Document:

HECO_12 31.2013 Exhibit 10.10(d)

Hawaiian Electric Exhibit 10.10(d)

December 11, 2013

Hawaiian Electric Company, Inc.
P.O. Box 2750 
Honolulu, Hawaii  96840

Attention:    Mr. Jeffrey C. Aicken
Director Fuel Resources

Re: Inter-Island Industrial Fuel Oil and Diesel Fuel Supply Contract Dated 
November 14, 1997, as Amended by the First Amendment Dated March 29, 2004,
and the Second Amendment Dated January 31, 2012

Dear Mr. Aicken:

This letter agreement (“Agreement”) acknowledges and confirms the mutual agreement between Hawaiian Electric Company, Inc., Maui Electric Company, Ltd., and Hawaii Electric Light Company, Inc. (collectively the “Hawaiian Electric Companies”) and Hawaii Independent Energy, LLC (formerly known as Tesoro Hawaii Corporation, formerly known as BHP Petroleum Americas Refining Inc.) (“HIE”) regarding the Inter-Island Industrial Fuel Oil and Diesel Fuel Supply Contract, dated November 19, 1997, as amended by the First Amendment dated March 29, 2004, and the Second Amendment dated January 31, 2012 (collectively, the “Inter-Island Contract”).  The Hawaiian Electric Companies and HIE mutually agree to waive their respective rights to serve notice of termination pursuant to Article II of the Inter-Island Contract before the end of the Original Term of the Contract (i.e., December 31, 2014), and by doing so, agree to allow the Inter-Island Contract to continue for an Additional Term such that the Contract shall continue in full force and effect through December 31, 2015.  

The parties agree that this Agreement may be executed in counterparts, each of which shall be deemed an original, and all of which shall together constitute the same instrument. This Agreement may also be executed by exchange of executed copies via facsimile or other electronic means, such as PDF, in which case, but not as a condition to the validity of the Contract, each party shall subsequently send the other party by mail the original executed copy.  A party's signature transmitted by facsimile or similar electronic means shall be considered an "original" signature for purposes of this Agreement.

If this Agreement accurately reflects the Hawaiian Electric Companies’ understanding, please so signify by having duly authorized representatives sign and date in the spaces provided below.  We will execute two original documents, a copy of which will be emailed to you, and send the two originals to the Hawaiian Electric Companies at the

Page 1 of 3

address provided above.  One of the executed original letters should afterwards be returned to HIE for our records.  

Sincerely,

/s/ Eric Wright

HAWAII INDEPENDENT ENERGY, INC.
 By  Eric Wright       
 Its   President  

AGREED AND CONFIRMED
ON BEHALF OF HAWAIIAN ELECTRIC COMPANY, INC.

/s/ Ronald R. Cox
_________________________________
By         Ronald R. Cox
Its     Vice President, Power Supply

Date: December 20, 2013

/s/ Scott W. H. Seu
_________________________________
By     Scott W. H. Seu   
Its     Vice President, Energy Resources and Operations

Date: December 20, 2013

AGREED AND CONFIRMED
ON BEHALF OF MAUI ELECTRIC COMPANY, LTD.

/s/ Sharon M. Suzuki     
_________________________________
By    Sharon M. Suzuki     
Its     President

Date: _ December 17, 2013

Page 2 of 3

AGREED AND CONFIRMED
ON BEHALF OF MAUI ELECTRIC COMPANY, LTD.

/s/ Lyle J. Matsunaga
_________________________________
By     Lyle J. Matsunaga
Its     Assistant Treasurer

Date: _ December 17, 2013

AGREED AND CONFIRMED
ON BEHALF OF HAWAII ELECTRIC LIGHT COMPANY, INC.

/s/ Jay Ignacio    
_________________________________
By     Jay Ignacio    
Its      President

Date: December 26, 2013

/s/ Rhea Lee    
_________________________________
By     Rhea Lee    
Its     Assistant Secretary

Date: December 23, 2013

Page 3 of 3HECO_12 31.2013 Exhibit 10.7(c)

Hawaiian Electric Exhibit 10.7(c)

                                     

December 17, 2013

Hawaiian Electric Company, Inc.
P.O. Box 2750 
Honolulu, Hawaii  96840-0001
Attn:    Mr. Ronald R. Cox, Vice President Power Supply

		
	Re: 
	Inter-Island Industrial Fuel Oil and Diesel Fuel Supply Contract, dated November 14, 1997, as amended by the Amendment to Inter-Island Industrial Fuel Oil and Diesel Fuel Supply Contract, dated April 12, 2004 (collectively, “Contract”)

Dear Mr. Cox:

This letter (“Second Amendment”) confirms the agreement between Hawaiian Electric Company, Inc., Maui Electric Company, Ltd., and Hawaii Electric Light Company, Inc. (collectively, “Buyers”) and Chevron Products Company, a division of Chevron U.S.A. Inc. (“Chevron”) regarding the amendment of the above-referenced Contract.  Capitalized terms used in this Second Amendment but not otherwise defined herein have the meanings set forth in the Contract.  

It is agreed as follows:  

		
	1.
	The text at Article II is deleted and replaced with the following:

“The term of this Contract shall be from January 1, 1998 through December 31, 2015, and shall continue thereafter for Extensions beginning each successive January 1, unless   Buyers or Chevron give written notice of termination at least 120 Days before the beginning of an Extension.”    

		
	2.
	The text at Section 6.1(i) is deleted and replaced with the following:

“Chevron agrees to Deliver and MECO and HELCO agree to receive their Oil  into a Buyer’s Nominated Barge, Free On Board (“F.O.B.”) at Barbers Point Deep Draft Harbor if Chevron is authorized to use the [ ... ] for such movements (“Pipeline to Barber’s Point”).  In the event (a)
Chevron’s  [ ... ], and (b) Buyers have permission to utilize the  [ ... ], then the
Delivery point will be deemed changed to the location where the  [ ... ] with the  [ ... ], which shall
be taken to be at the butt weld of the tee branch connection (“Point of Interconnection”).  In the event neither[ ... ] nor the [ ...  ] have authorization to use the  [ ... ], then the Delivery point where Buyers will receive Diesel from Chevron will be at the terminal flange prior to the barge flange at HMT, and the parties agree that such [ ... ] and the Buyers' [ ... ] for the transport of Buyer’s CIFO shall constitute a “Contingency” under Section 12.1(d) with respect to the supply of CIFO such that Chevron is not obligated to sell or Deliver CIFO to Buyer, and Buyer is not obligated to purchase or receive CIFO from Chevron.” 

		
	3.
	The text at Section 6.1(ii) is deleted and replaced with the following:

“The Delivery rate of Diesel will be 3,000 BPH minimum.  The Delivery rate of CIFO will be 2,000 BPH minimum.  Chevron agrees to make its best, reasonable efforts to (a) load Diesel and CIFO concurrently provided that a Buyer’s Nominated Barge is capable of receiving same; and (b) to operate Chevron’s current CIFO Delivery systems to Deliver CIFO into said Nominated Barge at a minimum temperature of 120○ F.  Buyers acknowledge that the CIFO Delivery temperature is dependent upon Chevron’s and HECO’s scheduling of other fuel movements in Chevron’s pipeline and that the temperature is therefore not be guaranteed.”

		
	4.
	Section 6.6(i) is hereby deleted and replaced in its entirety with the following:

“For the Delivered Diesel and CIFO under Section 6.1, care, custody, control, title and risk of loss shall pass to Buyer as the Diesel or CIFO passes the flange connecting Chevron’s pipeline to the cargo hose of the Buyer’s Nominated Barge or vessel; provided, however, that if (a) [ ... ], and (b) Buyer has permission to utilize the [ ... ], then care, custody, control, title and risk of loss shall pass to Buyer as the Diesel or CIFO passes the Point of Interconnection.” 

		
	5.
	This Second Amendment may be executed in counterparts (including through electronically exchanged signature pages), each of which is deemed an original, and all of which together constitute the same instrument. 

		
	6.
	Except to the extent modified by this Second Amendment, the Contract continues unchanged in full force and effect.  This Second Amendment constitutes the entire understanding between the parties on the specific subjects discussed herein.

[Signatures follow]

If the foregoing accurately reflects the agreement of the parties, please so signify by having duly authorized representatives counter-sign in the spaces provided below. 

Sincerely,
	
				
	

CHEVRON PRODUCTS COMPANY,
a division of Chevron U.S.A. Inc.
	 
	 

	Signature:

/s/ Billy Liu
____________________________________

Name: Billy Liu
Title: Hawaii VCO Coordinator
	 
	 

	HAWAIIAN ELECTRIC COMPANY, INC.
	HAWAIIAN ELECTRIC COMPANY, INC.
	 

	Signature:

/s/ Ronald R. Cox
____________________________________

Name:   Ronald R. Cox
Title:     Vice President, Power Supply
	Signature:

/s/ Scott W. H. Seu
____________________________________

Name:  Scott W. H. Seu
Title:  Vice President, Energy Resources and Operations
	 

	MAUI ELECTRIC COMPANY, LTD.
	MAUI ELECTRIC COMPANY, LTD.
	 

	Signature:

/s/ Sharon M. Suzuki     
____________________________________

Name:   Sharon M. Suzuki     
Title:     President
	Signature:

/s/ Lyle J. Matsunaga
________________________________________

Name:   Lyle J. Matsunaga
Title:     Assistant Treasurer
	 

	 
	 
	 

	HAWAII ELECTRIC LIGHT COMPANY, INC.
	He HAWAII ELECTRIC LIGHT COMPANY, INC.

	Signature:

/s/ Jay Ignacio
________________________________________

Name:   Jay Ignacio
Title:     President
	Signature:

/s/ Rhea Lee
________________________________________

Name:   Rhea Lee
Title:     Assistant SecretaryEXHIBIT 10.3(a) Larry DeShon Employment Agreement Amendment

EXHIBIT 10.3(a)

AVIS BUDGET CAR RENTAL, LLC
6 Sylvan Way
Parsippany, New Jersey 07054

January 22, 2014

Mr. Larry De Shon
President, Europe/Middle East/Africa
Avis Budget Group, Inc.
6 Sylvan Way
Parsippany, New Jersey 07054

Re.    Amendment to Employment Letter Agreement.

Dear Larry:

You have previously entered into an employment letter agreement with Avis Budget Car Rental, LLC (“ABCR” or the “Company”) on December 19, 2008 (the “Agreement”) pursuant to which you may become entitled to severance benefits from the Company under certain circumstances.  The Company now wishes to amend the Agreement to enhance certain of the severance benefits to which you may become entitled upon certain qualifying terminations of employment as specified in the Agreement.  If the provisions of this amendment (as set forth below) are acceptable to you, please sign and date one copy of this amendment in the space provided at the end of this letter and return the same to Jean Sera, Senior Vice President and Corporate Secretary of Avis Budget Group, Inc., for the Company’s records.
AMENDMENT
The fifth and sixth paragraphs of the Agreement are hereby amended and restated in their entireties to read in full as follows:
“In addition, if your employment with ABCR is terminated by ABCR other than “for cause,” and other than as a result of your “disability”, death or resignation, your then outstanding unvested stock-based awards in Avis Budget Group, Inc. that would have vested in accordance with their original vesting schedule by the two (2)-year anniversary of such termination of employment will become vested effective as of the date of such termination, subject to the satisfaction of the release execution requirement set forth in the preceding paragraph of this letter; provided that, to the extent required to achieve deductibility under Section 162(m) of the Internal Revenue Code of awards that vest based on the achievement of specified objective performance goals, with respect to any awards that vest based on the achievement of specified objective performance goals during the two (2)-year period following 

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such termination, such awards shall not vest as of the date of such termination, but instead, shall remain outstanding following such termination and become vested or be forfeited at such time(s) as provided in accordance with the terms and conditions of the applicable award agreement based on actual achievement of the performance goals applicable for purposes of vesting of such awards during the two (2)-year period following such termination.
In addition, if you experience a termination of employment from ABCR due to your “disability” or death, your then outstanding unvested stock-based awards in Avis Budget Group, Inc. will become fully vested effective as of the date of such termination, subject to the satisfaction of the release execution requirement set forth in the fourth paragraph of this letter.”
	
						
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Except as specifically modified herein, the Agreement will remain in full force and effect in accordance with all of the terms and conditions thereof.
	
					
	 
	 
	Very truly yours,

AVIS BUDGET CAR RENTAL, LLC
	 

	
					
	 
	 
	By:
	/s/ Ned Linnen
	 

	 
	 
	Name:
	Ned Linnen
	 

	 
	 
	Title:
	CHRO
	 

AGREED AND ACCEPTED:

/s/ Larry De Shon            
Larry De Shon

Date:  December 22, 2013

Signature Page to Amendment to Employment Letter Agreement

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