Document:

May 12, 2020

 

 

Everest
International Reinsurance, Ltd. 

Seon
Place, 4th Floor

141
Front Street

Hamilton,
HM 19

P.O.
Box HM 845

Telecopy
Number: (441) 295-4828

Attention:
Sanjoy Mukherjee

 

Ladies
and Gentlemen:

 

Ref: Amendment Agreement – Standby Letter of Credit
Facility

 

This Letter Agreement (this “Amendment Agreement”)
is made as of May 12, 2020 between Lloyds Bank Corporate
Markets plc (the “Bank” or “us”) and Everest International
Reinsurance, Ltd., a company organized under the laws of Bermuda (the “Company”,
“you” or “your”) in connection with that certain:  (i) letter agreement
dated as of November 9, 2015 between the Bank and the Company (as the same may
have been previously amended, modified, supplemented or otherwise restated, the
“Facility Letter Agreement”), (ii) Master Agreement for Standby Letters
of Credit and Demand Guarantees dated as of November 9, 2015 between the Bank
and the Company (as the same may have been previously amended, modified, supplemented
or otherwise restated, the “Master Agreement”), (iii) the Pledge and
Security Agreement dated as of November 9, 2015 (as the same may have been
previously amended, modified, supplemented or otherwise restated, the “Pledge
and Security Agreement”) and (iv) Account Control Agreement dated as
of November 9, 2015 made among the Company, the Bank and The Bank of New York
Mellon (as the same may have been amended, modified, supplemented or otherwise
restated, the “Account Control Agreement” and, together with the
Facility Letter Agreement, the Master Agreement and the Pledge and Security
Agreement, the “Existing Documents”). Unless otherwise specified herein,
all terms defined in this Amendment Agreement shall have the meanings as
provided for in the relevant Related Documents.   

 

You have advised us of your intention, by way of
amendment, to increase the aggregate total amount of the committed line of
credit provided for in the Facility Letter Agreement (as such amount may be
reduced as hereinafter provided) in support of your obligation to provide Funds
at Lloyd’s to support your and any Other Party’s business assumed as a member
of certain syndicates at Lloyd’s for the 2020 Year of Account. 

 

In consideration of the mutual covenants and agreements
herein contained the parties hereto agree and covenant to amend the Existing
Documents as follows: 

 

Amendments: 

 

1.   
Any and all references to “Related
Documents”, in any Related Documents, shall be read to include this Amendment
Agreement.  

 

2.   
The reference to “£47,000,000” in
the first paragraph of the Facility Letter Agreement is deleted and replaced by
“£52,175,000”.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Conditions Precedent: 

 

This Amendment Agreement
shall become effective and the effective date shall occur upon the satisfaction
of the following conditions (and the documents required to be delivered shall
be in form and substance satisfactory to the Bank) (the first date on which all
of the following conditions are satisfied or waived by the Bank, the “Effective
Date” but which must occur on or before the date hereof):

 

1.   
delivery of this Amendment
Agreement duly executed by the Company; 

 

2.   
delivery of copies of the
constitutional documents of the Company certified as true and correct and up to
date by the Secretary, Assistant Secretary or other authorized officer of the
Company;

 

3.   
delivery of a certificate of the
Secretary, Assistant Secretary or other authorized officer of the Company,
attaching and certifying copies of the resolutions of its board of directors
authorizing the execution and delivery of the Amendment Agreement and the
performance of the transactions contemplated herein, and certifying the name,
title, and true signature of each officer of the Company authorized to execute
the Amendment Agreement and the other Related Documents;

 

4.   
delivery of a good standing
certificate or comparable certificate relating to the Company’s good standing
under the laws of the jurisdiction of its organization;

 

5.   
satisfactory completion by the Bank
of all “know your customer” checks;

 

6.   
delivery of favorable opinions of
counsel to the Company addressed to the Bank and covering matters customary for
a transaction of this nature;

 

7.   
the Bank shall have received
evidence satisfactory to the Bank that all necessary or appropriate steps have
been taken in order to perfect the lien and security interest of the Bank in
the collateral pledged to the Bank pursuant to the Pledge and Security
Agreement; 

 

8.   
the Bank shall have received
evidence satisfactory to the Bank that CT Corporation System is the agent for
accepting service of process for the Company pursuant to Section 19 of the
Master Agreement; 

 

9.   
no Event of Default under the
Master Agreement shall have occurred and be continuing; and

 

10.   the representations and
warranties set out in the Existing Documents shall be true and correct in all
respects as if made on the Effective Date except to the extent they refer to an
earlier date in which case they shall be true and correct as of such date.

 

Entire Agreement; Restatement:  

This Amendment Agreement
and the Existing Agreements constitute the entire agreement and understanding
of the parties with respect to its subject matter and supersedes all oral
communications and prior writings (except as otherwise provided herein) with
respect thereto.

Save as amended hereby,
all terms and conditions of the Existing Documents will continue in full force
and effect. References to the Existing Documents will be to the Existing
Documents, as amended by this Amendment Agreement. 

 

 

 

 

 

2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Counterparts: 

 

This Agreement may be
executed by the parties hereto individually, or in any combination of the
parties hereto, in two or more counterparts, each which shall be deemed an
original, but all of which together shall constitute one and the same instrument.
Delivery of an executed counterpart of a signature page of this Amendment
Agreement by any electronic imaging means (including portable document format)
shall be effective as delivery of a manually executed counterpart of this
Amendment Agreement; provided, however, that, the Bank shall require any
request for a Letter of Credit delivered via email to attach such request,
signed by authorized signatories, in portable document format. 

 

Governing Law: 

 

                This Amendment
Agreement shall be governed by, and construed in accordance with, the laws of
the State of New York. 

 

 

 

 

[Signature page to follow] 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

	
   

  	
  Yours sincerely,

   

  LLOYDS BANK CORPORATE MARKETS PLC

   

   

  By:       /S/ KAMAIA BASDEO

  
	
   

  	
  Name:  Kamaia Basdeo

  Title:    Assistant Vice
  President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:        /S/ TINA WONG

  
	
   

  	
  Name:  Tina Wong

  
	
   

  	
  Title:    Assistant Vice President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Acknowledged and agreed (in
  counterpart) this 12th day of May, 2020

  	
   

  
	
   

  	
   

  
	
  EVEREST INTERNATIONAL
  REINSURANCE, LTD.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:       /S/ SANJOY MUKHERJEE

  	
   

  
	
  Name: Sanjoy Mukherjee

  	
   

  
	
  Title:   CEO and Managing
  Director

  	
   

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amendment AgreementDocument

Exhibit 10.1

									
	
	

	Akebia Therapeutics, Inc.
245 First Street
Cambridge, MA 02142
T: +1 617.871.2098 F: +1 617.871.2099 
www.akebia.com

June 11, 2020

Dear David:

It is my pleasure to extend the following offer of employment to you on behalf of Akebia Therapeutics, Inc. (“Akebia” or the “Company”).  Akebia is proud of its achievements to date and we are looking to individuals such as you to play a supporting role in advancing our exciting product candidates.   

This offer letter (the “Offer Letter”) confirms to you Akebia’s offer of employment, the terms of which are as follows:

1. Position.  You will be employed in the full-time, salaried exempt position of Sr. Vice President, Chief Financial Officer and Treasurer reporting to John Butler, based in our Cambridge, Massachusetts office.  We expect that you will perform any and all duties and responsibilities typically associated with your position, and any other duties assigned to you, in a satisfactory manner and to the best of your abilities at all times. As you progress with the Company, your position, location, reporting structure and assignments are, of course, subject to change.   

2. Start Date/Relocation.  Your employment will begin on June 29, 2020 (“Start Date”).

3. Compensation.  
        Your initial compensation will include the following:
(i)  You will be paid a base salary of $460,000 per year, paid bi-weekly;     
(ii)  You will be considered annually for a performance-based, cash bonus of up to 40% of your base salary; and 
(iii)     Subject to approval by the Company’s Compensation Committee, you will be granted a non-statutory option (the “Option”) to purchase 280,000 shares of common stock of the Company (the “Common Stock”) on the last trading day of the calendar month in which your Start Date occurs (the “Grant Date”), with an exercise price equal to the closing price of the Common Stock on The NASDAQ Global Market on the Grant Date, subject to the terms of a stock option agreement between you and the Company.  Subject to approval by the Company’s Compensation Committee, the Option, unless earlier terminated or forfeited, will vest as follows: 25% of the shares will vest and become exercisable on the first anniversary of the Grant Date; thereafter, the remaining 75% of the shares will vest and become exercisable ratably on the first day of each calendar quarter between the one-year anniversary of the Grant Date and the fourth anniversary of the Grant Date.  Vesting will be contingent on your continuous employment with the Company.
        
4. Benefits.  As a full-time employee, during your employment with the Company you will be entitled to participate in all applicable benefit programs currently offered by Akebia and for which you are eligible. The Company is committed to providing competitive benefits to its employees.  The Company currently offers health care and dental insurance to full-time 

									
	
	

	Akebia Therapeutics, Inc.
245 First Street
Cambridge, MA 02142
T: +1 617.871.2098 F: +1 617.871.2099 
www.akebia.com

employees (and their spouses and dependents) and a 401(k) savings plan, which allows employees to contribute a portion of their pre-tax wages to a retirement account, up to the maximum permitted by law.  The Company will also provide you with paid time off (PTO) in accordance with its policies, plus those holidays observed by the Company.  Your eligibility to participate in and receive any particular benefit is subject to, and governed solely by, the applicable plan document.  We will provide separately more detailed information regarding the current terms and conditions of our benefit plans, and information regarding any future additions or modifications to our benefit plans will be provided when available.  The Company reserves the right to modify, change or terminate its benefits and benefit plans from time to time in its sole discretion.   

5. Taxes.  All forms of compensation referred to in this Offer Letter are subject to reduction to reflect applicable taxes and other withholdings and deductions.  You hereby acknowledge that the Company does not have a duty to design its compensation policies in a manner that minimizes your tax liabilities, and you will not make any claim against the Company or its Board of Directors (or any of its or their respective agents, delegates and representatives) related to tax liabilities arising from your compensation.
        
6. Contingencies.  Pursuant to the Immigration and Reform Control Act of 1986, and within three days after your Start Date, you must provide sufficient documentation of your ability to work legally in the U.S.   This employment offer is also contingent upon the results of any reference and background checks.  

7. Employment at Will.  This offer of employment is not intended to create a contract of employment.  Your employment will be at-will and both you and Akebia will have the right to terminate the employment relationship at any time, with or without reason or notice. 

8. Covenants.  This offer of employment is contingent upon your execution of an Employee Agreement (Confidentiality, Non-Solicitation, Non-Competition and Developments Agreement), a copy of which will be provided to you and which you must sign and return prior to your Start Date.  

9. Entire Agreement, Amendments. This Offer Letter constitutes the complete agreement between you and the Company, contains all of the terms of your employment with the Company and supersedes any prior agreements, representations or understandings (whether written, oral or implied) between you and the Company.  No variations, modifications or amendments to this Offer Letter shall be deemed valid unless reduced to writing and signed by the Company and you, provided that your employment will remain at-will unless otherwise set forth in a writing signed by the Company’s Chief Executive Officer.   

To indicate acceptance of these terms, please sign and return a copy of this letter (via fax, pdf or regular mail). 
  
David, we look forward to you joining Akebia.  Teamwork, quality people and a business focus are all critical to Akebia's success.  We are confident that you will play an important role in the future of our Company.

									
	
	

	Akebia Therapeutics, Inc.
245 First Street
Cambridge, MA 02142
T: +1 617.871.2098 F: +1 617.871.2099 
www.akebia.com

                                                                            Very truly yours,

             /s/ Tamara Dillon

Tamara Dillon
              SVP, Chief People Officer

Response requested by Monday, June 15, 2020:

I accept the above employment offer and agree to its terms and conditions.  By accepting this offer of employment, I acknowledge that no prior employment obligations or other contractual restrictions exist which preclude my employment with Akebia Therapeutics, Inc.  I represent that I am not relying on any representations made to me by anyone other than as set forth above.

Accepted:

_/s/ David Spellman_________________________________  Date:  6/13/2020   
David Spellman

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