Document:

USG_EX10.56 12.31.2013 10K

Exhibit 10.56

THIRD AMENDING AGREEMENT made as of the 19th day of December, 2013
A M O N G:
CGC INC.
(hereinafter called the “Borrower”)
OF THE FIRST PART
- and -
THE TORONTO-DOMINION BANK
(hereinafter called the “Lender”)
OF THE SECOND PART
WHEREAS the Borrower and the Lender have entered into a credit agreement dated as of June 30, 2009, pursuant to which a credit facility was established in favour of the Borrower (the “Original Credit Agreement”);
AND WHEREAS the Original Credit Agreement has been amended pursuant to amending agreements dated November 22, 2011 and February 1, 2012 (as amended, the “Credit Agreement”);
AND WHEREAS the parties wish to amend the Credit Agreement;
NOW THEREFORE THIS AGREEMENT WITNESSES THAT in consideration of the covenants and agreements contained herein and for other good and valuable consideration, the parties hereto agree to amend the Credit Agreement as provided herein:
		
	Section 1
	General

In this Third Amending Agreement (including the recitals) unless otherwise defined or the context otherwise requires, all capitalized terms shall have the respective meanings specified in the Credit Agreement (including as amended by this Third Amending Agreement).
		
	Section 2
	To be Read with Credit Agreement

This Third Amending Agreement is an amendment to the Credit Agreement.  Unless the context of this Third Amending Agreement otherwise requires, the Credit Agreement and this Third Amending Agreement shall be read together and shall have effect as if the provisions of the Credit Agreement and this Third Amending Agreement were contained in one agreement.
		
	Section 3
	Amendments

		
	(a)
	Section 1.1 of the Credit Agreement is hereby amended by adding the following definition in its proper alphabetical order:

“Chinalux” means USG ChinaLux S.ar.l., a company formed under the laws of Luxembourg and a wholly owned subsidiary of the Borrower.”
		
	(b)
	Section 8.1.21.1 and Section 8.1.21.2 of the Credit Agreement are hereby deleted in their entirety and replaced as follows:

“8.1.21  Financial Covenants.  The Borrower shall:
8.1.21.1     Tangible Net Worth.  (a) Maintain a Tangible Net Worth of no less than (i) from December 20, 2013 to December 30, 2014, $50,000,000, (ii) from December 31, 2014 and thereafter, $60,000,000, in each case to be tested at the end of each Fiscal Quarter; and
8.1.21.2     Current Ratio.  (a) Maintain a Current Ratio of no less than (i) from December 20, 2013 to December 30, 2014, 1.25:1.00, and (ii) from December 31, 2014 and thereafter 1.50:1.00, in each case to be tested at the end of each Fiscal Quarter.”
		
	(c)
	Section 8.2.12 of the Credit Agreement is hereby deleted in its entirety and replaced as follows:

“8.2.12     No Action.  The Borrower will not knowingly take any action that would result in the Borrower failing to maintain the minimum Tangible Net Worth ratio required pursuant to Section 8.1.21.1 and the minimum Current Ratio required pursuant to Section 8.1.21.2.”
		
	Section 4
	Waiver

Notwithstanding any other provision of the Credit Agreement to the contrary, the Lender hereby (a) consents to (i) the dividend in specie by the Borrower of its shareholder and other interests in Chinalux to its sole shareholder, USG Netherlands Global Holdings B.V. and (ii) the payment by the Borrower of a cash dividend in the amount of $60 million to USG Netherlands Global Holdings B.V. on or after December 20, 2014 and (b) agrees that the Borrower shall not be required to make a mandatory prepayment in accordance with Section 3.4 of the Credit Agreement as a consequence of the disposition of Chinalux.
		
	Section 5
	Representations and Warranties

In order to induce the Lender to enter into this Third Amending Agreement, the Borrower represents and warrants to the Lender as follows, which representations and warranties shall survive the execution and delivery hereof:
		
	(a)
	the representations and warranties set forth in Article 7 of the Credit Agreement continue to be true and correct in all material respects as of the date hereof with reference to facts subsisting on such date except for those representations and warranties which speak to a specific date;

		
	(b)
	all necessary action, corporate or otherwise, has been taken to authorize the execution, delivery and performance of this Third Amending Agreement by the Borrower.  The Borrower has duly executed and delivered this Third Amending Agreement.  This Third Amending Agreement is a legal, valid and binding obligation of the Borrower enforceable against it in accordance with its terms, subject to laws of general application affecting creditors’ rights and the discretion of the court in awarding equitable remedies;

		
	(c)
	as of the date hereof no Default or Event of Default exists other than as notified in writing by the Borrower to the Lender prior to the date hereof; and

		
	(d)
	since the delivery of the Credit Agreement, no Material Adverse Effect has occurred.

		
	Section 6
	Conditions Precedent

This Third Amending Agreement shall not be effective until executed and delivered by the Borrower and the Lender. 
		
	Section 7
	Expenses

The Borrower shall pay all reasonable fees and expenses incurred by the Lender in connection with the preparation, negotiation, completion, execution, delivery and review of this Third Amending Agreement and all other documents and instruments arising therefrom and/or executed in connection therewith.
		
	Section 8
	Continuance of Credit Agreement and Security

The Credit Agreement, as changed, altered, amended or modified by this Third Amending Agreement, shall be and continue in full force and effect and is hereby confirmed and the rights and obligations of all parties thereunder shall not be affected or prejudiced in any manner except as specifically provided for herein.  The Security previously delivered by the Borrower continues in full force and effect and is hereby confirmed.
		
	Section 9
	Counterparts

This Third Amending Agreement may be executed in any number of separate counterparts and by facsimile or pdf copy, each of which shall be deemed an original and all of said counterparts taken together shall be deemed to constitute one and the same instrument.
		
	Section 10
	Governing Law

This Third Amending Agreement shall be construed and interpreted in accordance with the laws of the Province of Ontario and the laws of Canada applicable therein and each of the parties hereto irrevocably attorns to the jurisdiction of the courts of the Province of Ontario.
 [Remainder of Page is Intentionally Blank]

- S1 -

IN WITNESS WHEREOF the parties hereto have executed this Third Amending Agreement.

	
			
	 
	CGC INC., as Borrower

	 
	 
	 

	 
	By:
	/s/ James McEwen

	 
	 
	James McEwen

	 
	 
	Vice President Finance & Secretary

	 
	 
	 

	 
	By:
	/s/ Angela Hiltz

	 
	 
	Angela Hiltz

	 
	 
	Vice President Human Resources & Administration

	 
	 

	 
	 

    

	
			
	LENDER:
	 

	 
	THE TORONTO-DOMINION BANK, as Lender

	 
	 
	 

	 
	By:
	/s/ Ryan Mrozek

	 
	 
	Ryan Mrozek

	 
	 
	Senior Analyst, National Accounts

	 
	 
	 

	 
	By:
	/s/ Andrew Chiodo

	 
	 
	Andrew Chiodo

	 
	 
	AVP, Credit, National AccountsExhibit 10.36 10K 12.31.2013

EXHIBIT 10.36

OCCIDENTAL PETROLEUM CORPORATION
NON-EMPLOYEE DIRECTOR ANNUAL RETAINER

Effective with the Board term commencing after the 2014 Annual Meeting of Stockholders, each non-employee director, other than the Chairman of the Board, of Occidental Petroleum Corporation will be paid a retainer of $125,000 per year and the Chairman of the Board will be paid a retainer of $155,000 per year.  Directors who are elected to fill a vacancy will receive a pro rata portion of the annual retainer based on the number of regular meetings remaining in the term. Effective with the Board term commencing after the 2014 Annual Meeting of Stockholders, directors shall not be entitled to receive a fee, in cash or stock, for attending regularly scheduled meetings of the Board or any Board Committee.Exhibit 10.37 10K 12.31.2013

EXHIBIT 10.37
Description of Automatic Grant of Directors’ Common Stock Awards
Pursuant to the Terms of the 
Occidental Petroleum Corporation 2005 Long-Term Incentive Plan

In February 2014, pursuant to Section 4.5 of the Corporation’s 2005 Long-Term Incentive Plan (the “Plan”), the Board of Directors (the “Board”) restated its resolutions adopted in May 2010 with respect to annual and special common stock awards to be granted automatically to non-employee directors (the “Automatic Grants”) pursuant to the Plan to change the awards from fixed numbers to numbers determined by a fixed value, effective as of the 2014 Annual Meeting of Stockholders.  All other provisions of the automatic grants, including the form of award and the restrictions on the sale or transfer of shares, remain unchanged. The following sets forth the restated automatic grant program:

(a) Annual Awards.  On the first business day following the 2014 Annual Meeting of Stockholders and each subsequent Annual Meeting during the term of the Plan, each Non-Employee Director who is then a member of the Board shall be awarded shares of Common Stock (or, Common Stock Units, if the Director has timely-elected to receive Units) having a value equal to two hundred twenty-five thousand dollars ($225,000); provided, however, the exact number of shares to be awarded will be calculated by (i) dividing the specified value for such Award by (ii) the last reported sale price per share of the Corporation’s common stock on the New York Stock Exchange - Composite Transactions on the date of grant, with any fraction being rounded to the nearest whole share (such formula, the “Share Calculation”).
(b) Special Awards.  On the first business day following each annual meeting during the term of the Plan:
 (i) the Non-Employee Director who is then serving as a Chairman of the Board shall be awarded shares of Common Stock or Common Stock Units if the Director has timely-elected to receive Units, having a value of one hundred ten thousand dollars ($110,000), with respect to such position in addition to any Award he or she may be granted for serving as a Non-Employee Director or the Chair of any committee of the Board; 
(ii) the Non-Employee Director who is then serving as Vice Chairman of the Board shall be awarded shares of Common Stock or Common Stock Units if the Director has timely-elected to receive Units, having a value of fifty thousand dollars ($50,000), with respect to such position, in addition to any Award he or she may be granted for serving as a Non-Employee Director or the Chair of any committee of the Board; 
(iii) each Non-Employee Director who is then serving as a Chairman of one or more committees of the Board shall be awarded shares of Common Stock or Common Stock Units if the Director has timely-

elected to receive Units, having a value of twenty-five thousand dollars ($25,000) with respect to each such position in addition to any Award he or she may be granted for serving as a Non-Employee Director, or the Chairman or Vice Chairman of the Board;
provided, however, that in each case the exact number of shares to be awarded pursuant to (b)(i), (ii) or (iii) will be determined using the Share Calculation.
(c) Interim Awards.  
(i)    If, following an annual meeting, a Non-Employee Director is elected during the term of the Plan other than at an annual meeting, then on the first business day following his or her election as a member of the Board, such newly elected Non-Employee Director shall be awarded the number of shares of Common Stock or Common Stock Units if the Director has timely-elected to receive Units, having a value equal to two hundred twenty-five thousand dollars ($225,000) multiplied by a fraction, the numerator of which is the number of regularly scheduled Board meetings remaining between the date of his or her election and the next annual meeting and the denominator of which is the number of regularly scheduled Board meetings between the immediately preceding annual meeting and the next scheduled annual meeting; and
(ii) If a Non-Employee Director is appointed to serve as a Chairman or Vice Chairman of the Board at any time other than at an annual meeting, then, on the first business day following such appointment, such Non-Employee Director shall be awarded with respect to such position the number of shares of Common Stock or Common Stock Units if the Director has timely-elected to receive Units, having a value equal to the award he or she would have received pursuant to (b)(i) or (ii) multiplied by a fraction, the numerator of which is the number of regularly scheduled Board meetings remaining between the date of his or her selection as Chairman or Vice Chairman and the next annual meeting and the denominator of which is the number of regularly scheduled Board meetings; and
(iii) If a Non-Employee Director is appointed to serve as a Chairman of one or more committees of the Board at any time other than at an annual meeting, then, on the first business day following the next regularly scheduled annual meeting during the term of the Plan, such Non-Employee Director shall be awarded with respect to each such position the number of shares of Common Stock or Common Stock Units if the Director has timely-elected to receive Units, having a value equal to twenty‐five thousand dollars ($25,000) multiplied by a fraction, the numerator of which is the number of regularly scheduled committee meetings, to which he or she has been appointed Chairman of, remaining 

between the date of his or her selection as Chairman of one or more Board committees and the next annual meeting and the denominator of which is the number of regularly scheduled committee meetings, to which he or she has been appointed Chairman of, between the immediately preceding annual meeting and the next regularly scheduled annual meeting; provided however, that if following the appointment of such Non-Employee Director as a Chairman of a Board Committee, the number of such positions held by such Non-Employee Director has not increased from the number of positions for which he or she received a Special Award following the immediately preceding annual meeting, then the Non-Employee Director shall not be entitled to an Interim Award.
provided, however, that in each case the exact number of shares to be awarded pursuant to (c)(i), (ii) or (iii) will be determined using the Share Calculation.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00227-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00227-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00227-of-00352.parquet"}]]