Document:

xone-ex1014_110.htm

Exhibit 10.14

 

 

	

 
	
[logo:] S [stamp:] Customer copy
	
Stadtsparkasse Augsburg 
Halderstraße 1-5
86150 Augsburg

VAT ID de 127 504 902

	
Guarantee Credit Framework Agreement 

☐ Credit Guarantee

	
 
	
Account

	
 
	
7000068853

	
 
	
 

	
 
	
Reference No.

	
 
	
1113805003

	
 

	
ExOne GmbH

Daimlerstr. 22, 86368 Gersthofen

	
- hereinafter referred to as the Borrower - agrees with the German Savings Bank on the assumption of guarantees in the form of documents or in the form of an electronic liability declaration in favor of the Borrower up to a total amount of 

EUR 3,500,000.00                                                                                                                                                                                            

	
The following conditions apply to the framework agreement in addition to the attached terms and conditions for the guarantee transaction:

	
1 Guarantee Account

A guarantee account of the Borrower shall be charged for the guarantees assumed by the Savings Bank. 7000068853                                  

	
2 Guarantee Commission

For the guarantees provided under this Agreement, the Savings Bank charges the commission rates it sets for guarantees of this type,

☐ currently a one-off percentage                      of the guarantee amount, with a minimum of 

EUR 

	
☒ the commission rates it sets for guarantees of this type,

☐ per month                                                                                                                                       of the guarantee amount, 

☒ per                                                                     year                                                            1.750 of the guarantee amount, 

with a minimum of EUR 15.00 per quarter.                                                                                                                                       .

	

	
The price for issuing a domestic deed of suretyship is currently EUR 20.00 when using the Saving Bank’s own forms and wording. If forms and wording from other savings banks are used, the price increases to currently EUR 40.00 per deed.

The conditions for guarantees in foreign transactions, letters of credit and exchange rate hedging transactions are agreed separately.

	
The Borrower receives the debit note separately. The Borrower shall be notified of changes to the guarantee commission. Debit agreement:

☒ The debit is made to the account 250491743                                                                              in our company.

☐ The debit is made according to the SEPA Direct Debit Mandate.

Customer reference no.:                                                                                                                               

Creditor ID:

	
If no value-added tax is invoiced, this is a financial service exempt from value-added tax. Unless the Borrower objects in writing within four weeks after booking the value-added tax, stating his or her legitimate interests (in particular no right to deduct input tax), the Savings Bank will continue to charge the loan costs plus VAT at the statutory rate. The Borrower also has the right to object if his or her right to deduct input tax changes at a later date.

	

	
3 Amount of the Obligation

The Borrower will receive separate information on the amount of the obligation under this Framework Agreement each time a guarantee is assumed. In the event that the guarantee is given in documentary form, notification shall be made by post; for electronic declaration of liability, by posting it in the electronic mailbox. The Savings Bank is authorized to obtain information from the creditors on the respective amount of the guaranteed liabilities.

	
4 Special Agreements

This credit can be used as a guarantee credit, for guarantees in foreign business, letters of credit and exchange rate hedging transactions.

	
In the case of use in foreign currency, the credit line is charged with the amount of the foreign currency amount (converted into euros) plus 20% currency change buffer.

For the conversion of the foreign currency amount into euros, the respective mean exchange rate on the first day of use in foreign currency shall apply. The mean exchange rate is the average between the purchase and sale rate. These rates are published on the BayernLB’s (Bavarian Central Bank) exchange rate sheet on its website. The mean exchange rate is derived by the Bavarian Central Bank from the so-called “Daily Foreign Exchange Settlement Rate of BayernLB”, which it calculates at around 1 p.m. The forms of use in foreign currency available to the Borrower are to be specified separately in writing, unless otherwise agreed herein. The sum of all claims, including conditional claims, arising from individual transactions issued under this Framework Agreement may not exceed the above-mentioned threshold. In the case of claims in foreign currency, the foreign currency amount shall be converted into euros on the basis of the current mean rate of exchange. If the maximum threshold is exceeded on three consecutive banking days at any one time and if this results in a change in the risk situation, the Savings Bank may demand that the Borrower provide or increase collateral to secure its claim in accordance with No. 22 (a) of the General Terms and Conditions. This shall also apply to a loan initially granted without collateral.

	
	
Page 1 of 3

 

	
	
Account

	
7000068853

 

 

	
 
	
The Savings Bank will maintain separate guarantee accounts for domestic and foreign guarantees and for guarantees in various foreign currencies. The existing guarantee accounts no. 7000116637 (for EUR guarantees abroad) and no. 7000132410 (for USD guarantees) are included in the credit contracted herein.

	
 
	
For the purpose of the individual examination of guarantee orders, the Savings Bank may request from the Borrower the documents it deems necessary with regards to the main debt relationship to be secured. In relation to the Borrower, the Savings Bank shall be entitled to reject guarantee orders in justified individual cases.

The Borrower may request separate information on the current drawdown under this Framework Agreement in individual cases.

	
 
	
5 Securities

The Savings Bank is entitled to accept guarantees only after all requirements have been met to fully and irrevocably provide the Savings Bank with the agreed securities, the Savings Bank having received confirmation thereof, if applicable. The following securities are/have been provided/assigned to the Savings Bank - in separate contracts that regulate the details:

-Assignment of claims of ExOne GmbH according to separate contract.

-for drawdowns of over EUR 1,000,000.00; Pledging of credit balances number 250923562 at the Augsburg Municipal Savings Bank according to separate declaration.

	
 
	
The liability of any other existing or future securities within the scope of the respective agreed security purpose shall remain unaffected.

	
 
	
6 Multiple Borrowers

Multiple borrowers shall be jointly and severally liable for the obligations under this Agreement.

If one Borrower met the Savings Bank’s requirement, it does not check whether the Borrower is entitled to claims to collateral no longer required by the Savings Bank. As a matter of principle, it will return such collateral to the collateral provider unless the Borrower providing the collateral proves that the collateral provider has given its consent to transfer it to the Borrower.

	
 
	
7 Utilization of the Guarantee

If the Savings Bank is invoked under a Guarantee, the Borrower is obliged to immediately reimburse the Savings Bank for the amounts paid under the Guarantee. The Savings Bank is entitled to place its claim for reimbursement in its current account.

	

	
8 Term of the Agreement

The Agreement is concluded for an indefinite period and may be terminated by either party at any time without notice. The provisions of this Agreement shall continue to apply to guarantees already assumed at the time of termination. However, the Savings Bank may - without prejudice to the claim for exemption under Sec. 775 of the German Civil Code (BGB) - demand exemption from these guarantee obligations from the Borrower.

	

	
9 Disclosure and Information Obligation

Throughout the entire term of this loan, the Borrower is obliged to provide the Savings Bank or an institution commissioned by the Savings Bank with an insight into the current financial situation, to submit relevant documents (e.g. balance sheets/annual financial statements, income tax assessments and declarations, statements of assets, etc.), to provide the necessary information and to allow the Borrower’s business to be inspected. The Savings Bank is also required by law and supervisory regulations to inspect or have inspected the Borrower’s financial conditions.

The Savings Bank may request the necessary documents directly from the Borrower’s advisors in accounting and tax matters, unless the Borrower submits them to the Savings Bank within a reasonable period of at least one month after the Savings Bank’s request. If the aforementioned documents are stored on data carriers, the Borrower is obliged to make them legible within a reasonable period of time.

In the event that the Borrower fails to meet these obligations, the Savings Bank is entitled to terminate the loan relationship, requiring immediate repayment.

The Savings Bank is entitled to inspect the public registers as well as the land register and the real estate files if there is a justified reason for doing so, and to request simple or certified copies and extracts for the account of the Borrower, as well as to obtain information from insurance companies, authorities and other bodies, especially credit institutions, that is necessary to assess the credit relationship.

	
10 Agreement Costs

The Borrower shall bear the costs of providing collateral. The reimbursement of expenses incurred by the Savings Bank is based on the statutory provisions.

	
11 Place of Jurisdiction

Insofar as the jurisdiction of the Savings Bank’s general place of jurisdiction has not already been defined in Sec. 29 ZPO (German Code of Civil Procedure), the Savings Bank can pursue its claims through legal action at its general place of jurisdiction if the Borrower to be targeted in legal action is a merchant or a legal entity within the meaning of No. 6 of the General Terms and Conditions or has no general place of jurisdiction in Germany at the time of the conclusion of the Agreement or later moves his or her place of residence or habitual abode out of the Federal Republic of Germany or his or her place of residence or habitual abode is unknown at the time the action is filed.

	
12 Legal Obligation to Cooperate

In accordance with the Money Laundering Act, the Borrower is obliged to notify the Savings Bank immediately of any changes to the information provided to the Savings Bank in the course of the business relationship.

 

	
	
Page 2 of 3

 

	
	
Account

	
7000068853

 

	
 

 
	
13 Information on the beneficial owner under the Money Laundering Act

The Borrower acts in his or her own economic interest and not at the behest of a third party (in particular a trustor): 

☒   Yes   ☐No

Beneficial owner: The Borrower acts in the economic interest and at the behest of the person(s) listed below

(Name, surname, date of birth, place of birth, nationality, address, tax/economic identification number*)

	
 
	
 
	
*Domestic taxable persons: Tax ID for individuals; economic ID for other tax residents (if no economic ID has yet been assigned, the tax number applicable to the income)

	
 
	
14 General Terms and Conditions

The Savings Bank expressly points out that its General Terms and Conditions of Business (GTC) are a supplementary part of the Agreement. The General Terms and Conditions can be inspected on the business premises of the Savings Bank and will be made available on request.1

1 Each contractual partner of the Savings Bank receives a copy of the General Terms and Conditions, provided that no business relationship exists yet and the Agreement is concluded outside the Savings Bank.

	
 
	
 

	
 
	
Place, date
	
 
	
Place, date

	
 
	
[handwritten:] Gersthofen, 02/24/2020
	
 
	
Augsburg, 10/17/2019

	
 
	
 
	
 
	
 

	
 
	
Signature(s) Borrower
	
 
	
Signature(s) Savings Bank

	
 
	
 
	
 
	
 

	
 
	
ExOne GmbH
	
[signature]

[seal:] ExOne GmbH
 Daimlerstr. 22 
86 368 Gersthofen 
Tel.: +49(0)821/65063-0 
Fax: +49(0)821/65063-111 
e-mail: europe@exone.com
	
 
	
 
	
 

	
 
	
 
	
 
	
 

	

	
Augsburg Municipal Savings Bank

	
[signature]
	
[signature]

	
represented by:
	
[handwritten:] Eric Baden
	
 
	
Jürgen Lang
	
Martin Schürfer

	
 
	
 
	
 
	
 
	
 

	
 
	
 

	
 
	
The Agreement and further copies must be signed by all Borrowers named on page 1!

Annex: Conditions for Guarantee Transactions

	
 
	
 

	
 
	
Authenticity check/identification:

	
 
	
First name, surname, date of birth, place of birth, nationality, address, type of legitimation (type of ID card, ID card number, issued by) or reference to authenticity/identification check carried out:

	
 
	
ExOne GmbH, 07/07/2003, German, Daimlerstr. 22, 86368 Gersthofen / Commercial Register, HRB 20036, Augsburg District Court

	
 
	
The information has been verified and the accuracy of the signatures attested. 
	
on:

	

	
 
	
 

 

	
	
Page 3 of 3Exhibit

Exhibit 4.1

DESCRIPTION OF CAPITAL STOCK
The following description of NexTier Oilfield Solutions Inc.’s (“NexTier”) common stock, preferred stock, certificate of incorporation (as amended) and bylaws is a summary only and is subject to the complete text of NexTier’s certificate of incorporation (as amended) and bylaws. You should read our certificate of incorporation and bylaws as currently in effect for more details regarding the provisions described below. This section also summarizes relevant provisions of the Delaware General Corporation Law (“DGCL”). The terms of the DGCL are more detailed than the general information provided below. Therefore, you should carefully consider the actual provisions of these laws.
General
Our authorized capital stock consists of 500,000,000 shares of common stock, par value $0.01 per share, and 50,000,000 shares of preferred stock, par value $0.01 per share.
Common Stock
Dividend Rights
Subject to preferences that may be applicable to any then-outstanding preferred stock, holders of our common stock are entitled to receive ratably those dividends, if any, as may be declared from time to time by our board of directors out of legally available funds.
Voting Rights
Each holder of our common stock is entitled to one vote for each share owned of record on all matters voted upon by stockholders. A majority vote is required for all action to be taken by stockholders, except as otherwise provided for in our certificate of incorporation and bylaws or as required by law, including the election of directors in an election that is determined by our board of directors to be a contested election, which requires a plurality. Our certificate of incorporation provides that our board of directors and, prior to the date that Keane Investor Holdings LLC (“Keane Investor”) and its respective affiliates (as defined in Rule 12b-2 of the Exchange Act), or any person who is an express assignee or designee of Keane Investor’s respective rights under our certificate of incorporation (and such assignee’s or designee’s affiliates) (of these entities, the entity that is the beneficial owner of the largest number of shares is referred to as the “Designated Controlling Stockholder”) ceases to own, in the aggregate, at least 50% of the then-outstanding shares of our common stock (the “50% Trigger Date”), the Designated Controlling Stockholder, are expressly authorized to make, alter or repeal our bylaws and that our stockholders may only amend our bylaws after the 50% Trigger Date with the approval of at least two-thirds of the total voting power of the outstanding shares of our capital stock entitled to vote in any annual election of directors.
From and after such date that the Designated Controlling Stockholder ceases to own, in the aggregate, at least 35% of the then-outstanding shares of our common stock (the “35% Trigger Date”), advance notice requirements for stockholder proposals that can be acted on at stockholder meetings and nominations to our board of directors will be established.
Liquidation Rights
In the event of our liquidation, dissolution or winding-up, the holders of our common stock are entitled to share equally and ratably in our assets, if any, remaining after the payment of all of our debts and liabilities and the liquidation preference of any outstanding preferred stock.
Other Rights
Our common stock has no preemptive rights, no cumulative voting rights and no redemption, sinking fund or conversion provisions.
 
Preferred Stock
Our board of directors is authorized, by resolution or resolutions, to issue up to 50,000,000 shares of our preferred stock. Our board of directors is authorized, by resolution or resolutions, to provide, out of the unissued shares of our preferred stock, for one or more series of preferred stock and, with respect to each such series, to fix, without further stockholder approval, the designation, powers, preferences and relative, participating, option or other special rights, including voting powers and rights, and the qualifications, limitations or restrictions thereof, of each series of preferred stock pursuant to Section 151 of the Delaware General Corporation Law (the “DGCL”). Our board of directors could authorize the issuance of preferred stock with terms and conditions that could discourage a takeover or other transaction that some holders of our common stock might believe to be in their best interests or in which holders of common stock might receive a premium for their shares over and above market price. We have no current plan to issue any shares of preferred stock.
Anti-Takeover Effects of Delaware Law and Our Certificate of Incorporation and Bylaws
Some provisions of Delaware law and of our certificate of incorporation and bylaws could have the effect of delaying, deferring or discouraging another party from acquiring control of us. These provisions, which are summarized below, are expected to discourage coercive takeover practices and inadequate takeover bids. These provisions are also designed to encourage persons seeking to acquire control of us to first negotiate with our board of directors.
Requirements for Advance Notification of Stockholder Nominations and Proposals
Our bylaws establish advance notice procedures with respect to stockholder proposals, other than proposals made by or at the direction of our board of directors or, prior to the 35% Trigger Date, by the Designated Controlling Stockholder. Our bylaws also establish advance notice procedures with respect to the nomination of candidates for election as directors, other than nominations made by or at the direction of our board of directors or by a committee appointed by our board of directors. These provisions may have the effect of precluding the conduct of certain business at a meeting if the proper procedures are not followed, and may also discourage or deter a potential acquirer from conducting a solicitation of proxies to elect the acquirer’s own slate of directors or otherwise attempting to obtain control of us.
Calling Special Stockholder Meetings
Our certificate of incorporation and bylaws provide that special meetings of our stockholders may be called only by our board of directors or by stockholders owning at least 25% in amount of our entire capital stock issued and outstanding, and entitled to vote.
 
Stockholder Action by Written Consent
The DGCL permits stockholder action by written consent unless otherwise provided by our certificate of incorporation. Prior to the 50% Trigger Date, the Designated Controlling Stockholder may take any action that may be taken at a meeting by written consent. On or after the 50% Trigger Date, no action may be taken by written consent in lieu of a stockholders’ meeting.  
Undesignated Preferred Stock
Our board of directors is authorized to issue, without stockholder approval, preferred stock with such terms as our board of directors may determine. The ability to authorize undesignated preferred stock makes it possible for our board of directors to issue one or more series of preferred stock with voting or other rights or preferences that could impede the success of any attempt to change control of the Company.
Delaware Anti-Takeover Statute
We have elected not to be governed by Section 203 of the DGCL, an anti-takeover law (“Section 203”). This law prohibits a publicly held Delaware corporation from engaging under certain circumstances in a business combination with any interested stockholder for a period of three years following the date that the stockholder became an interested stockholder, unless:
 
     •         prior to the date of the transaction, the board of directors of the corporation approved either the business combination or the transaction which resulted in the stockholder becoming an interested stockholder;
 
     •         upon consummation of the transaction which resulted in the stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced, excluding for purposes of determining the number of shares outstanding those shares owned by persons who are directors and also officers and by employee stock plans in which employee participants do not have the right to determine confidentially whether shares held subject to the plan will be tendered in a tender or exchange offer; or
 
     •         on or subsequent to the date of the transaction, the business combination is approved by our board of directors and authorized at an annual or special meeting of stockholders, and not by written consent, by the affirmative vote of at least two-thirds of the outstanding voting stock which is not owned by the interested stockholder.
Section 203 defines “business combination” to include: any merger or consolidation involving us and the interested stockholder; any sale, transfer, pledge or other disposition of 10% or more of our assets involving the interested stockholder; in general, any transaction that results in the issuance or transfer by us of any of our stock to the interested stockholder; or the receipt by the interested stockholder of the benefit of any loans, advances, guarantees, pledges or other financial benefits provided by or through us. In general, Section 203 defines an interested stockholder as any entity or person beneficially owning 15% or more of the outstanding voting stock of the corporation and any entity or person affiliated with or controlling or controlled by any such entity or person. A Delaware corporation may opt out of this provision by express provision in its original certificate of incorporation or by amendment to its certificate of incorporation or bylaws approved by its stockholders. We have opted out of this provision. Accordingly, we will not be subject to any anti-takeover effects of Section 203.
Removal of Directors; Vacancies
Our certificate of incorporation provides that, following the 50% Trigger Date, directors may be removed with or without cause upon the affirmative vote of holders of at least two-thirds of the total voting power of the outstanding shares of the capital stock of the Company entitled to vote in any annual election of directors or class of directors, voting together as a single class. In addition, our certificate of incorporation provides that vacancies, including those resulting from newly created directorships or removal of directors, may only be filled (i) by the Designated Controlling Stockholder or by a majority of the directors then in office, prior to the 50% Trigger Date, and (ii) after the 50% Trigger Date, by a majority of the directors then in office, in each case although less than a quorum, or by a sole remaining director. This may deter a stockholder from increasing the size of our board of directors and gaining control of the board of directors by filling the remaining vacancies with its own nominees.
Limitation on Directors’ Liability
Our certificate of incorporation and bylaws will indemnify our directors to the fullest extent permitted by the DGCL. The DGCL permits a corporation to limit or eliminate a director’s personal liability to the corporation or the holders of its capital stock for breach of duty. This limitation is generally unavailable for acts or omissions by a director which (i) were in bad faith, (ii) were the result of active and deliberate dishonesty and were material to the cause of action so adjudicated or (iii) involved a financial profit or other advantage to which such director was not legally entitled. The DGCL also prohibits limitations on director liability for acts or omissions which resulted in a violation of a statute prohibiting certain dividend declarations, certain payments to stockholders after dissolution and particular types of loans. The effect of these provisions is to eliminate the rights of our Company and our stockholders (through stockholders’ derivative suits on behalf of our Company) to recover monetary damages against a director for breach of fiduciary duty as a director (including breaches resulting from grossly negligent behavior), except in the situations described above. These provisions will not limit the liability of directors under the federal securities laws of the United States.
Choice of Forum
Our certificate of incorporation provides that, unless we consent in writing to the selection of an alternative forum, the Court of Chancery of the State of Delaware will be the exclusive forum for: (a) any derivative action or proceeding brought on our behalf; (b) any action asserting a breach of a fiduciary duty owed by any of our directors, officers, employees or agents to us or our stockholders; (c) any action asserting a claim pursuant to any provision of the DGCL, our certificate of incorporation or our bylaws; or (d) any action asserting a claim governed by the internal affairs doctrine. However, it is possible that a court could find our forum selection provision to be inapplicable or unenforceable.
Listing
Our common stock is listed on the NYSE under the symbol “NEX.”
Transfer Agent and Registrar
The transfer agent and registrar for our common stock is American Stock Transfer & Trust Company LLC.

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