Document:

2020-01-22 EX 10_75_4

		
			FOURTH AMENDMENT
		

		
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			TO

		

		
			GAS SALE AND PURCHASE AGREEMENT
		

		
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			BETWEEN
		

		
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			HILCORP ALASKA, LLC
		

		
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			AND
		

		
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			CHUGACH ELECTRIC ASSOCIATION, INC.
		

		
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			CEA-13-AMENDED
		

		
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			Effective Date: December 31, 2019
		

		
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			Delivery Commencement Date: April 1, 2020
		

		
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			Termination Date: March 31, 2028
		

		
			 
		

		

		

		 

 

		TABLE OF CONTENTS
		

			
					
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						SECTION

					
					
						 

					
					
						PAGE

				
	
					
						PREAMBLE

					
					
						 

					1 
				
	
					
						RECITALS

					
					
						 

					1 
				
	
					
						AGREEMENT

					
					
						 

					1 
				
	
					
						1.

					
					
						DEFINITIONS & INTERPRETATIONS

					
					
						 

					1 
				
	
					
						2.

					
					
						GAS SALES

					
					
						 

					2 
				
	
					
						7.

					
					
						SALES PRICE; COST ALLOCATION; STATE’S ROYALTY SHARE

					
					
						 

					7 
				
	
					
						15.

					
					
						MISCELLANEOUS

					
					
						 

					7 
				
	
					
						Exhibit B

					
					
						 

					9 
				
	
					
						SIGNATURES

					
					
						 

					9 
				

		
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			Hilcorp Alaska, LLC, and Chugach Electric Association, Inc.

		

		

			Fourth Amendment to GSPA CEA-13 effective December 31, 2019

		

		

			Page ii

		

 

		FOURTH AMENDMENT TO GAS SALE AND PURCHASE AGREEMENT
		

		
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			This FOURTH AMENDMENT TO GAS SALE AND PURCHASE AGREEMENT (“Fourth Amendment”) is made by Hilcorp Alaska, LLC, a Delaware limited liability company (“Seller”), with offices located at 3800 Centerpoint Drive, Suite 100, Anchorage, Alaska 99503-5826, and Chugach Electric Association, Inc., an Alaska nonprofit electric cooperative corporation (“Buyer”), with offices located at 5601 Electron Drive, Anchorage, Alaska 99518-1074, collectively referred to as “Parties” and individually as “Party,” dated as of December 31, 2019 (the “Effective Date”). 
		

		
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			RECITALS
		

		
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				 A.
			

			
	
			
			The Parties have entered into that certain Gas Sale and Purchase Agreement (“Agreement’') dated as of July 1, 2013, and numbered for the Parties’ convenience as CEA-13. Buyer filed the Agreement with the RCA on July 12, 2013, in Docket TA377-8. The Agreement was approved by the RCA by Letter Order No. L1300429 dated September 10, 2013, in Docket TA377-8.

		
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				 B.
			

			
	
			
			The Parties have amended the Agreement three times. The First Amendment to the Gas Sale and Purchase Agreement (“First Amendment”') was dated as of August 1, 2014. Buyer filed the First Amendment with the RCA on August 27, 2014, Tariff Advise No. 391-8. The First Amendment was approved by the RCA by Letter Order No. Ll400406 dated September 15, 2014. The Second Amendment to the Gas Sale and Purchase Agreement (“Second Amendment”) was dated as of May 1, 2015. Buyer filed the Second Amendment with the RCA on March 11, 2015, in Tariff Advise No. 401-8. The Second Amendment was approved by the RCA by Letter Order No. Ll500220 dated April 20, 2015. The Third Amendment to the Gas Sale and Purchase Agreement (“Third Amendment”) was dated as of August 1, 2015. Buyer filed the Third Amendment with the RCA on July 23, 2015, in Tariff Advice No. 408-8. The Third Amendment was approved by the RCA by Letter Order No. L1500442 dated September 8, 2015.

		
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				 C.
			

			
	
			
			The Parties desire to provide for additional gas purchases and sales under the Agreement in accordance with the terms of this Fourth Amendment.

		
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			AGREEMENT
		

		
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				 1.
			

			
	
			
			DEFINITIONS & INTERPRETATION

		
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			Section 1.1 is amended to modify the following definitions:
		

		
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			“Monthly Additional Option Gas”  is defined in Section 2.3(A)(6).
		

		
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			“Contract Year” is defined in the table in Section 2.3(A)(1).
		

		
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			Hilcorp Alaska, LLC, and Chugach Electric Association, Inc.

		

		

			Fourth Amendment to GSPA CEA-13 effective December 31, 2019

		

		

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		“Nomination Cycle” means four-hour segments throughout each 24-hour day (six such segments), beginning at midnight (0:00) and ending at 23:59.
		

		
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			“Termination Date” means March 31, 2028.
		

		
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			(b)Section 1.1 is amended to add the following definition:
		

		
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			“Scheduled CINGSA Outage” means a scheduled period during which CINGSA is unable to receive and inject or withdraw and deliver Gas, which are anticipated to be two periods each year during the Term, occurring for one week in each of the Spring and the Fall of each year.
		

		
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			“Scheduled CINGSA Outage Adjusted Maximum Rate” is defined in Section 2.10 of this Fourth Amendment.
		

		
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				 2.
			

			
	
			
			GAS SALES

		
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				 (a)
			

			
	
			
			Section 2.3(A)(1) for Contract Years of Firm Gas sales is hereby deleted and replaced in its entirety as follows:

		
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				 (1)
			

			
	
			
			The Annual Contract Quantities under this Agreement are as follows:

		
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						Contract Year

					
					
						Dates

					
					
						 

					
						Annual Contract

					
						Quantity

					
						(MMcf)

					
						 

				
	
					
						1

					
					
						01/01/15 through 12/31/15

					
					
						2,427.25

				
	
					
						2

					
					
						01/01/16 through 12/31/16

					
					
						5,215.50

				
	
					
						3

					
					
						01/01/17 through 12/31/17

					
					
						7,975.25

				
	
					
						4

					
					
						01/01/18 through 03/31/18

					
					
						2,009.25

				
	
					
						5

					
					
						04/01/18 through 3/31/19

					
					
						6,935

				
	
					
						6

					
					
						04/01/19 through 03/31/20

					
					
						6,259

				
	
					
						7

					
					
						04/01/20 through 03/31/21

					
					
						5,840

				
	
					
						8

					
					
						04/01/21 through 03/31/22

					
					
						5,840

				
	
					
						9

					
					
						04/01/22 through 03/31/23

					
					
						5,840

				

		

		

		 

		

			Hilcorp Alaska, LLC, and Chugach Electric Association, Inc.

		

		

			Fourth Amendment to GSPA CEA-13 effective December 31, 2019

		

		

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						10

					
					
						04/01/23 through 03/31/24

					
					
						3,660

				
	
					
						11

					
					
						04/01/24 through 03/31/25

					
					
						3,650

				
	
					
						12

					
					
						04/01/25 through 03/31/26

					
					
						3,650

				
	
					
						13

					
					
						04/01/26 through 03/31/27

					
					
						3,650

				
	
					
						14

					
					
						04/01/27 through 03/31/28

					
					
						3,660

				

		
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				 (b)
			

			
	
			
			Section 2.3(A)(4) of the Third Amendment is deleted in its entirety and the following is inserted in its place:

		
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				 (4)
			

			
	
			
			Without limiting Buyer’s rights pursuant to Sections 2.3(A)(2) or 2.3(A)(3), Buyer may, by notice per Section 13.1 to Seller on or before October 1, 2021, increase the Average Daily Contract Quantity for each of Contract Years 10 through 14 by up to an additional 5.0 MMcfpd in each such Contract Year.

		
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			If Buyer provides notice as set forth in this Section 2.3(A)(4), then the Average Daily Contract Quantity, the Monthly Contract Quantities and the Annual Contract Quantity in the applicable Contract Year(s) shall be amended as provided in such notice.
		

		
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			(c)Section 2.3(A)(5) is deleted in its entirety and the following is inserted in its place:
		

		
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			(5)Without limiting Buyer’s rights pursuant to Sections 2.3(A)(2), 2.3(A)(3), 2.3(A)(4) or 2.3(E), with respect to each of Contract Year 6 through Contract Year 14, by notice to Seller from time-to-time, Buyer may purchase up to 2.0 MMcfpd of Gas on a Firm basis and at the then-applicable Base Load Gas Price, such purchase to be effective for the Day(s) for which such notice is given, and which purchase shall not increase, decrease or otherwise affect the applicable Annual Contract Quantity, Monthly Contract Quantity or Average Daily Contract Quantity applicable to the Contract Year, Month or Day during which such purchase is made. To purchase up to an additional 2.0 MMcfpd pursuant to this Section 2.3(A)(5), (i) Buyer must notify Seller no later than three (3) Days prior to the Day such Gas is first to be delivered and (ii) such purchase must be for no fewer than seven (7) consecutive Days.
		

		
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			(d)Section 2.3(A) is amended by adding a new subsection (6) as follows:
		

		
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			(6)Without limiting Buyer’s rights pursuant to Sections 2.3(A)(2), 2.3(A)(3), 2.3(A)(4), 2.3(A)(5) or 2.3(E), with respect to each of 
		
		
 

		

			Hilcorp Alaska, LLC, and Chugach Electric Association, Inc.

		

		

			Fourth Amendment to GSPA CEA-13 effective December 31, 2019

		

		

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		Contract Year 7 through Contract Year 14, by notice to Seller from time-to-time, Buyer may purchase up to 150 MMcf of Gas at the then-applicable Base Load Gas Price to be sold and purchased over a monthly period (“Monthly Additional Optional Gas”). Purchases of Monthly Additional Optional Gas shall: (i) require fourteen (14) Days prior notice to Seller; (ii) be for a volume not less than 35 MMcf per month; (iii) be delivered during the applicable Month at a schedule mutually agreed upon by the Parties; (iv) be Firm for sales and purchases made during the months of April through November and be interruptible for sales and purchases made during the months of December through March; and (v) shall not increase, decrease or otherwise affect the applicable Annual Contract Quantity, Monthly Contract Quantity or Average Daily Contract Quantity applicable to the Contract Year, Month or Day during which such purchase is made. For clarity, Seller may request the flexibility to deliver this gas at various rates for each Nomination Cycle throughout each day, depending upon operational issues for each day.

		
		
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				 (c)
			

			
	
			
			Section 2.3(B)  for the Average Daily Contract Quantity for the additional Contract Years is hereby deleted and replaced in its entirety as follows:

		
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			(B)Average Daily Contract Quantity:  The Average Daily Contract Quantity during each Contract Year shall be as set forth in the following chart:
		

		
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						Contract Year

					
					
						Dates

					
					
						Average Daily Contract Quantity

					
						(MMcfd)

					
						 

				
	
					
						1

					
					
						01/01/15 through 12/31/15

					
					
						6.650

				
	
					
						2

					
					
						01/01/16 through 12/31/16

					
					
						14.250

				
	
					
						3

					
					
						01/01/17 through 12/31/17

					
					
						21.850

				
	
					
						4

					
					
						01/01/18 through 03/31/18

					
					
						22.325

				
	
					
						5

					
					
						04/01/18 through 3/31/19

					
					
						19.000

				
	
					
						6

					
					
						04/01/19 through 03/31/20

					
					
						17.100

				
	
					
						7

					
					
						04/01/20 through 03/31/21

					
					
						16.000

				
	
					
						8

					
					
						04/01/21 through 03/31/22

					
					
						16.000

				
	
					
						9

					
					
						04/01/22 through 03/31/23

					
					
						16.000

				
	
					
						10

					
					
						04/01/23 through 03/31/24

					
					
						10.000

				

		

		

		 

		

			Hilcorp Alaska, LLC, and Chugach Electric Association, Inc.

		

		

			Fourth Amendment to GSPA CEA-13 effective December 31, 2019

		

		

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						Contract Year

					
					
						Dates

					
					
						Average Daily Contract Quantity

					
						(MMcfd)

					
						 

				
	
					
						11

					
					
						04/01/24 through 03/31/25

					
					
						10.000

				
	
					
						12

					
					
						04/01/25 through 03/31/26

					
					
						10.000

				
	
					
						13

					
					
						04/01/26 through 03/31/27

					
					
						10.000

				
	
					
						14

					
					
						04/01/27 through 03/31/28

					
					
						10.000

				

		
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			(f)Section 2.3(E) is deleted in its entirety and the following is inserted in its place:
		

		
			(E)Should Buyer desire to purchase Gas (other than such higher volumes as Buyer may request on a Day-by-Day basis under Section 2.3(C)(1)(b) and other than Emergency Load Gas under Section 2.3(D)) in addition to the Annual Contract Quantity, Buyer in its sole discretion may submit a request to Seller for Discretionary Gas and Seller in its sole discretion may agree to provide Discretionary Gas. An agreement to purchase and sell Discretionary Gas shall be confirmed by the Parties using a form substantially as set forth in Exhibit D. All such Discretionary Gas (i) may be Firm or interruptible, as mutually agreed by the Parties, (ii) shall be sold at a price not to exceed the Base Load Gas Price applicable at the time of delivery, (iii) shall be considered sales in addition to other Gas sold under this Agreement, (iv) shall not be included in the Annual Contract Quantity, the Average Daily Contract Quantity, the Daily Contract Quantity, or the Monthly Contract Quantity, and (v) shall be included in the monthly calculation of the amount due from Buyer to Seller as provided in Section 7.1(B)(4), and (vi) shall be shown as a separate line item on the monthly invoice as provided in Section 8.1(A).
		

		
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			(g)Section 2.8 is deleted in its entirety and the following is inserted in its place:
		

		
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			2.8Gas Reserves Opinion and Development Plans.
		

		
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			(A)Annually on or before May 31, Seller shall deliver to Buyer an opinion letter from the Engineer regarding Seller’s Gas Reserves. The Engineer’s fees and expenses shall be paid by Seller. The letter must be based on sound geologic, economic, and other data, and must be consistent with sound engineering principles. The letter must conclude that Seller’s Gas Reserves 
		

		 

		

			Hilcorp Alaska, LLC, and Chugach Electric Association, Inc.

		

		

			Fourth Amendment to GSPA CEA-13 effective December 31, 2019

		

		

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		are sufficient to meet Seller’s obligations to deliver Annual Contract Quantity each Year during the then-remaining Term, assuming reasonable and prudent operations.
		

		
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			(B)If requested by Buyer, Seller shall make an oral presentation to Buyer outlining Seller’s Gas Reserves development plans in an annual meeting between the Parties which shall take place annually on or before June 30. Buyer will take reasonable steps to preserve the confidentiality of all information received by Buyer from Seller or disclosed by Seller to Buyer under this Section 2.8.
		

		
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			(h)Section 2 is amended by adding a new Section 2.10 to read as follows:
		

		
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			2.10Scheduled CINGSA Outages.
		

		
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				 (A)
			

			
	
			
			During any Scheduled CINGSA Outage, Seller and Buyer shall work together to balance the receipt and deliveries of Gas to (i) maximize Buyer’s ability to purchase and receive Gas hereunder and (ii) minimize changes in the Continuous Rates between Days during such Scheduled CINGSA Outage. Without limiting the generality of the foregoing, during any Scheduled CINGSA Outage, Seller shall sell and deliver to Buyer, and Buyer shall purchase and receive from Seller, load-following Gas on a Firm basis, subject to 2.10(B).

		
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			(B)If Buyer’s load-following Gas purchases due to a Scheduled CINGSA Outage cause its purchases on a Day to exceed the sum of (i) the Average Daily Contract Quantity for such Day plus (ii) up to 7.0 MMcfpd (for such Day, the “Scheduled CINGSA Outage Adjusted Maximum Rate”), then (a) for all Gas up to the Scheduled CINGSA Outage Maximum Rate, deliveries shall be made on a Firm basis and (b) for all Gas in excess of the Scheduled CINGSA Outage Adjusted Maximum Rate, deliveries shall be made on an interruptible basis.
		

		
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			(C)If Buyer’s load-following Gas purchases due to a Scheduled CINGSA Outage cause its purchases on a Day to be less than the Average Daily Contract Quantity for such Day, then the Parties shall use commercially reasonable efforts to reschedule purchases of Gas intended but unable to be made during the applicable Scheduled CINGSA Outage to occur within the applicable month and in any event within thirty (30) Days after the end of such Scheduled CINGSA Outage, in each case at a rate that each Party is capable of delivering and receiving, as applicable.
		

		

		

		 

		

			Hilcorp Alaska, LLC, and Chugach Electric Association, Inc.

		

		

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			7.SALES PRICE; COST ALLOCATION; STATE’S ROYALTY SHARE.
		

		
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			(a)Section 7.1(A) for the Sales Price for Contract Years is deleted in its entirety and replaced as follows:
		

		
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						Contract

					
						Year

					
						 

					
					
						Dates

					
					
						Base Load

					
						Gas Price

					
						(Dollars per 

					
						Mcf)

					
						 

					
					
						Swing Load

					
						Gas Price

					
						(Dollars per 

					
						Mcf)

					
						 

					
					
						Emergency

					
						Load Gas Price

					
						(Dollars per

					
						Mcf)

				
	
					
						1

					
					
						01/01/15-12/31/15

					
					
						7.13

					
					
						8.91

					
					
						10.70

				
	
					
						2

					
					
						01/01/16-12/31/16

					
					
						7.42

					
					
						9.28

					
					
						11.13

				
	
					
						3

					
					
						01/01/17-12/31/17

					
					
						7.72

					
					
						9.65

					
					
						11.58

				
	
					
						4

					
					
						01/01/18-03/31/18

					
					
						8.03

					
					
						10.04

					
					
						12.04

				
	
					
						5

					
					
						04/01/18-03/31/19

					
					
						7.35

					
					
						9.19

					
					
						11.02

				
	
					
						6

					
					
						04/01/19-03/31/20

					
					
						7.50

					
					
						9.37

					
					
						11.25

				
	
					
						7

					
					
						04/01/20-03/31/21

					
					
						7.49

					
					
						7.49

					
					
						7.49

				
	
					
						8

					
					
						04/01/21-03/31/22

					
					
						7.55

					
					
						7.55

					
					
						7.55

				
	
					
						9

					
					
						04/01/22-03/31/23

					
					
						7.61

					
					
						7.61

					
					
						7.61

				
	
					
						10

					
					
						04/01/23-03/31/24

					
					
						7.69

					
					
						7.69

					
					
						7.69

				
	
					
						11

					
					
						04/01/24-03/31/25

					
					
						7.78

					
					
						7.78

					
					
						7.78

				
	
					
						12

					
					
						04/01/25-03/31/26

					
					
						7.86

					
					
						7.86

					
					
						7.86

				
	
					
						13

					
					
						04/01/26-03/31/27

					
					
						7.95

					
					
						7.95

					
					
						7.95

				
	
					
						14

					
					
						04/01/27-03/31/28

					
					
						8.04

					
					
						8.04

					
					
						8.04

				

		
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			15.MISCELLANEOUS.
		

		
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			(a)Agreement Remains in Force: Except as otherwise provided in this Fourth Amendment, (i) the terms and conditions of the Agreement remain in full force and effect, and (ii) the definitions set forth in the Agreement apply to this Fourth Amendment.
		

		
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			(b)Approvals:  It is a condition precedent to the effectiveness of this Fourth Amendment that it has received the approval of Buyer’s Board of Directors (“Board Approval”) and RCA Approval (as defined below), as follows:
		

		
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			(i)Buyer intends to obtain Board Approval by December 18, 2019; and
		

		
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			(ii)Buyer will use commercially reasonable efforts to obtain RCA Approval of this Fourth Amendment. Seller shall have no responsibility to take any action or incur any cost to obtain regulatory approval of this Fourth Amendment. If the RCA issues an order that approves (conditionally or otherwise) this Fourth Amendment and imposes terms and conditions or modifications unacceptable to Buyer to Seller, each as determined in its sole and absolute discretion, Buyer or Seller may terminate this Fourth Amendment upon written notice to the other Party, such termination to take effect on the date outlined in any such written notice of termination. Buyer intended to submit 
		

		 

		

			Hilcorp Alaska, LLC, and Chugach Electric Association, Inc.

		

		

			Fourth Amendment to GSPA CEA-13 effective December 31, 2019

		

		

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		a filing requesting RCA Approval by December 31, 2019. If RCA Approval has not been obtained by the date that is six (6) months from the date that Buyer submits such filing, either Party may terminate this Fourth Amendment upon notice to the other Party, such termination to take effect on the date outlined in any such written notice of termination.
		

		
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			“RCA Approval” will be deemed to have occurred on the date that an RCA order approving the Fourth Amendment without conditions or modifications unacceptable to the Parties becomes final and is not subject to further reconsideration or appeal or on such other date as may be mutually agreed by the Parties in writing.
		

		
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			(c)Valuation of State’s Royalty Share.  Pursuant to AS 38.05.180(aa) and (bb), within thirty (30) Days after the execution of this Fourth Amendment, Seller shall submit a written request to the Department of Natural Resources to enter into an agreement with Seller to accept the price for the Gas established in this Agreement for each of Contract Year 10 through Contract Year 14 as the value of the State of Alaska's royalty share of Gas production sold by Seller in each of Contract Year 10 through Contract Year 14. The Parties shall use reasonable efforts and shall cooperate with one another and the State in seeking the State's approval of the request.
		

		
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			(d)Confidentiality: Each Party will keep this Fourth Amendment and any information, documents or materials produced for used in relation to this Fourth Amendment (col1ectively, “Transaction Information”') confidential and will not disclose such Transaction Information to any third party, except (1) to contractors, subcontractors and consultants and their respective employees, servants or agents actively engaged in the preparation for the performance, or the actual performance, of the Fourth Amendment; (2) to the auditors, legal advisers, insurers and affiliates of that Party, to whom this confidentiality obligation will extend,  (3) where the Party is under a legal or regulatory obligation to make such disclosure (including, with respect to Buyer, in relation to obtaining RCA Approval, and, with respect to Seller, in relation to obtaining the agreement of Department of Natural Resources regarding  the valuation of the State's royalty share),  but limited to the extent of that legal obligation, or (4) with the prior written consent of the other Party.  “Transaction Information” shall not include any information that is in the public domain, or which hereafter becomes in the public domain through no fault of a Party, as (without limitation) through a filing by Buyer with the RCA.
		

		
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			(e)Counterparts: This Fourth Amendment may be executed by the Parties in any number of counterparts and on separate counterparts, including electronic transmittals, each of which when so executed will be deemed an original, but all such counterparts, when taken together, will constitute but one and the same Fourth Amendment. In the event one Party executes the Fourth Amendment, and the other Party does not execute the Fourth Amendment within ten (10) Days of the first Party's execution, the execution of the Fourth Amendment by the first Party will be deemed null and void.
		

		
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			Hilcorp Alaska, LLC, and Chugach Electric Association, Inc.

		

		

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			Page 8

		

		

			 

		

 

		Exhibit B.Delivery Points and Delivery Point Meters.
		

		
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			Exhibit B of the Agreement is hereby amended to add the following Delivery Point:
		

		
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			11.Kenai Beluga Pipeline Title Transfer
		

		
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			[Signatures on following page]
		

		

		

		 

		

			Hilcorp Alaska, LLC, and Chugach Electric Association, Inc.

		

		

			Fourth Amendment to GSPA CEA-13 effective December 31, 2019

		

		

			Page 9

		

		

			 

		

 

		
		

		
			IN WITNESS WHEREOF, the Parties have executed this Fourth Amendment effective as of the date set forth in the preamble.
		

		
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						HILCORP ALASKA, LLC

					
					
						 

					
					
						CHUGACH ELECTRIC ASSOCIATION, INC.

				
	
					
						Signature:

					
					
						 

					
					
						Signature:

				
	
					
						/s/ Greg Lalicker

					
					
						 

					
					
						/s/ Brian J. Hickey

				
	
					
						Name: Greg Lalicker

					
					
						 

					
					
						Name: Brian J. Hickey

				
	
					
						Title:   CEO

					
					
						 

					
					
						Title:  COO

				
	
					
						Date:    12/30/19

					
					
						 

					
					
						Date:   12-20-19

				

		
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			Hilcorp Alaska, LLC, and Chugach Electric Association, Inc.

		

		

			Fourth Amendment to GSPA CEA-13 effective December 31, 2019

		

		

			Page 10Exhibit 10.1

 

Agreement
No.: [2019072301]

 

 

 

 

 

 

 

 

 

Equity Transfer Agreement

 

by and among

 

Tianjin AnGaoMeng Construction Development
Co., Ltd.

 

and

 

Li Bo, Ruan Shenghua and Zheng Yongsheng

 

January 16, 2020

 

 

 

 

 

 

 

 

 

     

     

    

 

Acquiror: Tianjin AnGaoMeng Construction
Development Co., Ltd. (“Party A” or the “Acquiror”)

 

Address: Floor 3, Shui Li Da Sha, Fuzhou
Road, Tanggu, Binhai New Area, Tianjin

 

Legal Representative: Li Zhenhua

 

Unified Social Credit Code of Enterprise
Legal Person: 91440300358733495T

 

Acquiree: Li Bo (“Party B”
or the “Acquiree B”)

 

Address: Room 101, Unit 2, Building 2,
Ying Hua Xiao Qu, Luqiao Street, Taizhou, Zhejiang

 

Nationality: Chinese

 

ID No.: [----]

 

Acquiree: Ruan Shenghua (“Party C”
or the “Acquiree C”)

 

Address: No. 57, Hechi Road, Zeguo Town,
Wenling, Zhejiang

 

Nationality: Chinese

 

ID No.: [----]

 

Acquiree: Zheng Yongsheng (“Party
D” or the “Acquiree D”)

 

Address: No. 206, Zone B, Xiazheng Village,
Zeguo Town, Wenling, Zhejiang

 

Nationality: Chinese

 

ID No.: [----]

 

(Party B, Party C and Party D are collectively
referred to as the “Acquiree”, the Acquiree and the Acquiror are collectively referred to as “Parties”.)

 

    Page 1 of 12

     

    

 

Whereas:

 

1.Yushu Kingo City Real Estate Development
Co., Ltd. (the “Subject Company”) is an entity established and existing at the Administrative Bureau for Industry and
Commerce of Yushu under the laws of China, with a registered capital of RMB30,000,000. The Subject Company was established on December
18, 2013 with its domicile at the West Section of Xiangyang Road, Yushu, the current legal representative is Li Bo and its business
scope is real estate development and property management;

 

2. The Acquiree owns
100% equity of the Subject Company, of which Party B owns 70% equity of the Subject Company, Party C owns 15% equity of the Subject
Company, and Party D owns 15% equity of the Subject Company;

 

3. In consideration of the adjustment
of business strategy, the Acquiree intends to transfer the equity of the Subject Company to Party A;

 

4. In consideration of the business development
strategy, Party A expresses its willingness to acquire 100% equity of the Subject Company;

 

5. Party A is a wholly-owned subsidiary
of Nasdaq listed AGM Group Holdings, Inc. (“AGMH”) in China. As of the signing date of this Agreement, AGMH has 21,791,055
Class A ordinary shares. The purchase price shall be calculated in US dollar.

 

6. The Parties signed the Letter of Intent
of Equity Acquisition on February 21, 2019 (In the aforesaid Letter of Intent, Party A’s name is “Shenzhen AnGaoMeng
Financial Technology Service Co., Ltd.” which has been renamed as “Tianjin AnGaoMeng Construction Development Co.,
Ltd.”). After due diligence and negotiation, the commercial units that the Subject Company transferred to Yushu Kingo Commercial
Management Co., Ltd (the “Property Management Company”) through Asset Transfer Agreement shall not included in the
valuation of this merger and acquisition. All Parties agree to confirm the assets of the Subject Company in accordance with the
audit report issued by the audit firm entrusted by Party A. At the same time, the Subject Company has entrusted the entire property
to the Property Management Company for overall management through the Entrusted Operation and Management Contract. On account of
Easyhome Franchise Contract and its Supplement Agreement signed between the Property Management Company and Changchun Easyhome
Business Management Co., Ltd., the aforesaid Entrusted Operation Management Contract stipulates that the self-hold assets of the
Subject Company will receive not less than 4% of the annual rental income.

 

    Page 2 of 12

     

    

 

Base on the above situation, after friendly
consultations conducted in accordance with the principles of equity and mutual benefit, the Parties hereby agree to the equity
transfer in accordance with the Company Law of the People’s Republic of China and other applicable laws and regulations.

 

1.
Definition

 

1.1 Unless otherwise
provided by Chinese laws or stipulated by this Agreement, the definitions and meanings of terms used in this Agreement shall be
subject to the following interpretations:

 

1.2 Equity: any and all
shareholders’ rights granted by the Chinese laws and the articles of association of the company due to the Acquiree’s
payment of the company’s registered capital and qualification as a shareholder of the company, including but not limited
to the rights of the company’s asset income, major decision-making and selection of managers.

 

1.3 Date of Signing:
the date of which the Parties sign and seal this Agreement.

 

1.4 Registered Capital:
the equity of the company is the total amount of the company’s capital registered with the Registration Management Agency,
and shall be the total amount of capital contribution subscribed by the shareholders.

 

1.5 Effective Date: the
second working day upon all the preconditions provided in this Agreement are met, this Agreement will come into effect;

 

1.6 Closing and Completion:
this equity transfer shall be closed and completed on the second working day after all the closing conditions agreed in this Agreement
are met.

 

2.
Preconditions

 

Each Party hereby acknowledges that the
execution and performance by each party of any of its obligations under this Agreement is subject to the preconditions below:

 

2.1 According to Chinese
laws and regulations and the Articles of Association of the Subject Company, it is legal and effective for the Acquiree to transfer
its equity; the shareholders’ meeting (or board of directors) of the Subject Company unanimously approved this equity transfer;

 

2.1.1 The source of registered
capital of the Subject Company is legal and has been fully paid, and the relevant procedures of capital verification, industrial
and commercial registration, tax registration, legal person code registration, and all other commercial real estate certificates
are complete and legal;

 

    Page 3 of 12

     

    

 

2.1.2 Except as the asset
and other contents agreed in the Asset Transfer Agreement concluded between the Subject Company and the Property Management Company,
neither the original shareholders, operators and other relevant personnel of the Subject Company set up any guarantee matters in
the name of the Subject Company, nor set up any debt or third party claim, nor any other situation that may cause the Subject Company
to assume any obligation;

 

2.1.3 The Subject company
has never engaged in any illegal business activities since its establishment until the completion of this equity change in industrial
and commercial registration;

 

2.1.4 The subject company
has no other debts except the list of debts. The relevant property account books are complete, and all seals, invoices, licenses,
contracts or agreements, reports, approvals, meeting minutes, resolutions and other documents are kept completely;

 

2.1.5 The Subject Company
has no undisclosed tax and fee arrears.

 

2.1.6 This Agreement
is agreed and confirmed by Party A’s lawyer and auditor.

 

2.2 Each party shall
make its best efforts to ensure that the preconditions set out in 2.1 are met as soon as possible. If any of the preconditions
set forth in 2.1 cannot be satisfied within 30 days since the signing date of this Agreement, the acquiror shall have the right
to terminate this agreement by giving a written notice or extend for a reasonable period of time to meet the preconditions set
forth in 2.1.

 

3.
Quantity and Price of Equity Transfer

 

3.1 Quantity of Equity
Transfer: the Acquiree agrees to transfer 100% of the equity of the Subject Company legally held at the time of signing this Agreement
and the corresponding shareholders’ rights and interests before the date of signing this agreement to Party A, without any
right burden. The equity ratio of the Acquiree is as follows:

 

	No.	 	Acquiree	 	Equity Ratio held	 	 	Equity Ration Sold	 
	1	 	Li Bo	 	 	70	%	 	 	70	%
	2	 	Ruan Shenghua	 	 	15	%	 	 	15	%
	3	 	Zheng Yongsheng	 	 	15	%	 	 	15	%
	Total	 	 	 	 	100	%	 	 	100	%

 

    Page 4 of 12

     

    

 

3.2 Equity Transfer Price:
the total equity transfer price shall be US $50 million after negotiation by all Parties, of which, the Acquiror shall pay US$20
million in cash and the remaining US$30 million shall be in the form of issuing an aggregate of 2,000,000 Class A ordinary shares
of AGMH valued at US$15.00 per ordinary share to the Acquiree. AGMH is Party A’s controlling parent company.

 

3.3 Equity ratio of the Subject Company
after the closing

 

	No.	 	Shareholder’s Name	 	Equity Raito	 
	1	 	Tianjin AnGaoMeng Construction Development Co., Ltd.	 	 	100	%
	Total	 	 	 	 	100	%

 

4.
Method of Equity Transfer

 

Party A shall acquire 100% of the equity
held by Party B, Party C and Party D by paying US$20,000,000 in cash and issuing an aggregate of 2,000,000 Class A ordinary shares
of AGMH valued at US$15.00 per ordinary share to the Acquirees. Upon the completion, Party B, Party C and Party D shall hold the
AGMH shares as follows:

 

	No.	 	Acquiree	 	Shares Held	 	 	Percent of Equity Ratio of AGMH	 
	1	 	Li Bo	 	 	1,400,000	 	 	 	5.88	%
	2	 	Ruan Shenghua	 	 	300,000	 	 	 	1.26	%
	3	 	Zheng Yongsheng	 	 	300,000	 	 	 	1.26	%

 

    Page 5 of 12

     

    

 

5.
Payment of Transfer Price

 

5.1 The transfer price agreed in 3.2 of
this Agreement shall be paid in the following ways:

 

5.1.1 Payment
of Cash: the advance payment made by Party A to the Acquiree or the Subject Company from the signing of the Letter of Intent of
Equity Acquisition on February 21, 2019 to the signing date of this Agreement shall constitute part of cash payment. Party A shall
pay the remaining payment to the Acquiree when the sales area of the Acquiree reaches 150,00 square meters or the sales revenue
exceeds RMB150 million within 24 months after the equity transfer completed. Cash payment may be made at the foreign exchange rate
of the Bank of China and converted into RMB.

 

5.1.2 Issuance
of Shares: after all closing conditions in this Agreement are met, Party A’s controlling holdings company AGMH shall issue
the corresponding amount of Class A ordinary shares of AGMH to three acquirees in accordance with Section 4 of this Agreement.

 

5.2 The relevant taxes and fees incurred
in this equity transfer shall be borne by each party.

 

6. Representations
and Warranties

 

Since the date of this Agreement and until
the completion of the transaction in accordance with the provisions of this Agreement, each party makes the following representations
and warranties:

 

6.1 The Acquiror and the Acquiree represent
and warrant:

 

(1) have and are able to have the necessary
rights and authorization to sign this Agreement and perform the obligations stipulated herein, and the signatories of each party
to this Agreement have been properly authorized to sign this Agreement;

 

(2) the performance of the obligations
stipulated in this Agreement will not violate Chinese laws and regulations and any other contracts and agreements to which it is
a party or binding upon;

 

(3) in the process of this equity transfer,
all Parties should fully consult with each other, closely cooperate with each other and actively support each other;

 

    Page 6 of 12

     

    

 

(4) all materials and documents related
to this equity transfer provided by the Acquiror and the Acquiree are true, accurate and complete in all material aspects, and
the copies of the documents submitted are consistent with the originals;

 

(5) both the Acquiror and the Acquiree
are obliged to ensure the completion of all legal procedures involved in this equity transfer, including but not limited to the
smooth progress of evaluation, audit and legal investigation.

 

6.2 The Acquiree represents and warrants:

 

(1) the Acquiree legally holds the shares
of the Subject Company, and the Acquiree promises that its contribution to the Subject Company is legal, effective and sufficient;

 

(2) the Acquiree shall ensure that its
equity in the Subject Company is true and effective, and there is no pledge of any equity that affects the equity transfer and
the Acquiree’s exercise of rights. The Acquiree shall guarantee the legality of the registration and renewal of the subject
matter of the merger and acquisition in accordance with the Chinese laws of and the project in which the subject matter of the
merger and acquisition is engaged without any defects in the approval and permission of the government administration.

 

(3) the Acquiree has disclosed the information
of the subject matter of the merger and acquisition to Party A in an all-round and truthful manner, and cooperates with the audit
and evaluation institutions entrusted by Party A to conduct a real and objective financial audit and evaluation of the subject
matter of the merger and acquisition.

 

(4) the execution of this Contract by the
Acquiree is subject to shareholders’ meeting and other legal procedures in accordance with the relevant provisions of the
Contract Law of China and the Articles of Association of Yushu Kingo Real Estate Development Co., Ltd. The Acquiree, as all shareholders
of the Subject Company, has given up the preemptive right and purchase intention of the subject matter of the merger and acquisition.

 

(5) the Acquiree shall work together to
complete all work related to this equity transfer, and submit the following documents to the Acquiror after signing this Agreement:

 

a. documents proving
the legal holding of shares

 

    Page 7 of 12

     

    

 

b. the effective resolution
and power of attorney for the internal approval of this equity transfer;

 

c. other documents
that the Acquiree assists the Acquiror in applying for and obtaining for this equity transfer.

 

6.3 The Acquiror represents and warrants:

 

(1) the capital source of the acquisition
is legal and sufficient to fulfill its obligations under this Agreement

 

(2) ensure the performance of the obligations
under this Agreement, including but not limited to the payment of price and the performance of all agreements and contracts related
to this equity transfer.

 

6.4 each party guarantees that its intention
to sign and perform this Contract and related Appendix is true, and its commitment is true and reliable, which is made on the basis
of reasonable and full judgment of its own conditions and capabilities. All matters such as its guarantee, commitment, documents,
materials and information provided are free from any positive or negative concealment or omission.

 

7. Obligations

 

7.1 The Acquiree shall provide Party A
with all materials and documents that shall be provided by Party B, Party C and Party D to complete the transfer, and sign all
necessary documents for completing the transfer of shares under this Contract.

 

7.2 Party A shall provide Party B, Party
C and Party D with all materials and documents to complete the share issuance in the process of this acquisition and sign all documents
necessary for completing the share transfer of this Contract.

 

7.3 Other obligations to be performed by
each party under this Contract.

 

8. Closing Conditions

 

This Agreement shall be deemed closing
as of the date upon all of the following conditions are fulfilled:

 

8.1 This Agreement is signed and sealed
by the legal representatives or authorized representatives of the Parties;

 

8.2 All conditions for the effectiveness
of this Agreement are met;

 

    Page 8 of 12

     

    

 

8.3 Completion of industrial and commercial
registration change of the Subject Company;

 

8.4 The audit report issued by the audit
firm entrusted by Party A and the valuation report issued by the appraisal institution entrusted by Party A;

 

8.5 The controlling company of Party A
disclosed the compliance information of the equity transfer agreement in the Nasdaq market of the United States, and the transaction
is not rejected by the relevant administrative regulatory authorities.

 

9. Commitments of Parties after Closing

 

9.1 The Acquiree promises not to sell the
acquired AGMH shares within 3 years.

 

9.2 The Acquiree promises to ensure the
implementation of the Entrusted Operation and Management Contract between the Subject Company and the Property Management Company
for three years, and to ensure that the Subject Company obtain the agreed rental income.

 

9.3 The Acquiror promises to cooperate
with the Property Management Company to perform the necessary conditions of the Easyhome Franchise Contract and its Supplement
Contract.

 

9.4 The Acquiree promises to purchase,
use and promote the Acquior’s relevant software services and supporting services based on intelligent business operation
and advertisement through the Property Management Company after the closing and completion of the equity transfer, including but
not limited to the software solutions or related hardware products of the equity strategic partner or technical strategic partner
to be introduced by the Acquiror.

 

9.5 The Acquiree promises to complete 150,000
square meters of commercial units sales or sales revenue exceeds 150,000,000 RMB within 24 months after close and complete of this
deal.

 

10. Force Majeure

 

10.1 This Agreement shall not be deemed
to be breached if an event (collectively referred to as “force majeure event”) which cannot be prevented or avoided
due to unforeseeable and its occurrence and consequences directly caused a party to fail to perform all or part of its obligations
under this Agreement;

 

10.2 If an event of force majeure occurs,
the Party claiming force majeure shall promptly inform the other Parties and shall furnish within 15 days thereafter sufficient
proof of the occurrence, including a statement of reasons for delay or partial performance of this Agreement;

 

    Page 9 of 12

     

    

 

10.3 Both Parties shall make their best
efforts to fulfill their responsibilities in this Agreement and reduce the losses caused to the other party due to force majeure;

 

10.4 Force majeure shall mean all events
which are beyond the control of the Parties to this Agreement. Force majeure includes but not limited to:

 

(1) the declared or undeclared war, war
state, blockade, embargo, government decree or general mobilization that directly affect the equity transfer;

 

(2) the civil unrest that directly affect
the transfer;

 

(3) events caused by fire, flood, typhoon,
hurricane, tsunami, landslide, earthquake, explosion, plague and other natural factors that directly affect the equity transfer;

 

(4) Other force majeure events agreed by
both Parties that directly affect the equity transfer.

 

11. Liability for Breach of Contract

 

11.1 The liability for breach of
contract refers to the liability for the loss caused to the other party due to the fault of the Acquiree or the Acquiror
after the signing of this Agreement and before the completion of payment of the relevant transfer price.

 

11.2 If the Acquiree violates this Agreement,
the Acquiror has the right to request the Acquiree (1) continue to perform this Agreement and assist in completing the industrial
and commercial registration of the equity transfer change; or (2) return the transfer price paid by the Acquiror.

 

11.3 If the Acquiror violates this Agreement,
the Acquiree has the right to request the Acquiror (1) terminate the performance of this Agreement.

 

11.4 In case any serious breach of this
Agreement made by either Party, if the liquidated damages paid by the breaching party to the non-breaching party are not enough
to compensate the non-breaching party’s losses, the non-breaching party still has the right to continue to claim.

 

12. Changes in Rights and Obligations

 

12.1 Except as otherwise provided in this
Agreement, from the date of completion of this equity transfer, the Acquiror will inherit the rights, responsibilities and obligations
stipulated in the articles of association, resolutions of the shareholders’ meeting (resolutions of the board of directors)
and other relevant registration documents of the Acquiree in accordance with its equity proportion.

 

    Page 10 of 12

     

    

 

12.2 In order to complete this equity transfer,
the Acquiree and the Acquiror shall modify the articles of association of the Subject Company accordingly.

 

13. Notice

 

Notices under this Agreement shall be given
by personal delivery, fax or registered airmail at the address and number shown below, unless either Party has notified the other
Parties in writing of its changed address and number. If the notice is sent by registered airmail, it shall be deemed to have been
delivered 5 days after mailing. If it is delivered by hand or by fax, it shall be deemed to have been delivered the next day after
sending. If sent by fax, the original shall be sent to the other party by registered airmail or personal delivery immediately after
sending by fax.

 

Party A: Floor 3, Shui Li Da Sha, Fuzhou
Road, Tanggu, Binhai New Area, Tianjin

 

Party B: Room 101, Unit 2, Building 2,
Ying Hua Xiao Qu, Luqiao Street, Taizhou, Zhjiang

 

Party C: No. 57, Hechi Road, Zeguo Town,
Wenling, Zhejiang

 

Party D: No. 206, Zone B, Xiazheng Village,
Zeguo Town, Wenling, Zhejiang

 

14. Applicable Law and Dispute Settlement

 

14.1 In case of any dispute arising from
the conclusion, performance or interpretation of this Contract, the Parties shall conduct friendly negotiation; if the negotiation
fails, the people’s court with jurisdiction in the place where the Subject Company is located shall have jurisdiction over
the dispute arising from this Contract.

 

14.2 The conclusion, performance, interpretation
and dispute settlement of this Contract shall be governed by the laws of the People’s Republic of China.

 

15. Miscellaneous
Provisions

 

15.1 The Letter of Intent of Equity Acquisition
signed by all Parties is the appendix of this Contract. If the terms agreed in this Contract modify and correct the Letter of Intent
of Equity Acquisition, this Contract shall prevail. Any terms agreed in the Letter of Intent of Equity Acquisition are not modified
or corrected in this Contract will be automatically generated into this Contract since the signing of this Contract, which shall
have the same binding force with this Contract.

 

Any default clause set out in the Letter
of Intent of Equity Acquisition shall become invalid upon the signing of this Contract. Neither Party shall hold the other party
liable for breach of contract in the above terms.

 

15.2 This Contract is made in 8] copies,
with each party holding 2 copies, all of which have the same legal effect.

 

15.3 The notes, appendixes and supplement
agreements of this Contract are integral parts of this Contract and have the same legal effect as this Contract.

 

15.4 Any matters not covered in this Contract
shall be settled through friendly negotiation by all Parties.

 

(Signatures follow on
next page)

    Page 11 of 12

     

    

 

Signature page one:

 

Party A: Tianjin
AnGaoMeing Construction Development Co., Ltd.

 

/seal/ /s/ Li Zhenhua

 

(sign and seal)

 

Authorized Representative:
Li Zhenhua

 

Date: January 16,
2020

 

Party B or Party
B’s Authorized Representative:

 

(Seal) /s/ Bo Li

 

Date: January 16,
2020

 

Party C or Party
C’s Authorized Representative:

 

(Seal) /s/ Shenghua
Ruan

 

Date: January 16,
2020

 

Party D or Party
D’s Authorized Representative:

 

(Seal) /s/ Yongsheng
Zheng

 

Date: January 16,
2020

 

 

Page 12 of 12

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