. 6105738

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  March 14, 2005

  

 

FOR VALUE
RECEIVED, the undersigned, PGI EQUITY PARTNERS, L.P.,
a Texas limited partnership (“Borrower”),
having an address at 101 Westlake Drive, Austin, Texas 78746, promises to pay
to the order of PRUDENTIAL MORTGAGE CAPITAL COMPANY, LLC,
a Delaware limited liability company, (together with its successors and
assigns, “Lender”), at the office of Lender c/o
Prudential Asset Resources, 2200 Ross Avenue, Suite 4900E, Dallas, Texas
75201, or at such other place as Lender may designate to Borrower in writing
from time to time, the principal sum of Two Million Seven Hundred Fifty
Thousand and 00/100 Dollars ($2,750,000.00) (the “Loan”)
together with interest on so much thereof as is from time to time outstanding
and unpaid, from the date of the advance of the principal evidenced hereby, at
the Note Rate (as hereinafter defined), in lawful money of the United States of
America, which shall at the time of payment be legal tender in payment of all
debts and dues, public and private.

 

DEFINITIONS

 

“Applicant” shall mean the person or entity who or which, as
applicable, applied for the Loan.

 

“Business Day” shall mean any day other than a Saturday, a
Sunday, a legal holiday or other day on which commercial banks in the state
where the Security Property is located are authorized or required to close. All
references in this Note to a “day” or “date” shall be to a calendar day unless
specifically referenced as a Business Day.

 

“Default Rate” or “Default Interest Rate”
shall mean a rate per annum equal to four percent (4.0%) plus the Note Rate, or
if such increased rate of interest may not be charged or collected under
applicable law, then at the maximum rate of interest, which may be charged or
collected from Borrower under applicable law.

 

“Event of Default” is defined in Section 2.01,
below, and further described in the Security Instrument.

 

“First Payment Date” shall mean May 1, 2005.

 

“Guarantor” shall mean any guarantor or indemnitor in respect
of all or any portion of the Loan or the obligations under the Loan Documents.

 

“Late Charge” shall mean an amount equal to the lesser of
five percent (5.0%) of the amount of any payment not timely paid under the Loan
Documents or the maximum amount, if any, which may be charged or collected from
Borrower under applicable law.

 

“Loan” shall mean the indebtedness evidenced by this Note.

 

“Loan Documents” shall mean the Security Instrument, together
with this Note and all other documents now or hereafter evidencing, securing,
guarantying, modifying or otherwise 

 

 

relating to the indebtedness evidenced hereby, as amended or modified
from time to time. “Loan Document” shall refer to any one of such documents.

 

“Lock-out Period” shall mean the period commencing on the
date hereof to and including the date that is four (4) years following the
date hereof.

 

“Maturity Date” shall mean April 1, 2015.

 

“Monthly Payment Amount” shall be an amount equal to Eighteen
Thousand Four Hundred Fifty Three and 40/100 Dollars ($18,453.40), plus as
applicable, amounts required under Section 2.02 below.

 

“Note Rate” shall mean a rate of five and ninety-two
hundredths percent (5.92%) per annum.

 

“Owner Group” shall mean collectively, Borrower, Guarantor
and any entity or individual which or who, directly or indirectly, owns,
controls or holds the power to vote twenty (20%) percent or more of the voting
securities or other equity interest in Borrower.

 

“Payment Date” shall mean, with respect to any calendar
month, the first day of such month; provided, however, that if the first day of
a given month shall not be a Business. Day, then the Payment Date for such
month shall be the next Business Day to occur after the first day of such
month.

 

“Payment Differential” shall mean an amount equal to (i) the
Note Rate less the Reinvestment Yield, divided by (ii) twelve (12) and
multiplied by (iii) the principal sum outstanding under this Note after
application of the constant monthly payment due under this Note on the date of
such prepayment, provided that the Payment Differential shall in no event be
less than zero.

 

“Prepayment Premium” shall mean an amount equal to the
greater of (i) one percent (1%) of the principal amount being prepaid or (ii) the
present value of a series of payments each equal to the Payment Differential
and payable on each Payment Date over the remaining original term of this Note
through and including the Maturity Date, discounted at the Reinvestment Yield
for the number of months remaining as of the date of such prepayment to each
such Payment Date and the Maturity Date.

 

“Rating Agency(ies)” shall mean the nationally recognized
statistical rating organizations that provide, or Lender determines may
provide, a rating on any certificates issued in connection with a
securitization of the Loan.

 

“Reinvestment Yield” shall mean an amount equal to the lesser
of (i) the yield on the U.S. Treasury issue (primary issue) with a
maturity date closest to the Maturity Date, or (ii) the yield on the U.S.
Treasury issue (primary issue) with a term equal to the remaining average life
of the indebtedness evidenced by this Note, with each such yield being based on
the bid price for such issue as published in the Wall Street Journal on the
date that is fourteen (14) days prior to the date of such prepayment set forth
in the notice of prepayment (or, if such bid price is not published on that
date, the next preceding date on which such bid price is so published) and
converted to a monthly compounded nominal yield.

 

2

 

“Secondary Market Transaction” shall mean a transaction
contemplated under Section 3.07 hereof and as further defined in the
Security Instrument.

 

“Security Instrument” shall mean that certain Deed of Trust
and Security Agreement (as amended, consolidated, modified, severed or spread
from time to time) from Borrower to Lender, dated on or about the date hereof.

 

“Security Property” shall mean all property (whether real or
personal), rights, estates and interests, including, but not limited to, the
real property located at 101 Westlake Drive, Austin, Texas 78746, as encumbered
by the Security Instrument, now or at any time hereafter securing the payment
of this Note and/or the other obligations of Borrower under the Loan Documents.
The real property is sometimes referred to herein as the “Property”.

 

ARTICLE I

TERMS AND CONDITIONS

 

1.01         Payment of Principal Interest.

 

(a)           Computation of Interest.  Interest shall be computed hereunder based on
a 360-day year and payable for the actual number of days elapsed for any whole
or partial month in which interest is being calculated. Interest shall accrue
from the date on which funds are advanced (regardless of the time of day such
advance is made) through and including the day on which funds are credited
pursuant to Section 1.01(b) hereof. The interest accrual
period with respect to each Monthly Payment Amount due on each Payment Date
shall be the calendar month immediately preceding such Payment Date.

 

(b)           Crediting of Payments.  Payments in federal funds immediately
available in the place designated for payment shall be credited prior to close
of business if received by Lender prior to 2:00 p.m. local time on a
Business Day at said place of payment, and if received after such time of day
shall be deemed for all purposes (including, without limitation, the accrual of
interest) to have been received on the next Business Day. Other payments, at
the option of Lender, may not be credited until immediately available to Lender
in federal funds at the place designated for payment prior to 2:00 p.m.
local time at said place of payment on a Business Day.

 

(c)           Payment Schedule.  Principal and interest shall be payable in
equal consecutive monthly installments in a sum equal to the Monthly Payment
Amount due on the Payment Date of each calendar month beginning on the First
Payment Date and continuing on the Payment Date of each and every calendar
month thereafter until repayment in full of this Note. On the Maturity Date the
entire outstanding principal balance hereof, together with all accrued but
unpaid interest thereon, and all sums due hereunder shall be due and payable in
full.

 

(d)           Application of Payments.  Except as otherwise provided in this Note, so
long as no Event of Default exists, each Monthly Payment Amount shall be
applied first, to any amounts (other than principal) hereafter advanced by
Lender hereunder or under any other Loan Document; second, to any late fees and
other amounts payable to Lender; third, to the payment of accrued interest; and
last to reduction of principal. Following an Event of Default, payments may be
applied to the amount due and payable under the Loan Documents in such order,
manner and time as Lender may elect, in its sole discretion.

 

3

 

(e)           Payment of Short Interest.  If the advance of the principal amount
evidenced by this Note is made on a date other than the first day of a calendar
month, then Borrower shall pay to Lender contemporaneously with the execution
hereof interest at this Note Rate for a period from the date hereof through and
including the last day of such calendar month.

 

1.02         Prepayment.

 

(a)           Voluntary Prepayment.  Except as otherwise expressly provided in
this Note, this Note may not be prepaid in whole or in part. At any time after
the expiration of the Lock-out Period, this Note may be prepaid in whole (but
not in part) provided that (i) written notice of such prepayment is
received by Lender not more than sixty (60) days and not less than thirty (30)
days prior to the date of such prepayment, (ii) such prepayment is
accompanied by all accrued but unpaid interest hereunder and all other sums due
hereunder and under the other Loan Documents and (iii) such prepayment (x) is
received by Lender on a Payment Date, or (y) if not received on a Payment
Date, is accompanied by a payment of interest, calculated at the Note Rate, on
the amount prepaid, based on the number of days from the date such prepayment.
is received through the next Payment Date; and (iv) if such prepayment
occurs before the date which is three (3) months prior to the Maturity
Date, then, Lender is paid the Prepayment Premium. Nothing in this Note shall
be construed in a way that shall give rise to any obligation on the part of
Lender to accept a voluntary prepayment during the Lock-out Period.

 

(b)           Involuntary Prepayment.  Upon Lender’s acceleration of the
indebtedness evidenced hereby (irrespective of whether foreclosure proceedings
have been commenced), Borrower shall pay Lender a Prepayment Premium based on
the outstanding principal balance of this Note, plus if such acceleration
occurs during the Lock-out Period, an additional 3% of the principal balance of
this Note. Prepayments of this Note shall be permitted, without the imposition
of a Prepayment Premium or other prepayment fee, only in connection with Lender’s
application of insurance or condemnation proceeds on account of the Loan
evidenced hereby in accordance with the terms and provisions of the Security
Instrument; provided  however, if an Event of Default shall have
occurred and be continuing at the time of the related casualty or condemnation,
in addition to applying such proceeds as provided in the Security Instrument,
Borrower shall pay to Lender the Prepayment Premium, and if such casualty or
condemnation occurs during the Lock-out Period, an additional 3% of the
principal balance of this Note is payable to Lender.

 

(c)           Tender of Prepayment; Calculation
of Prepayment Premium and Other Fees and General Provisions.  Without limiting any other provision of this
Note, no tender of a prepayment of this Note with respect to which a Prepayment
Premium and/or other amount is due shall be effective unless such prepayment is
accompanied by such Prepayment Premium and all other amounts, if any, due
hereunder. In the event that any prepayment fee or premium or other amounts are
due hereunder, Lender shall deliver to Borrower a statement setting forth the
amount and determination thereof, and, provided that Lender shall have applied the
applicable formulae described herein, Borrower shall not have the right to
challenge the calculation or the method of calculation set forth in any such
statement in the absence of manifest error. Lender shall not be obligated or
required to have actually reinvested the prepaid principal balance as a
condition to receiving the Prepayment Premium. No principal amount repaid may
be reborrowed.  Prepayments shall be
applied first to the final payment due under this Note and thereafter to
installments due under this Note in inverse order of their due date. No
prepayment shall reduce 

 

4

 

the Monthly Payment Amount
payable hereunder. No notice of prepayment by Borrower shall be required in
connection with an application of insurance or condemnation proceeds.

 

(d)           Security.  The indebtedness evidenced by this Note and
the obligations created hereby are secured by, among other things, the Security
Instrument. All of the terms and provisions of the Loan Documents are incorporated
herein by reference. Some of the Loan Documents are to be filed or recorded on
or about the date hereof in the appropriate public records.

 

ARTICLE II

DEFAULT

 

2.01         Event of Default.  It is hereby expressly agreed that should any
default occur in the payment of principal or interest as stipulated above and
such payment is not made within five (5) days of the date such payment is
due (provided that no grace or notice period is provided for the payment of
principal and interest due on the Maturity Date), or should any other default
occur under the Loan Documents which is not cured within any applicable grace
or cure period, an “Event of Default” shall exist hereunder, and in such event,
the indebtedness evidenced hereby, including, without limitation, all sums
advanced or accrued hereunder or under any other Loan Document, and all unpaid
interest accrued thereon, shall, at the option of Lender and without notice to
Borrower, at once become due and payable and may be collected forthwith,
whether or not there has been a prior demand for payment and regardless of the
stipulated date of maturity.

 

2.02         Late Charges, Default Interest Rate
and Liquidated Damages.  In the event
that any payment under the Loan Documents is not received by Lender on the date
when due (subject to the applicable grace period, if any), then in addition to
any default interest payments due hereunder, Borrower shall also pay to Lender
the Late Charge. So long as any Event of Default exists, regardless of whether
or not there has been an acceleration of the indebtedness evidenced hereby, and
at all times after maturity of the indebtedness evidenced hereby (whether by
acceleration or otherwise), interest shall accrue on the outstanding principal
balance of this Note from the date of the default at the Default Rate, and such
default interest shall be immediately due and payable. Borrower acknowledges
that it would be extremely difficult or impracticable to determine Lender’s
actual damages resulting from any late payment, Event of Default or prepayment,
and the late charges, default interest and prepayment premiums, fees and
charges described in this Note are reasonable estimates of those damages and do
not constitute a penalty.

 

2.03         Cumulative Remedies.  The remedies of Lender in this Note or in the
other Loan Documents, or at law or in equity, shall be cumulative and
concurrent, and may be pursued singly, successively or together in Lender’s
discretion. In the event this Note, or any part hereof, is collected by or
through an attorney-at-law, Borrower agrees to pay all costs of collection,
including, but not limited to, reasonable attorneys’ fees.

 

2.04         Exculpation.  Subject to the qualifications hereinbelow set
forth, Lender agrees that (i) Borrower shall be liable upon- the indebtedness
evidenced hereby and for the other obligations arising under the Loan Documents
to the full extent (but only to the extent) of the Security Property, (ii) if
an Event of Default occurs, any judicial or other proceedings brought by Lender
against Borrower shall be limited to the preservation, enforcement and
foreclosure, or 

 

5

 

any thereof, of the liens,
security titles, estates, assignments, rights and security interests now or at
any time hereafter securing the payment of this Note and/or the other
obligations of Borrower under the Loan Documents, and no attachment, execution
or other writ of process shall be sought, issued or levied upon any assets,
properties or funds of Borrower other than the Security Property (other than as
expressly provided in the Loan Documents and except with respect to the
liability described below in this Section 2.04), and (iii) in
the event of a foreclosure of such liens, security titles, estates,
assignments, rights or security interests securing the payment of this Note
and/or the other obligations of Borrower under the Loan Documents, no judgment
for any deficiency upon the indebtedness evidenced hereby shall be sought or
obtained by Lender against Borrower, except with respect to the liability
described below, and provided, however, that, notwithstanding the foregoing
provisions of this Section 2.04, Borrower shall be fully and
personally liable and subject to legal action for any and all fees, costs,
expenses, damages, liabilities, obligations; claims, demands, settlements,
awards, judgments and losses (including, without limitation, legal fees and
costs as well as other expenses incurred in connection with the defense of any
actual or threatened action, proceeding or claim) incurred, suffered or
sustained by Lender, resulting from any acts, omissions or alleged . acts or
omissions arising out ‘ of or otherwise relating to, or otherwise arising out
of or relating to, any one or more of the following:

 

(a)           The misapplication or
misappropriation by Borrower of insurance proceeds, condemnation awards, lease
security and/or other deposits and/or Necessary Property Receipts (as defined
in the Security Instrument);

 

(b)           Rents, issues, profits and revenues
of all or any portion of the Security Property received or applicable to a
period after the occurrence of any Event of Default or after any event which,
with the giving of notice and/or the passage of time, would constitute an Event
of Default, which are not applied to pay, first (a) real estate taxes and
other charges which, if unpaid, could result in liens superior to that of the
Security Instrument and (b) premiums on insurance policies required under
the Loan Documents and, second, the other ordinary and necessary expenses of
owning and operating the Security Property and to sums due under the Loan
Documents;

 

(c)           Waste committed on the Security
Property or damage to the Security Property as a result of intentional
misconduct or gross negligence or the removal of all or any portion of the
Security Property in violation of the terms of the Loan Documents;

 

(d)           Fraud or material misrepresentation
or failure to disclose a material fact (including, without limitation, with
respect to any such fraud, misrepresentation or failure to disclose in any
materials delivered to Lender) by Borrower, Guarantor or Applicant or by any
other person or entity authorized or apparently authorized to make statements
or representations on behalf of Borrower, Guarantor or Applicant in connection
with the Loan application, Loan closing or security of or for the Loan, or
otherwise in connection with the Security Property or the Loan, which personal
liability, notwithstanding any provision in this Section to the contrary,
shall be equal to all sums then outstanding pursuant to the Loan Documents
(including, but not limited to, principal and accrued interest) and, to the
extent not then outstanding pursuant to the Loan Documents, any fees, costs,
expenses, losses or damages incurred or suffered by Lender (including, but not
limited to, legal fees and costs) by reason of such fraud, material
misrepresentation or failure to disclose;

 

6

 

(e)           The filing of any petition for
bankruptcy, reorganization or arrangement pursuant to state or federal
bankruptcy law, or any similar federal or state law, by any one or more persons
or entities within the Owner Group (other than Borrower or Guarantor) against
Borrower or Guarantor or if any proceeding seeking the dissolution or liquidation
of Borrower or Guarantor shall be commenced by any one or more persons or
entities within the Owner Group (other than Borrower or Guarantor);

 

(f)            The failure by Borrower to maintain
its status as a single purpose and, if applicable, bankruptcy remote entity as
required by the Loan Documents; and/or

 

(g)           Any insurance deductible on the
liability insurance required by Section 1.4(b) of the Security
Instrument.

 

Notwithstanding anything to the contrary above or otherwise in the Loan
Documents, in the event that:  (A) payment
of the first full installment of the Monthly Payment Amount (together with all
required reserves) is not paid when due; (B) Borrower fails to obtain
Lender’s prior written consent to any subordinate financing or other voluntary
lien encumbering the Security Property or direct or indirect interests in
Borrower to the extent required by the Loan Documents; (C) Borrower fails
to obtain Lender’s prior written consent to any assignment, transfer or
conveyance of the Security Property or any portion thereof or any interest
therein or directly or indirectly in Borrower as required by the Loan
Documents; or (D) any petition for bankruptcy, reorganization or
arrangement pursuant to state or federal bankruptcy law, or any similar federal
or state law, shall be filed or consented to, or acquiesced in by, Borrower or
Guarantor, or Borrower or Guarantor seeks (or consents to, or acquiesces in)
the appointment of a receiver, liquidator or trustee, or any proceeding for the
dissolution or liquidation of Borrower or Guarantor shall be instituted or
consented to, or acquiesced in by Borrower or Guarantor, then (i) the Loan
shall be fully recourse to Borrower and (ii) Lender shall not be deemed to
have waived any right which Lender may have under Section 506 (a), 506
(b), 1111(b) or any other provisions of the U.S. Bankruptcy Code as same
may be amended or replaced to file a claim for the full amount of the Loan or
to require that all collateral shall continue to secure all of the indebtedness
owing to Lender in accordance with the Loan Documents.

 

Nothing contained in this Section 2.04 shall (1) be
deemed to be a release or impairment of the indebtedness evidenced by this Note
or the other obligations, guaranties or indemnities of Borrower under the Loan
Documents or the lien of the Loan Documents upon the Security Property, or (2) preclude
Lender from foreclosing the Loan Documents in case of any default or from
enforcing any of the other rights of Lender except as stated in this Section 2.04,
or (3) reduce, release, relieve, waive, limit or impair in any way
whatsoever the Indemnity and Guaranty Agreement or the Hazardous Substances
Indemnity Agreement each of even date executed and delivered in connection with
the indebtedness evidenced by this Note, or release, relieve, reduce, waive or
impair in any way whatsoever (x) any obligation of any party to such
Indemnity and Guaranty Agreement or Hazardous Substances Indemnity Agreement or
(y) any other guaranty or indemnity set forth in the Loan Documents.

 

7

 

ARTICLE III

GENERAL CONDITIONS

 

3.01         No Waiver: Amendment.  No failure to accelerate the debt evidenced
hereby by reason of default hereunder, acceptance of a partial or past due
payment, or indulgences granted from time to time shall be construed (a) as
a novation of this Note or as a reinstatement of the indebtedness evidenced
hereby or as a waiver of such right of acceleration or of the right of Lender
thereafter to insist upon strict compliance with the terms of this Note, or (b) to
prevent the exercise of such right of acceleration or any other right granted
hereunder or by any applicable laws; and Borrower hereby expressly waives the
benefit of any statute or rule of law or equity now provided, or which may
hereafter be provided, which would produce a result contrary to or in conflict
with the foregoing. No extension of the time for the payment of this Note or
any installment due hereunder, made by agreement with any person now or
hereafter liable for the payment of this Note shall operate to release,
discharge, modify, change or affect the original liability of Borrower under
this Note, either in whole or in part. unless Lender agrees otherwise in
writing. This Note may not be changed orally, but only by an agreement in
writing signed by the party against whom enforcement of any waiver, change,
modification or discharge is sought.

 

3.02         Waivers.  Presentment for payment, demand, protest and
notice of demand, intent to accelerate, acceleration, protest and nonpayment
and all other notices are hereby waived by Borrower. Borrower hereby further
waives and renounces, to the fullest extent permitted by law, all rights to the
benefits of any moratorium, reinstatement, marshalling, forbearance, valuation,
stay, extension, redemption, appraisement, exemption and homestead now or
hereafter provided by the Constitution and laws of the United States of America
and/or of any state thereof, both as to itself and in and to all of its
property, real and personal, in respect of the enforcement and collection of
the obligations evidenced by this Note or the other Loan Documents.

 

3.03         Limit of Validity.  The provisions of this Note and of all
agreements between Borrower and Lender, whether now existing or hereafter
arising and whether written or oral, are hereby expressly limited so that in no
contingency or event whatsoever, whether by reason of demand or acceleration of
the maturity of this Note or otherwise, shall the amount paid, or agreed to be
paid, to Lender for the use, forbearance or retention of the money loaned under
this Note exceed the maximum amount permissible under applicable law. If, from
any circumstance whatsoever, performance or fulfillment of any provision hereof
or of any agreement between Borrower and Lender shall, at the time performance
or fulfillment of such provision shall be due, exceed the limit for interest
prescribed by law or otherwise transcend the limit of validity prescribed by
applicable law, then ipso facto
the obligation to be performed or fulfilled shall be reduced to such limit and
if, from any circumstance whatsoever, Lender shall ever receive anything of
value deemed interest by applicable law in excess of the maximum lawful amount,
an amount equal to any excessive interest shall be applied to the reduction of
the principal balance owing under this Note in the inverse order of its
maturity (whether or not then due) or at the option of Lender be paid over to
Borrower, and shall not be applied to the payment of interest. All interest (including,
but not limited to, any amounts or payments deemed to be interest) paid or
agreed to be paid to Lender shall, to the extent permitted by applicable law,
be amortized, prorated, allocated and spread throughout the full period until
payment in full of the principal balance of this Note so that the interest
thereof for such full period will not exceed the 

 

8

 

maximum amount permitted by
applicable law. This Section 3.03 will control all agreements
between Borrower and Lender.

 

3.04         Use of Funds.  Borrower hereby warrants, represents and
covenants that no funds disbursed hereunder shall be used for personal, family
or household purposes.

 

3.05         Unconditional Payment.  Borrower is and shall be obligated to pay
principal, interest and any and all other amounts which become payable
hereunder or under the other Loan Documents absolutely and unconditionally and
without any abatement, postponement, diminution or deduction and without any
reduction for counterclaim or setoff. In the event that at any time any payment
received by Lender hereunder shall be deemed by a court of competent
jurisdiction to have been a voidable preference or fraudulent conveyance under
any bankruptcy, insolvency or other debtor relief law, then the obligation to
make such payment shall survive any cancellation or satisfaction of this Note
or return thereof to Borrower and shall not be discharged or satisfied with any
prior payment thereof or cancellation of this Note, but shall remain a valid
and binding obligation enforceable in accordance with the terms and provisions
hereof, and such payment shall be immediately due and payable upon demand.

 

3.06         Miscellaneous.  (a) This Note shall be interpreted,
construed and enforced according to the laws of the State where the Security
Property is located. The terms and provisions hereof shall be binding upon and
inure to the benefit of Borrower and Lender and their respective heirs,
executors, legal representatives, successors, successors-in-title and assigns,
whether by voluntary action of the parties or by operation of law. As used
herein, the terms “Borrower” and “Lender” shall be deemed to include their
respective heirs, executors, legal representatives, successors,
successors-in-title and assigns, whether by voluntary action of the parties or
by operation of law. If Borrower consists of more than one person or entity,
each shall be jointly and severally liable to perform the obligations of
Borrower under this Note and the other Loan Documents. All personal pronouns
and defined terms used herein, whether used in the masculine, feminine or
neuter gender, shall include all other genders; the singular shall include the
plural and vice versa. Titles of articles and sections are for convenience only
and in no way define, limit, amplify or describe the scope or intent of any
provisions hereof. Time is of the essence with respect to all provisions of
this Note. This Note and the other Loan Documents contain the entire agreements
between the parties hereto relating to the subject matter hereof and thereof
and all prior agreements relative hereto and thereto, which are not contained
herein or therein are terminated.

 

(b)           SUBMISSION
TO JURISDICTION; WAIVER OF JURY TRIAL. BORROWER, TO THE FULL EXTENT PERMITTED
BY LAW, HEREBY KNOWINGLY, INTENTIONALLY AND VOLUNTARILY, WITH AND UPON THE
ADVICE OF COMPETENT COUNSEL, (i) SUBMITS TO PERSONAL JURISDICTION IN THE
STATE IN WHICH THE SECURITY PROPERTY IS LOCATED OVER ANY SUIT, ACTION OR
PROCEEDING BY ANY PERSON ARISING FROM OR RELATING TO THIS NOTE, THE SECURITY
INSTRUMENT OR ANY OTHER OF THE LOAN DOCUMENTS, (ii) AGREES THAT ANY SUCH
ACTION, SUIT OR PROCEEDING MAY BE BROUGHT IN ANY STATE OR FEDERAL COURT OF
COMPETENT JURISDICTION PRESIDING OVER THE COUNTY IN WHICH THE SECURITY PROPERTY
IS LOCATED, (iii) SUBMITS TO THE JURISDICTION OF SUCH COURTS, AND, (iv) TO
THE FULLEST EXTENT PERMITTED BY LAW, AGREES THAT IT WILL NOT BRING ANY ACTION,
SUIT OR PROCEEDING IN

 

9

 

ANY
OTHER FORUM (BUT NOTHING HEREIN SHALL AFFECT THE RIGHT OF LENDER TO BRING ANY
ACTION, SUIT OR PROCEEDING IN ANY OTHER FORUM). BORROWER FURTHER CONSENTS AND
AGREES TO SERVICE OF ANY SUMMONS, COMPLAINT OR OTHER LEGAL PROCESS IN ANY SUCH
SUIT, ACTION OR PROCEEDING BY REGISTERED OR CERTIFIED U.S. MAIL, POSTAGE
PREPAID, TO BORROWER AT THE ADDRESS DESCRIBED ON THE FIRST PAGE HEREOF, AND
CONSENTS AND AGREES THAT SUCH SERVICE SHALL CONSTITUTE IN EVERY RESPECT VALID
AND EFFECTIVE SERVICE (BUT NOTHING HEREIN SHALL AFFECT THE VALIDITY OR
EFFECTIVENESS OF PROCESS SERVED IN ANY OTHER MANNER PERMITTED BY LAW).

 

LENDER AND BORROWER, TO THE FULL EXTENT
PERMITTED BY LAW, HEREBY KNOWINGLY, INTENTIONALLY AND VOLUNTARILY, WITH AND
UPON CONSULTATION OF COMPETENT COUNSEL, WAIVE, RELINQUISH AND FOREVER FORGO THE
RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING BASED UPON, ARISING OUT
OF, OR IN ANY WAY RELATING TO THE DEBT OR ANY CONDUCT, ACT OR OMISSION OF
LENDER OR BORROWER, OR ANY OF THEIR DIRECTORS, OFFICERS, PARTNERS, MEMBERS,
EMPLOYEES, AGENTS OR ATTORNEYS, OR ANY OTHER PERSONS AFFILIATED WITH LENDER OR
BORROWER, IN EACH OF THE FOREGOING CASES, WHETHER SOUNDING IN CONTRACT, TORT OR
OTHERWISE.

 

3.07         Secondary Market.  Lender may sell, transfer and deliver the
Loan Documents to one or more investors in a secondary mortgage market (a “Secondary Market Transaction”). In
connection with such sale or otherwise, Lender may retain or assign
responsibility for servicing the Loan evidenced by this Note or may delegate
some or all of such responsibility and/or obligations to one or more servicers,
including, but not limited to, any subservicer or master servicer on behalf of
the investors. Supplementing Section 3.06, above, all references to Lender
herein shall refer to and include, without limitation, any such servicer, to
the extent applicable.

 

3.08         Dissemination of Information.  If Lender determines at any time to sell,
transfer or assign this Note, the Security Instrument and the other Loan
Documents, and any or all servicing rights with respect thereto, or to grant
participations therein or issue, or cause to be issued, mortgage pass-through
certificates or other securities evidencing a beneficial interest in a rated or
unrated public offering or private placement, Lender may forward to each purchaser,
transferee, assignee, servicer, participant, investor, or their respective
successors in such participations and/or securities or any Rating Agency rating
such securities, each prospective investor and each of the foregoing’s
respective counsel, all documents and information which Lender now has or may
hereafter acquire relating to the debt evidenced by this Note and to Borrower,
any guarantor, any indemnitor and the Security Property, which shall have been
furnished by Borrower, any guarantor or any indemnitor, as Lender determines
necessary or desirable.

 

3.09         State Specific Provisions.  Notwithstanding anything contained in the
Note, in the event of a conflict between the provisions of this Section and
any other part of the Note, the terms and provisions of this Section shall
modify and supersede and shall govern and control over such other conflicting
portion of the Note.

 

10

 

(a)           Limit of Validity.  Section 3.03 of the Note is
hereby deleted in its entirety and is replaced by the following language:

 

“3.03 (a) Savings Clause. It is
expressly stipulated and agreed to be the intent of Borrower and Lender at all
times to comply strictly with the applicable Texas law governing the maximum
rate or amount of interest payable on this Note or the Related Indebtedness (or
applicable United States federal law to the extent that it permits Lender to
contract for, charge, take, reserve or receive a greater amount of interest
than under Texas law). If the applicable law is ever judicially interpreted so
as to render usurious any amount (i) contracted for, charged, taken,
reserved or received pursuant to this Note, any of the other Loan Documents or
any other communication or writing by or between Borrower and Lender related to
the transaction or transactions that are the subject matter of the Loan
Documents, (ii) contracted for, charged or received by reason of Lender’s
exercise of the option to accelerate the maturity of this Note and/or the
Related Indebtedness, or (iii) Borrower will have paid or Lender will have
received by reason of any voluntary prepayment by Borrower of this Note and/or
the Related Indebtedness, then it is Borrower’s and Lender’s express intent
that all amounts charged in excess of the Maximum Lawful Rate shall be
automatically cancelled, ab initio, and all amounts in excess of the
Maximum Lawful Rate theretofore collected by Lender shall be credited on the
principal balance of this Note and/or the Related Indebtedness (or, if this
Note and all Related Indebtedness have been or would thereby be paid in full,
refunded to Borrower), and the provisions of this Note and the other- Loan
Documents immediately be deemed reformed and the amounts thereafter collectible
hereunder and thereunder reduced, without the necessary of the execution of any
new document, so as to comply with the applicable law, but so as to permit the
recovery of the fullest amount otherwise called for hereunder and thereunder;
provided, however, if this Note has been paid in full before the end of the
stated term of this Note, then Borrower and Lender agree that Lender shall,
with reasonable promptness after Lender discovers or is advised by Borrower
that interest was received in an amount in excess of the Maximum Lawful Rate, either
refund such excess interest to Borrower and/or credit such excess interest
against this Note and/or any Related Indebtedness then owing by Borrower to
Lender. Borrower hereby agrees that as a condition precedent to any claim
seeking usury penalties against Lender, Borrower will provide written notice to
Lender, advising Lender in reasonable detail of the nature and amount of the
violation, and Lender shall have sixty (60) days after receipt of such notice
in which to correct such usury violation, if any, by either refunding such
excess interest to Borrower or crediting such excess interest against this Note
and/or the Related Indebtedness then owing by Borrower to Lender. All sums
contracted for, charged or received by Lender for the use, forbearance or detention
of any debt evidenced by this Note and/or the Related Indebtedness shall, to
the extent permitted by applicable law, be amortized or spread, using the
actuarial method, throughout the stated term of this Note and/or the Related
Indebtedness (including any and all renewal and extension periods) until
payment in full so that the rate or amount of interest on account of this Note
and/or the Related Indebtedness does not exceed the Maximum Lawful Rate from
time to time in effect and applicable to this Note and/or the Related
Indebtedness for so long as debt is outstanding. In no event shall the
provisions of Chapter 346 of the Texas Finance Code (which regulates certain
revolving credit loan accounts and revolving triparty accounts) apply to this
Note and/or the Related Indebtedness. Notwithstanding anything to the contrary
contained herein or in 

 

11

 

any of the other Loan Documents, it is not the intention of Lender to
accelerate the maturity of any interest that has not accrued at the time of
such acceleration or to collect unearned interest at the time of such
acceleration.”

 

(b)           Definitions.  As used herein, the term “Maximum Lawful Rate” shall mean the maximum
lawful rate of interest which may be contracted for, charged, taken, received
or reserved by Lender in accordance with the applicable laws of the State of
Texas (or applicable United States federal law to the extent that it permits
Lender to contract for, charge, take, receive or reserve a greater amount of
interest than under Texas law), taking into account all Charges (as herein
defined) made in connection with the transaction evidenced by this Note and the
other Loan Documents. As used herein, the term “Charges’ shall mean all fees,
charges and/or any other things of value, if any, contracted for, charged,
received, taken or reserved by Lender in connection with the transactions
relating to this Note and the other Loan Documents, which are treated as
interest under the applicable law. As used herein, the term “Related Indebtedness” shall mean any and
all debt paid or payable by Borrower to Lender pursuant to the Loan Documents
or any other communication or writing by or between Borrower and Lender related
to the transaction or transactions that are the subject matter of the Loan
Documents, except such debt which has been paid or is payable by Borrower to
Lender under the Note.

 

(c)           Ceiling Election.  To the extent that Lender is relying on
Chapter 303 of the Texas Finance Code to determine the Maximum Lawful Rate
payable on this Note and/or the Related Indebtedness, Lender will utilize the
weekly ceiling from time to time in effect as provided in such Chapter 303, as
amended. To the extent United States federal law permits Lender to contract
for, charge, take, receive or reserve a greater amount of interest than under
Texas law, Lender will rely on United States federal law instead of such
Chapter 303 for the purpose of determining the Maximum Lawful Rate.
Additionally, to the extent permitted by applicable law now or hereafter in
effect, Lender may, at its option and from time to time, utilize any other
method of establishing the Maximum Lawful Rate under such Chapter 303 or under
other applicable law by giving notice, if required, to Borrower as provided by
applicable law now or hereafter in effect.”

 

	
  Borrower’s Tax Identification No.: 

  	
                            

  	
   

  
	
   

  
	
  [NO FURTHER TEXT ON THIS PAGE]

  	
   

  
				

 

12

 

IN WITNESS
WHEREOF, Borrower has executed this Note under seal as of the date first above
written.

 

	
   

  	
  PGI EQUITY PARTNERS, L.P.,
  a Texas 

  
	
   

  	
  limited partnership

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  PGI Capital, Inc., a Texas 

  
	
   

  	
   

  	
  corporation

  
	
   

  	
  Its:

  	
  General Partner

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Terry W. Hamann

  	
   

  
	
   

  	
  Name:

  	
  Terry W. Hamann

  	
   

  
	
   

  	
  Its:

  	
  President

  	
   

  
											

 

13

 

	
  State of Texas

  	
  )

  	
   

  	
   

  
	
   

  	
  )

  	
   

  	
   

  
	
  County of Travis

  	
  )

  	
   

  	
   

  

 

This
instrument was acknowledged before me on March 10, 2005, by Terry W.
Hamann, the President of PGI Capital, Inc., a Texas corporation, the general
partner of PGI Equity Partners, L.P., a Texas limited partnership, on behalf of
said partnership.

 

 

	
   

  	
  [SEAL]

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  /s/ Stephanie A. Wieser

  
	
   

  	
  NOTARY PUBLIC

  	
   

  
	
   

  	
  STATE OF TEXAS

  	
   

  
	
   

  	
  MY COMMISSION EXPIRES:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Stephanie A.
  Wieser

  	
   

  
	
   

  	
  PRINTED NAME OF NOTARY PUBLIC

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