Sixth Amendment to Second Amended and Restated Agreement of Limited Partnership of GGP Limited Partnership

Contract Categories: Business Formation › Limited Partnership Agreements
Summary

This amendment, dated November 20, 2003, updates the Second Amended and Restated Agreement of Limited Partnership for GGP Limited Partnership. The parties, including General Growth Properties, Inc. as general partner and the majority holders of common units, agree to changes reflecting a stock split, revised definitions, and adjustments to unit holdings. The amendment also updates notice requirements and replaces Exhibit A, which lists partners and their interests. The main purpose is to align the partnership agreement with recent changes to the general partner’s capital structure and ensure accurate record-keeping.

View More
EX-10.8 6 c83541exv10w8.txt 6TH AMEND. TO 2ND AMENDED & RESTATED AGREEMENT ITEM 10.8 SIXTH AMENDMENT TO SECOND AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP OF GGP LIMITED PARTNERSHIP THIS AMENDMENT (the "Amendment") is made and entered into as of November 20, 2003, by and among the undersigned parties. W I T N E S S E T H: WHEREAS, a Delaware limited partnership known as GGP Limited Partnership (the "Partnership") exists pursuant to that certain Second Amended and Restated Agreement of Limited Partnership of GGP Limited Partnership dated as of April 1, 1998, as amended (the "Second Restated Partnership Agreement"), and the Delaware Revised Uniform Limited Partnership Act; WHEREAS, General Growth Properties, Inc., a Delaware corporation, is the general partner of the Partnership (the "General Partner"); WHEREAS, as of the close of business on the date hereof, the certificate of incorporation of the General Partner was amended to increase the number of authorized shares of common stock of the General Partner, change the par value of such shares from $0.10 to $0.01 per share and divide each outstanding share of common stock into three shares of common stock (the "Stock Split "); and WHEREAS, the parties hereto, being the sole general partner of the Partnership and the holders of a Majority-in-Interest of the Common Units, desire to amend the Second Restated Partnership Agreement to set forth their understandings regarding the Stock Split and certain other matters. NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto do hereby agree as follows: 1. CAPITALIZED TERMS. Capitalized terms used but not defined herein shall have the definitions assigned to such terms in the Second Restated Partnership Agreement, as amended hereby. 2. AMENDED DEFINITIONS. (a) The definition of "Common Stock" set forth in Section 1.1 of the Second Restated Partnership Agreement is hereby deleted in its entirety and the following is hereby inserted in its place and stead: `"Common Stock' shall mean the shares of common stock of the General Partner." (b) The definition of "Closing Price" set forth in Section 1.1 of the Second Restated Partnership Agreement is hereby deleted in its entirety and the following is hereby inserted in its place and stead: `"Closing Price' on any day shall mean the average of the intra-day high and low for such day as reported in the principal consolidated transaction reporting system with respect to securities listed or admitted to trading on the New York Stock Exchange or, if the Common Stock is not listed or admitted to trading on the New York Stock Exchange, as reported in the principal consolidated transaction reporting system with respect to securities listed on the principal national securities exchange on which the Common Stock is listed or admitted to trading or, if the Common Stock is not listed or admitted to trading on any national securities exchange, the last quoted price, or if not so quoted, the average of the high bid and low asked prices in the over-the-counter market, as reported by the National Association of Securities Dealers, Inc. Automated Quotations System or, if such system is no longer in use, the principal other automated quotations system that may then be in use or, if the Common Stock is not quoted by any such organization, the average of the closing bid and asked prices as furnished by a professional market maker making a market in the Common Stock as such person is selected from time to time by the Board of Directors of the General Partner." (c) The definition of "Current Per Share Market Price" set forth in Section 1.1 of the Second Restated Partnership Agreement is hereby deleted in its entirety and the following is hereby inserted in its place and stead: `"Current Per Share Market Price' shall mean, as of any date, the average of the Closing Price for the five consecutive Trading Days ending on such date or the average of the Closing Price for any other period of Trading Days that the General Partner deems appropriate with respect to any transaction or other event for which "Current Per Share Market Price" is determined (other than a redemption pursuant to any Rights Agreement unless otherwise provided therein); provided, however, that the Closing Price for any Trading Day or Trading Days that are included in any calculation of Current Per Share Market Price shall be adjusted to take into account any stock split, dividend, subdivision, combination and the like if General Partner deems such adjustment to be appropriate)." (d) The definition of "Rights Agreements" set forth in Section 1.1 of the Second Restated Partnership Agreement is hereby deleted in its entirety and the following is hereby inserted in its place and stead: `"Rights Agreements' shall mean the Bucksbaum Rights Agreement and those certain Redemption Rights Agreements entered into before, on or after the date hereof by the Partnership, the General Partner and certain other Persons in connection with the issuance of Units to such other Persons, as the same may be amended from time to time." -2- 3. DIVISION OF COMMON UNITS. Notwithstanding anything to the contrary contained in the Second Restated Partnership Agreement, (a) effective at the close of business on the date hereof, each Common Unit shall be deemed to be three Common Units, so that, as of such time, each holder of record of Common Units, automatically and without further action, shall be deemed to be the holder of two additional Common Units for each Common Unit held immediately prior to such time (the "Unit Split") and (b) there shall be no adjustment of the Conversion Factor on account of the Stock Split; provided, however, that (x) if the rights under any Specified Rights Agreement are exercised as to one or more Common Units, then, effective immediately prior to the redemption or purchase of such Common Units pursuant to such Specified Rights Agreement, the Unit Split shall be completely reversed as to such Common Units and each such Common Unit, automatically and without further action, shall be deemed to be one-third of a Common Unit and (y) if such Common Units are transferred to the General Partner (rather than the Partnership) pursuant to such Specified Rights Agreement, then, effective immediately following such transfer, the Unit Split shall be completely reinstated as to such Common Units and each such Common Unit, automatically and without further action, shall be deemed to be three Common Units. For purposes hereof, a "Specified Rights Agreement" is any Rights Agreement pursuant to which the "Conversion Factor" (or the equivalent) referred to therein is adjusted as the result of the Stock Split and such adjustment is not completely reversed as the result of the Unit Split. The purpose of the proviso contained in the first sentence of this paragraph is to ensure that there are not duplicative adjustments on account of the Stock Split, and this Section 3 shall be interpreted and applied consistently therewith. 4. NOTICE REQUIREMENTS. Notwithstanding anything to the contrary contained in the Second Restated Partnership Agreement, no provision of the Second Restated Partnership Agreement requiring notice of any event prior to the occurrence thereof shall apply to the Stock Split, any of the matters contained herein or stock splits, subdivisions, dividends, combinations or any other similar event occurring after the date hereof. 5. NEW EXHIBIT A. Exhibit A to the Second Restated Partnership Agreement, identifying the Partners, the number and class or series of Units owned by them and their respective Percentage Interests, if any, is hereby deleted in its entirety and the Exhibit A in the form attached hereto is hereby inserted in its place and stead. 6. AMENDMENT TO SECTION 13.12 Section 13.12 of the Second Restated Partnership Agreement is hereby deleted in its entirety and the following is hereby inserted in its place and stead: "13.12 ISSUANCE OF CERTIFICATES. The General Partner may, in its sole discretion, issue a certificate setting forth the name of any Partner and the number of Units owned by such Partner and, in such event, the General Partner shall establish such rules and regulations relating to issuances and reissuances of certificates upon transfer of Units, the division of Units among multiple certificates and the loss, theft, destruction or mutilation of certificates as the General Partner reasonably deems appropriate. Notwithstanding anything to the contrary contained herein or in any certificate, (a) no certificate issued by the Partnership shall constitute a certificated security under Article 8 of the Uniform Commercial Code or an instrument, (b) the issuance or existence of certificates shall not create any rights on the part of the holders of such certificates or other Persons that would not exist if such certificates had not been issued, (c) the Partnership shall have no liability -3- to holders of certificates or other Persons that it would not have had if it had not issued such certificates, and (d) only those Persons shown on the Partnership's book and records as the registered owner of any particular Unit shall have any rights as a Limited Partner or otherwise with respect thereto." 7. OTHER PROVISIONS UNAFFECTED. Except as expressly amended hereby, the Second Restated Partnership Agreement shall remain in full force and effect in accordance with its terms. [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] -4- IN WITNESS WHEREOF, the undersigned have executed this Amendment on the day and year first above written. GENERAL PARTNER: GENERAL GROWTH PROPERTIES, INC., a Delaware corporation By: /s/ Bernard Freibaum ------------------------------------------- Bernard Freibaum, Executive Vice President LIMITED PARTNERS: M.B. CAPITAL PARTNERS III, a South Dakota general partnership By: GENERAL TRUST COMPANY, not individually but solely as Trustee of Martin Investment Trust G, a partner By: /s/ Marshall E. Eisenberg -------------------------------- Marshall E. Eisenberg, President EXHIBIT A TO THE SECOND AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP OF GGP LIMITED PARTNERSHIP PARTNERS See attached. EXHIBIT A
NUMBER OF NUMBER OF NUMBER OF NUMBER OF PERCENTAGE SERIES A SERIES B SERIES C COMMON UNITS INTEREST PREFERRED UNITS PREFERRED UNITS PREFERRED UNITS ---------------- ----------- --------------- --------------- --------------- General Partner: General Growth Properties, Inc. 216,208 ###-###-#### 79.3788 0.0000 0.0000 0.0000 Limited Partners: M.B. Capital Partners III 46,690 ###-###-#### 17.1419 0.0000 0.0000 0.0000 Stanley Richards Revocable Trust 449,119.1814 0.1649 0.0000 0.0000 0.0000 Joe W. Lowrance 172 ###-###-#### 0.0635 0.0000 0.0000 0.0000 LWLDA Limited Partnership 135 ###-###-#### 0.0498 0.0000 0.0000 0.0000 Brent M. Milgrom 172 ###-###-#### 0.0635 0.0000 0.0000 0.0000 GDC/A&B Limited Partnership 135 ###-###-#### 0.0498 0.0000 0.0000 0.0000 Edward S. Brown 75,000.0000 0.0275 0.0000 0.0000 0.0000 Lawrence A. Brown 52 ###-###-#### 0.0194 0.0000 0.0000 0.0000 Merrill H.J. Roth 87,072.0000 0.0320 0.0000 0.0000 0.0000 The Roth Family Limited Partnership 66 ###-###-#### 0.0246 0.0000 0.0000 0.0000 Joseph Straus, Jr. 234,051.0000 0.0859 0.0000 0.0000 0.0000 Warren Weiner and Penny Weiner, Husband and Wife, as Tenants-by-the Entirety 47 ###-###-#### 0.0175 0.0000 0.0000 0.0000 Joint Revocable Trust of Marvin Rounick and Judy Rounick 47 ###-###-#### 0.0175 0.0000 0.0000 0.0000 Marvin Rounick and Judy Rounick, Husband and Wife, as Tenants-by-the Entirety 167,010.0000 0.0613 0.0000 0.0000 0.0000 Joint Revocable Trust of Warren and Penny Weiner 55 ###-###-#### 0.0204 0.0000 0.0000 0.0000 Irrevocable Trust of Warren Weiner dated January 24, 1978 F/B/O Robyn Weiner 55 ###-###-#### 0.0204 0.0000 0.0000 0.0000 Irrevocable Trust of Warren Weiner dated January 24, 1978 F/B/O Kimberly Weiner 55 ###-###-#### 0.0204 0.0000 0.0000 0.0000 Sidney Forbes 1,789 ###-###-#### 0.6570 0.0000 0.0000 0.0000 The Frankel Group 346 ###-###-#### 0.1273 0.0000 0.0000 0.0000 Avern Cohn 173 ###-###-#### 0.0637 0.0000 0.0000 0.0000 Rita Haddow 173 ###-###-#### 0.0637 0.0000 0.0000 0.0000 G. Thomas York 17 ###-###-#### 0.0065 0.0000 0.0000 0.0000 Michael Hartz 44 ###-###-#### 0.0163 0.0000 0.0000 0.0000 Wilson M. Carter 31 ###-###-#### 0.0117 0.0000 0.0000 0.0000 James W. Beale 53,031.0000 0.0195 0.0000 0.0000 0.0000 Daniel B. Rather 108 ###-###-#### 0.0399 0.0000 0.0000 0.0000 James B. Carson, Jr. 104,046.0000 0.0382 0.0000 0.0000 0.0000 William A. Mitchell, Jr. 10 ###-###-#### 0.0039 0.0000 0.0000 0.0000 MP, Ltd. 163 ###-###-#### 0.0600 0.0000 0.0000 0.0000 Peter D. Leibowits 1,556 ###-###-#### 0.5715 0.0000 0.0000 0.0000 James Carpenter 65 ###-###-#### 0.0242 0.0000 0.0000 0.0000 John Hachen 8,190.0000 0.0030 0.0000 0.0000 0.0000 Robert Klausner 32 ###-###-#### 0.0120 0.0000 0.0000 0.0000 Donald B. May 16 ###-###-#### 0.0061 0.0000 0.0000 0.0000
Page 1 EXHIBIT A
NUMBER OF NUMBER OF NUMBER OF NUMBER OF PERCENTAGE SERIES A SERIES B SERIES C COMMON UNITS INTEREST PREFERRED UNITS PREFERRED UNITS PREFERRED UNITS ---------------- ----------- --------------- --------------- --------------- Bonnie Primack 162,063.0000 0.0595 0.0000 0.0000 0.0000 Samuel Primack 97 ###-###-#### 0.0357 0.0000 0.0000 0.0000 Sheldon Silverman 73 ###-###-#### 0.0272 0.0000 0.0000 0.0000 Lindsay Faith May Trust, Ian D. Gardenswartz Tustee 48 ###-###-#### 0.0179 0.0000 0.0000 0.0000 Cyd Primack 162,063.0000 0.0595 0.0000 0.0000 0.0000 Donald Kay 8 ###-###-#### 0.0030 0.0000 0.0000 0.0000 Benjamin May Trust, Ian D. Gardenswartz Trustee 48 ###-###-#### 0.0179 0.0000 0.0000 0.0000 Jordan Perlmutter 197 ###-###-#### 0.0724 0.0000 0.0000 0.0000 Essie Perlmutter 98 ###-###-#### 0.0362 0.0000 0.0000 0.0000 Carol R. Berka 7 ###-###-#### 0.0028 0.0000 0.0000 0.0000 Robert W. Specht, Jr. 11,025.0000 0.0040 0.0000 0.0000 0.0000 Kathryn M. Burke (Palmer) Trust 12,036.0000 0.0044 0.0000 0.0000 0.0000 Gregory Specht 13 ###-###-#### 0.0050 0.0000 0.0000 0.0000 The Grandchildren's Trust, William S. Silverman Trustee 65 ###-###-#### 0.0241 0.0000 0.0000 0.0000 O'Connor Realty Investors II, L.P. 34 ###-###-#### 0.0126 0.0000 0.0000 0.0000 J.W. O'Connor & Co., Incorporated 47 ###-###-#### 0.0175 0.0000 0.0000 0.0000 O'Connor Associates L.P. 1,134 ###-###-#### 0.4166 0.0000 0.0000 0.0000 Estate of Edward J. DeBartolo 84 ###-###-#### 0.0310 Glenn J. Rufrano 66,138.0000 0.0243 0.0000 0.0000 0.0000 B.C.O.P. Associates L.P. 78,174.0000 0.0287 0.0000 0.0000 0.0000 CMS/Valley Forge Real Estate Opportunity Fund, L.P. 22 ###-###-#### 0.0083 0.0000 0.0000 0.0000 Harry J. Butler, Jr. 235 ###-###-#### 0.0864 0.0000 0.0000 0.0000 Scott P. Sealy 32,181.0000 0.0118 0.0000 0.0000 0.0000 Mark P. Sealy 17 ###-###-#### 0.0064 0.0000 0.0000 0.0000 Gwen B. Sealy 4 ###-###-#### 0.0017 0.0000 0.0000 0.0000 Scott P. Sealy, Trustee for the J. Pollard Sealy Trust for Scott P. Sealy ###-###-#### 0.0003 0.0000 0.0000 0.0000 Scott P. Sealy, Trustee for the J. Pollard Sealy Trust for Laura Celeste Sealy Curtis ###-###-#### 0.0003 0.0000 0.0000 0.0000 Scott P. Sealy, Trustee for the J. Pollard Sealy Trust for Mark P. Sealy ###-###-#### 0.0003 0.0000 0.0000 0.0000 Scott P. Sealy, Trustee for the J. Pollard Sealy Trust for Lisa Wood Sealy Hollier ###-###-#### 0.0003 0.0000 0.0000 0.0000 Scott P. Sealy, Trustee for the J. Pollard Sealy Trust for Sue Sealy Geren ###-###-#### 0.0003 0.0000 0.0000 0.0000 Cache Valley Mall Partnership, Ltd. 0.0000 0.0000 0.0000 165 ###-###-#### 0.0000 Burke Cloward 0.0000 0.0000 0.0000 18 ###-###-#### 0.0000 Alan Cordano 0.0000 0.0000 0.0000 ###-###-#### 0.0000 James Cordano 0.0000 0.0000 0.0000 ###-###-#### 0.0000 Gregory Curtis 0.0000 0.0000 0.0000 1 ###-###-#### 0.0000 Fairfax Holding, LLC 0.0000 0.0000 0.0000 926 ###-###-#### 0.0000 G. Rex Frazier 0.0000 0.0000 0.0000 16 ###-###-#### 0.0000 Michael Frei 0.0000 0.0000 0.0000 8,044.5420 0.0000 Hall Investment Company 0.0000 0.0000 0.0000 13,016.0700 0.0000 Kenneth Hansen 0.0000 0.0000 0.0000 2 ###-###-#### 0.0000
Page 2 EXHIBIT A
NUMBER OF NUMBER OF NUMBER OF NUMBER OF PERCENTAGE SERIES A SERIES B SERIES C COMMON UNITS INTEREST PREFERRED UNITS PREFERRED UNITS PREFERRED UNITS ---------------- ----------- --------------- --------------- --------------- King American Hospital, Ltd. 0.0000 0.0000 0.0000 26 ###-###-#### 0.0000 Florence King 0.0000 0.0000 0.0000 8 ###-###-#### 0.0000 Warren P. King 0.0000 0.0000 0.0000 3 ###-###-#### 0.0000 Paul K. Mendenhall 0.0000 0.0000 0.0000 3 ###-###-#### 0.0000 Tom Mulkey 0.0000 0.0000 0.0000 1 ###-###-#### 0.0000 North Plains Development Company, Ltd. 0.0000 0.0000 0.0000 9 ###-###-#### 0.0000 North Plains Land Company, Ltd. 0.0000 0.0000 0.0000 ###-###-#### 0.0000 Carl E. Olson 0.0000 0.0000 0.0000 2,174.6520 0.0000 Martin G. Peterson 0.0000 0.0000 0.0000 10 ###-###-#### 0.0000 Pine Ridge Land Company, Ltd. 0.0000 0.0000 0.0000 2 ###-###-#### 0.0000 Price Fremont Company, Ltd. 0.0000 0.0000 0.0000 82 ###-###-#### 0.0000 Deirda Price 0.0000 0.0000 0.0000 ###-###-#### 0.0000 John Price 0.0000 0.0000 0.0000 ###-###-#### 0.0000 Steven Price 0.0000 0.0000 0.0000 1 ###-###-#### 0.0000 Red Cliffs Mall Investment Company, Ltd. 0.0000 0.0000 0.0000 76 ###-###-#### 0.0000 Taycor, Ltd. 0.0000 0.0000 0.0000 17 ###-###-#### 0.0000 Jennifer Wallin 0.0000 0.0000 0.0000 ###-###-#### 0.0000 Keith Whatcott 0.0000 0.0000 0.0000 18 ###-###-#### 0.0000 Lena Wilcher as Trustee of the Lena Wilcher Revocable Trust 0.0000 0.0000 0.0000 5 ###-###-#### 0.0000 JSG, LLC 0.0000 0.0000 0.0000 0.0000 822 ###-###-#### Total Units: 272,375 ###-###-#### 100.0000 0.0000 1,426 ###-###-#### 822 ###-###-####
PAGE 3