Document:

Ex102

		

			Exhibit 10.2

		

		

			 

		

		

			Execution Copy

		

		

			 

		

		
			AMENDMENT NO. 7 TO LOAN AGREEMENT 
		

		
			 
		

		
			This Amendment No. 7 to Loan Agreement (this “Agreement”), dated as of September 12, 2019, is entered into by and among GENESIS HEALTHCARE, INC., a Delaware corporation (“Ultimate Parent”), FC-GEN OPERATIONS INVESTMENT, LLC, a Delaware limited liability company (the “Borrower”), GEN OPERATIONS I, LLC, a Delaware limited liability company (“Parent”), GEN OPERATIONS II, LLC, a Delaware limited liability company (“Holdings”, and together with Ultimate Parent, Borrower and Parent, “Amendment Parties”), each of the Lenders (as defined below) party hereto and WELLTOWER INC., as Administrative Agent (in such capacity, and together with its successors and permitted assigns, “Administrative Agent”).
		

		
			 
		

		
			WHEREAS, Amendment Parties, Administrative Agent, Collateral Agent and the financial institutions from time to time party thereto as lenders (the “Lenders”) are parties to that certain Term Loan Agreement, dated as of July 29, 2016, as amended by that certain Amendment No. 1 to Loan Agreement, dated as of December 22, 2016, as amended by that certain Amendment No. 2 and Waiver to Loan Agreement, dated as of May 5, 2017, as amended by that certain Amendment No. 3 to Loan Agreement, dated as of August 8, 2017, as amended and restated by that certain Amendment No. 4 to Loan Agreement, dated as of March 6, 2018, as amended by that certain Amendment No. 5 to Loan Agreement, dated as of March 13, 2019, as amended by that certain Amendment No. 6 to Loan Agreement, dated as of May 9, 2019 (as it may have been further amended, restated, amended and restated, supplemented or otherwise modified through the date hereof prior to this Agreement, the “Existing Loan Agreement” and as amended hereby and as it may be further amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Loan Agreement”), pursuant to which Administrative Agent, Collateral Agent and the Lenders have agreed, among other things, to provide to Borrower certain loans and other financial accommodations in accordance with the terms and conditions set forth therein;
		

		
			 
		

		
			WHEREAS, the Loan Parties and Collateral Agent are parties to that certain Guarantee and Collateral Agreement, dated as of July 29, 2016 (as amended, restated, amended and restated, supplemented or otherwise modified through the date hereof prior to this Agreement, the “Existing Collateral Agreement” and as amended hereby, and as it may be further amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Collateral Agreement”), pursuant to which each Loan Party guaranteed the obligations of each other Loan Party under the Loan Agreement and granted a security interest over substantially all of such Loan Party’s personal assets in favor of the Collateral Agent;
		

		
			 
		

		
			WHEREAS, Amendment Parties and the Loan Parties have requested that Administrative Agent and the Lenders agree to amend the Existing Loan Agreement and the Existing Collateral Agreement as set forth in this Agreement; and
		

		
			 
		

		
			WHEREAS, Administrative Agent and the Lenders constituting at least Required Lenders are willing to agree to Amendment Parties’ request for such amendments, subject to and in accordance with the terms and conditions set forth in this Agreement. 
		

		
			 
		

		
			NOW, THEREFORE, Amendment Parties, Administrative Agent and the Lenders constituting at least Required Lenders each hereby agrees as follows:
		

		
			 
		

			
	
			
				 1.
			Recitals; Definitions.    The foregoing recitals, including all terms defined therein, are incorporated herein and made a part hereof.  All capitalized terms used herein (including, without limitation, in the foregoing recitals) and not defined herein shall have the meanings given to such terms in the Loan 

		 

	Agreement and the rules of interpretation set forth in Section 1.2 thereof are incorporated herein mutatis mutandis.

			
	
			
				 2.
			Amendments to the Existing Loan Agreement.  Subject to the terms and conditions of this Agreement, including, without limitation, the conditions to effectiveness set forth in Section 4 below, the Existing Loan Agreement is hereby amended as follows:

			
	
			
				 (a)
			The following definition shall be added in alphabetical order:

		
			“Seventh Amendment Effective Date” shall mean September 12, 2019.
		

			
	
			
				 (b)
			Section 7.2(w) of the Existing Loan Agreement is hereby deleted in its entirety and replaced with the following:

		
			“(w)In the case of any Investments in joint ventures permitted under Section 7.4(t) hereof, any put and call arrangements related to its Capital Stock set forth in its organizational documents or any related joint venture or similar agreement;”
		

			
	
			
				 (c)
			Section 7.2(z) of the Existing Loan Agreement is hereby deleted in its entirety and replaced with the following:

		
			“(z)Liens in the Capital Stock of a joint venture granted in connection with the pledge or transfer of the Capital Stock of a joint venture permitted under Section 7.4(t) hereof;”
		

			
	
			
				 (d)
			Section 7.4(t) of the Existing Loan Agreement is hereby amended and restated in its entirety as follows:

		
			“(t)so long as no Default or Event of Default shall have occurred and be continuing at the time thereof or would result therefrom, Investments in joint ventures in an amount not to exceed $100,000,000 at any time outstanding, provided (i) such Investments were in existence as of and including the Seventh Amendment Effective Date or (ii) such Investments are made in connection with that certain joint venture transaction with New Generation Health, LLC and known as Bold Quail Holdings LLC; and”
		

			
	
			
				 (e)
			Section 7.6(a) of the Existing Loan Agreement is hereby amended and restated in its entirety as follows:

		
			“7.6Restricted Payments; Restrictive Agreements. (a) Declare or make, any Restricted Payment; provided that (i) (A) the Borrower may declare and pay dividends or make other distributions to Ultimate Parent and its Subsidiary that is a managing member of the Borrower (it being understood and agreed that this clause (i) (A) shall not permit any Restricted Payments to be made by the Borrower to any Person other than Ultimate Parent and its Subsidiary that is a managing member of the Borrower and that dividends or other distributions pursuant to this clause (i) (A) may in any event be made only to recipients that are Loan Parties) and (B) any Subsidiary may make a Restricted Payment to a Loan Party; (ii) the Borrower and the Restricted Subsidiaries may acquire shares of Ultimate Parent delivered or to be delivered to a director, officer or employee of the Parent Companies, the Borrower or a Restricted Subsidiary in connection with the grant, 

		 

		

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vesting, exercise or payment of a stock option, warrant or other equity or equity-based award granted by the Parent Companies, the Borrower or a Restricted Subsidiary, and the Loan Parties may make distributions in order to satisfy the exercise or purchase price of the award and/or any Tax withholding obligations arising in connection with such event, provided that any Restricted Payment made under this clause (ii) shall be non-cash; (iii) the repurchase or redemption of Capital Stock of Ultimate Parent and the Borrower owned by former or current management, directors, officers or employees (or their transferees, estates or beneficiaries under their estates) of any Parent Company, the Borrower or any of the Restricted Subsidiaries or to make payments (including on promissory notes issued to pay the purchase price) with respect to such repurchases or redemptions upon death, disability, retirement, severance or termination of employment or service or pursuant to any employee, management or director equity plan, employee, management or director stock option plan or any other employee, management or director benefit plan or any agreement (including any stock subscription or shareholder agreement) or similar equity incentives or equity-based incentives in an aggregate amount not to exceed $2,000,000 in any fiscal year; (iv) payments of customary fees to members of its or any Parent Company’s board of directors and in respect of insurance coverage or for indemnification obligations under any law, indenture, contract or agreement to any director or officer of any Parent Company or any of its Restricted Subsidiaries shall be permitted; (v) [reserved]; (vi) [reserved]; (vii) [reserved]; (viii) any Parent Company may make payments in cash, in lieu of the issuance of fractional shares, upon the exercise of warrants or upon the conversion or exchange of Capital Stock of Ultimate Parent and the Borrower; (ix) [reserved]; and (x) the Borrower may pay cash distributions in respect of taxes owing by the Borrower’s direct or indirect investors in respect of GHLLC and the Restricted Subsidiaries (“Tax Distributions”); provided that no payments or distributions may be made under any provision of this Section 7.6 or otherwise (i) in the case of any Default or Event of Default having occurred and being continuing.”
		

			
	
			
				 3.
			Amendment to the Existing Collateral Agreement.  Subject to the terms and conditions of this Agreement, including, without limitation, the conditions to effectiveness set forth in Section 4 below, clause (vii) of the definition of “Excluded Assets” set forth in the proviso of Section 3.1 of the Existing Collateral Agreement is hereby amended and restated as follows:

		
			“(vii) interests in partnerships, joint ventures and non-Wholly-Owned Restricted Subsidiaries, Investments in which are permitted pursuant to Section 7.4(t) of the Credit Agreement, which interests cannot be pledged without the consent of one or more third parties except to the extent the prohibition is with respect to a tenant or any other entity under a Material Master Lease or its Subsidiaries in a Material Master Lease (unless otherwise restricted or limited by the Master Lease Intercreditor Agreements and any other intercreditor agreement entered into pursuant to Section 6.13 of the Credit Agreement) or is ineffective under the applicable anti-assignment provisions under 9-406, 9-407, 9-408 or 9-409 of the UCC or other Requirement of Law; provided that the Borrower shall use commercially reasonable efforts to obtain any required consent from the applicable third party;”
		

		
			

		 

		

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				 4.
			Conditions.  The effectiveness of this Agreement is subject to the following conditions, each in form and substance satisfactory to Administrative Agent (the date on which such conditions have been satisfied, the “Seventh Amendment Effective Date”):

			
	
			
				 (a)
			Administrative Agent shall have received a fully executed copy of this Agreement;

		
			 
		

			
	
			
				 (a)
			no Default or Event of Default shall have occurred and be continuing as of the date hereof under this Agreement, the Loan Agreement or any other Loan Document; and

		
			 
		

			
	
			
				 (a)
			Loan Parties shall have delivered such further documents, information, certificates, records and filings as Administrative Agent may reasonably request.   

		
			 
		

			
	
			
				 5.
			Reaffirmation of Loan Documents.  By executing and delivering this Agreement, each Loan Party hereby (i) reaffirms, ratifies and confirms its Obligations under the Loan Agreement, the Notes and the other Loan Documents, as applicable, (ii) agrees that this Agreement shall be a “Loan Document” under the Loan Agreement and (iii) hereby expressly agrees that the Loan Agreement, the Notes and each other Loan Document shall remain in full force and effect. 

			
	
			
				 6.
			Reaffirmation of Grant of Security Interest in Collateral.  Each Loan Party hereby expressly reaffirms, ratifies and confirms its obligations under the Guarantee and Collateral Agreement, including its mortgage, grant, pledge and hypothecation to Administrative Agent for the benefit of the Secured Parties, of the Lien on and security interest in, all of its right, title and interest in, all of the Collateral. 

			
	
			
				 7.
			Confirmation of Representations and Warranties; Liens; No Default.  Each Loan Party hereby confirms that (i) all of the representations and warranties set forth in the Loan Documents to which it is a party continue to be true and correct in all material respects as of the date hereof as if made on the date hereof and as if fully set forth herein, except to the extent (A) such representations and warranties by their terms expressly relate only to a prior date (in which case such representations and warranties shall be true and correct in all material respects as of such prior date) or (B) any such representation or warranty is no longer true, correct or complete due to the occurrence of one or more events that are permitted to occur (or are not otherwise prohibited) under the Loan Documents, (ii) there are no continuing Defaults or Events of Default that have not been waived or cured, (iii) subject to the terms and conditions of the Loan Documents, Administrative Agent has and shall continue to have valid, enforceable and perfected Liens on the Collateral with the priority set forth in the Intercreditor Agreement, for the benefit of the Secured Parties, pursuant to the Loan Documents or otherwise granted to or held by Administrative Agent, for the benefit of the Secured Parties, subject only to Liens expressly permitted pursuant to Section 7.2 of the Loan Agreement, and (iv) the agreements and obligations of Borrower and each other Loan Party contained in the Loan Documents and in this Agreement constitute the legal, valid and binding obligations of Borrower and each other Loan Party, enforceable against Borrower and each other Loan Party in accordance with their respective terms, except to the extent limited by general principles of equity and by bankruptcy, insolvency, fraudulent conveyance, or other similar laws affecting creditors’ rights generally.

			
	
			
				 8.
			No Other Amendments.  Except as expressly set forth in this Agreement, the Loan Agreement and all other Loan Documents shall remain unchanged and in full force and effect.  This Agreement shall be limited precisely and expressly as drafted and shall not be construed as consent to the amendment, restatement, modification, supplementation or waiver of any other terms or provisions of the Loan Agreement or any other Loan Document.

			
	
			
				 9.
			Costs and Expenses.  The payment of all fees, costs and expenses incurred by Administrative Agent in connection with the preparation and negotiation of this Agreement shall be 

		 

		

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	governed by Section 10.5 of the Loan Agreement, and in any event shall be paid within thirty (30) days of the Seventh Amendment Effective Date.

			
	
			
				 10.
			Governing Law.  THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.  THE JURISDICTION AND WAIVER OF RIGHT TO TRIAL BY JURY PROVISIONS IN SECTIONS 10.12 AND 10.17 OF THE LOAN AGREEMENT ARE INCORPORATED, MUTATIS MUTANDIS, HEREIN BY REFERENCE.

			
	
			
				 11.
			Successors/Assigns. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.

			
	
			
				 12.
			Headings.  Section headings in this Agreement are included for convenience of reference only and shall not constitute a part of this Agreement for any other purpose.

			
	
			
				 13.
			Counterparts.  This Agreement may be executed by one or more of the parties to this Agreement on any number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument.  Delivery of an executed signature page of this Agreement by facsimile transmission or by electronic mail in “portable document format” shall be effective as delivery of a manually executed counterpart hereof.  A copy of this Agreement signed by all the parties shall be lodged with the Borrower and Administrative Agent.

			
	
			
				 14.
			Release of Claims.  In consideration of the Lenders’ and Administrative Agent’s agreements contained in this Agreement, each Loan Party hereby releases and discharges each Lender and Administrative Agent and their affiliates, subsidiaries, successors, assigns, directors, officers, employees, agents, consultants and attorneys (each, a “Released Person”) of and from any and all claims, suits, actions, investigations, proceedings or demands, whether based in contract, tort, implied or express warranty, strict liability, criminal or civil statute or common law of any kind or character, known or unknown, which such Loan Party ever had or now has against Administrative Agent, any Lender or any other Released Person which relates, directly or indirectly, to any acts or omissions of Administrative Agent, any Lender or any other Released Person relating to the Loan Agreement or any other Loan Document on or prior to the date hereof.

		
			 
		

		
			[SIGNATURE PAGES FOLLOW]
		

		
			 
		

		
			 
		

		
			

		 

		

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			IN WITNESS WHEREOF, each of the undersigned has executed this Agreement or has caused the same to be executed by its duly authorized representatives as of the date first above written.
		

		
			 
		

		
			 
		

		
			GENESIS HEALTHCARE, INC.,
as Ultimate Parent
		

		
			 
		

		
			By:/s/ Michael Berg
Name:    Michael Berg
Title:    Assistant Secretary
		

		
			 
		

		
			 
		

		
			FC-GEN OPERATIONS INVESTMENT, LLC,
		

		
			as Borrower 
		

		
			 
		

		
			By:/s/ Michael Berg
Name:    Michael Berg
Title:    Assistant Secretary
		

		
			 
		

		
			 
		

		
			GEN OPERATIONS I, LLC,
		

		
			as Parent
		

		
			 
		

		
			By:/s/ Michael Berg
Name:    Michael Berg
Title:    Assistant Secretary
		

		
			 
		

		
			 
		

		
			GEN OPERATIONS II, LLC,
as Holdings
		

		
			 
		

		
			By:/s/ Michael Berg
Name:    Michael Berg
Title:    Assistant Secretary
		

		
			 
		

		
			 
		

		
			

		 

		

			 

		

		

		
			EACH OF THE ENTITIES LISTED ON ANNEX I ATTACHED HERETO:
		

		
			 
		

		
			By: FC-GEN OPERATIONS INVESTMENT, LLC,
		

		
			its authorized agent
		

		
			 
		

		
			 
		

		
			By:/s/ Michael Berg
Name:    Michael Berg
Title:    Assistant Secretary
		

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

			 

		

WELLTOWER INC.,
as Administrative Agent
		

		
			 
		

		
			By:/s/ Mary Ellen Pisanelli
Name:Mary Ellen Pisanelli
Title: Authorized Signatory
		

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

			 

		

HCRI TUCSON PROPERTIES, INC.,
as Lender
		

		
			 
		

		
			By:/s/ Mary Ellen Pisanelli
Name:Mary Ellen Pisanelli
Title: Authorized Signatory
		

		
			
		

		
			

		 

		

			 

		

		

		
			OHI MEZZ LENDER LLC,
		

		
			as Lender
		

		
			 
		

		
			By:/s/ Vikas Gupta
Name:Vikas Gupta
Title: Authorized Signatory
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

			 

		

		

			 

		

		

			 

		

		

		
			ANNEX I
		

		
			 
		

		
			1 EMERSON DRIVE NORTH OPERATIONS LLC
		

		
			1 EMERSON DRIVE SOUTH OPERATIONS LLC
		

		
			1 GLEN HILL ROAD OPERATIONS LLC
		

		
			1 MAGNOLIA DRIVE OPERATIONS LLC
		

		
			10 WOODLAND DRIVE OPERATIONS LLC
		

		
			100 CHAMBERS STREET OPERATIONS LLC
		

		
			100 EDELLA ROAD OPERATIONS LLC
		

		
			100 ST. CLAIRE DRIVE OPERATIONS LLC
		

		
			1000 ASSOCIATION DRIVE OPERATIONS LLC
		

		
			1000 LINCOLN DRIVE OPERATIONS LLC
		

		
			1000 ORWIGSBURG MANOR DRIVE OPERATIONS LLC
		

		
			1000 SCHUYLKILL MANOR ROAD OPERATIONS LLC
		

		
			101 13TH STREET OPERATIONS LLC
		

		
			101 MILLS PLACE OPERATIONS LLC
		

		
			1020 SOUTH MAIN STREET OPERATIONS LLC
		

		
			1080 SILVER LAKE BOULEVARD OPERATIONS LLC
		

		
			1104 WELSH ROAD OPERATIONS LLC
		

		
			1113 NORTH EASTON ROAD OPERATIONS LLC
		

		
			1145 POQUONNOCK ROAD OPERATIONS LLC 
		

		
			115 EAST MELROSE AVENUE OPERATIONS LLC
		

		
			115 SUNSET ROAD OPERATIONS LLC
		

		
			1165 EASTON AVENUE OPERATIONS LLC
		

		
			1165 EASTON AVENUE PROPERTY, LLC
		

		
			120 MURRAY STREET OPERATIONS LLC
		

		
			120 MURRAY STREET PROPERTY LLC
		

		
			1201 RURAL AVENUE OPERATIONS LLC
		

		
			12-15 SADDLE RIVER ROAD OPERATIONS LLC
		

		
			1240 PINEBROOK ROAD, LLC
		

		
			1245 CHURCH ROAD OPERATIONS LLC
		

		
			1248 HOSPITAL DRIVE OPERATIONS LLC
		

		
			1248 HOSPITAL DRIVE PROPERTY LLC
		

		
			125 HOLLY ROAD OPERATIONS LLC 
		

		
			128 EAST STATE STREET ASSOCIATES, LLC
		

		
			1350 E. LOOKOUT DRIVE OPERATIONS LLC
		

		
			1351 OLD FREEHOLD ROAD OPERATIONS LLC
		

		
			1361 ROUTE 72 WEST OPERATIONS LLC
		

		
			140 PRESCOTT STREET OPERATIONS LLC
		

		
			1405 SOUTH MONROE STREET OPERATIONS LLC
		

		
			1420 SOUTH BLACK HORSE PIKE OPERATIONS LLC
		

		
			1420 SOUTH BLACK HORSE PIKE PROPERTY, LLC
		

		
			144 MAGNOLIA DRIVE OPERATIONS LLC
		

		
			1501 SE 24TH ROAD, LLC
		

		
			1515 LAMBERTS MILL ROAD OPERATIONS LLC
		

		
			1526 LOMBARD STREET SNF OPERATIONS LLC
		

		
			1539 COUNTRY CLUB ROAD OPERATIONS LLC
		

		
			1543 COUNTRY CLUB ROAD MANOR OPERATIONS LLC
		

		
			15810 SOUTH 42ND STREET OPERATIONS LLC
		

		
			16 FUSTING AVENUE OPERATIONS LLC
		

		
			161 BAKERS RIDGE ROAD OPERATIONS LLC
		

		
			

		 

		

			 

		

		

			 

		

		

			 

		

		

		
			1631 RITTER DRIVE OPERATIONS LLC
		

		
			1650 GALISTEO STREET OPERATIONS LLC
		

		
			1660 HOSPITAL DRIVE OPERATIONS LLC
		

		
			1680 SPRING CREEK ROAD OPERATIONS LLC
		

		
			1700 PINE STREET OPERATIONS LLC
		

		
			1700 WYNWOOD DRIVE OPERATIONS LLC
		

		
			1718 SPRING CREEK ROAD OPERATIONS LLC
		

		
			1775 HUNTINGTON LANE, LLC
		

		
			1801 TURNPIKE STREET OPERATIONS LLC
		

		
			1801 WENTWORTH ROAD OPERATIONS LLC
		

		
			184 BETHLEHEM PIKE OPERATIONS LLC
		

		
			191 HACKETT HILL ROAD OPERATIONS LLC
		

		
			1980 SUNSET POINT ROAD, LLC
		

		
			2 DEER PARK DRIVE OPERATIONS LLC 
		

		
			20 SUMMIT STREET OPERATIONS LLC 
		

		
			200 MARTER AVENUE OPERATIONS LLC
		

		
			200 REYNOLDS AVENUE OPERATIONS LLC
		

		
			200 SOUTH RITCHIE AVENUE OPERATIONS LLC
		

		
			201 NEW ROAD OPERATIONS LLC
		

		
			201 WOOD STREET OPERATIONS LLC
		

		
			2015 EAST WEST HIGHWAY OPERATIONS LLC
		

		
			2015 EAST WEST HIGHWAY PROPERTY, LLC
		

		
			205 ARMSTRONG AVENUE OPERATIONS LLC
		

		
			2101 FAIRLAND ROAD OPERATIONS LLC
		

		
			215 WEST BROWN ROAD OPERATIONS LLC
		

		
			22 SOUTH STREET OPERATIONS LLC
		

		
			22 TUCK ROAD OPERATIONS LLC
		

		
			2240 WHITE HORSE MERCERVILLE ROAD OPERATIONS LLC
		

		
			225 EVERGREEN ROAD OPERATIONS LLC
		

		
			227 EVERGREEN ROAD OPERATIONS LLC
		

		
			227 PLEASANT STREET OPERATIONS LLC
		

		
			23 FAIR STREET OPERATIONS LLC
		

		
			23 FAIR STREET PROPERTY, LLC
		

		
			2305 RANCOCAS ROAD OPERATIONS LLC
		

		
			239 PLEASANT STREET OPERATIONS LLC
		

		
			24 TRUCKHOUSE ROAD OPERATIONS LLC
		

		
			25 EAST LINDSLEY ROAD OPERATIONS LLC
		

		
			2507 CHESTNUT STREET OPERATIONS LLC
		

		
			255 WEST BROWN ROAD OPERATIONS LLC
		

		
			2600 HIGHLANDS BOULEVARD, NORTH, LLC
		

		
			2601 EVESHAM ROAD OPERATIONS LLC 
		

		
			261 TERHUNE DRIVE OPERATIONS LLC
		

		
			261 TERHUNE DRIVE PROPERTY, LLC
		

		
			262 TOLL GATE ROAD OPERATIONS LLC
		

		
			2720 CHARLES TOWN ROAD OPERATIONS LLC
		

		
			279 CABOT STREET OPERATIONS LLC
		

		
			279 CABOT STREET PROPERTY LLC
		

		
			290 HANOVER STREET OPERATIONS LLC
		

		
			290 RED SCHOOL LANE OPERATIONS LLC
		

		
			2900 TWELFTH STREET NORTH, LLC
		

		
			292 APPLEGARTH ROAD OPERATIONS LLC 
		

		
			

		 

		

			 

		

		

			 

		

		

			 

		

		

		
			298 MAIN STREET OPERATIONS LLC
		

		
			3 PARK DRIVE OPERATIONS LLC
		

		
			30 PRINCETON BOULEVARD OPERATIONS LLC
		

		
			30 WEST AVENUE OPERATIONS LLC
		

		
			300 COURTRIGHT STREET OPERATIONS LLC
		

		
			300 PEARL STREET OPERATIONS LLC
		

		
			300 PEARL STREET PROPERTY LLC
		

		
			3000 BALFOUR CIRCLE OPERATIONS LLC
		

		
			3001 EVESHAM ROAD OPERATIONS LLC
		

		
			315 UPPER RIVERDALE ROAD LLC
		

		
			32 HOSPITAL HILL ROAD OPERATIONS LLC
		

		
			3227 BEL PRE ROAD OPERATIONS LLC
		

		
			329 EXEMPLA CIRCLE OPERATIONS LLC
		

		
			330 FRANKLIN TURNPIKE OPERATIONS LLC
		

		
			333 GRAND AVENUE OPERATIONS LLC
		

		
			333 GREEN END AVENUE OPERATIONS LLC
		

		
			336 SOUTH WEST END AVENUE OPERATIONS LLC
		

		
			3485 DAVISVILLE ROAD OPERATIONS LLC
		

		
			35 MARC DRIVE OPERATIONS LLC
		

		
			35 MILKSHAKE LANE OPERATIONS LLC
		

		
			350 HAWS LANE OPERATIONS LLC
		

		
			3514 FOWLER AVENUE OPERATIONS LLC
		

		
			3720 CHURCH ROCK STREET OPERATIONS LLC
		

		
			3809 BAYSHORE ROAD OPERATIONS LLC
		

		
			3865 TAMPA ROAD, LLC
		

		
			390 RED SCHOOL LANE OPERATIONS LLC
		

		
			4 HAZEL AVENUE OPERATIONS LLC
		

		
			40 PARKHURST ROAD OPERATIONS LLC
		

		
			400 29TH STREET NORTHEAST OPERATIONS LLC
		

		
			400 29TH STREET NORTHEAST PROPERTY LLC
		

		
			400 GROTON ROAD OPERATIONS LLC
		

		
			400 VISION DRIVE OPERATIONS LLC
		

		
			4140 OLD WASHINGTON HIGHWAY OPERATIONS LLC
		

		
			419 HARDING STREET OPERATIONS LLC
		

		
			422 23RD STREET OPERATIONS LLC
		

		
			44 KEYSTONE DRIVE OPERATIONS LLC
		

		
			440 NORTH RIVER STREET OPERATIONS LLC
		

		
			450 EAST PHILADELPHIA AVENUE OPERATIONS LLC
		

		
			455 BRAYTON AVENUE OPERATIONS LLC 
		

		
			4602 NORTHGATE COURT, LLC
		

		
			462 MAIN STREET OPERATIONS LLC
		

		
			464 MAIN STREET OPERATIONS LLC
		

		
			475 JACK MARTIN BOULEVARD OPERATIONS LLC
		

		
			4755 SOUTH 48TH STREET OPERATIONS LLC
		

		
			4755 SOUTH 48TH STREET PROPERTY LLC
		

		
			4901 NORTH MAIN STREET OPERATIONS LLC
		

		
			4927 VOORHEES ROAD, LLC
		

		
			50 MULBERRY TREE STREET OPERATIONS LLC
		

		
			500 EAST PHILADELPHIA AVENUE OPERATIONS LLC
		

		
			5101 NORTH PARK DRIVE OPERATIONS LLC 
		

		
			515 BRIGHTFIELD ROAD OPERATIONS LLC
		

		
			

		 

		

			 

		

		

			 

		

		

			 

		

		

		
			525 GLENBURN AVENUE OPERATIONS LLC
		

		
			530 MACOBY STREET OPERATIONS LLC
		

		
			536 RIDGE ROAD OPERATIONS LLC
		

		
			54 SHARP STREET OPERATIONS LLC 
		

		
			5485 PERKIOMEN AVENUE OPERATIONS LLC
		

		
			549 BALTIMORE PIKE OPERATIONS LLC
		

		
			55 COOPER STREET OPERATIONS LLC
		

		
			55 KONDRACKI LANE OPERATIONS LLC
		

		
			55 KONDRACKI LANE PROPERTY, LLC
		

		
			5501 PERKIOMEN AVENUE OPERATIONS LLC
		

		
			56 HAMILTON AVENUE OPERATIONS LLC
		

		
			56 WEST FREDERICK STREET OPERATIONS LLC
		

		
			59 HARRINGTON COURT OPERATIONS LLC
		

		
			590 NORTH POPLAR FORK ROAD OPERATIONS LLC
		

		
			600 PAOLI POINTE DRIVE OPERATIONS LLC
		

		
			6000 BELLONA AVENUE OPERATIONS LLC
		

		
			61 COOPER STREET OPERATIONS LLC
		

		
			610 DUTCHMAN'S LANE OPERATIONS LLC
		

		
			610 TOWNBANK ROAD OPERATIONS LLC
		

		
			613 HAMMONDS LANE OPERATIONS LLC 
		

		
			625 STATE HIGHWAY 34 OPERATIONS LLC
		

		
			63 COUNTRY VILLAGE ROAD OPERATIONS LLC
		

		
			642 METACOM AVENUE OPERATIONS LLC
		

		
			65 COOPER STREET OPERATIONS LLC
		

		
			650 EDISON AVENUE OPERATIONS LLC
		

		
			70 GILL AVENUE OPERATIONS LLC
		

		
			700 TOLL HOUSE AVENUE OPERATIONS LLC
		

		
			700 TOWN BANK ROAD OPERATIONS LLC 
		

		
			715 EAST KING STREET OPERATIONS LLC
		

		
			72 SALMON BROOK DRIVE OPERATIONS LLC
		

		
			7232 GERMAN HILL ROAD OPERATIONS LLC
		

		
			735 PUTNAM PIKE OPERATIONS LLC
		

		
			7395 W. EASTMAN PLACE OPERATIONS LLC
		

		
			740 OAK HILL ROAD OPERATIONS LLC
		

		
			740 OAK HILL ROAD PROPERTY LLC
		

		
			75 HICKLE STREET OPERATIONS LLC
		

		
			7520 SURRATTS ROAD OPERATIONS LLC
		

		
			7525 CARROLL AVENUE OPERATIONS LLC
		

		
			77 MADISON AVENUE OPERATIONS LLC
		

		
			7700 YORK ROAD OPERATIONS LLC
		

		
			777 LAFAYETTE ROAD OPERATIONS LLC
		

		
			78 OPAL STREET LLC
		

		
			8 ROSE STREET OPERATIONS LLC
		

		
			800 WEST MINER STREET OPERATIONS LLC
		

		
			8015 LAWNDALE STREET OPERATIONS LLC
		

		
			803 HACIENDA LANE OPERATIONS LLC
		

		
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			WOODSPOINT LLCExhibit 4.3

 

HAWAIIAN ELECTRIC INDUSTRIES, INC.

DIVIDEND REINVESTEMENT AND STOCK PURCHASE PLAN

(As amended and restated effective November 8, 2019)

 

PURPOSE

 

1.                                      What is the purpose of the Plan?

 

The purpose of the Dividend Reinvestment and Stock Purchase Plan (“Plan”) is to provide holders of record of Hawaiian Electric Industries, Inc. (“HEI”) common stock (“Common Stock”) and/or the preferred stock of HEI’s electric utility subsidiaries, Hawaiian Electric Company, Inc., and its subsidiaries Maui Electric Company, Limited and Hawaii Electric Light Company, Inc (“Preferred Stock”), and any other individual of legal age and any entity (“Nonholder”), with a convenient method of buying Common Stock by using their cash dividends and/or by making optional cash investments.

 

ADMINISTRATION

 

2.                                      Who administers the Plan?

 

The Plan is administered by Broadridge Corporate Issuer Solutions, Inc. (the “Administrator”), which serves as our stock transfer agent, registrar and dividend disbursing agent. The Administrator acts as agent for Plan participants and keeps records, sends statements and performs other duties relating to the Plan. HEI reserves the right to designate a new administrator at any time.

 

Open market purchases and sales of Common Stock under the Plan are made by a registered broker-dealer (which may be an affiliate of the Administrator) acting as purchasing agent for Plan participants. The Administrator has designated a registered broker-dealer to perform this function, but reserves the right to appoint a different or successor independent agent from time to time. Administrator is not acting as a broker-dealer and will not execute any purchase or sale on behalf of such persons.  Rather, the Administrator will forward requests to purchase or sell such shares to a broker-dealer appointed by the Administrator, including possibly a broker-dealer affiliated with the Administrator, who will execute the transaction.

 

3.                                      How do I contact the Administrator?

 

Written Inquiries: Hawaiian Electric Industries Shareholder Services

c/o Broadridge Corporate Issuer Solutions

P.O. Box 1342

Brentwood, NY 11717-0718

 

Street Address: Hawaiian Electric Industries Shareholder Services

c/o Broadridge Corporate Issuer Solutions

1155 Long Island Avenue

Englewood, NY 11717-8309

Attn: IWS

 

Telephone Inquiries:  Toll-Free: 866-672-5841 or 808-206-7529

Fax: 215-553-5402

Email: shareholder@broadridge.com

 

1

 

Website: www.hei.com/shareholder

 

When communicating with the Administrator, you should have available your Plan account number, taxpayer identification number, and/or the stock certificate number(s).

 

ELIGIBILITY AND ENROLLMENT

 

4.                                      Who is eligible to participate in the Plan?

 

Any person or entity, whether or not a holder of Common Stock or Preferred Stock, is eligible to join the Plan, provided that (i) such person or entity fulfills the prerequisites for participation described under Question 5 and (ii) participation by such person or entity would not violate securities or other laws of the state, territory or country where the participant resides that are applicable to HEI, the Plan or the participant. If a beneficial owner of Common Stock and/or Preferred Stock whose shares are registered in the name of another (e.g., a broker or bank nominee) would like to participate in the Plan with respect to such shares, the beneficial owner must first have the shares transferred into such beneficial owner’s name. HEI reserves the right to restrict or terminate participation in the Plan if it believes that such participation may be contrary to the general intent of the Plan or in violation of applicable law.

 

5.                                      How do I participate in the Plan?

 

Current participants — Current participants will automatically be participants in the Plan as amended to date, and need do nothing to continue their participation.

 

Current HEI Shareholders—If you are already an HEI shareholder with at least one share of Common Stock or Preferred Stock registered directly in your name, whether in certificate form, in book-entry or held electronically as direct registration shares, you may enroll in the Plan simply by completing and returning the appropriate enrollment form.

 

If you currently own shares of Common Stock or Preferred Stock that are held on your behalf by an agent, bank or broker (that is, in “street name”), you may participate in the Plan by doing either of the following:

 

·                                          Instructing your agent, bank or broker (hereafter, an “agent”) to transfer at least one of your HEI shares to an account registered in your name. You can do this by requesting your broker to transfer your shares via the Direct Registration System (DRS) directly to the books of the Administrator, registered in your name. In order to do so, you must provide your broker with the Broadridge Corporate Issuer Solutions, Inc. DTCC Transfer Agent FAST number: 7824. Once the process is completed, you will receive a transaction advice showing the deposit of shares in DRS. Upon receipt of the DRS advice, you may log into your account by going to www.hei.com/shareholder and enroll in the Plan or you can ask the Administrator to send you an enrollment package.

 

·                                          Making arrangements with your agent to participate in the Plan on your behalf, if and to the extent such agent permits beneficial owners to participate in the Plan. Participation in the Plan through an agent may be on terms and conditions that differ from those set forth in this Plan, in which case the terms and conditions set forth by such agent will govern. We are not, and will not be, responsible for the terms of any such participation, including the tax consequences thereof.

 

2

 

The term “participant” as used in this Plan refers to shareholders of record participating directly in the Plan.

 

Plan participants may send their Common Stock certificates to the Administrator for safekeeping, but doing so is not mandatory. However, in order to sell certificated shares through the Plan, it is necessary that the certificates be deposited in the Plan with the Administrator. See Questions 18 and 19.

 

Current Nonholders— If you currently hold no shares of Common Stock or Preferred Stock, you may enroll in the Plan by completing and returning an enrollment form for new investors and making an initial investment of at least $250 and not more than $300,000. Enrollment forms may be found at www.hei.com/shareholder or from the Administrator at https://stockplans.broadridge.com.  Initial enrollments for Nonholders are processed on a weekly basis and all funds are subsequently invested on the schedule set forth in Question 14.

 

6.                                      Are there any restrictions on participation in the Plan by shareholders residing outside the United States?

 

Regulations in certain countries may limit or prohibit participation in services provided under this type of program. Accordingly, in the case of citizens or residents of a country other than the United States, its territories, and possessions, the Company may determine, in its sole and absolute discretion, not to allow participation because compliance with applicable regulations is not reasonably practicable.

 

INVESTMENT OPTIONS — DIVIDEND REINVESTMENT AND OPTIONAL CASH PURCHASES

 

7.                                      What are my investment options under the Plan?

 

Participants may elect to have some or all of the dividends they receive on shares of Common Stock and/or the Preferred Stock invested in Common Stock under the Plan.  Participants may also make purchases of Common Stock through our optional cash investment feature.

 

8.                                      Must my dividends be reinvested automatically?

 

No.  Participants may elect to have cash dividends on all or a portion of the participant’s shares of Common Stock or Preferred Stock automatically reinvested.

 

Each participant may elect one of the following investment options:

 

·                  Full Dividend Reinvestment—Participant automatically reinvests cash dividends on all shares of Common Stock and Preferred Stock.

 

·                  Partial Dividend Reinvestment—Participant specifies the number of whole shares of Common Stock, and the number, class and series of whole shares of Preferred Stock, as to which the participant wishes to receive cash dividends, and automatically reinvests the remainder of the cash dividends. Participants may not exercise any partial election with respect to fractional shares.

 

·                  Optional Cash Investments Only/No Dividend Reinvestment—Participant makes optional cash investments only and receives cash dividends on all shares of Common Stock and Preferred Stock.

 

3

 

You may change your dividend reinvestment election at any time by notifying the Administrator.  For a particular dividend to be reinvested, your notification must be received prior to the record date for that dividend payment date.  Payment of any and all dividends on Common Stock is at the discretion of HEI’s Board of Directors.

 

9.                                      When will my dividends be reinvested and at what price?

 

Newly issued shares will be purchased from the Company on a dividend payment date (such date of purchase, the “Investment Date” as hereinafter defined in Question 14) and shares acquired on the open market will be purchased starting as early as two days prior to the dividend payment date.

 

The purchase price of newly issued shares of Common Stock purchased under the Plan directly from the Company will be the average of the high and low sales prices for Common Stock on the composite tape for stocks listed on the New York Stock Exchange on the business day prior to the purchase. The price of shares purchased on the open market by the independent purchasing agent with the dividend will be the weighted average price of all shares purchased with reinvested dividends. See Question 15.

 

10.                               What are the minimum and maximum amounts for optional cash investments?

 

Additional cash investments may be made in amounts of at least $25, subject to a maximum of $300,000 during any calendar year, including your initial investment, if any. In the case of Nonholders making payment by check or individual online investment, the initial cash investment must be at least $250.

 

11.                               How do I make optional cash investments?

 

Optional cash investments may be made through a variety of methods:

 

·                  By Check.  Existing Plan participants may send a personal check or cashier’s check, payable in U.S. dollars to “Broadridge.” Currency, money orders and third-party checks are not allowed. Checks may be accompanied by the appropriate section of your Plan account statement or an Optional Cash Investment coupon. Optional Cash Investment coupons can be obtained by accessing your Plan account at www.hei.com/shareholder. If you do not have a coupon, write the account number in the memo portion of your check and include a note identifying your Plan account.

 

Mail your optional cash investment to: Hawaiian Electric Industries Shareholder Services

c/o Broadridge Corporate Issuer Solutions

P.O. Box 1342

Brentwood, NY 11717-0718

 

·                  By Individual Online Investment.  You may also authorize a one-time, optional cash investment to be deducted from an account at a U. S. financial institution that is a member of the National Automated Clearing House Association. To do so, log into your account via www.hei.com/shareholder and click “Purchase Shares”. You will be re-directed to a new screen which will allow you to set a one-time investment amount and input your banking information.

 

4

 

·                  By Recurring Automatic Investments from your U.S. Bank Account. You can authorize monthly automatic investments from an account at a U.S. financial institution that is a member of the National Automated Clearing House Association. The minimum amount for monthly investments is $25. Application forms for automatic cash bank account drafts will be available from the Administrator. See Question 3 for the contact information of the Administrator. To initiate this service, you must send a completed “Automatic Investment” form to the Administrator in hard copy or complete the online form at www.hei.com/shareholder. To change any aspect of the instruction, you must send a revised “Automatic Investment” form to the Administrator or, log into your account via www.hei.com/shareholder and click “Plan Options.” To terminate automatic investments, you must notify the Administrator in writing, or log into your account via www.hei.com/shareholder. Initial set-up, changes and terminations to the monthly automatic investment instructions will be implemented as soon as practicable after receipt by the Administrator of the request.

 

See Question 14 for a discussion of when optional cash investments will be purchased.

 

12.                               How are investments for returned or “insufficient funds” handled?

 

If the Administrator does not receive credit for a cash investment because of insufficient funds or incorrect draft information, the requested purchase will be deemed void, and the Administrator will immediately remove from participant’s account any pending investment or shares already purchased upon the Administrator’s prior credit of such funds to the participant. The Administrator may also place a hold on the participant’s Plan account until an “insufficient funds” fee of $30 is received from the participant, or may sell such shares to satisfy any uncollected amounts. If the net proceeds from the sale of shares are insufficient to satisfy the balance of the uncollected amounts, the Administrator may sell additional shares from Participant’s account as necessary to satisfy the uncollected balance.

 

PURCHASE OF COMMON STOCK

 

13.                               What is the source of Common Stock purchased through the Plan?

 

Open market share purchases will be made by the Plan’s independent purchasing agent. HEI may also issue authorized but previously unissued shares to the Plan Administrator for participants.  HEI will not change the method of acquiring shares of Common Stock more than once in any three-month period.

 

Share purchases in the open market may be made on any stock exchange where Common Stock is traded or by negotiated transactions on such terms as the independent purchasing agent may reasonably determine. Neither HEI, the Plan Administrator nor any participant will have any authority or power to control or influence the timing or price at which shares may be purchased by the independent purchasing agent, the manner of effecting these purchases or the broker through which these purchases are made.

 

14.                               When will my optional cash investment be purchased?

 

Initial and optional investment purchases will occur on a weekly basis, excluding weekends or holidays. We refer to each date on which purchases are made as an “Investment Date.” An Investment Date will occur each Tuesday or, if that date is not a business day, the business day immediately following that Tuesday.  The Administrator must receive funds for initial and optional investments no later than five business days before an Investment Date for those investments to be invested in Common Stock beginning on that Investment Date. Otherwise, the Administrator may hold those funds and invest them on the next Investment Date.

 

5

 

For automatic investments, funds will be deducted from your designated account on the 25th of each month, or the immediately preceding business day if the 25th is not a business day. Funds will then be invested on the next applicable Investment Date.

 

Shares purchased from the Company shall be purchased on the applicable Investment Date.  Shares acquired on the open market will be made by the independent purchasing agent, who will start buying the shares on the Investment Date.  Shares purchased on the open market shall be purchased during the period commencing on each applicable Investment Date and ending thirty (30) days thereafter (each, an “Investment Period”).

 

No interest will be paid on amounts held by the Administrator pending investment. The Administrator may commingle each participant’s funds with those of other participants for the purpose of executing each purchase.

 

15.                               What is the price of shares purchased under the Plan?

 

Shares purchased by the independent purchasing agent in the open market on any Investment Date will be credited to a participant’s account at the weighted average price incurred to purchase all shares acquired by the independent purchasing agent on that date or, if the independent purchasing agent is unable to complete all required purchases on the Investment Date, at the weighted average price incurred to purchase all shares acquired by the independent purchasing agent during the applicable Investment Period. Brokerage commissions for these purchases will be paid by HEI. The purchase price of newly issued shares of Common Stock purchased under the Plan directly from the Company will be the average of the high and low sales prices for Common Stock on the composite tape for stocks listed on the New York Stock Exchange on the business day prior to the purchase.

 

SALE OF SHARES

 

16.                               How do I sell my Plan shares?

 

You may sell any number of shares held in your Plan account by (i) contacting the Administrator by phone at (808) 206-7529 or toll free at (866) 672-5841 and giving verbal instruction, (ii) completing the appropriate section of your Plan account statement, (iii) accessing your Plan account at www.hei.com/shareholder and submitting the number of shares to sell, or (iv) preparing a written request and sending it to the Administrator by mail or by fax at (215) 553-5402. Participants may instruct the Administrator to sell shares under the Plan through a Batch Order, Market Order or Day Limit Order. All sales options may not be available at all times. The Administrator will forward your request to the Plan’s independent purchasing agent, and the agent will sell your shares within five business days. You may have the net proceeds of any sale of your shares held under the plan remitted to you by check, via U.S. mail, or by automatic deposit in your U.S. bank account. As an added security measure, the Administrator may apply a five business-day hold period to the initial association of banking account information to investor accounts as well as changes made to established direct deposit or direct debit instructions. This hold period is a method of preventing unauthorized transactions.  For faster delivery of proceeds to be delivered by check, checks can be sent on the settlement date by an overnight courier for an additional fee of $25.00, or $30.00 for Saturday delivery.

 

Batch Order (online, by telephone or by written request) — A Batch Order is an accumulation by the Administrator of all requests to sell shares through the Plan submitted together as a collective request. Batch Orders are submitted on each trading day, assuming there are sale requests to be processed. The Administrator will forward your request to a registered broker-dealer (which registered broker-dealer may be an affiliate of the Administrator) and the broker-dealer will sell your shares, along with shares to be

 

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sold for other accounts, within five business days, assuming the applicable market is open for trading and sufficient market liquidity exists. Proceeds from the sale, less a sales fee of $15 and a brokerage commission (which commission is currently $0.12 per share but is subject to change without notice), will be sent to you on the settlement date. You may request a Batch Order sale online at www.hei.com/shareholder, by contacting the Administrator by phone at (808) 206-7529 or toll free at (866) 672-5841 or by written request. All sale requests received in writing will be submitted as Batch Order sales.

 

Market Order (as available online or by telephone) — A Market Order is a request to sell shares promptly at the then-current market price. A participant’s request to sell shares in a Market Order will be at the prevailing market price when the trade is executed. If such an order is placed during market hours (normally 9:30 a.m. to 4:00 p.m. Eastern time), the Administrator will promptly submit the shares to a registered broker-dealer (which registered broker-dealer may be an affiliate of the Administrator) for sale on the open market and the order will be executed as soon as market conditions allow. The price per share will be the market price of the sale obtained by the Administrator’s broker-dealer and is not guaranteed. Proceeds from the sale, less a market order fee of $25 and a brokerage commission (which commission is currently $0.12 per share but is subject to change without notice), will be sent to you on the settlement date. You may request a Market Order sale only online at www.hei.com/shareholder or by contacting the Administrator by phone at (808) 206-7529 or toll free at (866) 672-5841. Once entered, Market Order requests received by the Administrator during market hours are final and cannot be canceled. Sales requests submitted near or after the close of the market may be executed on the next trading day, along with other requests received after market close. Depending on the current trading activity, there may not be a market for your request and the order could be canceled at the end of the trading day. If your Market Order is canceled, you will receive an email confirmation. If your Market Order was canceled and you still want the shares to be sold, you will need to re-enter the sale request.

 

Day Limit Order (as available online or by telephone) — A Day Limit Order is an order to sell shares when and if they reach a specific trading price on a specific day. A participant’s request to sell shares in a Day Limit Order will be promptly submitted by the Administrator to a broker. The broker will execute as a Market Order when and if the stock reaches, or exceeds the specified price on the day the order was placed (or, for orders placed outside of market hours, the next trading day). All limit orders are considered irrevocable upon final submission of the order and cannot be canceled within market hours. Proceeds from the sale, less a limit order fee of $25 and a brokerage commission (which commission is currently $0.12 per share but is subject to change without notice), will be sent to you within five business days following the sale. You may request a Day Limit Order only online at www.hei.com/shareholder or by contacting the Administrator by phone at (808) 206-7529 or toll free at (866) 672-5841. Depending on the current trading activity, the entered price may not be met by the end of that trading day or there may not be a market for the request. In both cases, the order could be canceled at the end of the trading day. Should a participant submit a limit order that falls under the current trading price at the time of receipt by the broker, there is a chance the order will be canceled upon receipt if it exceeds certain pricing thresholds meant to protect you from erroneous entries. The order may also be canceled by the applicable stock exchange or by the Administrator’s broker due to certain restrictions. If your Day Limit Order is canceled, you will receive an email confirmation. If your Day Limit Order was canceled and you still want the shares to be sold, you will need to re-enter the sale request.

 

17.                               Is there a minimum number of shares that I must maintain in my account to keep it active?

 

Yes. You must maintain at least five shares of Common Stock in your Plan account. If your Plan account balance falls below five shares, the Administrator may terminate your participation in the Plan without written notice. Upon termination, your participation in the Plan will cease and your shares will be sold. A check for the value of the shares, less any fees and commissions will be mailed to the address of record. If you have a bank account on file, the funds will be deposited into your bank account.

 

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If you are a new investor who has signed up for automatic monthly investments, your Plan account will be exempt from this requirement until you accumulate five shares in your Plan account.

 

CUSTODIAL SERVICE

 

18.                               How does the custodial service (book-entry shares) work?

 

All shares of Common Stock that are purchased through the Plan will be held by the Administrator and reflected in book-entry form in the participant’s account on the records of the Administrator. A Plan participant who holds Common Stock certificates may also, at any time, deposit those certificates for safekeeping in the Plan with the Administrator, and the shares represented by the deposited certificates will be included as Plan shares in the participant’s account.

 

19.                               How do I deposit my HEI stock certificates with the Administrator?

 

To deposit certificates into the Plan, you should send your certificates, by registered and insured mail (insured for 2% of the value of the shares), to the Administrator with written instructions to deposit the shares represented by the certificates in your Plan account. The certificates should not be endorsed and the assignment section should not be completed.

 

20.                               Are there any charges associated with this custodial service?

 

No. There is no cost to you either for having the Administrator hold the shares purchased for you through the Plan or for depositing with the Administrator the Common Stock certificates you hold for the purpose of adding the shares to your Plan shares.

 

ISSUANCE OF STOCK CERTIFICATES

 

21.                               How do I request a stock certificate?

 

To request a stock certificate for any shares held in an account, Participants must send written instructions to the Administrator. All stock certificates will be issued in the account holder’s name and will be mailed via the U.S. Postal Service to the shareholder’s address on record. A $20 service fee will be charged for each stock certificate issued. The service fee should be paid through check, payable to Broadridge Corporate Issuer Solutions, Inc. (“Broadridge”) and must accompany the request for a stock certificate.

 

GIFTS AND TRANSFERS OF SHARES

 

22.                               Can I transfer shares that I hold in the Plan to someone else?

 

Yes. You may transfer ownership of some or all of your Plan shares by sending the Administrator a completed stock power transfer form. Copies of this form may be obtained from the Administrator or online at www.hei.com/shareholder.  Signatures of all registered holders must be “Medallion Guaranteed” by a financial institution participating in the Medallion Guarantee program. The Medallion Guarantee program helps to establish that the individual signing is in fact the owner as indicated on the participant’s account. Broadridge is a Paperless Legal Transfer Agent. As transfer agent, Broadridge relies on the Medallion guaranteed signature of the shareholder or his/her agent to transfer

 

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stock. Supporting legal documentation (death certificates, trusts, powers of attorney, letters of testamentary/administration, etc.) must be reviewed and maintained by the guarantor institution. Legal documents that accompany a transfer request sent to the transfer agent will not be reviewed or returned. The Medallion signature guarantee stamp can be obtained at most major banks and brokerage firms.

 

23.                               Enrolling Newly Transferred Accounts

 

You may transfer shares to new or existing shareholders. The transfer of Plan shares will automatically enroll the new account in the Plan with a full cash dividend.  Documentation to request the transfer of Plan shares can be found at www.hei.com/shareholder.

 

24.                               What about Gifts to Minors?

 

If you are transferring shares to a minor, you need to provide the state of residency for the minor and the name of the adult custodian who will be listed on the account. Once the minor has reached the age of majority, the custodian’s name can be removed by following the transfer instructions in Question 22.

 

FEES ASSOCIATED WITH THE PLAN

 

25.                               What are the fees associated with participation in the Plan?

 

Participation in the Plan is subject to the payment of certain fees as outlined below.  For the 30 days following the adoption of this Plan, the fees will be as follows:

 

	
Enrollment Fee
    	
 
    	
None
    
	
Commission for Open Market Purchase of Shares
    	
 
    	
$0.02 per share
    
	
Reinvestment of Dividends
    	
 
    	
None
    
	
Optional cash investments via check or automatic   investment
    	
 
    	
None
    
	
Safekeeping of Common Stock certificates
    	
 
    	
None
    
	
Certificate issuance
    	
 
    	
$20 per certificate
    
	
Batch Sale of shares (partial or full)
    	
 
    	
$0.10 per share
    
	
Historical Research Fee
    	
 
    	
$25 per account
    
	
Original statements
    	
 
    	
None
    
	
Duplicate statements
    	
 
    	
None
    

 

For all transactions on or after December 9, 2019 the fees will be as follows:

 

	
Enrollment Fee
    	
 
    	
Company paid
    
	
Commission for Open Market Purchase of Shares
    	
 
    	
Company paid
    
	
Reinvestment of Dividends
    	
 
    	
None
    
	
Optional cash investments via check or automatic   investment
    	
 
    	
Company paid
    
	
Safekeeping of Common Stock certificates
    	
 
    	
None
    
	
Certificate issuance
    	
 
    	
$20.00
    
	
Batch Sale of shares (partial or full)
    	
 
    	
$0.12 per share + $15 service fee
    
	
Market Order Sales
    	
 
    	
$0.12 per share + $25 service fee
    
	
Day Limit Order Sales
    	
 
    	
$0.12 per share + $25 service fee
    
	
Historical Research Fee
    	
 
    	
$25 per account
    
	
Replacement Check Fee
    	
 
    	
None
    

 

9

 

	
Returned checks due to insufficient funds, stop pay   orders, closed accounts, or failed electronic transfers due to insufficient   funds
    	
 
    	
$30.00
    
	
Failed electronic funds transfers for all other   reasons
    	
 
    	
$25.00
    
	
Original statements
    	
 
    	
None
    
	
Duplicate statements
    	
 
    	
None
    
	
Overnight delivery of sales proceeds or statements
    	
 
    	
$25.00
    
	
Saturday delivery of sales proceeds or statements
    	
 
    	
$30.00
    

 

Fees are subject to change with prior notice except for the brokerage commission fee which may change without prior notice.

 

WITHDRAWAL FROM THE PLAN

 

26.                               How do I close my Plan account?

 

You may terminate your participation in the Plan either by calling (808) 206-7529 or toll free at (866) 672-5841 and giving verbal instruction or by sending written instructions (a notice of withdrawal) to the Administrator. Written instructions can be mailed to the address provided in Question 3 or faxed to 215-553-5402. Upon termination, your whole shares will be converted to book-entry form in DRS. The DRS advice will be sent to you together with a check for the value of any fractional share, less any sales fee. Alternatively, you can have all of the shares in your Plan account sold for you as described in Question 16.

 

Any shares converted to book-entry form in DRS upon termination will be issued in the name or names in which the account is registered, unless otherwise instructed. If the shares are to be issued in a name other than the name or names on your Plan account, you must include complete transfer instructions signed by all registered shareholders. The signature(s) on the instruction letter must be “Medallion Guaranteed” by a financial institution participating in the Medallion Guarantee program. See Question 22.

 

The Administrator will process notices of withdrawal and send proceeds to you as soon as practicable, without interest. If a notice of withdrawal is received on or after an ex-dividend date but before the related dividend payment date, the withdrawal will be processed as described above and a separate dividend check will be mailed as soon as practicable following the payment date. Thereafter, cash dividends will be paid out to the shareholder and not reinvested in Common Stock.

 

If you are an active participant in the automatic investment service and request that all of your shares be sold and your Plan account be terminated, be aware that you may have a purchase pending that will result in more shares being placed in your Plan account after the original sale request has been completed. If you elect to sell but do not request termination of your Plan account, your shares will be sold and future reinvestments and any authorized investment deductions from your Plan account at a financial institution will continue.

 

ADDITIONAL INFORMATION

 

27.                               What kind of reports will be sent to participants in the Plan?

 

Statements will be sent to participants with account activity (such as purchase, sale, transfer, deposit, withdrawal of shares or dividend reinvestment) two weeks following the completion of the transaction or as soon as practicable thereafter. You should retain these statements in order to establish the cost basis of shares purchased under the Plan for income tax and other purposes. In addition, each participant will receive all communications sent to all other shareholders, such as annual reports and proxy statements or notices of availability of these documents.

 

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Please note that if you are enrolling only for dividend reinvestment, you will not receive a confirmation notice of your enrollment. Statements will be sent upon the reinvestment of any dividend.

 

28.                               Can Plan statements be sent electronically?

 

Yes. You can elect to have your Plan statements sent to you via E-delivery by logging into your Plan account at any time at www.hei.com/shareholder.

 

29.                               How would a stock split or stock dividend affect my account?

 

Any shares resulting from a stock split or stock dividend paid on shares held in custody for you by the Administrator or held by you in certificate or DRS form will be credited to your Plan book-entry position. If HEI makes a distribution on shares in a form other than cash or shares of Common Stock or Preferred Stock, you will receive the distribution in kind.

 

30.                               How do I vote my Plan shares at shareholders’ meetings?

 

As a Plan participant, you will be sent proxy materials through mail or email or we will provide you with notice and access to proxy materials in accordance with the rules and regulations of the Securities and Exchange Commission to allow you to vote the shares held by the Administrator in your Plan account. You can vote by using the Internet or telephone or by signing, dating and returning the proxy card. Fractional shares will be aggregated and voted in accordance with the participants’ directions.

 

If a participant does not provide instructions on how to vote the shares held in the Plan, participant will be deemed to have instructed HEI to instruct the Administrator to vote the shares held by the participant in the Plan in accordance with the recommendations of the Company’s Board of Directors on each issue.

 

31.                               Can the Plan be changed or discontinued?

 

HEI reserves the right to change any administrative procedures of our plan at any time. HEI reserves the right to suspend, modify or terminate the Plan at any time. All participants will receive notice of any such suspension, modification or termination. Upon termination of the Plan by HEI, whole shares held in a participant’s account under the Plan will be converted to book-entry form in DRS and a cash payment will be made for any fractional share.

 

LIMITATION OF LIABILITY

 

If you choose to participate in the Plan, you should recognize that neither HEI nor the Administrator can assure you of a profit or protect you against a loss on the shares that you purchase under the Plan.

 

Neither HEI nor the Administrator, in administering the Plan, will be liable for any act done in good faith or for any good faith omission to act, including without limitation any claim of liability arising out of failure to terminate a participant’s account upon such participant’s death, the price at which shares are purchased or sold for the participant’s account, the times when purchases or sales are made or fluctuations in the market value of Common Stock. This limitation of liability will not constitute a waiver by any participant of his or her rights under the federal securities laws.

 

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The Administrator is administering this Plan on behalf of HEI. The Administrator is not a registered broker-dealer and does not endorse or recommend the services of any brokerage company. Any shareholder utilizing the Plan will not be a brokerage customer of the Administrator. The Administrator’s role in administering the Plan is purely ministerial and clerical. Additionally, the Administrator does not warranty or guarantee execution quality or fulfillment of transaction requests.

 

Although the Plan provides for the reinvestment of dividends, the declaration and payment of Common Stock dividends will continue to be determined by HEI’s Board of Directors in its discretion, depending upon future earnings, the financial condition of HEI and other factors. The amount and timing of dividends may be changed, or the payment of dividends terminated, at any time without notice.

 

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