Document:

Exhibit

Exhibit 10(a)

    

<<Date>>, 2019 Equity Grant Agreement
GE 2007 Long-Term Incentive Plan

GE Performance Stock Unit Grant Agreement For <<Employee Name>> (“Grantee”)

	
			
	Grant Date
	PSUs Granted
	Restriction Lapse Date

	<<Date>>
	<<No. of PSUs Granted>>
	The date of the February 2022 Management Development & Compensation Committee meeting, subject to the terms and conditions set forth below.

Performance Stock Unit Grant Agreement - additional terms & conditions

		
	1.
	Grant. The Management Development and Compensation Committee (“Committee”) of the Board of Directors of General Electric Company (“Company”) has granted the above number of Performance Stock Units, from time to time  with Dividend Equivalents as the Committee may determine (“PSUs”) to the individual named in this grant agreement (“Grantee”).  Each PSU entitles the Grantee to receive from the Company (i) one share of General Electric Company common stock, par value $0.06 per share (“Common Stock”), and (ii) cash payments based on dividends paid to shareholders of such stock, for each PSU for which the restrictions set forth in paragraph 3 (including subparagraph 3.1) lapse in accordance with their terms, each in accordance with the terms of this Grant Agreement, the GE 2007 Long-Term Incentive Plan (“Plan”), country addendums and any rules, procedures and sub-plans adopted by the Committee.

		
	2.
	Dividend Equivalents. Until such time as the following restrictions lapse, or the PSUs are cancelled, whichever occurs first, the Company will establish an amount to be paid to the Grantee (“Dividend Equivalent”) equal to the number of PSUs subject to restriction times the per share quarterly dividend payments made to shareholders of the Company’s Common Stock.  The Company shall accumulate Dividend Equivalents and will pay the Grantee a cash amount equal to the Dividend Equivalents accumulated and unpaid as of the date that restrictions lapse (without interest) reasonably promptly after such date.  Notwithstanding the foregoing, any accumulated and unpaid Dividend Equivalents attributable to PSUs that are cancelled will not be paid and are immediately forfeited upon cancellation of the PSUs.

		
	3.
	Restrictions/Performance Goals. Restrictions on the number of PSUs specified in this Grant Agreement, as further subject to and adjusted based on performance as set forth in subparagraph 3.1 (“Adjusted PSUs”), will lapse on the designated Restriction Lapse Date only if the Grantee has been continuously employed by the Company and its Affiliates (as defined below) to such date.  PSUs shall be immediately cancelled upon termination of employment, except as follows:

		
	a.
	Employment Termination Due to Death. If the Grantee’s employment with the Company and its Affiliates (as defined below) terminates as a result of the Grantee’s death, then restrictions on all Adjusted PSUs shall lapse on the designated Restriction Lapse Date.

		
	b.
	Employment Termination Due to Transfer of Business to Successor Employer. If the Grantee’s employment with the Company and its Affiliates (as defined below) terminates as a result of employment by a successor employer to which the Company has transferred a business operation, then restrictions on all Adjusted PSUs shall lapse on the designated Restriction Lapse Date.

		
	c.
	Employment Termination Less Than One Year After Grant Date. If the Grantee's employment with the Company and its Affiliates (as defined below) terminates before the first anniversary of the Grant Date for any reason other than death or transfer to a successor employer as described in Sections 3(a) and (b) of this Grant Agreement, then all remaining PSUs shall be immediately cancelled.

		
	d.
	Employment Termination More Than One Year After Grant Date. If, on or after the first anniversary of the Grant Date, the Grantee’s employment with the Company and its Affiliates (as defined below) terminates as a result of any of the reasons set forth below, then restrictions on Adjusted PSUs shall lapse on the designated Restriction Lapse Date or the PSUs shall be cancelled as provided below:

		
	i.
	Termination/Eligibility for Retirement or Termination for Total Disability. Restrictions on all Adjusted PSUs shall lapse on the designated Restriction Lapse Date if (a) the Grantee attains at least age 60 and completes 5 or more years of continuous service with the Company and its Affiliates (as defined below), or (b) the Grantee’s employment with the Company and its Affiliates (as defined below) terminates as a result of a total disability, i.e., the inability to perform any job for which the Grantee is reasonably suited by means of education, training or experience.

		
	ii.
	Voluntary Termination or Termination for Cause. If the Grantee's employment with the Company and its Affiliates (as defined below) is voluntarily terminated by the Grantee (and is not a retirement under 

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Section 3 (d)(i) above) or is involuntarily terminated by the Company and its Affiliates (as defined below) for cause, then all remaining PSUs shall be immediately cancelled.  For this purpose, “cause” shall be determined by the Company in its sole discretion, and may include a violation of a Company policy and/or code of conduct.

		
	iii.
	Termination for Layoff or Plant Closing. If the Grantee’s employment with the Company and its Affiliates (as defined below) terminates as a result of a layoff or plant closing (without regard to any period of protected service), each as contemplated by the U.S. GE Layoff Benefit Plan for Salaried Employees, then restrictions on Adjusted PSUs shall lapse on the designated Restriction Lapse Date.

		
	iv.
	Termination Due to Other Reasons. If the Grantee’s employment with the Company and its Affiliates (as defined below) terminates for any other reason, and the Grantee and the Company have not entered into a written agreement explicitly providing otherwise in accordance with rules and procedures adopted by the Committee, then the PSUs shall be immediately cancelled.

		
	e.
	Affiliate. For purposes of this Grant Agreement, “Affiliate” shall have the meaning set forth in the Plan.  That is, an “Affiliate” shall mean (i) any entity that, directly or indirectly, is owned 50% or more by the Company and thereby deemed under its control and (ii) any entity in which the Company has a significant equity interest as determined by the Committee. Transfer of employment among the Company and its Affiliates is not a termination of employment for purposes of this Grant.

		
	f.
	Vesting.  The Committee or its delegates may modify the vesting of any Options in its discretion, consistent with applicable law.

3.1  Performance Goals and Adjustment.  Adjusted PSUs shall be the number of PSUs that become eligible for the lapse of restrictions, pursuant to paragraph 3, contingent on achievement of the following goals for the March 19, 2019 to December 31, 2021 performance period:        

		
	a.
	If the Company’s Total Shareowner % Return (“TSR”) is equal to the 55th percentile (“target”) of the Total Shareowner % Return for the S&P 500 companies (“S&P 500 TSR”), then 100% of the PSUs shall be eligible for the lapse of restrictions.

		
	b.
	If the Company TSR is equal to the 35th percentile (“threshold”) of the S&P 500 TSR, then one-quarter (25%) of the PSUs shall be eligible for the lapse of restrictions.  All PSUs shall be cancelled if Company TSR is less than Threshold performance.

3

		
	c.
	If the Company TSR is equal to or exceeds the 80th percentile (“maximum”) of the S&P 500 TSR, then the PSUs to be eligible for the lapse of restrictions shall be adjusted upward by 75% (175%).

Adjustment shall reflect a proportional percentage of the PSUs for performance between threshold and target, and for performance between target and maximum.  Measurement of TSR shall be determined solely by the Committee in accordance with the customary accounting and financial reporting practices used by the Company for external reporting, and shall include adjustment for any recapitalization, split-up, spinoff, reorganization, restructuring or other similar corporate transaction as determined by the Committee to prevent dilution or enlargement of benefits or potential benefits intended from the PSUs.  PSUs for which restrictions do not lapse in accordance with this paragraph shall be immediately cancelled.
 
		
	4.
	Delivery and Withholding Tax. As soon as practicable following the Restriction Lapse Date, but in no event later than March 15, 2022, the Company shall deliver such number shares of GE common stock underlying the Adjusted PSUs for which restrictions have lapsed in accordance with the terms in paragraphs 3 and 3.1, to the Grantee electronically through the Grantee’s brokerage account or in another manner determined by the Company; provided however, that the date of issuance or delivery may be postponed by the Company for such period as may be required for it with reasonable diligence to comply with any applicable listing requirements of any national securities exchange and requirements under any law or regulation applicable to the issuance or transfer of such shares. Further, the Grantee shall pay to or reimburse the Company, through the broker selected by the Company, for any federal, state, local or foreign taxes required to be withheld and paid over by it, at such time and upon such terms and conditions as the Company may prescribe before the Company shall be required to deliver such shares.

		
	5.
	Alteration/Termination. Under the express terms of this Grant Agreement, the Company shall have the right at any time in its sole discretion to amend, alter, suspend, discontinue or terminate any PSUs without the consent of the Grantee.  Furthermore, the PSUs provided under this Grant Agreement shall be subject to the Company’s policy with respect to the compensation recoupment, in effect as of the date of this Grant Agreement and as amended from time to time.  Also, the PSUs shall be null and void to the extent the grant of PSUs or the lapse of restrictions thereon is prohibited under the laws of the country of residence of the Grantee.

		
	6.
	Plan Terms. All terms used in this Grant have the same meaning as given such terms in the Plan, a copy of which will be furnished upon request.  This Grant Agreement is subject to the terms and provisions of the Plan, which are incorporated by reference.  In the event of any conflict between the provisions of this Grant Agreement and those of the Plan, the provisions of the Plan shall control.

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	7.
	Entire Agreement. This Grant Agreement, the Plan, country addendums and any sub-plans, rules and procedures adopted by the Committee contain all of the provisions applicable to the PSUs and no other statements, documents or practices may modify, waive or alter such provisions unless expressly set forth in writing, signed by an authorized officer of the Company and delivered to the Grantee.

This document constitutes part of a prospectus covering securities that have been registered under the Securities Act of 1933, as amended.

5Exhibit

Exhibit 10(b)

AMENDMENT NO. 1 TO CREDIT AGREEMENT

This AMENDMENT NO. 1 TO CREDIT AGREEMENT (this “Agreement”), dated as of March 12, 2019, relating to the Credit Agreement described below, is by and among General Electric Company (the “Borrower”), each of the Lenders (as defined below) party hereto and JPMorgan Chase Bank, N.A. as administrative agent for the Lenders (in such capacity, the “Administrative Agent”). 
RECITALS:
WHEREAS, reference is hereby made to that certain Credit Agreement, dated as of June 22, 2018 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time prior to the date hereof, the “Credit Agreement”), by and among the Borrower, the lenders from time to time party thereto (the “Lenders”), and the Administrative Agent.
WHEREAS, the Borrower has requested that the Credit Agreement be amended as set forth herein and, in accordance with Section 9.02 of the Credit Agreement, the Lenders party hereto have agreed severally, on the terms and conditions set forth herein and in the Credit Agreement, to amend the Credit Agreement on the terms set forth below.
THE PARTIES HERETO THEREFORE AGREE AS FOLLOWS:
SECTION 1.  Defined Terms; References.  Unless otherwise specifically defined herein, each term used herein that is defined in the Credit Agreement has the meaning assigned to such term in the Credit Agreement.  Each reference to “hereof”, “hereunder”, “herein” and “hereby” and each other similar reference and each reference to “this Agreement” and each other similar reference contained in the Credit Agreement shall, after the Effective Date (as defined below), refer to the Credit Agreement, as amended hereby.  
SECTION 2    .  Amendments to Credit Agreement.  The Credit Agreement is, as of the Effective Date and subject to the satisfaction of the conditions precedent set forth in Section 3 of this Agreement, hereby amended by:
 

(a)    The following new defined terms are inserted in the correct alphabetical order in Section 1.01 of the Credit Agreement:
“Amendment No. 1 Effective Date” shall mean March 30, 2019.
“BioPharma Purchase Agreement” means that certain Equity and Asset Purchase Agreement, dated as of February 25, 2019, by and among the Borrower and Danaher Corporation.
“BioPharma Sale Transaction” means the sale of the BioPharma business from the Borrower to the Danaher Corporation pursuant to the terms and conditions set forth in the BioPharma Purchase Agreement.
“BioPharma Trigger Date” means the earlier of (i) the date of consummation or 45 days following termination of the BioPharma Sale Transaction and (ii) September 30, 2020.
(b)    Clause (c)(i) of Section 2.08 is hereby amended and restated in its entirety as follows:
“(i)    Each Lender’s outstanding aggregate Commitments and/or Loans shall be automatically reduced and prepaid, if applicable, on (1) the First Reduction Date, in accordance with Section 2.08(c)(ii) below, to an amount equal to the lower of (A) 75% of such Lender’s Initial Commitments and (B) an amount 

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equal to the difference between such Lender’s Initial Commitments and such Lender’s pro rata amount of the Mandatory Payment Amount accumulated from the Closing Date up to the First Reduction Date, (2) the Second Reduction Date, in accordance with Section 2.08(c)(iii) below, to an amount equal to the lower of (A) 37.5% of such Lender’s Initial Commitments and (B) an amount equal to the difference between such Lender’s Initial Commitments and such Lender’s pro rata amount of the Mandatory Payment Amount accumulated from the Closing Date up to the Second Reduction Date and (3) the Third Reduction Date, in accordance with Section 2.08(c)(iii) below, to an amount equal to the lower of (A) 25% of such Lender’s Initial Commitments and (B) the amount equal to the difference between such Lender’s Initial Commitments and such Lender’s pro rata amount of  the Mandatory Payment Amount accumulated from the Closing Date up to the Third Reduction Date (each such amount set forth in each of the foregoing clauses (1) through (3), a “Reduction Amount”); provided that, if and to the extent the BioPharma Trigger Date occurs on or after the Second Reduction Date, then, notwithstanding anything to the contrary set forth herein, from and after the Amendment No. 1 Effective Date until the occurrence of the BioPharma Trigger Date, each Lender’s outstanding aggregate Commitments and/or Loans shall be automatically reduced and prepaid (i) on the Second Reduction Date to an amount equal to the difference between such Lender’s Initial Commitments and such Lender’s pro rata amount of the Mandatory Payment Amount (which Mandatory Payment Amount shall be calculated by excluding any Net Disposition Proceeds received by the Borrower following the Amendment No. 1 Effective Date) accumulated from the Closing Date up to the Second Reduction Date and (ii) on the Third Reduction Date to an amount equal to the difference between such Lender’s Initial Commitments and such Lender’s pro rata amount of the Mandatory Payment Amount (which Mandatory Payment Amount shall be calculated by excluding any Net Disposition Proceeds received by the Borrower following the Amendment No. 1 Effective Date) accumulated from the Closing Date up to the Third Reduction Date; provided, further, that upon the occurrence of the BioPharma Trigger Date, the Borrower shall cause, within 10 Business Days thereof, each Lender’s outstanding aggregate Commitments and/or Loans to be reduced and prepaid to an amount equal to (x) if the BioPharma Trigger Date occurs on or after the Second Reduction Date but prior to the Third Reduction Date, the amount to which such Commitments and/or Loans were required to be reduced on the Second Reduction Date as set forth in Section 2.08(c)(i)(2) above (provided that the reference to “Second Reduction Date” in clause (B) thereof shall be deemed to be a reference to the BioPharma Trigger Date) and (y) if the BioPharma Trigger Date occurs on or after the Third Reduction Date, the amount to which such Commitments and/or Loans were required to be reduced on the Third Reduction Date as set forth in Section 2.08(c)(i)(3) above (provided that the reference to “Third Reduction Date” in clause (B) thereof shall be deemed to be a reference to the BioPharma Trigger Date) (it being understood and agreed that, to the extent the Borrower fails to cause such reduction and prepayment to occur within the 10 Business Day period described above, such reduction shall occur automatically on the tenth Business Day following the BioPharma Trigger Date and the Borrower shall make the required prepayment on such day).  Each such repayment of Loans shall be accompanied by payment of accrued interest on the amount so repaid on the applicable Reduction Date.  The Borrower shall provide notice of such reductions in the manner set forth in Section 2.06(c).”
SECTION 3    .  Conditions to the Effective Date.  This Agreement shall be effective when the Administrative Agent shall have received from the Borrower and each Lender an executed counterpart (or written evidence reasonably satisfactory to the Administrative Agent (which may include a facsimile or other electronic transmission) that such party has signed a counterpart) hereof (such date of receipt, the “Effective Date”).
SECTION 4    .  Representations and Warranties.  The Borrower represents and warrants to the Lenders and the Administrative Agent that, at the time of and immediately after giving effect to this Agreement, (a) the representations of the Borrower set forth in the Credit Agreement (except for the representations set forth in clauses (e) and (f) of Article III thereof) are true and correct in all material respects on and as of the Effective Date, (b) no Default or Event of Default shall have occurred and be continuing, 

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(c) the Borrower has all requisite power and authority to execute, deliver and perform its obligations under this Agreement, (d) the execution, delivery and performance by the Borrower of this Agreement (i) has been duly authorized by all necessary corporate action and (ii) does not and will not violate any provision of any law or regulation, or contractual or corporate restrictions, in each case, binding on the Borrower and material to the Borrower and its Subsidiaries, taken as a whole (except to the extent such violation would not reasonably be expected to have a Material Adverse Effect), and (e) this Agreement constitutes a legal, valid and binding obligation of the Borrower, enforceable in accordance with its terms, subject however to (i) the exercise of judicial discretion in accordance with general principles of equity and (ii) bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting creditors’ rights heretofore or hereafter enacted.
SECTION 5    .  Fee.  The Borrower hereby agrees to pay to the Administrative Agent, for the ratable account of the Lenders as of January 1, 2020, a fee equal to 0.02% of the amount by which (x) the total aggregate outstanding Commitments and Loans as of January 1, 2020 exceeds (y) $7,425,000,000, which fee shall be payable on January 15, 2020.
SECTION 6    .    GOVERNING LAW.  THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.
SECTION 7    .  Credit Agreement Governs.  Except as expressly set forth herein, this Agreement shall not by implication or otherwise limit, impair, constitute a waiver of or otherwise affect the rights and remedies of any Lender or the Administrative Agent under the Credit Agreement, and shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement, all of which are ratified and affirmed in all respects and shall continue in full force and effect.  Nothing herein shall be deemed to entitle the Borrower to a consent to, or a waiver, amendment, modification or other change of, any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement in similar or different circumstances.
SECTION 8    .  Counterparts.  This Agreement may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument.  Delivery of an executed counterpart of a signature page to this Agreement by facsimile or electronic (i.e., “pdf” or “tif”) transmission shall be effective as delivery of a manually executed counterpart of this Agreement.
SECTION 9    .  Miscellaneous.  The Borrower shall pay all reasonable fees, costs and expenses of the Administrative Agent incurred in connection with the negotiation, preparation and execution of this Agreement and the transactions contemplated hereby in accordance with the terms of the Credit Agreement.  The provisions of this Agreement are deemed incorporated into the Credit Agreement as if fully set forth therein.  This Agreement may not be amended, modified or waived except by an instrument or instruments in writing signed and delivered on behalf of each of the parties hereto.
[SIGNATURE PAGES FOLLOW]

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the date first above written.

GENERAL ELECTRIC COMPANY,
as Borrower

By:          
Name: Michael Bellora
Title:     Authorized Signatory

[SIGNATURE PAGE TO AMENDMENT NO. 1 TO CREDIT AGREEMENT]
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JPMORGAN CHASE BANK, N.A., 
as Administrative Agent and as a Lender
By:      
		
	Name:
	Gene Riego de Dios

		
	Title:
	Executive Director

[SIGNATURE PAGE TO AMENDMENT NO. 1 TO CREDIT AGREEMENT]
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Citibank, N.A., 
as Lender,
By:      
		
	Name:
	Maria Hackley

Title: Vice President
Bank of America, N.A., 
as Lender,
By:      
		
	Name:
	Mukesh Singh

		
	Title:
	Director

Goldman Sachs Bank USA, 
as Lender,
By:      
		
	Name:
	Jamie Minieri

		
	Title:
	Authorized Signatory

Goldman Sachs Lending Partners LLC, 
as Lender,
By:      
		
	Name:
	Jamie Minieri

		
	Title:
	Authorized Signatory

Morgan Stanley Senior Funding, Inc., 
as Lender,
By:      
		
	Name:
	Christopher Winthrop

		
	Title:
	Vice President

MUFG Bank, Ltd., 
as Lender,
By:      
		
	Name:
	John Margetanski

		
	Title:
	Director

[SIGNATURE PAGE TO AMENDMENT NO. 1 TO CREDIT AGREEMENT]
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BNP Paribas, 
as Lender,
By:      
		
	Name:
	Richard Pace

		
	Title:
	Managing Director

By:      
		
	Name:
	Nanette Baudon

		
	Title:
	Director

[SIGNATURE PAGE TO AMENDMENT NO. 1 TO CREDIT AGREEMENT]
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