Document:

exhibit_4-15.htm

Exhibit 4.15

 

DORI ENERGY INVESTMENT AGREEMENT

 

English summary of Hebrew version1

 

1. Preliminary Note

 

The Investment Agreement (the “Investment Agreement”) among U. Dori Group Ltd. (“Dori”), U. Dori Energy Infrastructures Ltd. (“Dori Energy”) and Ellomay Clean Energy Ltd. (“Ellomay Energy”) was executed on November 25, 2010.

 

Dori Energy is a private Israeli company and a subsidiary of Dori. The Investment Agreement provides for the issuance to Ellomay Energy, following the fulfillment of certain conditions precedent set forth in the Investment Agreement, of ordinary shares of Dori Energy which constitute forty percent (40%) of Dori Energy’s issued and outstanding share capital on a fully diluted basis, in consideration for NIS fifty million (50,000,000). This transaction was consummated on January 27, 2011.

 

2. Main content of the agreement

 

Ellomay Energy was granted with a call option (the "Option") to increase its holdings in Dori Energy, subject to certain terms and conditions which are set forth in the Investment Agreement, to up to fifty percent (50%) of Dori Energy's issued and outstanding share capital on a fully diluted basis. The price applicable to the exercise of the Call Option is two and a half million (2,500,000) NIS in consideration for each percent (1%) of Dori Energy's issued and outstanding share capital. The Option is divided into two tranches – an option to purchase up to an additional 9% of Dori Energy's issued and outstanding share capital is exercisable starting from the Closing Date and ending six (6) months after the completion and delivery of the Project (as herein defined) (the "First Tranche"), and subject to the full exercise of the First Tranche, an option to purchase an additional 1% of Dori Energy's issued and outstanding share capital shall be exercisable starting six (6) months after the completion and delivery of the Project and ending twenty four (24) months thereafter.

 

The Investment Agreement includes representations of Dori Energy, including with respect to Dori energy’s holdings of 18.75% of Dorad Energy Ltd. ("Dorad") issued and outstanding share capital.

 

The Investment Agreement further provides that Ellomay Energy shall extend corporate guarantees to Dori Energy, if and to the extent such guarantees are required to facilitate the obtainment of up to 40% of the bank finance required for Dori Energy with respect to its pro rata share of the equity required to be injected to Dorad by the shareholders thereof (Ellomay Energy shall not be required to extend any further collaterals in this respect).  In the same manner, Dori undertook to provide to Dori Energy corporate guarantees of up to 60% of such bank finance. Dori further undertook that in case such bank finance could not be obtained by Dori Energy, Dori shall provide the debt finance required for Dori Energy up to an amount of NIS 117.75 million pursuant to the terms provided in the Investment Agreement.

 

1 The original language version is on file with the Registrant and is available upon request.exhibit_4-16.htm

Exhibit 4.16

 

DORI ENERGY SHAREHOLDERS AGREEMENT

 

English summary of Hebrew version1

  

1. Preliminary Note

 

The Shareholders Agreement (the “Shareholders Agreement”) among U. Dori Group Ltd. (“Dori”), Ellomay Clean Energy Ltd. (“Ellomay Energy”) and U. Dori Energy Infrastructures Ltd. (“Dori Energy”) was executed on November 25, 2010.

 

2. Main content of the agreement

 

The Shareholders Agreement sets forth the respective and reciprocal rights and obligations of the shareholders of Dori Energy in their capacity as shareholders, and includes certain restrictions with respect to the sale and\or purchase of shares of Dori Energy, including: (i) a restriction period commencing from the closing date of Ellomay Energy’s investment in Dori Energy (January 27, 2011) and terminating two (2) years after the completion and delivery of the Dorad Energy Ltd. (“Dorad”) private natural gas operated power plant in Ashkelon, Israel (the "Restriction Period") throughout which the sale of Dori Energy shares by Ellomay Energy and\or Dori is not allowed other than to a permitted transferee of such shareholder, (ii) reciprocal Rights of First Refusal applicable as of the termination of the Restriction Period, (iii) reciprocal Tag Along rights applicable as of the termination of the Restriction Period, and (iv) restrictions on the imposition of liens and other third party rights with respect to the shares of Dori Energy.

 

The Shareholders Agreement also sets forth a mechanism with respect to the nomination of members of the board of directors of Dori Energy ("Directors") and the proceedings at Dori Energy's board meetings. The board of directors of Dori Energy shall include four (4) Directors - two (2) Directors shall be nominated by each of Dori and Ellomay Energy (the number of Directors nominated by each shareholder may be adjusted in accordance with certain changes in the holdings in Dori Energy).

 

1 The original language version is on file with the Registrant and is available upon request.

 

  

  

  

 

Furthermore, the Shareholders Agreement sets forth agreements with respect to:

 

	
  

	
(1)

	
special majorities that are required for the passage of the following resolutions in the board and\or general meeting of Dori Energy, or a subsidiary thereof – (a)  voluntary dissolution of Dori Energy, (b) material changes in the business of Dori Energy, (c) issuance of shares and\or any instrument convertible into shares of Dori Energy other than in accordance with the Investment Agreement entered into among Dori, Dori Energy and Ellomay Energy on November 25, 2010, (d) sale, transfer and\or termination of the majority of Dori Energy's assets or a material change with respect to such assets, (e) the imposition of liens and\or charges on the assets and\or rights of Dori Energy, other than in accordance with the credit facility agreement among Dorad and a consortium lead by Bank Hapoalim Ltd. (the “Financing Agreement”), (f) the consolidation, merger or reorganization of Dori Energy, (g) the entry into an agreement the value or impact or potential value or impact of which exceeds, in the aggregate, 1,000,000 USD, (h) material changes in the Financing Agreement and\or the shareholders agreement of Dorad, (i) transactions of Dori Energy with related parties, (j) the approval of Dori Energy's annual budget and business plan, (k) the performance of any distributions by Dori Energy, (l), the appointment and employment terms of Dori Energy's officers, and (m) the appointment and employment terms of Dori Energy's auditors;

 

	
  

	
(2)

	
a separation mechanism between Dori and Ellomay Energy;

 

	
  

	
(3)

	
the purchase, by Dori Energy, of additional shares of Dorad; and

 

	
  

	
(4)

	
dividend distribution policies in Dori Energy.exhibit_4-17.htm

­Exhibit 4.17

 

DISCOUNT BANK AGREEMENT IN CONNECTION WITH DORI ENERGY

 

English summary of Hebrew version1

 

1.           Preliminary Note

 

On January 26th, 2011, U. Dori Energy Infrastructures Ltd. ("Dori Energy"), a subsidiary (40%) of Ellomay Clean Energy Ltd. ("Ellomay Energy"), a wholly owned subsidiary of Ellomay Capital Ltd. ("Ellomay Capital"), entered into an agreement with Israel Discount Bank Ltd. ("Discount Bank") for the extension of a bank guarantee by Discount Bank to Dorad Energy Ltd. ("Dorad") (the "Discount Agreement").

 

2.           Main content of the agreement

 

Pursuant to the Discount Agreement and subject to its terms, Discount Bank extended an autonomous bank guarantee of one hundred and twenty million (120,000,000) NIS to Dorad, which guarantee constitutes an injection of equity by Dori Energy to Dorad pursuant to, and in accordance with, the undertaking conferred upon Dori Energy under the finance documents that were entered into by Dorad and its shareholders with respect to a Credit Facility that was extended to Dorad by an Israeli banking and financial consortium in conjunction with the Ashkelon power plant project (the "Guarantee").

 

The Discount Agreement stipulates that the Guarantee shall remain valid until January 26th, 2012 and afterwards Discount Bank shall not be obligated to comply with any disbursement request made by Dorad pursuant to the Guarantee. It was further agreed that Dori Energy shall pay Discount Bank any amount actually paid by the latter under the Guarantee pursuant to a disbursement request made by Dorad no later than five (5) business days following the relevant payment by Discount Bank.

 

As a guarantee for securing the payments due to Bank Discount from Dori Energy pursuant to the Discount Agreement (the "Secured Amount"), each of Ellomay Energy and U. Dori Group Ltd. extended a guarantee to Discount Bank with respect to 40%, or 60%, respectively, of  the Secured Amount, and granted Discount Bank with a first ranking fixed charge on their holdings in Dori Energy and any and all shareholders loans that were, and\or shall be, extended thereby to Dori Energy. Furthermore, Dori Energy also granted Discount Bank with: (i) a floating charge on all its properties, rights and assets, of any kind whatsoever, excluding Dori Energy's holdings in Dorad; (ii) a fixed charge on the non paid share capital, goodwill, and any rights of Dori Energy to any exemption, easement or reduction of any tax, pursuant to any law; and (iii) a first ranking fixed charge on the rights of Dori Energy in a designated account and in a deposit of twenty five million (25,000,000) NIS.

 

The Discount Agreement also includes customary acceleration provisions, including without limitation, the incorporation of events of default pursuant to that certain finance documents that were entered into by and among Discount Bank and certain shareholders of Ellomay Capital, and only with respect to non compliance with certain financial covenants that were set forth in such finance documents with respect to the financials of Ellomay Capital.

 

The Discount Agreement further includes: (i) customary representations and warranties extended by Dori Energy; and (ii) provisions with respect to the fees payable to Discount Bank with respect to the Guarantee, including a guarantee fee of 1.8% of the amount of the Guarantee and other customary fees.

 

1 The original language version is on file with the Registrant and is available upon request.

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