Document:

Exhibit 10.1

​
​
​
August 21, 2022
​
Mr. Warren Lada
2963 Warren Rd.
Ann Arbor, MI 48105
​
Dear Warren:
​
This Letter of Employment is intended to summarize the terms under which you would agree to serve as the Company’s Interim President and Chief Executive Officer. This letter is not intended to serve as an employment contract, nor is it intended to create any contractual obligation by either party. The terms of this agreement are as follows:
​
1.Beginning August 22, 2022, in consideration for your services and employment as Interim President and Chief Executive officer, you will be paid an annualized base salary of $750,000 payable bi-weekly in accordance with Saga's current payroll policies.
2.At the conclusion of your services as Interim President and Chief Executive Officer, you will be eligible for a discretionary bonus as determined by the Company's Compensation Committee based your performance.
3.You will be provided with local transportation at the Company’s expense for up to three days a week to assist you in your commute to the Company’s offices in Grosse Pointe.
4.You will be eligible for participation in the Company's benefit plans as an employee upon completion of the eligibility requirements. As a former participant in the Saga Communications Employees’ 401(k) Plan, you will be eligible for re-enrollment in that plan effective immediately.
5.You will also receive reimbursement for all reasonable and documented out of pocket business expenses.
​
If you are in agreement with the terms set forth above, please sign and return this Letter of Employment to the Company’s HR Director Annette Calcaterra as well as a copy to Cathy Bobinski. 
​
Sincerely, 
​
	/s/ Gary Stevens

​
Gary Stevens
Compensation Committee Chair
Lead Director
​
AGREED TO:
​
	

	​

	

	​

	/s/ Warren S. Lada
	​
	August 24, 2022
	​

	Warren S. Lada
	​
	Date
	​

​Exhibit 10.1

 

Execution Copy

 

FIRST AMENDMENT TO CREDIT AGREEMENT

 

THIS FIRST AMENDMENT TO CREDIT
AGREEMENT (this “Amendment”) dated as of the 22nd day of August, 2022, is by and among PLAINS ALL AMERICAN PIPELINE,
L.P. (the “Company”), PLAINS MIDSTREAM CANADA ULC, a British Columbia unlimited liability company (“PMCULC”,
and, together with the Company, the “Borrowers” and each individually, a “Borrower”), BANK OF AMERICA,
N.A., as Administrative Agent, and the Lenders party hereto.

 

W I T N E S S E T H:

 

WHEREAS, the Borrowers, Administrative
Agent and the L/C Issuers and Lenders party thereto entered into that certain Credit Agreement dated as of August 20, 2021 (the “Original
Agreement”) for the purposes and consideration therein expressed; and

 

WHEREAS, the Borrowers, Administrative
Agent, and the Lenders party hereto desire to amend the Original Agreement for the purposes described herein;

 

NOW, THEREFORE, in consideration
of the premises and the mutual covenants and agreements contained herein and in the Original Agreement, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto do hereby agree as follows:

 

ARTICLE I. — Definitions and References

 

§
1.1.      Terms Defined in the Original Agreement. Unless the
context otherwise requires or unless otherwise expressly defined herein, the terms defined in the Credit Agreement shall have the same
meanings whenever used in this Amendment.

 

§
1.2.      Other Defined Terms. Unless the context otherwise requires,
the following terms when used in this Amendment shall have the meanings assigned to them in this § 1.2.

 

“Amendment”
means this First Amendment to Credit Agreement.

 

“Amendment
Effective Date” has the meaning specified in § 3.1 of this Amendment.

 

“Credit
Agreement” means the Original Agreement as amended hereby.

 

ARTICLE II. — Amendments

 

§
2.1.      Credit Agreement. The Original Agreement (other than
the signature pages, Annexes, Exhibits, Schedules thereto and the heading on the cover page thereto) is hereby amended (a) to
delete the red or green stricken text (indicated textually in the same manner as the following examples: stricken
text and stricken text) and (b) to add the blue or green double-underlined
text (indicated textually in the same manner as the following examples: double-underlined
text and double-underlined text), in each case, as
set forth in the marked pages of the Credit Agreement attached as Annex A hereto.

 

     

     

    

 

§
2.2.      Committed Loan Notice. Exhibit A to the Original
Agreement is hereby amended in its entirety to read as set forth on Exhibit A attached hereto, which shall be deemed to be attached
as Exhibit A to the Credit Agreement.

 

§
2.3.      Swing Line Loan Notice. Exhibit B to the Original
Agreement is hereby amended in its entirety to read as set forth on Exhibit B attached hereto, which shall be deemed to be attached
as Exhibit B to the Credit Agreement.

 

§
2.4.      Outstanding Eurocurrency Borrowings. Notwithstanding
the amendments to the Original Agreement contemplated hereby, to the extent any Eurocurrency Rate Committed Loan (as such term is defined
in the Original Agreement) is outstanding on the Amendment Effective Date, such Eurocurrency Rate Committed Loan shall continue to bear
interest at the applicable Eurocurrency Rate (as defined in the Original Agreement) plus the Applicable Rate until the end of the Interest
Period therefor, and the related provisions of the Original Agreement shall continue in effect solely with respect to such Eurocurrency
Rate Committed Loans until such time for the limited purposes set forth in this section. If any such Eurocurrency Rate Committed Loan
remains outstanding upon the expiration of the Interest Period applicable thereto, then such Eurocurrency Rate Committed Loan shall be
converted, at the election of the Company, into Borrowings consisting of Base Rate Loans and/or Term SOFR Loans (with respect to Eurocurrency
Rate Committed Loans denominated in Dollars) or Canadian Prime Rate Loans and/or Canadian Term Rate Loans (with respect to Eurocurrency
Rate Committed Loans denominated in Canadian Dollars); provided, that if no election as to the Type of Borrowing is specified,
the Borrower shall be deemed to have requested a Committed Borrowing of Base Rate Loans (with respect to Loans denominated in Dollars)
or Canadian Prime Rate Loans (with respect to Loans denominated in Canadian Dollars). On and after the Amendment Effective Date, no Loans
may be continued as or converted into Eurocurrency Rate Loans, no new Eurocurrency Rate Loans may be requested by the Borrower, and no
Lender shall advance any new Eurocurrency Rate Loans.

 

ARTICLE III. — Conditions of Effectiveness

 

§
3.1.      Amendment Effective Date. This Amendment shall become
effective as of the date first written above (the “Amendment Effective Date”), upon the satisfaction of the following
conditions precedent:

 

(a)           The
Administrative Agent’s receipt of the following, each of which shall be originals, telecopies or other electronic copies (followed
promptly by originals) unless otherwise specified, each properly executed by a Responsible Officer of the signing Loan Party, if applicable,
each dated the Amendment Effective Date (or, in the case of certificates of governmental officials, a recent date before the Amendment
Effective Date and in the case of financial statements, the date or period of such financial statements) and each in form and substance
reasonably satisfactory to the Administrative Agent:

 

(i)            executed
counterparts of this Amendment, sufficient in number for distribution to the Administrative Agent, each Lender and each Borrower;

 

(ii)           such
other assurances, certificates, documents, consents or opinions as the Administrative Agent may reasonably require.

 

    2

     

    

 

(b)           Any
fees due Administrative Agent or any Lender, including any arrangement fees, agency fees and upfront fees, and any expenses incurred by
Administrative Agent, in each case, as agreed in writing by the Company, required to be paid on or before the Amendment Effective Date
shall have been paid.

 

(c)           The
Company shall have paid all reasonable fees, charges and disbursements of counsel to the Administrative Agent to the extent invoiced
prior to the Amendment Effective Date.

 

For
purposes of determining compliance with the conditions specified in this § 3.1,
each Lender that has signed this Amendment shall be deemed to have consented to, approved or accepted or to be satisfied with, each document
or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative
Agent shall have received notice from such Lender prior to the proposed Amendment Effective Date specifying its objection thereto and
the Administrative Agent hereby agrees to promptly provide the Company with a copy of any such notice received by the Administrative Agent.

 

ARTICLE IV. — Representations and
Warranties

 

§
4.1.      Representations and Warranties of the Company.
In order to induce Administrative Agent, L/C Issuers and Lenders to enter into this Amendment, the Company represents and warrants to
Administrative Agent, L/C Issuers and each Lender that:

 

(a)           The
representations and warranties of (i) the Company contained in Article V of the Credit Agreement and (ii) each Loan
Party in any other Loan Document are true and correct in all material respects on and as of the Amendment Effective Date, except to the
extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in
all material respects as of such earlier date, and except that the representations and warranties contained in subsections (a) and
(b) of Section 5.05 of the Credit Agreement shall be deemed to refer to the most recent statements furnished pursuant
to clauses (a) and (b), respectively, of Section 6.01 of the Credit Agreement.

 

(b)           No
Default has occurred and is continuing as of the Amendment Effective Date.

 

ARTICLE V. — Miscellaneous

 

§
5.1.     Ratification of Agreements. The Original Agreement, as
hereby amended, is hereby ratified and confirmed in all respects. The Loan Documents, as they may be amended or affected by this Amendment,
are hereby ratified and confirmed in all respects by each Borrower. Any reference to the Original Agreement in any Loan Document shall
be deemed to refer to the Credit Agreement. Upon and after the effectiveness hereof, each reference in the Credit Agreement to “this
Agreement”, “hereunder”, “hereof” or words of like import referring to the Credit Agreement, and each reference
in the other Loan Documents to “the Credit Agreement”, “thereunder”, “thereof” or words of like import
referring to the Credit Agreement, shall mean and be a reference to the Credit Agreement as amended hereby. The execution, delivery and
effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of
Administrative Agent, any L/C Issuer or any Lender under the Credit Agreement or any other Loan Document nor constitute a waiver of any
provision of the Credit Agreement or any other Loan Document.

 

    3

     

    

 

§
5.2.      Loan Documents. This Amendment is a Loan Document, and
all provisions in the Credit Agreement pertaining to Loan Documents apply hereto.

 

§
5.3.     GOVERNING LAW.  THIS
AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW
YORK.

 

§
5.4.      Counterparts. This Amendment may be executed in counterparts
(and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together
shall constitute a single contract. Delivery of an executed counterpart of a signature page of this Amendment by telecopy or other
electronic imaging means shall be effective as delivery of a manually executed counterpart of this Amendment.

 

§
5.5.      ENTIRE AGREEMENT. THIS AMENDMENT AND THE OTHER LOAN
DOCUMENTS REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT
ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES.

 

[Remainder of Page Intentionally Left Blank]

 

    4

     

    

 

IN WITNESS WHEREOF, this Amendment
is executed as of the date first above written.

 

	 	PLAINS ALL AMERICAN PIPELINE, L.P. as
    a Borrower
	 	 	 
	 	 	 
	 	By:	 PAA GP LLC, its general partner
	 	 	 
	 	By:	PLAINS AAP, L.P., its sole member
	 	 	 
	 	By:	PLAINS ALL AMERICAN GP LLC, its general partner
	 	 	 
	 	By:	/s/ Sharon S. Spurlin
	 	 	Sharon S. Spurlin
	 	 	Senior Vice President and Treasurer
	 	 	 
	 	PLAINS MIDSTREAM CANADA ULC, as a Borrower
	 	 	 
	 	 	 
	 	By:	/s/ Sharon S. Spurlin
	 	 	Sharon S. Spurlin
	 	 	Senior Vice President and Treasurer

 

    		S-1	PAA 1st Amendment

     

    

 

	 	bank
    of america, n.a., as Administrative Agent
	 	 
	 	 
	 	By:	/s/ Melissa
    Mullis
	 	 	 
	 	Name:	Melissa Mullis
	 	 	 
	 	Title:	Vice President

 

    		S-2	PAA 1st Amendment

     

    

 

	 	bank of america, n.a., as a Lender, an L/C Issuer and Swing Line Lender
	 	 	 
	 	 	 
	 	By:	/s/ Megan Baqui
	 	 	 
	 	Name:	Megan Baqui
	 	 	 
	 	Title:	Director

 

    		S-3	PAA 1st Amendment

     

    

  

	 	CITIBANK, n.A., as a Lender and an L/C Issuer
	 	 	 
	 	 	 
	 	By:	/s/ Maureen Maroney
	 	 	 
	 	Name:	Maureen Maroney
	 	 	 
	 	Title:	Vice President

 

    		S-4	PAA 1st Amendment

     

    

 

	 	JPMORGAN CHASE BANK, N.A., as a Lender and an L/C Issuer
	 	 	 
	 	 	 
	 	By:	/s/ Jo Linda Papadakis
	 	 	 
	 	Name:	Jo Linda Papadakis
	 	 	 
	 	Title:	Authorized Officer

 

    		S-5	PAA 1st Amendment

     

    

 

	 	wells fargo bank, national association, as a Lender and an L/C Issuer
	 	 	 
	 	 	 
	 	By:	/s/ Nathan Starr
	 	 	 
	 	Name:	Nathan Starr
	 	 	 
	 	Title:	Director

 

    		S-6	PAA 1st Amendment

     

    

 

	 	BANCO BILBAO VIZCAYA ARGENTARIA, S.A. NEW YORK BRANCH, as a Lender
	 	 	 
	 	 	 
	 	By:	/s/ Cara Younger
	 	 	 
	 	Name:	Cara Younger
	 	 	 
	 	Title:	Managing Director
	 	 	 
	 	By:	/s/ Miriam Trautmann
	 	 	 
	 	Name:	Miriam Trautmann
	 	 	 
	 	Title:	Senior Vice President

 

    		S-7	PAA 1st Amendment

     

    

 

	 	BANK OF MONTREAL, as a Lender
	 	 	 
	 	 	 
	 	By:	/s/ Jason Lang
	 	 	 
	 	Name:	Jason Lang
	 	 	 
	 	Title:	Director

 

    		S-8	PAA 1st Amendment

     

    

 

	 	BANK OF NOVA SCOTIA, HOUSTON BRANCH, as a Lender
	 	 	 
	 	 	 
	 	By:	/s/ Joe Lattanzi
	 	 	 
	 	Name:	Joe Lattanzi
	 	 	 
	 	Title:	Managing Director

 

    		S-9	PAA 1st Amendment

     

    

 

	 	BARCLAYS BANK PLC, as a Lender
	 	 	 
	 	 	 
	 	By:	/s/ Sydney G. Dennis
	 	 	 
	 	Name:	Sydney G. Dennis
	 	 	 
	 	Title:	Director

 

    		S-10	PAA 1st Amendment

     

    

 

	 	CANADIAN IMPERIAL BANK OF COMMERCE, NEW YORK BRANCH, as a Lender
	 	 	 
	 	 	 
	 	By:	/s/ Scott W. Danvers
	 	 	 
	 	Name:	Scott W. Danvers
	 	 	 
	 	Title:	Authorized Signatory
	 	 	 
	 	By:	/s/ Trudy Nelson
	 	 	 
	 	Name:	 Trudy Nelson
	 	 	 
	 	Title:	Authorized Signatory

 

    		S-11	PAA 1st Amendment

     

    

 

	 	COBANK ACB, as a Lender
	 	 	 
	 	 	 
	 	By:	 /s/ Monica Morton
	 	 	 
	 	Name:	Monica Morton
	 	 	 
	 	Title:	Executive Director

 

    		S-12	PAA 1st Amendment

     

    

 

	 	ING CAPITAL LLC, as a Lender
	 	 	 
	 	 	 
	 	By:	/s/ Juli Bieser
	 	 	 
	 	Name:	Juli Bieser
	 	 	 
	 	Title:	Managing Director
	 	 	 
	 	By:	/s/ Lauren Gutterman
	 	 	 
	 	Name:	Lauren Gutterman
	 	 	 
	 	Title:	Vice President

 

    		S-13	PAA 1st Amendment

     

    

 

	 	MIZUHO BANK, LTD., as a Lender
	 	 	 
	 	 	 
	 	By:	/s/ Edward Sacks
	 	 	 
	 	Name:	Edward Sacks
	 	 	 
	 	Title:	Authorized Signatory

 

    		S-14	PAA 1st Amendment

     

    

 

	 	MUFG BANK, LTD.,
    as a Lender
	 	 	 
	 	 	 
	 	By:	/s/ Anastasiya Bykov
	 	 	 
	 	Name:	Anastasiya Bykov
	 	 	 
	 	Title:	Authorized Signatory

 

    		S-15	PAA 1st Amendment

     

    

 

	 	PNC BANK, NATIONAL ASSOCIATION, as a Lender
	 	 	 
	 	 	 
	 	By:	/s/ Kyle T. Helfrich
	 	 	 
	 	Name:	Kyle T. Helfrich
	 	 	 
	 	Title:	Senior Vice President

 

    		S-16	PAA 1st Amendment

     

    

 

	 	REGIONS BANK,
    as a Lender
	 	 	 
	 	 	 
	 	By:	/s/ David Valentine
	 	 	 
	 	Name:	David Valentine
	 	 	 
	 	Title:	Managing Director

 

    		S-17	PAA 1st Amendment

     

    

 

	 	ROYAL BANK
    OF CANADA, as a Lender
	 	 	 
	 	 	 
	 	By:	/s/ Emilee Scott
	 	 	 
	 	Name:	Emilee Scott
	 	 	 
	 	Title:	Authorized Signatory

 

    		S-18	PAA 1st Amendment

     

    

 

	 	SUMITOMO
    MITSUI BANKING CORPORATION, as a Lender
	 	 	 
	 	 	 
	 	By:	/s/ Jeffrey Cobb
	 	 	 
	 	Name:	Jeffrey Cobb
	 	 	 
	 	Title:	Director

 

    		S-19	PAA 1st Amendment

     

    

 

	 	The TORONTO-DOMINION BANK, NEW YORK BRANCH, as a Lender
	 	 	 
	 	 	 
	 	By:	/s/ Tyrone Nicholson
	 	 	 
	 	Name:	Tyrone Nicholson
	 	 	 
	 	Title:	Authorized Signatory

 

    		S-20	PAA 1st Amendment

     

    

 

	 	TRUIST BANK,
    as a Lender
	 	 	 
	 	 	 
	 	By:	/s/ Lincoln LaCour
	 	 	 
	 	Name:	Lincoln LaCour
	 	 	 
	 	Title:	Vice President

 

    		S-21	PAA 1st Amendment

     

    

 

	 	U.s. BANK NATIONAL ASSOCIATION, as a Lender
	 	 	 
	 	 	 
	 	By:	/s/ Paul V. Farrell
	 	 	 
	 	Name:	Paul V. Farrell
	 	 	 
	 	Title:	Vice President

 

    		S-22	PAA 1st Amendment

     

    

 

	 	ZIONS BANCORPORATION,
    N.A. DBA AMEGY BANK, as a Lender
	 	 	 
	 	 	 
	 	By:	/s/ Sam Trail
	 	 	 
	 	Name:	Sam Trail
	 	 	 
	 	Title:	Senior Vice President

 

    		S-23	PAA 1st Amendment

     

    

 

	 	MORGAN STANLEY
    BANK, N.A., as a Lender
	 	 	 
	 	 	 
	 	By:	/s/ Michael King
	 	 	 
	 	Name:	Michael King
	 	 	 
	 	Title:	Authorized Signatory

 

    		S-24	PAA 1st Amendment

     

    

 

EXHIBIT A

 

FORM OF
COMMITTED LOAN NOTICE

 

Date: ___________, _____

 

		To:	Bank of America, N.A., as Administrative Agent

 

Ladies and Gentlemen:

 

Reference is made to that
certain Credit Agreement, dated as of August 20, 2021 (as amended, restated, extended, supplemented or otherwise modified in writing
from time to time, the “Agreement”; the terms defined therein being used herein as therein defined), among Plains All
American Pipeline, L.P., a Delaware limited partnership (the “Company”), Plains Midstream Canada ULC, a British Columbia
unlimited liability company (“PMCULC”), each Subsidiary of the Company from time to time and during the time it is
a party thereto (each such Subsidiary and, together with the Company and PMCULC, the “Borrowers”, and each, a “Borrower”),
Bank of America, N.A., as Administrative Agent and Swing Line Lender, Bank of America, N.A., Citibank, N.A., JPMorgan Chase Bank, N.A.,
and Wells Fargo Bank, National Association, as L/C Issuers, and the Lenders from time to time party thereto.

 

The undersigned hereby requests
(select one):

 

 ̈ A Borrowing of Committed Loans

 

 ̈
A conversion or continuation of Committed Loans

 

1.             On                                                                                     (a
Business Day).

 

2.             In
the [principal amount of [$/C$]___________] [aggregate face amount of C$___________ of Canadian BA’s].

 

3.             Comprised
of [Base Rate Loans] [Term SOFR/Canadian Term Rate Loans] [Borrowing of Canadian BA’s].

 

4.             For
Term SOFR Loans: with an Interest Period of [one] [three] [six] [_____] [month[s]].

 

For Canadian Term Rate Loans:
with an Interest Period of [one] [two] [three] [_____] [month[s]].

 

For Canadian BA’s: a maturity
date of ____________, 20__.

 

[5.           If
a conversion or continuation of Committed Loans, the existing Borrowing(s) of Committed Loans to be converted or continued:

 

Principal amount of [$/C$]
____________ of [Term SOFR/Canadian Term Rate] Loans with an Interest Period ending _________.

 

Exhibit A-1

Form of Committed Loan Notice

 

    	 

     

    

 

Principal amount of [$/C$]
____________ of Base Rate Loans.]

 

The Committed Borrowing, if
any, requested herein complies with the proviso to the first sentence of Section 2.01 of the Agreement.

 

[BORROWER]

 

	 	By:	 
	 	 
	 	Name:	 
	 	 
	 	Title:	 

 

Exhibit A-2

Form of Committed Loan Notice

 

    	 

     

    

 

EXHIBIT B

 

FORM OF
swing line loan NOTICE

 

Date: ___________, _____

 

		To:	Bank of America, N.A., as Swing Line Lender

Bank of America, N.A., as Administrative Agent

 

Ladies and Gentlemen:

 

Reference
is made to that certain Credit Agreement, dated as of August 20, 2021 (as amended, restated, extended, supplemented or otherwise
modified in writing from time to time, the “Agreement”; the terms defined therein being used herein as therein defined),
among Plains All American Pipeline, L.P., a Delaware limited partnership (the “Company”), Plains Midstream Canada ULC,
a British Columbia unlimited liability company (“PMCULC”), each Subsidiary of the Company from time to time and during
the time it is a party thereto (each such Subsidiary and, together with the Company, the “Borrowers”, and each, a “Borrower”),
Bank of America, N.A., as Administrative Agent and Swing Line Lender, Bank of America, N.A., Citibank, N.A., JPMorgan Chase Bank, N.A.,
and Wells Fargo Bank, National Association, as L/C Issuers, and the Lenders from time to time party thereto.

 

The undersigned hereby requests a Swing Line Loan:

 

1.             On                                                                                      (a
Business Day).

 

2.             In
the principal amount of [$/C$]                     .

 

3.             Comprised
of [Base Rate/Canadian Prime Rate/Term SOFR/Canadian Term Rate] Loans.

 

The Swing Line Borrowing requested
herein complies with the requirements of the provisos to the first sentence of Section 2.04(a) of the Agreement.

 

[BORROWER]

 

	 	By:	 
	 	 
	 	Name:	 
	 	 
	 	Title:	 

 

Exhibit B

Form of Swing Line Loan Notice

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00348-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00348-of-00352.parquet"}]]