Document:

Lease
agreement

    

    Party A
and B have reached an agreement through friendly consultation to conclude the
following contract.

    

    
      	
              1.

            	
              Party
      A hereby agrees to lease No. 3-4, Unit 3, Building 3,Guian Garden, Yanghe
      Garden, Jiangbei District, Chongqing to Party B, the rent is RMB 5000 per
      month. The rent is payable semi-annually before the tenth day of each
      period, and the term of the lease is 3 years. Party A has the priority to
      extend the lease upon expiration.

            

    

    

    
      	
              2.

            	
              Party
      B shall comply with the rules and regulations of Yanghe Garden, and all
      the charges such as property management fee, elevator management fee, gas
      fee, telephone bill, cable bill and so forth shall be paid by Party B
      monthly in full amount before due
day.

            

    

    

    
      	
              3.

            	
              Party
      A shall provide property certification to prove its legal ownership of the
      property at No. 3-4, Unit 3, Building 3,Guian Garden, Yanghe Garden,
      Jiangbei District, Chongqing.

            

    

    

    
      	
              4.

            	
              Party
      B shall pay RMB 5000 as deposit to Party A; during the lease term, in case
      Party B breaches this contract, Party A has the right to terminate the
      contract, and deduct the deposit. In this case, Party B shall bear all
      economic loss for Party A.

            

    

    

    
      	
              5.

            	
              During
      the lease term, in case Party B fails to abide by the contract, Party B
      shall pay Party A three times the amount of deposit as
      compensation.

            

    

    

    
      	
              6.

            	
              Party
      A shall provide Party B with a refrigerator, a washing machine, a 29-inch
      TV, a set of couch, two air-conditioners, two beds with two mattresses, a
      closet, and a stove.

            

    

    

    
      	
              7.

            	
              Party
      A shall provide Party B with a land line
  telephone.

            

    

    

    
      	
              8.

            	
              The
      rent shall not be changed during the lease
term.

            

    

    

    
      	
              9.

            	
              Party
      B is responsible for keeping the electronics and furniture provided by
      Party A in good condition. Any damage due to improper use shall be
      compensated based on the original price. Party B is not be responsible for
      any damage caused by force majeure. Party A shall be responsible for
      repairing and replacing all the non-functioning electronics. Party B is
      not responsible for any influence of natural aging on furniture,
      electronics, floor, and wall.

            

    

    

    
      	
              10.

            	
              Party
      A will provide a list with model, certificate of origin, price, condition
      of all the electronics and furniture provided by Party A. Each party holds
      one copy upon signature for the purpose of the return of all the
      facilities when the lease term
ends.

            

    

    

    
      	
              11.

            	
              Upon
      expiration of the lease and acceptance of property condition inspection,
      Party A shall return the RMB 5000 deposit to Party
  B

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              12.

            	
              The
      contract shall come into effect upon signature by both parties. There are
      2 originals of this contract. Each party will hold 1
    original.

            

    

     

    
      
        
          	
                  Party
      A: Li Yan

                	
                  Party
      B Binghui Lu

                
	 
      
	
                  December
      1 2010Converted by EDGARwiz

      
         

Exhibit 10.34

Summary of Non-Employee Director Compensation

Ruddick
Corporation (the “Company”) compensates each member of its Board of Directors (the “Board”)
who is not an employee of the Company or its subsidiaries.  Upon becoming a member of the Board
of Directors and at each subsequent re-election thereto, non-employee directors receive an annual fee
of $34,000 for services as a director, plus $2,000 for each Board meeting or committee meeting attended.
 In addition to the general fees for directors described above, the Chairman of the Audit Committee
of the Board is paid an additional annual fee of $6,000 for services as chairman of that committee.

Non-employee
directors of the Company may defer the payment of the annual fee and/or Board and committee meeting fees
pursuant to the Company’s Director Deferral Plan and/or the Company’s Flexible Deferral Plan.
 Fees deferred pursuant to the Director Deferral Plan are converted into units representing shares
of Common Stock of the Company (the “Common Stock”) with a fair market value equal to the value
of the fees deferred, and the number of units is then credited to the director’s account at the
time such fees would otherwise be paid to the director, along with additional units representing the
amount of any dividends or stock distributions.  Upon termination of service as a director or in
the event of death, the balance of the director’s account will be distributed to the director or
a designated beneficiary in the form of Common Stock.

Fees
deferred pursuant to the Flexible Deferral Plan are credited to the director’s account at the time
such fees would otherwise be paid to the director.  The director’s account is credited with
a rate of return (positive or negative) based on the performance of the investment options selected by
the director.  The deferring director may choose deemed investments in the Flexible Deferral Plan
that represent choices that span a variety of asset classes.  Upon a director’s annual enrollment
in the Flexible Deferral Plan, he or she must designate the timing of the distributions of deferrals,
either at a specific date prior to separation from service or at separation from service, and may designate
the form of distribution, either in a lump sum or in installments.  Changing the distribution date
or form of payment is permissible in accordance with rules specified in the Flexible Deferral Plan and
the Internal Revenue Code.

Pursuant
to the provisions of the Company’s equity incentive plans, the Company automatically grants a ten-year
option to purchase 10,000 shares of Common Stock to each new non-employee director upon his or her initial
election as director.  These options are immediately vested, and the exercise price of these options
is equal to the average of the high and low sale price of a share of the Common Stock on the date of
the director’s election.  

The
Company grants additional compensation to its non-employee directors from time to time, at the Board’s
discretion.  This additional compensation generally takes the form of discretionary contributions
by the Company to the Director Deferral Plan for the benefit of each non-employee director, however,
other award types may be granted in the future at the discretion of the Board and/or the independent
members of the Board.  Each non-employee director

 

         

         			

         			

      
         

receives
a discretionary Company contribution of $14,000 paid into the Direct Deferral Plan and converted into
units as discussed above.

The
Company also provides $100,000 of term life insurance coverage and certain perquisites for each non-employee
director.a6528476ex4-1.htm

EXHIBIT 4.1

 

 

 

	Execution Version 

 

 

 

AptarGroup, Inc.

 

 

 

 

___________________________________

 

First Amendment

Dated as of November 30, 2010

 

 

to

 

 

Note Purchase Agreement

Dated as of July 31, 2006

 

___________________________________

 

 

 

 

 

Re:   $50,000,000 aggregate principal amount

6.04% Senior Notes, Series 2006-A, Due July 31, 2016

 

 

	 

 

  

  

  

 

First Amendment to Note Purchase Agreement

 

This First Amendment dated as of November 30, 2010 (the or this “First Amendment”) to the Note Purchase Agreement dated as of July 31, 2006 is between AptarGroup, Inc., a Delaware corporation (the “Company”), and each of the institutions which is a signatory to this First Amendment (collectively, the “Noteholders”).

 

Recitals:

 

A.Pursuant to that certain Note Purchase Agreement dated as of July 31, 2006 (the “Note Purchase Agreement”) between the Company and each of the purchasers listed in Schedule A thereto, the Company has heretofore issued  $50,000,000 aggregate principal amount of Notes designated as its 6.04% Senior Notes, Series 2006-A, due July 31, 2016 (the “Series 2006-A Notes”).

 

B.The Noteholders are the holders of more than 50% of the principal amount of the Series 2006-A Notes outstanding as of the date of this First Amendment (exclusive of Notes owned by the Company or any of its Affiliates).

 

C.The Company and the Noteholders now desire to amend the Note Purchase Agreement in the respects, but only in the respects, hereinafter set forth.

 

Now, therefore, upon the full and complete satisfaction of the conditions precedent to the effectiveness of this First Amendment set forth in Section 3.1 hereof, and in consideration of good and valuable consideration the receipt and sufficiency of which are hereby acknowledged, the Company and the Noteholders do hereby agree as follows:

 

Section 1.          Amendments.

 

Section 1.1.  Section 10.2(i) of the Note Purchase Agreement shall be and is hereby amended by deleting the period at the end of the first sentence and adding the following proviso at the end of the first sentence:

 

and provided, further, that no Lien created, assumed or incurred pursuant to this Section 10.2(i) shall secure the Bank Credit Agreement or related guaranties unless the Notes are also secured equally and ratably pursuant to an agreement reasonably satisfactory to the Required Holders.

 

Section 1.2.  The following shall be added as a new Section 22.8 to the Note Purchase Agreement:

 

Section 22.8.  FASB 159.  For purposes of determining compliance with the financial covenants contained in this Agreement, any election by the Company to measure an item of Indebtedness using an amount other than par (as permitted by FASB 159 or any similar accounting standard) shall be disregarded and such determination shall be made as if such election had not been made. 

 

  

  

  

 

	AptarGroup, Inc.	First Amendment

 

 

Section 1.3.  Schedule B of the Note Purchase Agreement shall be and is hereby amended by deleting the definition of “Capital Lease” and replacing it with the following:

 

“Capital Lease” means, at any time, a lease with respect to which the lessee is required concurrently to recognize the acquisition of an asset and the incurrence of a liability in accordance with GAAP as in effect on November 30, 2010.

 

Section 1.4.  The following shall be added as a new definition in alphabetical order to Schedule B of the Note Purchase Agreement:

 

“Bank Credit Agreement” means that certain Amended and Restated Multicurrency Credit Agreement dated as of July 31, 2006 among the Company, AptarGroup Holding SAS, Bank of America, N.A., as administrative agent, and the other commercial banks from time to time parties thereto, as the same may from time to time be amended, modified, extended, replaced, refinanced or renewed. 

 

Section 2.          Representations and Warranties of the Company.

 

Section 2.1.  To induce the Noteholders to execute and deliver this First Amendment (which representations shall survive the execution and delivery of this First Amendment), the Company represents and warrants to the Noteholders that:

 

(a)this First Amendment constitutes the legal, valid and binding obligation of the Company enforceable against the Company in accordance with its terms, except as such enforceability may be limited by (i) applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights generally and (ii) general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law);

 

(b)the Note Purchase Agreement, as amended by this First Amendment, constitutes the legal, valid and binding obligation of the Company enforceable against the Company in accordance with its terms, except as such enforceability may be limited by (i) applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights generally and (ii) general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law);

 

  

-2-

  

 

	AptarGroup, Inc.	First Amendment

 

 

(c)this First Amendment has been duly authorized by all necessary corporate action on the part of the Company;

 

(d)the execution, delivery and performance by the Company of this First Amendment (i) does not require the consent or approval of any Governmental Authority and (ii) will not (A) violate (1) any provision of law, statute, rule or regulation of any Governmental Authority applicable to the Company, other than violations that would not reasonably be expected to have a Material Adverse Effect, (2) the Company’s certificate of incorporation or bylaws, (3) any order of any court, arbitrator or Governmental Authority applicable to the Company or (4) any provision of any Material indenture or any other Material agreement or instrument to which it is a party or by which its properties or assets are or may be bound, or (B) result in a breach or constitute a default under any Material indenture or any other Material agreement or instrument referred to in clause (ii)(A)(4) of this Section 2.1(d); and

 

(e)as of the date hereof and after giving effect to this First Amendment, no Default or Event of Default has occurred which is continuing.

 

Section 3.          Conditions to Effectiveness of This First Amendment.

 

Section 3.1.  This First Amendment shall not become effective until, and shall become effective when,  executed counterparts of this First Amendment, duly executed by the Company and the holders of more than 50% of the principal amount of the Series 2006-A Notes outstanding as of the date of this First Amendment (exclusive of Notes owned by the Company or any of its Affiliates), shall have been delivered to the Noteholders or their special counsel.

 

Section 4.          [Reserved].

 

Section 5.          Miscellaneous.

 

Section 5.1.  Capitalized terms used herein shall have the respective meanings ascribed thereto in the Note Purchase Agreement unless herein defined or the context shall otherwise require.

 

Section 5.2.  This First Amendment shall be construed in connection with and as part of the Note Purchase Agreement, and except as modified and expressly amended by this First Amendment, all terms, conditions and covenants contained in the Note Purchase Agreement and the Notes shall remain in full force and effect.

 

Section 5.3.  Any and all notices, requests, certificates and other instruments executed and delivered after the execution and delivery of this First Amendment may refer to the Note Purchase Agreement without making specific reference to this First Amendment, but nevertheless all such references shall include this First Amendment unless the context otherwise requires.

 

  

-3-

  

 

	AptarGroup, Inc.	First Amendment

 

 

Section 5.4.  The descriptive headings of the various sections of this First Amendment are for convenience only and shall not affect the meaning or construction of any of the provisions hereof.  The Note Purchase Agreement and this First Amendment embody the entire agreement and understanding between each Noteholder and the Company and supersede all prior agreements and understandings relating to the subject matter hereof.

 

Section 5.5.  This First Amendment shall be governed by and construed and enforced in accordance with, and the rights of the parties shall be governed by, the law of the State of Illinois, excluding choice-of-law principles of the law of such State that would permit or require the application of the laws of a jurisdiction other than such State.

 

 

(Remainder of page intentionally left blank)

 

 

  

-4-

  

 

	AptarGroup, Inc.	First Amendment

 

 

Section 5.6.  This First Amendment may be executed in any number of counterparts, each of which shall be an original but all of which together shall constitute one instrument.  Each counterpart may consist of a number of copies hereof, each signed by less than all, but together signed by all, of the parties hereto.

 

	  	  
	  	
AptarGroup, Inc.

	  	  
	  	  
	  	  
	  	
By

	
 /s/ Robert W. Kuhn

	  	
Robert W. Kuhn

	  	
Executive Vice President and Chief 

	  	
Financial Officer

 

 

 

First Amendment to 2006 Note Purchase Agreement

 

  

  

  

 

	AptarGroup, Inc.	First Amendment

 

 

	
Accepted and Agreed to:

	  
	  	  
	  	
American Family Life Insurance Company

	  	  
	  	  
	  	  
	  	
By

	
 /s/ Phillip Hannifan

	  	
Phillip Hannifan

	  	
Investment Manager

 

 

 

First Amendment to 2006 Note Purchase Agreement

 

  

  

  

 

	AptarGroup, Inc.	First Amendment

 

 

	
Accepted and Agreed to:

	  
	  	  
	  	
American United Life Insurance Company

	  	  
	  	  
	  	  
	  	
By

	
 /s/ John C. Mason

	  	
John C. Mason

	  	
V.P. Fixed Income Securities

	  	  
	  	  
	  	
The State Life Insurance Company

	  	  
	  	  
	  	  
	  	
By

	
American United Life Insurance

	  	
Company, Its Agent

	  	  
	  	  
	  	  
	  	
By

	
/s/ John C. Mason

	  	
John C. Mason

	  	
V.P. Fixed Income Securities

	  	  
	  	  
	  	  
	  	  
	  	  

 

 

 

First Amendment to 2006 Note Purchase Agreement

 

  

  

  

 

	AptarGroup, Inc.	First Amendment

 

 

	
Accepted and Agreed to:

	  
	  	  
	  	
Blue Cross and Blue Shield of Florida, 

	  	
Inc.

	  	  
	  	
By: Advantus Capital Management, Inc.

	  	  
	  	  
	  	  
	  	
By

	
 /s/ James W. Tobin

	  	
James W. Tobin

	  	
Vice President

	  	  
	  	  
	  	
Colorado Bankers Life Insurance 

	  	
Company

	  	  
	  	
By

	
Advantus Capital Management, Inc.

	  	  
	  	  
	  	  
	  	
By

	
/s/ Merlin Erickson

	  	
Merlin Erickson

	  	
Vice President

	  	  
	  	  
	  	
Great Western Insurance Company

	  	  
	  	
By: 

	
Advantus Capital Management, Inc.

	  	  
	  	  
	  	  
	  	
By

	
 /s/ Drew R. Smith

	  	
Drew R. Smith

	  	
Vice President

	  	  
	  	  
	  	
Trustmark Insurance Company

	  	  
	  	
By: 

	
Advantus Capital Management, Inc.

	  	  
	  	  
	  	
By

	
 /s/ Rose A. Lambros

	  	
Rose A. Lambros

	  	
Vice President

 

 

 

First Amendment to 2006 Note Purchase Agreement

 

  

  

  

 

	AptarGroup, Inc.	First Amendment

 

 

	
Accepted and Agreed to:

	  
	  	  
	  	
State Farm Life Insurance Company

	  	  
	  	  
	  	  
	  	
By

	
 /s/ Julie Hoyer

	  	
Julie Hoyer

	  	
Senior Investment Officer

	  	  
	  	  
	  	  
	  	
By

	
/s/ Jeffrey T. Attwood

	  	
Jeffrey T. Attwood

	  	
Investment Officer

	  	  
	  	  
	  	  
	  	  
	  	  

 

 

 

First Amendment to 2006 Note Purchase Agreement

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