Document:

Unassociated Document

Exhibit 10.1

EXECUTION VERSION

 

FIRST AMENDMENT TO RESTRUCTURING SUPPORT AGREEMENT

 

This First Amendment to Restructuring Support Agreement (this “First Amendment”), dated as of November 10, 2011, amends the Restructuring Support Agreement (the “Agreement”), dated August 15, 2011, made and entered into by and between Evergreen Solar, Inc., a Delaware corporation  (the “Company”) and the supporting noteholders identified on the signature pages thereof (each a “Supporting Noteholder” and collectively, the “Supporting Noteholders”).  Capitalized terms used but not otherwise defined in this First Amendment shall have the respective meanings ascribed to such terms under the Agreement.

 

RECITALS

 

WHEREAS, the parties hereto are parties to the Agreement; and

 

WHEREAS, the parties hereto desire to amend the Agreement as provided herein.

 

NOW, THEREFORE, in consideration of the foregoing premises and the representations, warranties, covenants and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:

 

1.           Definitions.  Section 1 of the Agreement is hereby amended by:

    

(a)           adding the following definition in the correct alphabetical order:   ““Max Era APA” means that certain Asset Purchase Agreement (Core Assets) by and among the Seller and Max Era Properties Limited dated as of November 10, 2011.”

 

(b)           Deleting the definition of “Wafer Budget”.

 

2.           Budget.   Section 2(a)(ii) of the Agreement is hereby amended by deleting the following words:

 

“and the Wafer Budget shall be decreased by an equal amount”.

 

3.           Key Employee Incentive Plan.   Section 2(g) of the Agreement shall be amended by adding the following subheading:

 

“(ii)       The Company will seek approval of a modification of the KEIP Order (through the court order approving the Sale Motion or otherwise), which modification will (x) define Noteholder Newco as a third party purchaser for purposes of the KEIP and if Noteholder Newco purchases the Core Assets, payments will be made to employees in accordance with the terms of the KEIP Order and (y) with respect to each employee who is a beneficiary of the KEIP Order, so long as such employee has not voluntarily resigned, his entitlement thereunder shall vest, regardless of whether his employment is terminated by the Company before or after the consummation of the Sale of the CoreAssets, which modification shall be in form and substance reasonably acceptable to the Requisite Supporting Noteholders.  The Supporting Noteholders agree to support the approval by the Bankruptcy Court of such modification of the KEIP Order and related orders, with such modifications, if any, as are reasonably acceptable to the Requisite Supporting Noteholders.”

 

  

  

  

 

4.          Wafer Business.   Section 2(h) of the Agreement and Exhibit K thereto are hereby deleted in their entirety and Section 2(h) is replaced with the following:

 

 

“(h)       Employee Matters.  If the closing of the Max Era APA has not occurred on or before November 18, 2011, then the Company shall promptly terminate the employment of substantially all of its employees on or before November 21, 2011.”

 

5.           Supporting Noteholders Termination.  Clause (x) of Section 7(a) of the Agreement is hereby amended by inserting the following words at the end thereof:

 

“or, in the event Noteholder Newco is acting as a back-up bidder with respect to an Asset Sale, such later date as such Asset Sale is consummated.”

 

6.           Wafer Budget.  Exhibit A of the Agreement is hereby amended as follows:

 

	
  

	
a.

	
The sixth bullet point under the heading entitled “Proposal” and its two sub-bullets are hereby deleted.

 

	
  

	
b.

	
Schedule A to Exhibit A of the Agreement is hereby amended as follows:  (i)  the words “and shall not reduce amounts on Schedule B” in the fourth line of the second paragraph shall be deleted and in the second to last sentence in the second paragraph, the words “, and such amount shall be deducted on a dollar for dollar basis from the Operating Activities budget set forth on Schedule B and the amount of cash to be transferred to Newco or third parties as part of the sale of Core Assets” shall be deleted.

 

	
  

	
c.

	
Schedule B to Exhibit A of the Agreement is hereby deleted.

 

7.           Transition Budget.  Exhibit C of the Agreement is hereby amended as follows:

 

	
  

	
a.

	
The second sentence of the first paragraph shall be deleted.

 

	
  

	
b.

	
The words “and shall not reduce amounts for the Wafer Budget” in the fourth line of the second paragraph shall be deleted.

 

	
  

	
c.

	
The words in the last sentence in the second paragraph, “, and such amount shall be deducted on a dollar for dollar basis from the Operating Activities of the Wafer Budget set forth on Exhibit A-1 and the amount of cash to be transferred to Purchaser or third parties as part of the sale of Core Assets” shall be deleted.

 

  

-2-

  

 

8.           Full Force and Effect.  Except as expressly modified by this First Amendment, all of the terms, covenants, agreements, conditions and other provisions of the Agreement shall remain in full force and effect in accordance with their respective terms.  As used in the Agreement, the terms “this Agreement,” “herein,” “hereinafter,” “hereto,” and words of similar import shall mean and refer to, from and after the date of this First Amendment, unless the context requires otherwise, the Agreement as amended by this First Amendment.

 

9.           Governing Law.  This First Amendment shall be governed by and construed in accordance with the laws of the State of New York and the applicable provisions of the Bankruptcy Code.

 

10.         Counterparts.  This First Amendment may be executed by facsimile or PDF signature and in one or more counterparts, all of which shall be considered one and the same agreement and shall become effective when two or more counterparts have been signed by each of the parties and delivered to the other party.

 

[Remainder of page intentionally left blank]

  

-3-

  

 

IN WITNESS WHEREOF, the Company and the Requisite Supporting Noteholders have executed this First Amendment as of the date first written above.

	  	
EVERGREEN SOLAR, INC.

	  	  
	  	
By:

	
/s/ Michael El-Hillow

	  	  	
Name:

	
Michael El-Hillow

	  	  	
Title:

	
President and CEO

[Signature Page to First Amendment to Asset Purchase Agreement]

 

  

  

  

	  	
ARISTEIA MASTER, L.P.

	  	
By:

	
Aristeia Capital, L.L.C.,

	  	  	
its Investment Manager

	  	  	  
	  	
By:

	
/s/ William R. Techar

	  	  	
Name:  William R. Techar

	  	  	
Title:  Member of the Investment Manager

	  	  	  
	  	
By:

	
/s/ Andrew B. David

	  	  	
Name:  Andrew B. David

	  	  	
Title:  General Counsel of the Investment Manager

	  	  	  
	  	  	
Address:

	
c/o Aristeia Capital, LLC

	  	  	  	
136 Madison Ave, 3rd Floor

	  	  	  	
New York, NY 10016

	 	 	 	 
	 	 	 
Fax: (212) 842-8901

	 	 	 
Email:

	 
andrew.david@aristeiacapital.com

	 	 	 	 
with a copy to:

	 	 	 	 
techar@aristeiacapital.com

	 	 	 
	 	 	 
Principal Amount of 13% Notes: $ ____________

[Signature Page to First Amendment to Asset Purchase Agreement]

  

  

  

  

 

	  	
LMA SPC, a Cayman Islands segregated

portfolio (SPC), solely on behalf of the MAP 89

Segregated Portfolio

	  	
By:

	
Pine River Capital Management L.P.,

	  	  	
Its Investment Manager

	  	  	  
	  	By:	
/s/ Jeff Stolt

	  	  	
Name:

	
Jeff Stolt

	  	  	
Title:

	
Chief Financial Officer

	  	  	
Address:

	
601 Carlson Parkway, Suite 330

	  	  	  	
Minnetonka, MN 55307

	  	  	  
	  	  	
Fax: (612) 238-3301

	  	  	
Email: legal@pinerivercapital.com

	  	  	  
	  	  	
Principal Amount of 13% Notes: $ ____________

[Signature Page to First Amendment to Asset Purchase Agreement]

  

  

  

  

 

	  	
Pine River Convertibles Master Fund Ltd.

	  	
fka NISSWA CONVERTIBLES MASTER

FUND LTD.

	  	
By:

	
Pine River Capital Management L.P.,

	  	  	
Its Investment Manager

	  	  	  
	  	
By:

	
/s/ Jeff Stolt

	  	  	
Name:

	
Jeff Stolt

	  	  	
Title:

	
Chief Financial Officer

	  	  	
Address:

	
601 Carlson Parkway, Suite 330

	  	  	  	
Minnetonka, MN 55307

	  	  	  
	  	  	
Fax: (612) 238-3301

	  	  	
Email: legal@pinerivercapital.com

	  	  	  
	  	  	
Principal Amount of 13% Notes: $ ____________

[Signature Page to First Amendment to Asset Purchase Agreement]

 

  

  

  

 

	  	
PINE RIVER MASTER FUND LTD.

	  	
(fka Nisswa Master Fund Ltd.)

	  	
By:

	
Pine River Capital Management L.P.,

	  	  	
Its Investment Manager

	  	  	  
	  	
By:

	
/s/ Jeff Stolt

	  	  	
Name:

	
Jeff Stolt

	  	  	
Title:

	
Chief Financial Officer

	  	  	
Address:

	
601 Carlson Parkway, Suite 330

	  	  	  	
Minnetonka, MN 55307

	  	  	  
	  	  	
Fax: (612) 238-3301

	  	  	
Email: legal@pinerivercapital.com

	  	  	  
	  	  	
Principal Amount of 13% Notes: $ ____________

[Signature Page to First Amendment to Asset Purchase Agreement]

 

  

  

  

 

	  	
PINES EDGE VALUE INVESTORS LTD.

	  	
By:

	
Pine River Capital Management L.P.,

	  	  	
Its Investment Manager

	  	  	  
	  	
By:

	
/s/ Jeff Stolt

	  	  	
Name:

	
Jeff Stolt

	  	  	
Title:

	
Chief Financial Officer

	  	  	
Address:

	
601 Carlson Parkway, Suite 330

	  	  	  	
Minnetonka, MN 55307

	  	  	  
	  	  	
Fax: (612) 238-3301

	  	  	
Email: legal@pinerivercapital.com

	  	  	  
	  	  	
Principal Amount of 13% Notes: $ ____________

[Signature Page to First Amendment to Asset Purchase Agreement]

 

  

  

  

 

	  	
HFR RVA COMBINED MASTER TRUST

	  	
By:

	
WHITEBOX ADVISORS, LLC

	  	  	
its Investment Advisor

	  	  	  
	  	
By:

	
/s/ Mark Strefling

	  	  	
Name:

	
Mark Strefling

	  	  	
Title:

	
CLO

	  	  	  	  
	  	  	
Address:

	
3033 Excelsior Blvd, Suite 300

	  	  	  	
Minneapolis, MN 55416

	  	  	  	
Attn: Jake Mercer

	  	  	  
	  	  	
Fax: (612) 253-6149

	  	  	
Email: jmercer@whiteboxadvisors.com

	  	  	  
	  	  	
Principal Amount of 13% Notes: $ __________

[Signature Page to First Amendment to Asset Purchase Agreement]

  

  

  

  

 

	  	
IAM MINI-FUND 14 LIMITED

	  	
By:

	
WHITEBOX ADVISORS, LLC

	  	  	
its Investment Advisor

	  	  	  
	  	
By:

	
/s/ Mark Strefling

	  	  	
Name:

	
Mark Strefling

	  	  	
Title:

	
CLO

	  	  	  	  
	  	  	
Address:

	
3033 Excelsior Blvd, Suite 300

	  	  	  	
Minneapolis, MN 55416

	  	  	  	
Attn: Jake Mercer

	  	  	  
	  	  	
Fax: (612) 253-6149

	  	  	
Email: jmercer@whiteboxadvisors.com

	  	  	  
	  	  	
Principal Amount of 13% Notes: $ __________

[Signature Page to First Amendment to Asset Purchase Agreement]

 

  

  

  

 

	  	
PANDORA SELECT PARTNERS, LP

	  	
By:

	
PANDORA SELECT ADVISORS, LLC

	  	  	
its General Partner

	  	
By:

	
WHITEBOX ADVISORS, LLC

	  	  	

its Managing Member

	  	  	  
	  	
By:

	
/s/ Mark Strefling

	  	  	
Name:

	
Mark Strefling

	  	  	
Title:

	
CLO

	  	  	  	  
	  	  	
Address:

	
3033 Excelsior Blvd, Suite 300

	  	  	  	
Minneapolis, MN 55416

	  	  	  	
Attn: Jake Mercer

	  	  	  
	  	  	
Fax: (612) 253-6149

	  	  	
Email: jmercer@whiteboxadvisors.com

	  	  	  
	  	  	
Principal Amount of 13% Notes: $ __________

[Signature Page to First Amendment to Asset Purchase Agreement]

 

  

  

  

 

	  	
WHITEBOX CONCENTRATED

	  	
CONVERTIBLE ARBITRAGE PARTNERS,

	  	
LP

	  	
By:

	
WHITEBOX CONCENTRATED

	  	  	
CONVERTIBLE ARBITRAGE ADVISORS, LLC

	  	  	
its General Partner

	  	
By:

	
WHITEBOX ADVISORS, LLC

	  	  	

its Managing Member

	  	  	  
	  	
By:

	
/s/ Mark Strefling

	  	  	
Name:

	
Mark Strefling

	  	  	
Title:

	
CLO

	  	  	  	  
	  	  	
Address:

	
3033 Excelsior Blvd, Suite 300

	  	  	  	
Minneapolis, MN 55416

	  	  	  	
Attn: Jake Mercer

	  	  	  
	  	  	
Fax: (612) 253-6149

	  	  	
Email: jmercer@whiteboxadvisors.com

	  	  	  
	  	  	
Principal Amount of 13% Notes: $ ___________

[Signature Page to First Amendment to Asset Purchase Agreement]

 

  

  

  

 

	  	
WHITEBOX MULTI-STRATEGY

	  	
PARTNERS, LP

	  	
By:

	
WHITEBOX MULTI-STRATEGY

	  	  	
ADVISORS, LLC

	  	  	
its General Partner

	  	
By:

	
WHITEBOX ADVISORS, LLC

	  	  	

its Managing Member

	  	  	  
	  	
By:

	
/s/ Mark Strefling

	  	  	
Name:

	
Mark Strefling

	  	  	
Title:

	
CLO

	  	  	  	  
	  	  	
Address:

	
3033 Excelsior Blvd, Suite 300

	  	  	  	
Minneapolis, MN 55416

	  	  	  	
Attn: Jake Mercer

	  	  	  
	  	  	
Fax: (612) 253-6149

	  	  	
Email: jmercer@whiteboxadvisors.com

	  	  	  
	  	  	
Principal Amount of 13% Notes: $ ___________

[Signature Page to First Amendment to Asset Purchase Agreement]

  

  

  

  

 

	  	
WHITEBOX CREDIT ARBITRAGE

	  	
PARTNERS, LP

	  	
By:

	
WHITEBOX CREDIT ARBITRAGE

	  	  	
ADVISORS LLC

	  	  	
its General Partner

	  	
By:

	
WHITEBOX ADVISORS, LLC

	  	  	

its Managing Member

	  	  	  
	  	
By:

	
/s/ Mark Strefling

	  	  	
Name:

	
Mark Strefling

	  	  	
Title:

	
CLO

	  	  	  	  
	  	  	
Address:

	
3033 Excelsior Blvd, Suite 300

	  	  	  	
Minneapolis, MN 55416

	  	  	  	
Attn: Jake Mercer

	  	  	  
	  	  	
Fax: (612) 253-6149

	  	  	
Email: jmercer@whiteboxadvisors.com

	  	  	  
	  	  	
Principal Amount of 13% Notes: $ ___________

[Signature Page to First Amendment to Asset Purchase Agreement]

 

  

  

  

 

	  	
DBX CONVERTIBLE ARBITRAGE 13 FUND

	  	  	  
	  	
By:

	
/s/ Jeff Erb

	  	  	
Name:

	
Jeff Erb

	  	  	
Title:

	
General Counsel & CCO

	  	  	  	  
	  	  	
Address:

	
c/o Waterstone Capital Management, LP

	  	  	  	
2 Carlson Parkway, Suite 260

	  	  	  	
Plymouth, MN 55447

	  	  	  
	  	  	
Fax: (952) 697-4130

	  	  	
Email: cparks@wscm.net

	  	  	  
	  	  	
Principal Amount of 13% Notes: $ ___________

[Signature Page to First Amendment to Asset Purchase Agreement]

 

  

  

  

 

	  	
IAM MINI-FUND 21 LIMITED

	  	  	  
	  	
By:

	
/s/ Jeff Erb

	  	  	
Name:

	
Jeff Erb

	  	  	
Title:

	
General Counsel & CCO

	  	  	  	  
	  	  	
Address:

	
c/o Waterstone Capital Management, LP

	  	  	  	
2 Carlson Parkway, Suite 260

	  	  	  	
Plymouth, MN 55447

	  	  	  
	  	  	
Fax: (952) 697-4130

	  	  	
Email: cparks@wscm.net

	  	  	  
	  	  	
Principal Amount of 13% Notes: $ ___________

[Signature Page to First Amendment to Asset Purchase Agreement]

   

  

  

  

 

	  	
WATERSTONE MARKET NEUTRAL

MASTER FUND LTD.

	  	  	  
	  	
By:

	
/s/ Jeff Erb

	  	  	
Name:

	
Jeff Erb

	  	  	
Title:

	
General Counsel & CCO

	  	  	  	  
	  	  	
Address:

	
c/o Waterstone Capital Management, LP

	  	  	  	
2 Carlson Parkway, Suite 260

	  	  	  	
Plymouth, MN 55447

	  	  	  
	  	  	
Fax: (952) 697-4130

	  	  	
Email: cparks@wscm.net

	  	  	  
	  	  	
Principal Amount of 13% Notes: $ _________

[Signature Page to First Amendment to Asset Purchase Agreement]

 

  

  

  

 

	  	
WATERSTONE MARKET NEUTRAL

MAC 51 LTD.

	  	  	  
	  	
By:

	
/s/ Jeff Erb

	  	  	
Name:

	
Jeff Erb

	  	  	
Title:

	
General Counsel & CCO

	  	  	  	  
	  	  	
Address:

	
c/o Waterstone Capital Management, LP

	  	  	  	
2 Carlson Parkway, Suite 260

	  	  	  	
Plymouth, MN 55447

	  	  	  
	  	  	
Fax: (952) 697-4130

	  	  	
Email: cparks@wscm.net

	  	  	  
	  	  	
Principal Amount of 13% Notes: $ __________

[Signature Page to First Amendment to Asset Purchase Agreement]

 

  

  

  

 

	  	
WATERSTONE MF FUND, LTD

	  	  	  
	  	
By:

	
/s/ Jeff Erb

	  	  	
Name:

	
Jeff Erb

	  	  	
Title:

	
General Counsel & CCO

	  	  	  	  
	  	  	
Address:

	
c/o Waterstone Capital Management, LP

	  	  	  	
2 Carlson Parkway, Suite 260

	  	  	  	
Plymouth, MN 55447

	  	  	  
	  	  	
Fax: (952) 697-4130

	  	  	
Email: cparks@wscm.net

	  	  	  
	  	  	
Principal Amount of 13% Notes: $ __________

[Signature Page to First Amendment to Asset Purchase Agreement]

 

  

  

  

 

	  	
NOMURA WATERSTONE MARKET

NEUTRAL FUND

	  	  	  
	  	
By:

	
/s/ Jeff Erb

	  	  	
Name:

	
Jeff Erb

	  	  	
Title:

	
General Counsel & CCO

	  	  	  	  
	  	  	
Address:

	
c/o Waterstone Capital Management, LP

	  	  	  	
2 Carlson Parkway, Suite 260

	  	  	  	
Plymouth, MN 55447

	  	  	  
	  	  	
Fax: (952) 697-4130

	  	  	
Email: cparks@wscm.net

	  	  	  
	  	  	
Principal Amount of 13% Notes: $ ___________

[Signature Page to First Amendment to Asset Purchase Agreement]

   

  

  

  

 

	  	
PRIME CAPITAL MASTER SPC - GOT WAT

MAC SEGREGATED PORTFOLIO

	  	  	  
	  	
By:

	
/s/ Jeff Erb

	  	  	
Name:

	
Jeff Erb

	  	  	
Title:

	
General Counsel & CCO

	  	  	  	  
	  	  	
Address:

	
c/o Waterstone Capital Management, LP

	  	  	  	
2 Carlson Parkway, Suite 260

	  	  	  	
Plymouth, MN 55447

	  	  	  
	  	  	
Fax: (952) 697-4130

	  	  	
Email: cparks@wscm.net

	  	  	  
	  	  	
Principal Amount of 13% Notes: $ ___________

[Signature Page to First Amendment to Asset Purchase Agreement]Unassociated Document

Exhibit 10.1

 

UNITED STATES DEPARTMENT OF THE TREASURY

1500 Pennsylvania Avenue, NW

Washington, D.C. 20220

 

November 16, 2011

 

Ladies and Gentlemen:

 

Reference is made to that certain letter agreement (the “Repurchase Letter Agreement”), dated as of the date set forth on Schedule A hereto, between the United States Department of the Treasury (the “Investor”) and the company set forth on Schedule A hereto (the “Company”).  Capitalized terms used but not defined herein shall have the meanings assigned to them in the Repurchase Letter Agreement.

 

As documented by the Repurchase Letter Agreement, the Company has completed the repurchase from the Investor of all of the Preferred Shares issued to the Investor pursuant to the Securities Purchase Agreement.  Following such time, the Company delivered a Warrant Repurchase Notice dated as of the date set forth on Schedule A hereto to the Investor.  In connection with the consummation, on the date hereof, of the repurchase of the Warrant by the Company from the Investor, as contemplated by the Warrant Repurchase Notice and Section 4.9 of the Securities Purchase Agreement:

 

(a) The Company hereby acknowledges receipt from the Investor of the Warrant; and

(b) The Investor hereby acknowledges receipt from the Company of a wire transfer to the account of the Investor set forth on Schedule A hereto in immediately available funds of the aggregate purchase price set forth on Schedule A hereto, representing payment in full for the Warrant, determined in accordance with Section 4.9 of the Securities Purchase Agreement.

 

This letter agreement will be governed by and construed in accordance with the federal law of the United States if and to the extent such law is applicable, and otherwise in accordance with the laws of the State of New York applicable to contracts made and to be performed entirely within such State.

 

This letter agreement may be executed in any number of separate counterparts, each such counterpart being deemed to be an original instrument, and all such counterparts will together constitute the same agreement.  Executed signature pages to this letter agreement may be delivered by facsimile and such facsimiles will be deemed sufficient as if actual signature pages had been delivered.

 

  

  

  

 

In witness whereof, the parties have duly executed this letter agreement as of the date first written above.

 

 

	 	 
UNITED STATES DEPARTMENT OF

THE TREASURY

	 	 
	 	 
	 	 
By:  /s/ Timothy G. Massad                            

Name:   Timothy G. Massad

Title:     Assistant Secretary for FinancialStability

	 	 
	 	 
COMPANY:  SHORE BANCSHARES, INC.

	 	 
	 	 
	 	 
By:  /s/ Lloyd L. Beatty, Jr.                    

Name:   Lloyd L. Beatty, Jr.

Title:     President

	 	 

 

  

  

  

 

SCHEDULE A

Company Information:

	
Name of the Company:

	
Shore Bancshares, Inc.

	  	  
	
Corporate or other organizational form of the Company:

	
Corporation

	  	  
	
Jurisdiction of organization of the Company:

	
Maryland

	 	 
	 
Information related to the Preferred Share Repurchase:

	 
	 	 
	 
Date of Repurchase Letter Agreement for the

repurchase of 25,000 of the Preferred Shares: 

	April 15, 2009
	 	 
	 
Terms of the Warrant Repurchase:

	 
	 	 
	Date of Warrant Repurchase Notice:	November 1, 2011
	 	 
	Aggregate purchase price for the Warrant:  	$25,000.00
	 	 
	 
Investor wire information for payment of 

purchase price for the Warrant:

	 
ABA Number:

Bank: The Bank of New York Mellon

Account Name:

Account Number:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00196-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00196-of-00352.parquet"}]]