Document:

Document

Execution Version

BEIGENE, LTD.
RESTATED AMENDMENT NO. 2 TO SHARE PURCHASE AGREEMENT
THIS RESTATED AMENDMENT NO. 2 (this “Amendment”) to the SHARE PURCHASE AGREEMENT, dated as of October 31, 2019, as amended on December 6, 2019 (the “Agreement”), is made and entered into as of September 24, 2020, by and among BeiGene, Ltd., an exempted company incorporated in the Cayman Islands (the “Company”), and Amgen Inc., a Delaware corporation (the “Investor”), and restates in its entirety the Amendment No. 2 to the Agreement dated March 17, 2020. Capitalized terms used but not defined herein shall have the meanings ascribed to them in the Agreement.
RECITALS
WHEREAS, pursuant to the Agreement, the Investor purchased and subscribed for Two Hundred Six Million Six Hundred Thirty-Five Thousand Thirteen (206,635,013) Ordinary Shares in the form of Fifteen Million Eight Hundred Ninety-Five Thousand One (15,895,001) American Depositary Shares of the Company at a purchase price of $13.45 per share, or $174.85 per American Depositary Share, at the Closing, which represented approximately twenty point five percent (20.5%) of the Company’s outstanding share capital as of that date and, pursuant to the Agreement, subsequent to the Closing, the Investor has purchased additional American Depositary Shares of the Company to account for dilution and maintain the Investor’s ownership interest;
WHEREAS, in order to continue to account for periodic dilution from the issuance of the Company’s shares under its equity incentive plans, the Company and the Investor would like to provide for the option to purchase by the Investor of such supplemental amount of American Depositary Shares of the Company on a monthly basis such that the Investor will hold approximately twenty point six percent (20.6%) of the Company’s outstanding share capital immediately following each such purchase in support of the maintenance of the Investor’s equity method accounting treatment for its investment in the Company;
WHEREAS, pursuant to Section 8.9 of the Agreement, no provision in the Agreement may be supplemented, deleted or amended except in a writing executed by an authorized representative of each of the Investor and the Company; and
WHEREAS, the Company will seek all approvals of the Company’s shareholders required for the Company to (i) enter into this Amendment and (ii) issue the Monthly Firm Shares (as defined below), in each case in accordance with the HK Listing Rules.
NOW, THEREFORE, in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows:
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1.Addition of Section 2.4. The following shall be inserted as a new Section 2.4 of the Agreement:
“2.4 Monthly Sale of Additional Shares. 
(a)Subject to the Subsequent Shareholder Approval and the Annual Shareholder Approvals, purchases and sales under this Section 2.4 shall commence on the first (1st) day of the month following the Subsequent Shareholder Approval (or if the Company’s American Depositary Shares are not trading on NASDAQ on such day, the next trading day) (the “Commencement Date”) and shall continue until the earliest of (i) the date on which the Investor and its Affiliates collectively own less than twenty percent (20%) of the outstanding share capital of the Company as a result of the Investor’s sale of Shares, (ii) written notice from either the Investor or the Company that such party wishes to terminate such monthly purchases and sales, which notice shall be provided at least sixty (60) days in advance of the termination of such monthly purchases and sales or, if requested by the Investor, such longer period as reasonably required, upon advice of Investor’s counsel, to permit the Investor to commence market purchases under a trading plan in accordance with Rule 10b5-1 under the Exchange Act, and (iii) the third anniversary of the Commencement Date (the “Monthly Sale Period”). Upon mutual agreement by the parties and subject to approval by the Company’s shareholders if required by the HK Listing Rules, this Amendment shall be extended for additional three-year terms upon expiration of the then current term.
(b)During the Monthly Sale Period, on the first (1st) day of each month (or if the Company’s American Depositary Shares are not trading on NASDAQ on such day, the next trading day), the Company shall send or cause to be sent via e-mail to the Investor the following information (such  notice, the “Monthly Firm Shares Notice”): (i) the number of ADSs Outstanding and number of Non-Equity Incentive Shares, each as of the applicable Reference Date, (ii) the Amgen Holding and Amgen Percentage as of such Reference Date based on the latest information provided by the Investor (which shall be confirmed by the Investor and revised if inaccurate), (iii) the volume weighted average price of one Company American Depositary Share on NASDAQ for the ninety (90) calendar days preceding such Reference Date, as reported by Bloomberg (each, a “Monthly Firm Shares Purchase Price”) and (iv) an updated Company Disclosure Schedule as of the applicable Reference Date in accordance with Section 2.4(d), if any.  If the Amgen Percentage is less than the Trigger Percentage as of such Reference Date, then, upon the Investor’s written request (the “Investor Request”) delivered within two (2) Business Days following Investor’s receipt of the Monthly Firm Shares Notice, the Company hereby agrees to sell to the Investor and the Investor agrees to subscribe for such additional number of Ordinary Shares in the form of American Depositary Shares (the “Monthly Firm Shares”) calculated pursuant to the following formula:
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X = (((A-B)*C) -D) / (1-C)
X = the number of Monthly Firm Shares expressed in ADSs
A = the number of ADSs Outstanding
B = the number of Non-Equity Incentive Shares
C = 20.6%
D = the Amgen Holding,

at a purchase price per Monthly Firm Share equal to the Monthly Firm Shares Purchase Price; provided, however, that in no event shall the aggregate number of Monthly Firm Shares issued during the Monthly Sale Period, exceed Seventy-Five Million (75,000,000) Ordinary Shares (subject to appropriate adjustment in the event of any share dividend, share split, combination or other similar recapitalization with respect to the Ordinary Shares).  If the Amgen Percentage in any such Monthly Firm Shares Notice is equal to or greater than the Trigger Percentage, then the Investor shall not have the option to subscribe for, and the Company shall not issue, any Monthly Firm Shares for such month.  The Monthly Firm Shares shall be in the form of American Depositary Shares, unless the Investor requests in writing that the Monthly Firm Shares be delivered in the form of Ordinary Shares, in which case the number of shares and purchase price shall be adjusted accordingly based on the ADS to Ordinary Share ratio.  Any Monthly Firm Shares purchased hereunder shall be “Shares” or “Deposit Shares” as the context shall so require for purposes of Article 1, Article 3, Article 4, Article 5 and Article 8 of the Agreement.  Until such time as the Investor elects to cease equity method accounting for its investment in the Company, subject to the Annual Shareholder Approvals, the Investor and Company acknowledge and agree that the Investor’s direct purchase of Ordinary Shares in the form of American Depositary Shares from the Company on a monthly basis hereunder shall be the primary means for the Investor to purchase shares in order to maintain such equity method accounting treatment.   
(c)Subject to the terms and conditions hereof, the closing of the purchase and sale of Monthly Firm Shares, if any, shall take place each month within seven (7) Business Days following the Reference Date, or at such other time as mutually agreed by the Company and the Investor (the “Monthly Closing”). At each Monthly Closing, the Company will instruct the Transfer Agent to deliver to the Investor, via book entry to the applicable balance account registered in the name of the Investor, the Monthly Firm Shares for such month, against payment of the aggregate Monthly Firm Share Purchase Price for such Monthly Firm Shares in U.S. dollars by wire transfer of immediately available funds to the order of the Company. 
(d)For purposes of Article 3 and Article 4 of the Agreement, the representations and warranties contained therein shall be deemed made as of the date of the applicable Monthly Closing, as supplemented by, in the case of Article 3, (i) the Company’s most recent Form 10-K (including any information incorporated by reference therein from the Company’s definitive proxy statement on Schedule 14A) and any subsequent Form 10-Q and Form 8-K filed with or furnished to the SEC and made publicly available prior to the date of delivery of the Monthly Firm Shares Notice (other than (x) any information that is contained in the “Risk Factors” or “Note Regarding Forward-Looking Statements” or similar sections of such Company SEC Documents and (y) any forward-looking statements, or other statements that are 
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similarly predictive or forward-looking in nature, contained in such Company SEC Documents), and (ii) any update to the Company Disclosure Schedule as of the applicable Reference Date provided by the Company to Investor in accordance with Section 2.4(b); provided that the Company shall not be required to provide any updates to (x) Section 3.2 (Subsidiaries) to list any newly formed subsidiaries since the most recent disclosures in the Form 10-K or any Form 10-Q, or (y) Section 3.3 (Capitalization) other than providing the updated number of outstanding shares included in the Monthly Firm Shares Notice, which shall constitute a representation and warranty of the Company under the Agreement as to such number of outstanding shares; and provided, further, that if there are any material updates to the Company Disclosure Schedule following delivery of the Investor Request, the Investor Request may be revoked prior to the issuance of the shares in the Investor’s sole discretion.
(e)For purposes of this Section 2.4:
(i)“ADS” means American Depositary Shares.
(ii)“ADSs Outstanding” means the total number of the Company’s Ordinary Shares outstanding prior to NASDAQ market opening on the Reference Date, expressed in terms of ADSs.
(iii)“Amgen Holding” means the number of the ADSs Outstanding held by the Investor as of the latest Reference Date.
(iv)“Amgen Percentage” means the percentage of the ADSs Outstanding held by the Investor as of the latest Reference Date.
(v)“Annual Shareholder Approvals” means, following the Subsequent Shareholder Approval, the annual approvals of the Company’s shareholders required for the Company to continue issuing the Monthly Firm Shares during the term of this Agreement in accordance with the conditions of the waiver granted by The Stock Exchange of Hong Kong Limited (the “HK Stock Exchange”) on August 10, 2020 from the requirements of Rules 13.36(1)(a) and 14A.36 of the HK Listing Rules.
(vi)“Non-Equity Incentive Shares” means the aggregate number of shares issued other than upon exercise, vesting or issuance of share options, restricted shares, restricted share units, Ordinary Shares or ADSs, or other equity incentives to employees, consultants and directors of the Company since the Commencement Date, expressed in terms of ADSs; provided, however, that (x) if the Investor exercised its participation right pursuant to Section 5.16(a) in whole or in part in an offering (subject to applicable Law, HK Listing Rules and any waiver therefrom granted by the HK Stock Exchange) or (y) if the Investor purchased Ordinary Shares (expressed in terms of ADSs) or ADSs through a trading plan in accordance with Rule 10b5-1 under the Exchange Act or otherwise purchased Ordinary Shares (expressed in terms of ADSs) or ADSs from any Person other than the Company, then such shares issued in such Non-Equity Incentive Share offering(s) shall not be deemed as Non-Equity Incentive Shares to the extent Investor’s purchases pursuant to clauses (x) and (y) were made in response to the pro rata dilution to the Investor from such Non-Equity Incentive Share offerings.
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(vii)“Reference Date” means the day on which the Company’s ADSs are trading on NASDAQ immediately preceding the first (1st) day of each calendar month during the Monthly Sale Period.
(viii)“Subsequent Shareholder Approval” means the approval of the Company’s shareholders required for the Company to (i) enter into Restated Amendment No. 2 to the Share Purchase Agreement and (ii) issue the Monthly Firm Shares in accordance with the HK Listing Rules.
(ix)“Trigger Percentage” means 20.4% of the Company’s outstanding share capital (expressed in terms of ADSs).”
2.Amendment to Section 5.16(a). The first sentence of Section 5.16(a) is deleted in its entirety and replaced with:
“If the Company proposes to offer or sell any Ordinary Shares, American Depositary Shares or Ordinary Share Equivalents after the Closing Date, other than pursuant to the Plans (“New Securities”), and at the time immediately prior to such offer or sale the Investor holds no more than twenty one percent (21.0%) of the Company’s outstanding share capital, the Company shall use reasonable best efforts to provide the Investor with an opportunity to participate in such offering or sale and purchase upon the same terms and conditions as other purchasers in the offering or sale of the New Securities, up to that portion of such New Securities as is necessary to allow the Investor to hold approximately twenty point six percent (20.6%) of the Company’s share capital after the sale of New Securities, so long as the Investor’s ownership percentage prior to such sale has not decreased as a result of the Investor’s sale of Shares or the Investor’s failure to participate in future offerings or sales of New Securities in which Investor is given the opportunity to participate pursuant to this Section 5.16(a), subject to applicable Law, HK Listing Rules and any waiver therefrom granted by the HK Stock Exchange.”
3.Addition of Section 5.21. The following shall be inserted as a new Section 5.21 of the Agreement:
“5.21 Preparation of Proxy; Shareholders Meeting; Board Recommendation.

(a)     As promptly as reasonably practicable after the execution of this Amendment, the Company shall prepare and cause to be filed with the SEC and the HK Stock Exchange a proxy circular relating to the Subsequent Shareholder Approval (such proxy circular, and any amendments or supplements thereto, the “Supplemental Proxy Statement”). The Investor shall assist and cooperate with the Company in the preparation of the Supplemental Proxy Statement and the resolution of any comments to the Supplemental Proxy Statement received from the SEC or HK Stock Exchange. The Company shall promptly correct any information in the Supplemental Proxy Statement if and to the extent such information becomes false or misleading in any material respect. The Company shall notify the Investor upon the receipt of any comments from the SEC or HK Stock Exchange, as applicable, and of any request by the SEC or HK Stock Exchange, as applicable, for amendments or supplements to the Supplemental Proxy Statement. The Company shall use its reasonable best efforts to (i) respond as promptly as reasonably 
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practicable to any comments received from the SEC or HK Stock Exchange, as applicable, concerning the Supplemental Proxy Statement and to resolve such comments with the SEC or HK Stock Exchange, as applicable, and (ii) to cause the Supplemental Proxy Statement to be disseminated to its shareholders as promptly as reasonably practicable after the resolution of any such comments.

    (b)     The Company shall take all necessary actions in accordance with applicable Law, the governing documents of the Company and the rules of NASDAQ and the HK Stock Exchange, as applicable, to duly call, give notice of, convene and hold a special shareholders meeting (the “Supplemental Meeting”) for the purpose of obtaining the Subsequent Shareholder Approval, as soon as reasonably practicable after the SEC or HK Stock Exchange, as applicable, confirms that it has no further comments on the Supplemental Proxy Statement. Notwithstanding any provision of this Agreement to the contrary, the Company may adjourn, recess or postpone the Supplemental Meeting (i) to the extent necessary to ensure that any required supplement or amendment to the Supplemental Proxy Statement is provided to the shareholders of the Company within a reasonable amount of time in advance of the Supplemental Meeting, (ii) if as of the time for which the Supplemental Meeting is originally scheduled (as set forth in the Supplemental Proxy Statement) there are insufficient shares of capital stock of the Company represented (either in person or by proxy) to constitute a quorum necessary to conduct the business of the Supplemental Meeting or (iii) as may be required by applicable Law.”

4.General
A.    Except as expressly modified by this Amendment, the terms and provisions of the Agreement shall remain unchanged and in full force and effect in accordance with its terms.
B.    Each of the parties hereto shall bear its respective costs, including legal fees, and expenses incurred in connection with the preparation of this Amendment and the activities incurred in connection therewith.
C.    This Amendment may be executed in one or more counterparts, each of which shall be deemed to be an original but all of which shall constitute one and the same agreement.
D.    This Amendment shall be governed by and construed in accordance with the Laws of the State of New York, without regard to the conflict of laws principles thereof that would require the application of the Law of any other jurisdiction.
E.    The Agreement and this Amendment constitute the full and entire understanding and agreement between the Company and the Investor with regard to the subject matter hereof and neither the Company nor the Investor shall be liable or bound to any other in any manner by any representations, warranties, covenants and agreements except as specifically set forth herein and therein.
F.    This Amendment shall become effective immediately upon execution by the Company and the Investor.
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IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first written above.
THE COMPANY:
BEIGENE, LTD.
By:     /s/ Scott A. Samuels    
Name:    Scott A. Samuels
Title:    Senior Vice President, General Counsel

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IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first written above.
INVESTOR:
AMGEN INC.
By:      /s/ Robert A. Bradway        
Name:    Robert A. Bradway
Title:    Chairman of the Board, President & CEO

9EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 

AMENDMENT NO. 21 
 Dated
as of October 23, 2020 
 to 

RECEIVABLES PURCHASE AGREEMENT 

Dated as of November 30, 2001 

This AMENDMENT NO. 21 (this “Amendment”) dated as of October 23, 2020 is entered into among ENERGY SERVICES FUNDING
CORPORATION, a Delaware corporation, as the seller (the “Seller”), UGI ENERGY SERVICES, LLC (as successor to UGI Energy Services, Inc.), a Pennsylvania limited liability company (“UGI”), as initial servicer (in
such capacity, together with its successors and permitted assigns in such capacity, the “Servicer”), and PNC BANK, NATIONAL ASSOCIATION, a national banking association (“PNC”), as issuer (together with its
successors and permitted assigns, the “Issuer”) and as administrator (in such capacity, together with its successors and assigns in such capacity, the “Administrator”). 

RECITALS 
 WHEREAS, the
parties hereto have entered into that certain Receivables Purchase Agreement, dated as of November 30, 2001 (as amended, supplemented or otherwise modified from time to time, the “Agreement”); 

WHEREAS, the parties hereto wish to amend the Agreement as set forth herein; and 

WHEREAS, concurrently herewith, the Seller, Servicer and PNC are entering into a Fifteenth Amended and Restated Fee Letter (the “Fee
Letter”). 
 NOW, THEREFORE, in consideration of the promises and the mutual agreements contained herein and in the Agreement, the
parties hereto agree as follows: 
 SECTION 1.    Definitions. All capitalized terms used but not otherwise
defined herein are used herein as defined in the Agreement. 
 SECTION 2.    Amendments to the Agreement. The
Agreement is hereby amended as follows: 

(a)                     Section
1.10 of the Agreement is hereby replaced in its entirety with the following: 

Section 1.10    Successor LMIR. 

(a)    Notwithstanding anything to the contrary herein or in any other Transaction Document, if the
Administrator determines that a Benchmark Transition Event or an Early Opt-in Event has occurred with respect to LMIR, the Administrator and the Seller may amend this Agreement to replace LMIR with a Benchmark
Replacement. Until the Benchmark Replacement with respect to LMIR is effective, each advance, conversion and renewal of any 

 
Portion of Capital accruing Discount by reference to LMIR will continue to bear interest with reference to LMIR; provided, however, that during a Benchmark Unavailability Period
(i) any pending selection of, conversion to or renewal of any Portion of Capital accruing Discount by reference to LMIR that has not yet gone into effect shall be deemed to be a selection of, conversion to or renewal of the Base Rate with
respect to such Portion of Capital, and such Portion of Capital accruing Discount by reference to the Base Rate (rather than by reference to LMIR), (ii) all outstanding Capital accruing Discount by reference to LMIR shall automatically be converted
to accrue discount by reference to the Base Rate at the expiration of the existing Settlement Period (or sooner, if Administrator cannot continue to lawfully maintain such affected Portion of Capital accruing Discount by reference to LMIR) and
(iii) the component of the Base Rate based upon LMIR will not be used in any determination of the Base Rate. 

(b)    In connection with the implementation of a Benchmark Replacement, the Administrator will have the
right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Transaction Document, any amendments implementing such Benchmark Replacement Conforming Changes will become
effective without any further action or consent of any other party to this Agreement. 
 (c)    The
Administrator will promptly notify the Seller and the Issuer of (i) the implementation of any Benchmark Replacement, (ii) the effectiveness of any Benchmark Replacement Conforming Changes and (iii) the commencement of any Benchmark
Unavailability Period. Any determination, decision or election that may be made by the Administrator or the Issuer pursuant to this Section 1.10 including any determination with respect to a tenor, rate or adjustment or of
the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action, will be conclusive and binding absent manifest error and may be made in its or
their sole discretion and without consent from any other party hereto, except, in each case, as expressly required pursuant to this Section 1.10. 

(d)    This Section 1.10 of the Agreement provides a mechanism for determining
an alternative rate of interest in the event that the London interbank offered rate is no longer available or in certain other circumstances. The Administrator does not warrant or accept any responsibility for and shall not have any liability with
respect to, the administration, submission or any other matter related to the London interbank offered rate or other rates in the definition of LMIR or with respect to any alternative or successor rate thereto, or replacement rate therefor. 

  
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 (e)    As used in this
Section 1.10: 
 “Benchmark Replacement” means the sum of:
(a) the alternate benchmark rate that has been selected by the Administrator and the Seller giving due consideration to (i) any selection or recommendation of a replacement rate or the mechanism for determining such a rate by the Relevant
Governmental Body or (ii) any evolving or then-prevailing market convention for determining a rate of interest as a replacement to LMIR for U.S. dollar-denominated credit facilities and (b) the Benchmark Replacement Adjustment;
provided that, if the Benchmark Replacement as so determined would be less than the Benchmark Replacement Floor, the Benchmark Replacement will be deemed to be the Benchmark Replacement Floor for the purposes of this Agreement. 

“Benchmark Replacement Adjustment” means, with respect to any replacement of LMIR with an alternate benchmark
rate for each applicable Settlement Period, the spread adjustment, or method for calculating or determining such spread adjustment (which may be a positive or negative value or zero) that has been selected by the Administrator and the Seller
(a) giving due consideration to (i) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of LMIR with the applicable Benchmark Replacement (excluding
such spread adjustment) by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for such replacement of
LMIR for U.S. dollar-denominated credit facilities at such time and (b) which may also reflect adjustments to account for (i) the effects of the transition from LMIR to the Benchmark Replacement and (ii) yield- or risk-based
differences between LMIR and the Benchmark Replacement. 
 “Benchmark Replacement Conforming Changes”
means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of “Base Rate,” the definition of “Settlement Period,” timing and frequency of
determining rates and making payments of Discount and other administrative matters) that the Administrator decides may 

  
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be appropriate to reflect the adoption and implementation of such Benchmark Replacement and to permit the administration thereof by the Administrator in a manner substantially consistent with
market practice (or, if the Administrator decides that adoption of any portion of such market practice is not administratively feasible or if the Administrator determines that no market practice for the administration of the Benchmark Replacement
exists, in such other manner of administration as the Administrator decides is reasonably necessary in connection with the administration of this Agreement). 

“Benchmark Replacement Date” means the earlier to occur of the following events with respect to LMIR: 

(A)    in the case of clause (A) or (B) of the definition of “Benchmark Transition
Event,” the later of (x) the date of the public statement or publication of information referenced therein and (y) the date on which the administrator of the London Interbank Offered Rate for interbank depositors in Dollars
(“USD LIBOR”) permanently or indefinitely ceases to provide USD LIBOR; or 
 (B)    in
the case of clause (C) of the definition of “Benchmark Transition Event,” the date of the public statement or publication of information referenced therein. 

“Benchmark Replacement Floor” means the minimum rate, if any, specified for the LMIR or, if no minimum rate
is specified, zero. 
 “Benchmark Transition Event” means the occurrence of one or more of the following
events with respect to LMIR: 
 (A)    a public statement or publication of information by or on behalf
of the administrator of USD LIBOR announcing that such administrator has ceased or will cease to provide USD LIBOR, permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor
administrator that will continue to provide USD LIBOR; 
 (B)    a public statement or publication of
information by a Governmental Authority having jurisdiction over the Administrator, the regulatory supervisor for the administrator of USD LIBOR, the U.S. Federal Reserve System, an insolvency official with

  
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jurisdiction over the administrator for USD LIBOR, a resolution authority with jurisdiction over the administrator for USD LIBOR or a court or an entity with similar insolvency or resolution
authority over the administrator for USD LIBOR, which states that the administrator of USD LIBOR has ceased or will cease to provide USD LIBOR permanently or indefinitely, provided that, at the time of such statement or publication, there is no
successor administrator that will continue to provide USD LIBOR; or 
 (C)    a public statement or
publication of information by the regulatory supervisor for the administrator of USD LIBOR or a Governmental Authority having jurisdiction over the Administrator announcing that USD LIBOR is no longer representative. 

“Benchmark Unavailability Period” means, if a Benchmark Transition Event and its related Benchmark
Replacement Date have occurred with respect to LMIR and solely to the extent that LMIR (as the case may be) has not been replaced with a Benchmark Replacement, the period (x) beginning at the time that such Benchmark Replacement Date has
occurred if, at such time, no Benchmark Replacement has replaced LMIR (as the case may be) for all purposes hereunder in accordance with this Section 1.10 and (y) ending at the time that a Benchmark Replacement has
replaced LMIR (as the case may be) for all purposes hereunder pursuant to the Section 1.10. 

“Early Opt-in Event” means a determination by the Administrator that
U.S. dollar-denominated credit facilities being executed at such time, or that include language similar to that contained in this Section 1.10, are being executed or amended, as applicable, to incorporate or adopt a new
benchmark interest rate to replace US LIBOR. 
 “Relevant Governmental Body” means the Federal Reserve
Board and/or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York or any successor thereto. 

(b)                     Clause
(d) of the definition of “Concentration Percentage” set forth in Exhibit I to the Agreement is hereby amended by replacing “4.00%” with “5.00%” where it appears therein. 

(c)                     Clause
(ii) of the definition of “Excess Concentration” set forth in Exhibit I to the Agreement is hereby amended by replacing “35%” with “40%” where it appears therein. 

  
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(d)                     Clause
(a) of the definition of “Facility Termination Date” set forth in Exhibit I to the Agreement is hereby amended by replacing the date “October 23, 2020” with the date “October 22, 2021” where it appears
therein. 

(e)                     Clause
(a) of the definition of “LMIR” set forth in Exhibit I to the Agreement is hereby amended by replacing “0%” with “0.15%” where it appears therein. 

(f)                     The
definition of “Overnight Bank Funding Rate” set forth in Exhibit I to the Agreement is hereby replaced in its entirety with the following: 

“Overnight Bank Funding Rate” means for any day, the rate comprised of both overnight federal funds and overnight
eurocurrency borrowings by U.S.-managed banking offices of depository institutions, as such composite rate shall be determined by the Federal Reserve Bank of New York (“NYFRB”), as set forth on its public website from time to time,
and as published on the next succeeding Business Day as the overnight bank funding rate by the NYFRB (or by such other recognized electronic source (such as Bloomberg) selected by the Administrator for the purpose of displaying such rate);
provided, that if such day is not a Business Day, the Overnight Bank Funding Rate for such day shall be such rate on the immediately preceding Business Day; provided, further, that if such rate shall at any time, for any reason,
no longer exist, a comparable replacement rate determined by the Administrator at such time (which determination shall be conclusive absent manifest error). If the Overnight Bank Funding Rate determined as above would be less than 0.15%, then such
rate shall be deemed to be 0.15%. The rate of interest charged shall be adjusted as of each Business Day based on changes in the Overnight Bank Funding Rate without notice to the Seller. 

(g)                     The
definition of “Purchase Limit” set forth in Exhibit I to the Agreement is hereby replaced in its entirety with the following: 

“Purchase Limit” means (i) at any time on or after October 23, 2020 and prior to but excluding May 1,
2021, $150,000,000 and (ii) at any time on and after May 1, 2021, $75,000,000, in each case, as such amount may be subsequently reduced pursuant to Section 1.1(b) of the Agreement; provided, that any such
reduction of the Purchase Limit then in effect pursuant to clauses (i) or (ii) above, as applicable, shall automatically and permanently reduce the amount of the Purchase Limit set forth in such other clauses above in the same
proportion as the percentage of the reduction of the Purchase Limit then in effect. References to the unused portion of the Purchase Limit shall mean, at any time, the Purchase Limit minus the then outstanding Capital. 

  
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 SECTION 3.    Certain Representations, Warranties and Covenants.
Each of the Seller, UGI and the Servicer, as to itself, hereby represents and warrants that: 

(a)    the representations and warranties of such Person contained in Exhibit III to the Agreement
(as amended hereby) are true and correct as of the date hereof (unless stated to relate solely to an earlier date, in which case such representations and warranties were true and correct as of such earlier date); 

(b)    the execution and delivery by such Person of this Amendment, and the performance of its obligations
under this Amendment and the Agreement (as amended hereby) are within its organizational powers and have been duly authorized by all necessary organizational action on its part, and this Amendment and the Agreement (as amended hereby) are its
valid and legally binding obligations, enforceable in accordance with its terms, subject to the effect of bankruptcy, insolvency, reorganization or other similar laws affecting the enforcement of creditors’ rights generally; and 

(c)    no Termination Event or Unmatured Termination Event has occurred, is continuing, or would occur as a
result of this Amendment. 
 SECTION 4.    Effectiveness. This Amendment shall become effective as of the date
hereof provided that the Administrator shall have received: 
 (a)    counterparts to this Amendment
executed by each of the parties hereto; and 
 (b)    counterparts to the Fee Letter executed by each of
the parties thereto and confirmation that the “Renewal Fee” owing thereunder has been paid in full. 
 SECTION
5.    References to Agreement. Upon the effectiveness of this Amendment, each reference in the Agreement to “this Agreement”, “hereunder”, “hereof”, “herein”, or words of like import
shall mean and be a reference to the Agreement as amended hereby, and each reference to the Agreement in any other document, instrument or agreement executed and/or delivered in connection with the Agreement shall mean and be a reference to the
Agreement as amended hereby. 
 SECTION 6.    Effect on the Agreement. Except as specifically amended above, the
Agreement and all other documents, instruments and agreements executed and/or delivered in connection therewith shall remain in full force and effect and are hereby ratified and confirmed. 

SECTION 7.    No Waiver. The execution, delivery and effectiveness of this Amendment shall not operate as a waiver
of any right, power or remedy of any party under the Agreement or any other document, instrument or agreement executed in connection therewith, nor constitute a waiver of any provision contained therein, except as specifically set forth herein. 

SECTION 8.    Governing Law. THIS AMENDMENT, INCLUDING THE RIGHTS AND DUTIES OF THE PARTIES HERETO, SHALL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING FOR SUCH PURPOSE SECTION 5-1401 AND 5-1402 OF THE GENERAL
OBLIGATIONS LAW OF THE STATE OF NEW YORK). 
 SECTION 9.    Successors and Assigns. This Amendment shall
be binding upon and shall inure to the benefit of the parties hereto and their respective successors and assigns. 

  
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 SECTION 10.    Headings. The Section headings in this Amendment
are inserted for convenience of reference only and shall not affect the meaning or interpretation of this Amendment or any provision hereof. 

SECTION 11.    Counterparts. This Amendment may be executed by the parties hereto in several counterparts,
each of which shall be deemed to be an original and all of which shall constitute together but one and the same agreement. Delivery of an executed counterpart of a signature page to this Amendment by facsimile or electronic transmission shall be
effective as delivery of a manually executed counterpart hereof. 
 SECTION 12.    Severability. Each provision
of this Amendment shall be severable from every other provision of this Amendment for the purpose of determining the legal enforceability of any provision hereof, and the unenforceability of one or more provisions of this Amendment in one
jurisdiction shall not have the effect of rendering such provision or provisions unenforceable in any other jurisdiction. 
 [Signature Pages
Follow] 

  
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 IN WITNESS WHEREOF, the parties have caused this Amendment to be executed by their
respective officers thereunto duly authorized as of the date first above written. 
  

			
	ENERGY SERVICES FUNDING CORPORATION
		
	By:	 	 /s/ Megan Mattern

	Name:	 	Megan Mattern
	Title:	 	Assistant Treasurer
	
	UGI ENERGY SERVICES, LLC
		
	By:	 	 /s/ Megan Mattern

	Name:	 	Megan Mattern
	Title:	 	Vice President and Chief Financial Officer

  
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	PNC BANK, NATIONAL ASSOCIATION,
	as Issuer and Administrator
		
	By:	 	 /s/ Eric Bruno

	Name:	 	Eric Bruno
	Title:	 	Senior Vice President

  
 S-2

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