Document:

Exhibit 10.1

 

NINTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT

 

This Ninth Amendment to Amended and Restated Credit Agreement (this “Ninth  Amendment”) is made as of January 25, 2013, by and among GLOBAL OPERATING LLC, a Delaware limited liability company (“OLLC”), GLOBAL COMPANIES LLC, a Delaware limited liability company (“Global”), GLOBAL MONTELLO GROUP CORP., a Delaware corporation (“Montello”), GLEN HES CORP., a Delaware corporation (“Glen  Hes”), CHELSEA SANDWICH LLC, a Delaware limited liability company (“Chelsea  LLC”), GLP FINANCE CORP., a Delaware corporation (“Finance”), GLOBAL ENERGY MARKETING LLC, a Delaware limited liability company (“GEM”), GLOBAL ENERGY MARKETING II LLC, a Delaware limited liability company (“GEM II”), ALLIANCE ENERGY LLC, a Massachusetts limited liability company (“Alliance”, and, collectively with OLLC, Global, Montello, Glen Hes, Chelsea LLC, Finance, GEM and GEM II, the “Borrowers” and each a “Borrower”), GLOBAL PARTNERS LP, a Delaware limited partnership (the “MLP”), GLOBAL GP LLC, a Delaware limited liability company (the “GP” and, collectively with the MLP, the “Original  Guarantors and each individually, an “Original  Guarantor”), each “Lender” (as such term is defined in the Credit Agreement referred to below) (collectively, the “Lenders” and each individually, a “Lender”) party hereto, and Bank of America, N.A. as Administrative Agent, Swing Line Lender and L/C Issuer (as each such term is defined in the Credit Agreement), amending certain provisions of that certain Amended and Restated Credit Agreement dated as of May 14, 2010 (as amended and in effect from time to time, the “Credit  Agreement”) by and among the Borrowers, the Original Guarantors, the Lenders, the Administrative Agent, the L/C Issuer, the Swing Line Lender, JPMorgan Chase Bank, N.A. as Syndication Agent and Societe Generale, Standard Chartered Bank, Wells Fargo Bank, N.A. and RBS Citizens, National Association, as Co-Documentation Agents.  Terms not otherwise defined in the Credit Agreement shall have the same respective meanings herein as therein.

 

WHEREAS, the MLP is contemplating acquiring 100% of the Equity Interests of a Person previously identified in writing to the Administrative Agent and the Lenders (such Person being hereinafter referred to as the “Target”) for a cash purchase price of approximately $98,000,000 (the “Proposed  Target  Acquisition”) pursuant to, and in accordance with, the terms of a purchase agreement by and between the owner of the Equity Interests of the Target (the “Target  Seller”) and the MLP, as the same may be amended (the “Proposed  Target  Purchase  Agreement”); and

 

WHEREAS, upon the consummation of the Proposed Target Acquisition (such date being the “Target  Acquisition  Effective Date”), MLP will contribute 100% of the Equity Interests of the Target to one of the Borrowers (which shall be designated on or prior to the effective date of the Proposed Target Acquisition) and the Target will become a Guarantor under the Credit Agreement and the other Loan Documents;

 

WHEREAS, in connection with the Basin JV Acquisition and/or the Proposed Target Acquisition, the Borrowers have requested (a) a $115,000,000 term loan; and (b) certain modifications to the Credit Agreement relating to, among other things, the consummation of the Basin JV Acquisition and/or the Proposed Target Acquisition;

 

 

WHEREAS, the Borrowers, the Original Guarantors, the Lenders and the Administrative Agent desire to amend certain provisions of the Credit Agreement as provided more fully herein below;

 

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

 

§1.  Consent  To  Term  Loan.  The parties hereto hereby agree that (a) the Borrowers have requested a $115,000,000 term loan (the “New  Term  Loan”), which New Term Loan will be funded on the Ninth Amendment Effective Date (as hereinafter defined); (b) certain Lenders have or will, prior to the Ninth Amendment Effective Date, provide a commitment to fund the New Term Loan on the Ninth Amendment Effective Date and, on the Ninth Amendment Effective Date Schedule  2.01 to the Credit Agreement will be automatically modified to reflect the commitments of each applicable Lender which has committed to fund a portion of the New Term Loan on the Ninth Amendment Effective Date; and (c) to the extent the Ninth Amendment Effective Date does not occur by February 28, 2013, then, effective February 28, 2013, any commitment of any Lender to provide a portion of the New Term Loan shall automatically terminate on such date and no New Term Loan will be made.

 

§2.  Amendment  to  Section  1  of  the  Credit  Agreement.  Section 1.01 of the Credit Agreement is hereby amended as follows:

 

(a)                                 The definitions of “Acquisition Capital Expenditure”, “Aggregate Commitments”, “Applicable Percentage”, “Applicable Revolver Rate”, “Combined Current Assets”, “Combined Current Liabilities”, “Combined EBITDA”, “Combined Funded Debt”, “Combined Funded Senior Secured Debt”, “Combined Working Capital”, “Committed Borrowing”, “Committed Loan”, “Covenant Reduction Date”, “Loan”, “Maturity Date”, “Mortgages”, and “Net Cash Proceeds” are each hereby deleted in their entirety and restated as follows:

 

“Acquisition Capital Expenditures” means Capital Expenditures made in connection with the Warex Acquisition, the XOM Acquisition, the Alliance Acquisition, the Target Acquisition, the Basin JV Acquisition or any Permitted Acquisition.

 

“Aggregate Commitments” means, collectively, the Aggregate WC Commitment, the Aggregate Revolver Commitment and the Aggregate Term Loan Commitment, provided, that, for purposes of determining the Aggregate Term Loan Commitment for purposes of the Required Lenders and Supermajority Lenders definitions after the Term Loans have been funded, the Aggregate Term Loan Commitment shall mean the total Outstanding Amount of the Term Loans at such date of determination and each Lender’s Term Loan Commitment shall mean the total Outstanding Amount of such Lender’s Term Loan at such date of determination.

 

“Applicable Percentage” means with respect to any Lender at any time, the percentage (carried out to the ninth decimal place) of the Aggregate WC

 

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Commitments, the Aggregate Revolver Commitments or the Aggregate Term Loan Commitments, as the case may be, represented by such Lender’s WC Commitment, Revolver Commitment or Term Loan Commitment, as the case may be, at such time, subject, in each case, to adjustment as provided in Section 2.15.  If the commitment of each Lender to make Loans and the obligation of the L/C Issuer to make L/C Credit Extensions have been terminated pursuant to Section 8.02 or if the Aggregate WC Commitments, the Aggregate Revolver Commitments or the Aggregate Term Loan Commitments, as the case may be, have expired, then the Applicable Percentage of each Lender shall be determined based on the Applicable Percentage of such Lender most recently in effect, giving effect to any subsequent assignments.  The initial Applicable Percentage of each Lender for each of the WC Loans, the Revolver Loans and the Term Loan is set forth opposite the name of such Lender on Schedule 2.01 or in the Assignment and Assumption pursuant to which such Lender becomes a party hereto, as applicable.

 

“Applicable Revolver Rate” means, in respect of the Revolver Loans and the commitment fees thereon, (a) from the Ninth Amendment Effective Date to the date on which all principal and interest on the Term Loans have been repaid in full, the applicable percentage per annum set forth below under Pricing Level 5, and (b) thereafter, the applicable percentage per annum set forth below determined by reference to the Combined Total Leverage Ratio as set forth in the most recent Compliance Certificate received by the Administrative Agent pursuant to Section 6.02(b):

 

	
Pricing
   Level
    	
 
    	
Combined Total 
   Leverage Ratio
    	
 
    	
Applicable 
   Revolver 
   Rate for 
   Base Rate 
   Loans (in 
   basis 
   points)
    	
 
    	
Applicable 
   Revolver Rate for 
   Eurodollar Rate 
   Loans and Cost of 
   Funds Rate Loans 
   (in basis points)
    	
 
    	
Applicable 
   Revolver Rate for 
   commitment fees 
   (in basis points)
    
	
1
    	
 
    	
Less than 1.50:1.00
    	
 
    	
150
    	
 
    	
250
    	
 
    	
37.5
    
	
2
    	
 
    	
Greater than or equal to 1.50:1.00 but less   than 2.50:1.00
    	
 
    	
175
    	
 
    	
275
    	
 
    	
37.5
    
	
3
    	
 
    	
Greater than or equal to 2.50:1.00 but less   than 3.00:1.00
    	
 
    	
200
    	
 
    	
300
    	
 
    	
50.0
    
	
4
    	
 
    	
Greater than or equal to 3.00:1.00 but less   than 3.50:1.00
    	
 
    	
225
    	
 
    	
325
    	
 
    	
50.0
    
	
5
    	
 
    	
Greater than or equal to 3.50:1.00
    	
 
    	
250
    	
 
    	
350
    	
 
    	
50.00
    

 

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Any increase or decrease in the Applicable Revolver Rate resulting from a change in the Combined Total Leverage Ratio shall become effective as of the first Business Day immediately following the date a Compliance Certificate is delivered pursuant to Section 6.02(b); provided, however, that if a Compliance Certificate is not delivered when due in accordance with such Section, then, upon the request of the Required Lenders, the highest pricing level shall apply in respect of all the Revolver Loans and the commitment fees in respect thereof as of the first Business Day after the date on which such Compliance Certificate was required to have been delivered and in each case shall remain in effect until the date on which such Compliance Certificate is delivered.

 

Notwithstanding anything to the contrary contained in this definition, the determination of the Applicable Revolver Rate for any period shall be subject to the provisions of Section 2.09(b).

 

“Combined Current Assets” means all assets of the Loan Parties on a combined basis that are properly classified as current assets in accordance with GAAP, valued on a FIFO basis.

 

“Combined Current Liabilities” means all liabilities of the Loan Parties on a combined basis, maturing on demand or within one (1) year from the date as of which Combined Current Liabilities are to be determined, and such other liabilities as may properly be classified as current liabilities in accordance with GAAP.

 

“Combined EBITDA” means for any period, for each applicable Loan Party and its Subsidiaries on a combined basis, an amount equal to Combined Net Income for such period plus (a) the following to the extent deducted in calculating such Combined Net Income: (i) Combined Total Interest Expense for such period, (ii) the provision for Federal, state, local and foreign income taxes payable by such applicable Loan Party and its Subsidiaries for such period, (iii) depreciation and amortization expense, (iv) other non-recurring expenses of the applicable Loan Parties and their Subsidiaries reducing such Combined Net Income which do not represent a cash item in such period or any future period, (v) without duplication for any adjustments made in connection with pro forma calculations made as a result of the Alliance Acquisition, solely as it relates to the Alliance Acquisition, and solely with respect to the fiscal quarter ending immediately after the fiscal quarter in which the Alliance Acquisition occurs, cash transaction expenses relating to the Alliance Acquisition approved by the Administrative Agent and in an aggregate amount not to exceed $6,000,000 and regardless of whether such expenses were actually taken in the quarter in which the Alliance Acquisition occurred or the subsequent fiscal quarter; (vi) any equity losses in respect of unconsolidated affiliates; and (vii) without duplication, cash distributions received by any Loan Party from joint ventures (including, without limitation, the Basin JV) and minus (b) the following to the extent included in calculating such Combined Net Income: (i) Federal, state, local and foreign income tax credits of the applicable Loan Parties and their Subsidiaries for such period, (ii) all nonrecurring non-cash items increasing Combined Net Income for

 

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such period and (iii) any equity earnings in respect of unconsolidated affiliates, provided,  however, notwithstanding anything to the contrary contained herein, any gains or losses from any Dispositions shall be excluded from the calculation of Combined EBITDA.  For purposes of calculating Combined EBITDA for purposes of calculating the Combined Interest Coverage Ratio, the Combined Total Leverage Ratio or the Combined Senior Secured Leverage Ratio for any period in which (1) the Alliance Acquisition or a Permitted Acquisition has occurred, Combined EBITDA shall be adjusted in a manner which is satisfactory to the Administrative Agent in all respects to give effect to the consummation of the Alliance Acquisition or such Permitted Acquisition, as the case may be, on a pro forma basis as if the Alliance Acquisition or such Permitted Acquisition, as the case may be, had occurred on the first date of the test period; (2) the Basin JV Acquisition has occurred, Combined EBITDA shall be adjusted in a manner which is satisfactory to the Administrative Agent in all respects to give effect to such Basin JV Acquisition on a pro forma basis based on contracts in place as if such Basin JV Acquisition had occurred on the first date of the test period; and (3) the Target Acquisition has occurred, until four (4) full fiscal quarters have elapsed from the Target Acquisition Effective Date, the EBITDA of the Target shall be calculated for each such shorter period of one, two or three full fiscal quarters elapsed since the Target Acquisition Effective Date, with the relevant amount of EBITDA applicable to such short period annualized for the period of four (4) consecutive fiscal quarters for which the applicable covenant or test calculation is being performed by multiplying such relevant amount by a fraction whose numerator is four (4) and whose denominator is the actual number of elapsed full fiscal quarters and, unless the Target Acquisition Effective Date actually occurs on the first day of a fiscal quarter, the EBITDA of the Target for the period from the Target Acquisition Effective Date through the last day of the fiscal quarter in which such Target Acquisition occurred shall be $0 for purposes of calculating Combined EBITDA.

 

“Combined Funded Debt” means as of any date of determination, for the Loan Parties and their Subsidiaries on a combined basis, the sum of, without duplication, (a) the outstanding principal amount of all obligations, whether current or long-term, for borrowed money (including Obligations hereunder other than the outstanding amount of the WC Loans and the L/C Obligations) and all obligations evidenced by bonds, debentures, notes, loan agreements or other similar instruments, (b) all purchase money Indebtedness, (c) all direct obligations arising under letters of credit (including standby and commercial but excluding any L/C Obligations), bankers’ acceptances, bank guaranties, surety bonds (but only to the extent the indemnity or other payment obligation thereunder has actually arisen and is due and payable by the Loan Parties and/or their Subsidiaries) and similar instruments, (d) all obligations in respect of the deferred purchase price of property or services (other than trade accounts payable in the ordinary course of business), (e) Attributable Indebtedness in respect of capital leases and Synthetic Lease Obligations, (f) without duplication, all Guarantees with respect to outstanding Indebtedness of the types specified in clauses (a) through (e) above of Persons other than the Loan Parties or any

 

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Subsidiary, and (g) all Indebtedness of the types referred to in clauses (a) through (f) above of any partnership or joint venture (other than a joint venture that is itself a corporation or limited liability company) in which any Loan Party or a Subsidiary is a general partner or joint venturer, unless such Indebtedness is expressly made non-recourse to such Loan Party or such Subsidiary.

 

“Combined Funded Senior Secured Debt” means as of any date of determination, for the Loan Parties and their Subsidiaries on a combined basis, (a) Combined Funded Debt of any Loan Party secured by Liens on any assets of any Loan Party at such time, including Combined Funded Debt under this Agreement, plus (b) all Combined Funded Debt of any Subsidiary of a Loan Party (other than a Subsidiary which is also a Loan Party) at such time.  For the avoidance of doubt, nothing in this definition shall be construed to permit any Loan Party or any Subsidiary of any Loan Party to incur or permit Liens other than those permitted by Section  7.01.

 

“Combined Working Capital” means the excess of Combined Current Assets over Combined Current Liabilities, provided,  however, for the purposes of this definition, (a) all prepaid expenses of the Loan Parties in excess of $20,000,000 shall not be considered a Combined Current Asset hereunder regardless of how such prepaid expenses would otherwise be classified in accordance with GAAP; (b) any asset of any Loan Party which will be subsequently paid or otherwise distributed to such Loan Party’s members as a Permitted Distribution shall not be considered a Combined Current Asset hereunder regardless of how such asset would otherwise be classified in accordance with GAAP; (c) any asset of any Loan Party consisting of an intercompany receivable or other right to payment owing from another Loan Party or an Affiliate (other than the Account Receivable owing from Alliance which is included in the computation of Eligible Receivable) shall not be considered a Combined Current Asset hereunder regardless of how such asset would otherwise be classified in accordance with GAAP and (d) the aggregate amount of all WC Loans outstanding hereunder and all Revolver Loans outstanding hereunder used to fund working capital shall be deemed Combined Current Liabilities, regardless of how such outstanding amounts would otherwise be classified in accordance with GAAP.

 

“Committed Borrowing” means a borrowing consisting of simultaneous WC Loans, Revolver Loans, or Term Loans, as the case may be, of the same Type and, in the case of Eurodollar Rate Loans and Cost of Fund Rate Loans, having the same Interest Period made by each of the Lenders pursuant to Section 2.1.

 

“Committed Loan” means a WC Loan, a Revolver Loan or a Term Loan, as the context may require.

 

“Covenant Reduction Date” means the last day of the fiscal quarter in which any Loan Party either (a) receives proceeds of not less than $200,000,000 from any Equity Issuance of a Loan Party or (b) receives aggregate proceeds in

 

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an amount in excess of $200,000,000 from either (i) the issuance of the Senior Unsecured Notes or unsecured Subordinated Debt (other than that portion of an issuance used to refinance any Senior Unsecured Notes or unsecured Subordinated Debt, provided, for the avoidance of doubt, the amount of the Senior Unsecured Notes and/or unsecured Subordinated Debt so refinanced shall be included in calculating the aggregate proceeds received) or (ii) a combination of the issuance of the Senior Unsecured Notes or unsecured Subordinated Debt (other than that portion of an issuance used to refinance any Senior Unsecured Notes or unsecured Subordinated Debt, provided, for the avoidance of doubt, the amount of the Senior Unsecured Notes and/or unsecured Subordinated Debt so refinanced shall be included in calculating the aggregate proceeds received) and an Equity Issuance of a Loan Party.

 

“Loan” means an extension of credit by a Lender to the Borrowers under Article II in the form of a WC Loan, a Revolver Loan, a Swing Line Loan or a Term Loan.

 

“Maturity Date” means (a) as to the WC Loans, the Revolver Loans and the Swing Line Loans, May 14, 2015,  and (b) as to any Term Loan, the date which is 364 days from the Ninth Amendment Effective Date; provided,  however, that, in each case, if such date is not a Business Day, the applicable Maturity Date shall be the immediately preceding Business Day.

 

“Mortgages” means, collectively, the several mortgages and/or deeds of trust, dated or to be dated prior to, on or after the Closing Date, as applicable, from the applicable Borrower or Guarantor to the Administrative Agent with respect to the fee interests of the applicable Borrower or Guarantor in the Real Estate and in form and substance satisfactory to the Lenders and the Administrative Agent.

 

“Net  Cash  Proceeds” means (a) with respect to the sale of any asset by any Loan Party or any of its Subsidiaries, the excess, if any, of (i) the sum of cash and cash equivalents received in connection with such sale (including any cash received by way of deferred payment pursuant to, or by monetization of, a note receivable or otherwise, but only as and when so received) over (ii) the sum of (A) the principal amount of any Indebtedness that is secured by such asset and that is required to be repaid in connection with the sale thereof (other than Indebtedness under the Loan Documents), (B) the out-of-pocket expenses incurred by such Loan Party or such Subsidiary in connection with such sale and (C) income taxes reasonably estimated to be actually payable within two years of the date of the relevant asset sale as a result of any gain recognized in connection therewith; and (b) with respect to the sale of any capital stock or other Equity Interest by any Loan Party or the incurrence or issuance by any Loan Party or any of its Subsidiaries of any Indebtedness (other than Indebtedness expressly permitted to be incurred or issued pursuant to Sections 7.03(a), (c), (d), (e) and (f) hereof), the excess of (i) the sum of the cash and cash equivalents received in connection with such sale or issuance over (ii) the underwriting discounts and

 

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commissions, and other out-of-pocket expenses, incurred by such Loan Party or its Subsidiary in connection with such sale or issuance.

 

(b)                                 Section 1.01 is further amended by deleting the definition of “Applicable Loan Party” in its entirety.  In addition, to the extent the defined terms “Applicable Loan Party” or “Applicable Loan Parties” appear in any other definition or section of the Credit Agreement, such term shall be deleted and restated as “applicable Loan Party” or “applicable Loan Parties”, as the case may be.

 

(c)                                  Section 1.01 is further amended by inserting the following new definitions in the appropriate alphabetical order:

 

“Aggregate Term Loan Commitment” means the sum of the Term Loan Commitments of the Lenders to make the Term Loans to the Borrowers.

 

“Applicable Term Loan Rate” means, (a) in respect of that portion of the Term Loans which are Eurodollar Rate Loans or Cost of Funds Rate Loans, 350 basis points per annum and (b) in respect of that portion of the Term Loans which are Base Rate Loans, 250 basis points per annum.

 

“Ninth Amendment” means that certain Ninth Amendment to Amended and Restated Credit Agreement dated as of January 25, 2013 by and among the Borrowers, the Original Guarantors, the Lenders party thereto, the Swing Line Lender, the Administrative Agent and the L/C Issuers.

 

“Ninth Amendment Effective Date” has the meaning given such term in the Ninth Amendment.

 

“Target” means that certain limited liability company which has been previously disclosed to the Administrative Agent in writing by the Borrowers (which, for avoidance of doubt, may change its name on or after the Target Acquisition Effective Date with prior notice to the Administrative Agent).

 

“Target Acquisition” means the acquisition by MLP from the Target Seller of 100% of the Equity Interests of the Target for a cash purchase price of approximately $98,000,000, but in no event more than $105,000,000, pursuant to, and in accordance with, the terms of the Target Acquisition Agreement and the contribution by MLP on the Target Acquisition Effective Date of 100% of the Equity Interests of the Target to one of the Borrowers (which shall be designated on or prior to the Target Acquisition Effective Date).

 

“Target Acquisition Agreement” means that certain Membership Interest Purchase Agreement by and between the Target Seller and MLP, as the same may be amended.

 

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“Target Acquisition Effective Date” means the date on which the Target Acquisition has been consummated in accordance with the terms of the Target Acquisition Agreement.

 

“Target Seller” means that certain limited liability company which has been previously disclosed to the Administrative Agent in writing by the Borrowers and which, prior to the Target Acquisition Effective Date, owns 100% of the Equity Interests of the Target.

 

“Term Loan Commitment” means, as to each Lender, its obligation to make its Term Loan to the Borrowers on the Ninth Amendment Effective Date pursuant to Section  2.01(c), in an aggregate principal amount at any one time outstanding not to exceed the amount set forth opposite such Lender’s name on Schedule  2.01 or in the Assignment and Assumption pursuant to which such Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement.

 

“Term Loan Facility” means, at any time, (a) on or prior to the Ninth Amendment Effective Date, the aggregate amount of the Term Loan Commitment at such time; and (b) thereafter, the aggregate principal amount of the Term Loans of all Lenders with a Term Loan Commitment outstanding at such time.

 

“Term Loans” means an advance made by a Lender under the Term Loan Facility.  The Term Loans are Committed Loans.

 

§3.  Amendment  to  Article  II  of  the  Credit  Agreement.  Article II of the Credit Agreement is hereby amended as follows:

 

(a)                                 Section 2.01(b) of the Credit Agreement is hereby amended by deleting the last sentence of Section 2.01(b) in its entirety and restating it as follows:  “The proceeds of the Revolver Loans shall be used to fund Permitted Acquisitions, to fund the Investments by the applicable Borrowers in the Basin JV, to finance Capital Expenditures and for general corporate purposes (which, for the avoidance of doubt, can include working capital needs), provided,  however, the aggregate amount of Revolver Loans used to finance general corporate purposes shall not exceed $75,000,000 outstanding at any time and, provided,  further, that the aggregate amount of Revolver Loans used to fund the initial Investment by the applicable Borrowers in the Basin JV or to fund all or any portion of the Target Acquisition shall not exceed the aggregate amount of any repayments made on the Revolver Loan from and after the Ninth Amendment Effective Date with the proceeds of the Term Loan not otherwise used to fund the Basin JV Acquisition or the Target Acquisition, as the case may be.”

 

(b)                                 Section 2.01 of the Credit Agreement is further amended by inserting immediately after the text of Section 2.01(b) the following new paragraph:

 

(c)                                  Subject to the terms and conditions set forth herein, each Lender with a Term Loan Commitment severally agrees to make a single loan to the

 

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Borrowers on the Ninth Amendment Effective Date in an amount not to exceed such Lender’s Applicable Percentage of the Aggregate Term Loan Commitments.  The Borrowing of such Term Loan shall consist of Term Loans made simultaneously by the Lenders with a Term Loan Commitment in accordance with their respective Applicable Percentage of the Aggregate Term Loan Commitments.  Amounts borrowed under this Section 2.01(c) and repaid or prepaid may not be reborrowed.  Term Loans may be Base Rate Loans, Cost of Fund Rate Loans or Eurodollar Rate Loans, as further provided herein.  The parties hereto hereby agree that the proceeds of the Term Loans are being used to fund the first to occur of the Basin JV Acquisition or the Target Acquisition, as the case may be and, to the extent neither the Basin JV Effective Date nor the Target Acquisition Effective Date has occurred by February 28, 2013, then the Term Commitments of each Lender shall, on such date, immediately and without any further action be reduced to $0.

 

(c)                                  Section 2.02(a) of the Credit Agreement is hereby amended by deleting the words “(ii) if the Borrowers are requesting a Borrowing, whether such Borrowing is of a WC Loan or a Revolver Loan” which appear in the sixth sentence of Section 2.02(a) and substituting in place thereof the words “(ii) if the Borrowers are requesting a Borrowing, whether such Borrowing is of a WC Loan, a Term Loan or a Revolver Loan”.

 

(d)                                 Section 2.04(a) of the Credit Agreement is hereby amended by deleting the second sentence of Section 2.04(a) in its entirety and restating it as follows:  “Each such notice shall specify the date and amount of such prepayment, whether such prepayment is a prepayment of the Term Loans, the WC Loans, the Revolver Loans or some combination thereof and the Type(s) of Committed Loans to be prepaid and, if Eurodollar Rate Loans are to be prepaid, the Interest Period(s) of such Committed Loans.”

 

(e)                                  Section 2.05 of the Credit Agreement is hereby amended by inserting immediately after the text of Section 2.05(b) the following new paragraph (c):

 

(c)                                  The Borrowers may, at any time prior to the funding of the Term Loans pursuant to Section 2.01(c) hereof, upon notice to the Administrative Agent, terminate the Aggregate Term Loan Commitments, or from time to time permanently reduce the Aggregate Term Loan Commitments; provided that (i) any such notice shall be received by the Administrative Agent not later than 11:00 a.m. five Business Days prior to the date of termination or reduction, (ii) any such partial reduction shall be in an aggregate amount of $10,000,000 or any whole multiple of $1,000,000 in excess thereof, and (iii) the Borrowers shall not terminate or reduce the Aggregate Term Loan Commitments if the Term Loans have been funded or if the Borrowers have requested that the Term Loans be funded pursuant to Section 2.02(a).  The Administrative Agent will promptly notify the Lenders of any such notice of termination or reduction of the Aggregate Term Loan Commitments.  Any reduction of the Aggregate Term Loan Commitments shall be applied to the Term Loan Commitment of each Lender according to its Applicable Percentage.

 

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(f)                                   Section 2.06 of the Credit Agreement is hereby amended by inserting immediately after the text of Section 2.06(b) the following new paragraph (c):

 

(c)                                  Upon (i) the sale or issuance by any Loan Party or any of its Subsidiaries of any of its Equity Interests (other than sales or issuances of Equity Interests to another Loan Party) (an “Equity  Issuance”) or (ii) the incurrence or issuance by any Loan Party or any of its Subsidiaries of any Indebtedness (other than (x) Indebtedness expressly permitted to be incurred or issued pursuant to Sections 7.03(a), (c), (d), (e) and (f) hereof and (y) Indebtedness incurred pursuant to Section 7.03(b) hereof consisting of the Senior Unsecured Notes to the extent (and only to the extent) the proceeds thereof are being used to finance the Basin JV Acquisition and/or the Target Acquisition), the Borrowers shall prepay an aggregate principal amount of the Term Loans equal to 100% of all Net Cash Proceeds received therefrom immediately upon receipt thereof by the applicable Loan Party or such Subsidiary.

 

(g)                                  Section 2.07(b) of the Credit Agreement is hereby amended by inserting at the end of Section 2.07(b) the following sentence:  “Subject to the provisions of subsection (c) below, (i) each Term Loan which is a Eurodollar Rate Loan shall bear interest on the outstanding principal amount thereof for each Interest Period at a rate per annum equal to the Eurodollar Rate for such Interest Period plus the Applicable Term Loan Rate; (ii) each Term Loan which is a Base Rate Committed Loan shall bear interest on the outstanding principal amount thereof from the applicable borrowing date at a rate per annum equal to the Base Rate plus the Applicable Term Loan Rate; and (iii) each Term Loan which is a Cost of Funds Rate Loan shall bear interest on the outstanding principal amount thereof for each Interest Period at a rate per annum equal to the Cost of Funds Rate for such Interest Period plus the Applicable Term Loan Rate.”

 

(h)                                 Section 2.13(a) of the Credit Agreement is hereby amended by deleting the last sentence of Section 2.13(a) in its entirety and restating it as follows:  “At the time of sending such notice, the Borrowers (in consultation with the Administrative Agent) shall specify the time period within which each Lender is requested to respond (which shall in no event be less than five Business Days from the date of delivery of such notice to the Lenders).”

 

§4.  Amendment  to  Article  IV  of  the  Credit  Agreement.  Section 4.02 of Article IV of the Credit Agreement is hereby amended by inserting immediately at the end of the text of Section 4.02 the following new sentence:  “In addition, the obligation of each Lender with a Term Loan Commitment to honor any request for the Borrowing of the Term Loan shall be subject to the occurrence of the Ninth Amendment Effective Date and the satisfaction of the conditions relating to the Basin JV Acquisition or the Target Acquisition, as the case may be, that the proceeds of the Term Loan are being used to finance.”

 

§5.  Amendment  to  Article  VI  of  the  Credit  Agreement.  Article VI of the Credit Agreement is hereby amended as follows:

 

(a)                                 Section 6.11 of the Credit Agreement is hereby amended by deleting Section 6.11 in its entirety and restating it as follows:

 

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6.11                        Use of Proceeds.  Use the proceeds of (a) WC Loans solely for working capital purposes (including posting margin and the financing of Capital Expenditures other than Acquisition Capital Expenditures) and not in contravention of any Law or of any Loan Document;  (b) the Term Loans solely to fund the purchase price of the Basin JV Acquisition and/or the Target Acquisition; and (c) the Revolver Loans to fund Permitted Acquisitions, to fund the Investments by the applicable Borrowers in the Basin JV, to fund the Target Acquisition, to finance Capital Expenditures and for general corporate purposes (which, for the avoidance of doubt, can include working capital needs and the payment of Permitted Distributions and posting margin) and not in contravention of any Law or of any Loan Document, provided,  however, that the aggregate amount of Revolver Loans used to fund the initial Investment by the applicable Borrowers in the Basin JV or to fund all or any portion of the Target Acquisition shall not exceed the aggregate amount of any repayments made on the Revolver Loan from and after the Ninth Amendment Effective Date with the proceeds of the Term Loan not otherwise used to fund the Basin JV Acquisition or the Target Acquisition, as the case may be.  The Borrowers will request Letters of Credit solely to support Petroleum Product purchases and to secure bonding and performance obligations.

 

(b)                                 Section 6.13(a) of the Credit Agreement is hereby amended by inserting at the end of the text of Section 6.13(a) the following new sentence:  “In addition, notwithstanding anything to the contrary contained in this Section 6.13 or in any of the Loan Documents, the Borrowers shall be required, upon the Target Acquisition Effective Date, to immediately join the Target and any Subsidiary thereof as a Guarantor hereunder, and shall cause the Target and each of its Subsidiaries to execute and deliver to the Administrative Agent such joinder agreements and Loan Documents (including, without limitation, Security Agreements and Mortgages) as the Administrative Agent shall require or deem appropriate (including, without limitation, any document necessary to grant to the Administrative Agent, for the benefit of the Secured Parties, a first priority perfected security interest in the Target’s and each such Subsidiary’s assets) and cause the Target and each such Subsidiary to deliver to the Administrative Agent documents of the types referred to in clauses (iii) and (iv) of Section 4.01(a) and favorable opinions of counsel to such Person (which shall cover, among other things, the legality, validity, binding effect and enforceability of the documentation referred to in this sentence), all in form, content and scope reasonably satisfactory to the Administrative Agent, and Schedule 5.13 hereof shall be updated to give effect to any changes resulting from such Target Acquisition.”

 

§6.  Amendment  to  Article  VII  of  the  Credit  Agreement.  Article VII of the Credit Agreement is hereby amended as follows:

 

(a)                                 Section 7.02(j) of the Credit Agreement is hereby amended by inserting immediately after the words “the Alliance Acquisition” the words “the Target Acquisition”.

 

(b)                                 Section 7.06(b) of the Credit Agreement is hereby amended by deleting Section 7.06(b) in its entirety and restating Section 7.06(b) as follows:

 

12

 

(b)                                 (i) Mergers and consolidations permitted by Section 7.04; (ii) the Basin JV Acquisition, provided, in the case of the Basin JV Acquisition, only so long as (1) no Default or Event of Default has occurred and is continuing or would exist as a result thereof; (2) the board of directors and (if required by applicable law) the shareholders, or the equivalent thereof, of the Loan Parties and of the seller of the membership interests of the Basin JV being purchased by the Loan Parties has approved such acquisition; (3) the purchase price for the membership interests being purchased in the Basin JV Acquisition by the Loan Parties does not exceed, in the aggregate, $88,000,000; (4) the Borrowers have provided the Administrative Agent with prior written notice of the date that the Basin JV Acquisition is expected to be consummated; (5) the Basin JV Acquisition would not subject the Administrative Agent or any Lender to any additional regulatory or third party approvals in connection with the exercise of any of its rights or remedies under this Agreement or any other Loan Document; and (6) to the extent the Basin JV Acquisition is consummated prior to the Target Acquisition (in which case such Basin JV Acquisition will be funded with the proceeds of the Term Loan), all actions have been taken with respect to flood determinations as is required to comply with applicable law; and (iii) the Target Acquisition, provided, in the case of the Target Acquisition, only so long as (1) no Default or Event of Default has occurred and is continuing or would exist as a result thereof; (2) the board of directors and (if required by applicable law) the shareholders, or the equivalent thereof of the Loan Parties and of the Target Seller has approved such acquisition; (3) the Target Acquisition is consummated on substantially the terms set forth in the Target Purchase Agreement; (4) the Borrowers have provided the Administrative Agent with prior written notice of the date that the Target Acquisition is expected to be consummated; (5) the Loan Parties have complied with all provisions of the Agreement relating to the granting of security interests in the property to be acquired; (6) the Target Acquisition would not subject the Administrative Agent or any Lender to any additional regulatory or third party approvals in connection with the exercise of any of its rights or remedies under this Agreement or any other Loan Document; (7) the Administrative Agent is reasonably satisfied with the results of an environmental analysis of the Real Estate to be acquired in the Target Acquisition; and (8) to the extent the Target Acquisition is consummated prior to the Basin JV Acquisition (in which case such Target Acquisition will be funded with the proceeds of the Term Loan), all actions have been taken with respect to flood determinations as is required to comply with applicable law;

 

(c)                                  Section 7.06(c) of the Credit Agreement is hereby amended by deleting the words “other than the Warex Acquisition, the XOM Acquisition, the Alliance Acquisition and the Basin JV Acquisition,” which appear in the first sentence of Section 7.06(c) and substituting in place thereof the words “other than the Warex Acquisition, the XOM Acquisition, the Alliance Acquisition, the Target Acquisition and the Basin JV Acquisition”.

 

(f)                                   Section 7.18 of the Credit Agreement is hereby amended by deleting Section 7.18 in its entirety and restating it as follows:

 

13

 

7.18                        Financial Covenants.

 

(i)                                     Combined Working Capital.  Permit the Combined Working Capital to be less than $35,000,000 at any time.

 

(ii)                                  Combined Interest Coverage Ratio.  Permit the Combined Interest Coverage Ratio as of the end of any fiscal quarter to be less than 2.00:1.00.

 

(iii)                               Combined Senior Secured Leverage Ratio.  Permit the Combined Senior Secured Leverage Ratio (1) as of the end of any fiscal quarter ending prior to a Covenant Reduction Date to be greater than the ratio set forth below opposite such fiscal quarter:

 

	
Fiscal Quarter Ending
    	
 
    	
Combined Senior 
   Secured Leverage 
   Ratio
    
	
March 31,   2013 and June 30, 2013
    	
 
    	
3.50:1.00
    
	
September 30,   2013
    	
 
    	
3.25:1.00
    
	
December 31,   2013
    	
 
    	
3.00:1.00
    
	
March 31,   2014 and each fiscal quarter ending thereafter
    	
 
    	
2.75:1.00
    

 

and (2) as of the end of any fiscal quarter ending from the occurrence of the Covenant Reduction Date and each fiscal quarter ending thereafter to be greater than 2.75:1.00.

 

(iv)                              Combined Total Leverage Ratio.  Permit the Combined Total Leverage Ratio as at the end of (a) each of the fiscal quarters ending March 31, 2013 and June 30, 2013 to be greater than 4.25:1.00 and (b) the fiscal quarter ending September 30, 2013 and each fiscal quarter ending thereafter to be greater than 4.00:1.00.

 

§7.  Amendment  to  Article  X  of  the  Credit  Agreement.   Article X of the Credit Agreement is hereby amended as follows:

 

(a)                                 Section 10.01(b) of the Credit Agreement is hereby amended by deleting Section 10.01(b) in its entirety and restating it as follows:

 

(b)                                 extend or increase the WC Commitment, the Revolver Commitment or the Term Loan Commitment, as the case may be, of any Lender (or reinstate any WC Commitment, Revolver Commitment or Term Loan Commitment, as the case may be, terminated pursuant to Section 8.02) without the written consent of such Lender;

 

14

 

(b)                                 Section 10.06(b)(i)(A) of the Credit Agreement is hereby amended by deleting 10.06(b)(i)(A) in its entirety and restating it as follows:

 

(A)                               in the case of an assignment of the entire remaining amount of the assigning Lender’s Revolver Commitment, Term Loan Commitment or WC Commitment, as the case may be, and the Revolver Loans, Term Loans or WC Loans, as the case may be, at the time owing to it under such Revolver Commitment, Term Loan Facility or WC Commitment, as the case may be, or in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund, no minimum amount need be assigned; and

 

(c)                                  Section 10.06(b)(ii) of the Credit Agreement is hereby amended by deleting 10.06(b)(ii) in its entirety and restating it as follows:

 

(ii)                                  Non-Pro Rata Assignments.  Notwithstanding anything to the contrary contained herein, any Lender shall be permitted to make a non-pro rata assignment of any portion of the assigning Lender’s rights and obligations under this Agreement with respect to the Loans or the Commitment assigned hereunder (i.e. there shall be permitted non-pro rata assignments of the WC Commitment, the Term Loan Commitment and the Revolver Commitment and the WC Loans, the Revolver Loans and the Term Loans);

 

§8.  Conditions to Amendment Closing; Conditions to Ninth Amendment Effective Date.This Ninth Amendment will close on, and be binding on the parties, as of the date hereof, including the agreements contemplated by Section 1 hereof, but no modification or amendments contemplated by Sections 2 through 7 hereof will be effective until the Ninth Amendment Effective Date (as hereinafter defined), upon receipt by the Administrative Agent of (a) the fully-executed original counterparts of this Ninth Amendment executed by the Loan Parties, the Administrative Agent, the L/C Issuers and the required Lenders and (b) receipt by the Administrative Agent for the account of each Lender approving this Ninth Amendment and sending to the Administrative Agent its fully executed and delivered signature page hereto for receipt by the Administrative Agent by not later than 5:00 p.m. (Eastern time) on January 17, 2013, a fee in an amount of 12.5 basis points on the amount of such Lender’s WC Commitment and Revolver Commitment.  The actual funding of the Term Loan by any Lender committing thereto and the modifications and amendments contemplated by Sections 2 through 7 hereof will be effective upon the satisfaction of the following conditions (such date being hereinafter referred to as the “Ninth  Amendment  Effective  Date”) and the Administrative Agent will promptly notify each Lender of the occurrence of the Ninth Amendment Effective Date:

 

(a)                                 either the Basin JV Acquisition or the Proposed Target Acquisition (or both if such acquisitions close on the same day) has been consummated by not later than February 28, 2013 and, at the time of such consummation, (x) to the extent it is the consummation of the Basin JV Acquisition, (1) no Default or Event of Default has occurred and is continuing or would exist as a result thereof; (2) the board of directors and (if required by applicable law) the shareholders, or the equivalent thereof, of the Loan Parties and of the seller of the membership interests of the Basin JV being purchased by the Loan Parties has approved

 

15

 

such acquisition; (3) the purchase price for the membership interests being purchased in the Basin JV Acquisition by the Loan Parties does not exceed, in the aggregate, $88,000,000; (4) the Borrowers have provided the Administrative Agent with prior written notice of the date that the Basin JV Acquisition is expected to be consummated and have submitted a notice of Borrowing requesting that the New Term Loan be made on the Basin JV Effective Date; (5) the Basin JV Acquisition would not subject the Administrative Agent or any Lender to any additional regulatory or third party approvals in connection with the exercise of any of its rights or remedies under the Credit Agreement or any other Loan Document; and (6) to the extent the Basin JV Acquisition is consummated prior to the Proposed Target Acquisition (in which case such Basin JV Acquisition will be funded with the proceeds of the New Term Loan), all actions have been taken with respect to flood determinations as is required to comply with applicable law; and (y) to the extent it is the consummation of the Proposed Target Acquisition, (1) no Default or Event of Default has occurred and is continuing or would exist as a result thereof; (2) the board of directors and (if required by applicable law) the shareholders, or the equivalent thereof of the Loan Parties and of the Target Seller has approved such acquisition; (3) the Proposed Target Acquisition is consummated on substantially the terms set forth in the Proposed Target Purchase Agreement; (4) the Borrowers have provided the Administrative Agent with prior written notice of the date that the Proposed Target Acquisition is expected to be consummated and have submitted a notice of Borrowing requesting that the New Term Loan be made on the Target Acquisition Effective Date; (5) the Loan Parties have complied with all provisions of the Credit Agreement relating to the granting of security interests in the property to be acquired; (6) the Proposed Target Acquisition would not subject the Administrative Agent or any Lender to any additional regulatory or third party approvals in connection with the exercise of any of its rights or remedies under the Credit Agreement or any other Loan Document; (7) the Administrative Agent is reasonably satisfied with the results of an environmental analysis of the Real Estate to be acquired in the Proposed Target Acquisition; (8) to the extent the Proposed Target Acquisition is consummated prior to the Basin JV Acquisition (in which case such Proposed Target Acquisition will be funded with the proceeds of the New Term Loan), all actions have been taken with respect to flood determinations as is required to comply with applicable law; and (9) the Borrowers have complied with the provisions of Section 6.13(a) of the Credit Agreement with respect to the Proposed Target Acquisition; and

 

(b)                                 payment to the Administrative Agent for the accounts of the Administrative Agent and each Lender with a Term Loan Commitment of the fees contemplated by the fee letter dated as of the date hereof.

 

To the extent neither the Basin JV Acquisition nor the Proposed Target Acquisition has been consummated on or prior to February 28, 2013, then the Ninth Amendment Effective Date will not occur, no changes contemplated by Sections 2 through 7 hereof will be effected and no Lender which has committed to make a portion of the New Term Loan will be obligated to make any such New Term Loan.

 

§9.                               Representations  and  Warranties.  Each of the Loan Parties hereby repeats, on and as of the date hereof, each of the representations and warranties made by it in Article V of the Credit Agreement, provided, that all references therein to the Credit Agreement shall refer

 

16

 

to such Credit Agreement as amended hereby.  In addition, each of the Loan Parties hereby represents and warrants that the execution and delivery by such Loan Party of this Ninth Amendment and the performance by each such Loan Party of all of its agreements and obligations under the Credit Agreement as amended hereby and the other Loan Documents to which it is a party are within the corporate, partnership and/or limited liability company authority of each of the Loan Parties and have been duly authorized by all necessary corporate, partnership and/or membership action on the part of each of the Loan Parties.

 

§10.                        Ratification, Etc.  Except as expressly amended hereby, the Credit Agreement and all documents, instruments and agreements related thereto, including, but not limited to the Security Documents, are hereby ratified and confirmed in all respects and shall continue in full force and effect.  The Credit Agreement and this Ninth Amendment shall be read and construed as a single agreement.  All references in the Credit Agreement or any related agreement or instrument to the Credit Agreement shall hereafter refer to the Credit Agreement as amended hereby.  This Ninth Amendment shall constitute a Loan Document.

 

§11.                        No  Waiver.  Nothing contained herein shall constitute a waiver of, impair or otherwise affect any Obligations, any other obligation of the Loan Parties or any rights of the Administrative Agent, the L/C Issuer, the Swing Line Lender, the Syndication Agent, the Co-Documentation Agents or the Lenders consequent thereon.

 

§12.                        Counterparts.  This Ninth Amendment may be executed in one or more counterparts, each of which shall be deemed an original but which together shall constitute one and the same instrument.

 

§13.                        Governing  Law.  THIS NINTH AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (WITHOUT REFERENCE TO CONFLICT OF LAWS).

 

17

 

IN WITNESS WHEREOF, the parties hereto have executed this Ninth Amendment as a document under seal as of the date first above written.

 

	
 
    	
GLOBAL   OPERATING LLC
    
	
 
    	
By:   Global Partners LP, its sole member
    
	
 
    	
By:   Global GP LLC, its general partner
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Thomas J. Hollister
    
	
 
    	
 
    	
Title:   Chief Operating Officer and Chief Financial Officer
    
	
 
    	
 
    	
 
    
	
 
    	
GLOBAL   COMPANIES LLC
    
	
 
    	
By:   Global Operating LLC, its sole member
    
	
 
    	
By:   Global Partners LP, its sole member
    
	
 
    	
By:   Global GP LLC, its general partner
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Thomas J. Hollister
    
	
 
    	
 
    	
Title:   Chief Operating Officer and Chief Financial Officer
    
	
 
    	
 
    	
 
    
	
 
    	
GLOBAL   MONTELLO GROUP CORP.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Thomas J. Hollister
    
	
 
    	
 
    	
Title:   Chief Operating Officer and Chief Financial Officer
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
CHELSEA   SANDWICH LLC
    
	
 
    	
By:   Global Operating LLC, its sole member
    
	
 
    	
By:   Global Partners LP, its sole member
    
	
 
    	
By:   Global GP LLC, its general partner
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Thomas J. Hollister
    
	
 
    	
 
    	
Title:   Chief Operating Officer and Chief Financial Officer
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
GLEN   HES CORP.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Thomas J. Hollister
    
	
 
    	
 
    	
Title:   Chief Operating Officer and Chief Financial Officer
    

 

18

 

	
 
    	
GLP   FINANCE CORP.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Thomas J. Hollister
    
	
 
    	
 
    	
Title:   Chief Operating Officer and Chief Financial Officer
    
	
 
    	
 
    	
 
    
	
 
    	
GLOBAL   ENERGY MARKETING LLC
    
	
 
    	
By:   Global Operating LLC, its sole member
    
	
 
    	
By:   Global Partners LP, its sole member
    
	
 
    	
By:   Global GP LLC, its general partner
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Thomas J. Hollister
    
	
 
    	
 
    	
Title:   Chief Operating Officer and Chief Financial Officer
    
	
 
    	
 
    	
 
    
	
 
    	
GLOBAL   ENERGY MARKETING II LLC
    
	
 
    	
By:   Global Operating LLC, its sole member
    
	
 
    	
By:   Global Partners LP, its sole member
    
	
 
    	
By:   Global GP LLC, its general partner
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:   
    	
/s/   Edward J. Faneuil
    
	
 
    	
 
    	
Title:   Executive Vice President
    
	
 
    	
 
    	
 
    
	
 
    	
ALLIANCE   ENERGY LLC
    
	
 
    	
By:   Global Operating LLC, its sole member
    
	
 
    	
By:   Global Partners LP, its sole member
    
	
 
    	
By:   Global GP LLC, its general partner
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:   
    	
/s/   Edward J. Faneuil
    
	
 
    	
 
    	
Title:   Executive Vice President
    
	
 
    	
 
    	
 
    
	
 
    	
GLOBAL   PARTNERS LP
    
	
 
    	
By:   Global GP LLC, its general partner
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:   
    	
/s/   Edward J. Faneuil
    
	
 
    	
 
    	
Title:   Executive Vice President
    
	
 
    	
 
    	
 
    
	
 
    	
GLOBAL   GP LLC
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:   
    	
/s/   Edward J. Faneuil
    
	
 
    	
 
    	
Title:   Executive Vice President
    

 

19

	
 
    	
 
    
	
 
    	
BANK   OF AMERICA, N.A., as Administrative Agent
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   DeWayne D. Rosse
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
DeWayne   D. Rosse
    
	
 
    	
 
    	
 
    
	
 
    	
Title:
    	
Agency   Management Officer
    

 

20

 

	
 
    	
BANK   OF AMERICA, N.A., as a Lender, Swing Line Lender and L/C Issuer
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Jason Zilewicz
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
Jason   Zilewicz
    
	
 
    	
 
    	
 
    
	
 
    	
Title:
    	
Assistant   Vice President
    

 

21

 

	
 
    	
JPMORGAN   CHASE BANK, N.A., as a Lender and L/C Issuer
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Dan Bueno
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
Dan   Bueno
    
	
 
    	
 
    	
 
    
	
 
    	
Title:
    	
Vice   President
    

 

22

 

	
 
    	
WELLS   FARGO BANK, N.A., as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Daniel M. Grondin
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
Daniel   M. Grondin
    
	
 
    	
 
    	
 
    
	
 
    	
Title:
    	
Senior   Vice President
    

 

23

 

	
 
    	
SOCIETE   GENERALE, as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Chad Clark
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
Chad   Clark
    
	
 
    	
 
    	
 
    
	
 
    	
Title:
    	
Managing   Director
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Matt Worstell
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
Matt   Worstell
    
	
 
    	
 
    	
 
    
	
 
    	
Title:
    	
Vice   President
    

 

24

 

	
 
    	
STANDARD   CHARTERED BANK, as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Johanna Minaya
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
Johanna   Minaya
    
	
 
    	
 
    	
 
    
	
 
    	
Title:
    	
Associate   Director
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Robert Reddington
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
Robert   Reddington
    
	
 
    	
 
    	
 
    
	
 
    	
Title:
    	
Credit   Documentation Manager
    

 

25

 

	
 
    	
RBS   CITIZENS, NATIONAL ASSOCIATION, as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Donald A. Wright
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
Donald   A. Wright
    
	
 
    	
 
    	
 
    
	
 
    	
Title:
    	
Senior   Vice President
    

 

26

 

	
 
    	
BNP   PARIBAS, as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   A-C Mathiot
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
A-C   Mathiot
    
	
 
    	
 
    	
 
    
	
 
    	
Title:
    	
Managing   Director
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Janet Keohne
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
Janet   Keohne
    
	
 
    	
 
    	
 
    
	
 
    	
Title:
    	
Director
    

 

27

 

	
 
    	
COOPERATIEVE   CENTRALE RAIFFEISEN-BOERENLEENBANK B.A., “RABOBANK NEDERLAND” NEW YORK   BRANCH, as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Rodney P. Hutchinson
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
Rodney   P. Hutchinson
    
	
 
    	
 
    	
 
    
	
 
    	
Title:
    	
Executive   Director
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Tim Hogebrug
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
Tim   Hogebrug
    
	
 
    	
 
    	
 
    
	
 
    	
Title:
    	
Executive   Director
    

 

28

 

	
 
    	
SOVEREIGN   BANK, N.A. as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   William Maag
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
William   Maag
    
	
 
    	
 
    	
 
    
	
 
    	
Title:
    	
Senior   Vice President
    

 

29

 

	
 
    	
CREDIT   AGRICOLE CORPORATE AND INVESTMENT BANK, as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Zali Win
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
Zali   Win
    
	
 
    	
 
    	
 
    
	
 
    	
Title:
    	
Managing   Director
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Michel Kermarrec
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
Michel   Kermarrec
    
	
 
    	
 
    	
 
    
	
 
    	
Title:
    	
Vice   President
    

 

30

 

	
 
    	
KEYBANK   NATIONAL ASSOCIATION, as a Lender
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Keven D. Smith
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
Keven   D. Smith
    
	
 
    	
 
    	
 
    
	
 
    	
Title:
    	
Senior   Vice President
    

 

31

 

	
 
    	
TORONTO   DOMINION (NEW YORK) LLC, as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Vicki Ferguson
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
Vicki   Ferguson
    
	
 
    	
 
    	
 
    
	
 
    	
Title:
    	
Authorized   Signatory
    

 

32

 

	
 
    	
RB   INTERNATIONAL FINANCE (USA) LLC, as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Astrid Wilke
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
Astrid   Wilke
    
	
 
    	
 
    	
 
    
	
 
    	
Title:
    	
Group   Vice President
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Joyce Marie Gapay
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
Joyce   Marie Gapay
    
	
 
    	
 
    	
 
    
	
 
    	
Title:
    	
Vice   President
    

 

33

 

	
 
    	
RAYMOND   JAMES BANK, FSB, as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Scott G. Axelrod
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
Scott   G. Axelrod
    
	
 
    	
 
    	
 
    
	
 
    	
Title:
    	
Vice   President
    

 

34

 

	
 
    	
BARCLAYS   BANK PLC, as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Sreedhar R. Kona
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
Sreedhar   R. Kona
    
	
 
    	
 
    	
 
    
	
 
    	
Title:
    	
Assistant   Vice President
    

 

35

 

	
 
    	
WEBSTER   BANK NATIONAL ASSOCIATION, as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Carol Carver
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
Carol   Carver
    
	
 
    	
 
    	
 
    
	
 
    	
Title:
    	
Vice   President
    

 

36

 

	
 
    	
NATIXIS,   NEW YORK BRANCH, as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   David Pershad
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
David   Pershad
    
	
 
    	
 
    	
 
    
	
 
    	
Title:
    	
Managing   Director
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Carla Gray
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
Carla   Gray
    
	
 
    	
 
    	
 
    
	
 
    	
Title:
    	
Director
    

 

37

 

	
 
    	
BMO   HARRIS FINANCING, INC., as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Kevin Utsey
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
Kevin   Utsey
    
	
 
    	
 
    	
 
    
	
 
    	
Title:
    	
Director
    

 

38

 

	
 
    	
SUMITOMO   MITSUI BANKING CORPORATION, as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Shuji Yabe
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
Shuji   Yabe
    
	
 
    	
 
    	
 
    
	
 
    	
Title:
    	
Managing   Director
    

 

39

 

	
 
    	
DEUTSCHE   BANK, NEW YORK BRANCH, as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Chris Chapman
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
Chris   Chapman
    
	
 
    	
 
    	
 
    
	
 
    	
Title:
    	
Director
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Juan-Jose Mejia
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
Juan-Jose   Mejia
    
	
 
    	
 
    	
 
    
	
 
    	
Title:
    	
Director
    

 

40

 

	
 
    	
TD   BANK, N.A., as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Marla Willner
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
Marla   Willner
    
	
 
    	
 
    	
 
    
	
 
    	
Title:
    	
Executive   Vice President
    

 

41

 

	
 
    	
PEOPLE’S   UNITED BANK, as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Matthew Leighton
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
Matthew   Leighton
    
	
 
    	
 
    	
 
    
	
 
    	
Title:
    	
Vice   President
    

 

42

 

	
 
    	
THE   HUNTINGTON NATIONAL BANK, as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Jared Shaner
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
Jared   Shaner
    
	
 
    	
 
    	
 
    
	
 
    	
Title:
    	
Authorized   Signer
    

 

43

 

	
 
    	
BLUE   HILLS BANK, as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Kelley Keefe
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
Kelley   Keefe
    
	
 
    	
 
    	
 
    
	
 
    	
Title:
    	
Vice   President
    

 

44

 

	
 
    	
THE   BANK OF TOKYO-MITSUBISHI UFJ, LTD., 
   as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Chan K. Park
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
Chan   K. Park
    
	
 
    	
 
    	
 
    
	
 
    	
Title:
    	
Managing   Director
    

 

45

 

	
 
    	
FIRST   NIAGARA BANK, N.A. as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Robert Dellatorre
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
Robert   Dellatorre
    
	
 
    	
 
    	
 
    
	
 
    	
Title:
    	
Vice   President
    

 

46

 

RATIFICATION OF GUARANTY

 

Each of the undersigned guarantors (each a “Guarantor”) hereby acknowledges and consents to the foregoing Ninth Amendment as of January 25, 2013, and agrees that each of (a) the Amended and Restated Guaranty dated as of May 14, 2010 (as amended and in effect from time to time, the “Original  Guaranty”) from each of Global Partners LP and Global GP LLC and (b) the Guaranty dated as of March 1, 2012 (as amended and in effect from time to time, the “Alliance  Guaranty”) from Bursaw Oil LLC remains in full force and effect, and each of the Guarantors confirms and ratifies all of its obligations thereunder and under each of the other Loan Documents to which such Guarantor is a party. Notwithstanding anything to the contrary contained herein, the parties thereto hereby acknowledge, agree and confirm that as of the date hereof, each of the Original Guaranty and the Alliance Guaranty remains in full force and effect.

 

	
 
    	
GLOBAL   PARTNERS LP
    
	
 
    	
By: Global   GP LLC, its general partner
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Edward J. Faneuil
    
	
 
    	
 
    	
Title:   Executive Vice President
    
	
 
    	
 
    	
 
    
	
 
    	
GLOBAL   GP LLC
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Edward J. Faneuil
    
	
 
    	
 
    	
Title:   Executive Vice President
    
	
 
    	
 
    	
 
    
	
 
    	
BURSAW   OIL LLC
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Edward J. Faneuil
    
	
 
    	
 
    	
Title:   Executive Vice President
    

 

47exhibit101.htm

Exhibit 10.1

 

E-WASTE SYSTEMS, INC.

2012 AMENDED AND RESTATED

EQUITY COMPENSATION PLAN

(AMENDMENT 1)

Article 1.  Purpose; Effective Date.  The purpose of this 2012 Amended and Restated Equity Compensation Plan (Amendment 1) (“Plan”) is (a) to ensure the retention of the services of existing executive personnel, key employees, and directors of E-Waste Systems, Inc. (“Company”) or its affiliates; (b) to attract and retain competent new executive personnel, key employees, and directors; (c) to provide incentive to all such personnel, employees and directors to devote their utmost effort and skill to the advancement and betterment of the Company, by permitting them to
participate in the ownership of the Company and thereby in the success and increased value of the Company; (d) to allow vendors, service providers, consultants, business associates, strategic partners, and others with, or that the Board of Directors anticipates will have, an important business relationship with the Company or its affiliates, the opportunity to participate in the ownership of the Company and thereby to have an interest in the success and increased value of the Company; and (e) to compensate service providers, consultants, business associates and strategic partners who have provided services to the Company and who are willing to receive compensation for services rendered in the form of the Company’s common stock ("Common Stock"), Common Stock subject to conditions ("Restricted Shares") or options to purchase Common Stock ("Options").

Article 2.  Administration.  The Plan shall be administered by a committee ("Committee") consisting of not less than one director of the Company as designated by the Board of Directors of the Company ("Board"). The Board may from time to time remove members from the Committee, fill all vacancies in the Committee, however caused, and may select one of the members of the Committee as its Chairman. Any action of the Committee shall be taken by a majority vote or the unanimous written consent of the Committee members. The Committee shall hold meetings at such times and places as it may determine,
shall keep minutes of its meetings, and shall adopt, amend, and revoke such rules and procedures as it may deem appropriate with respect to the Plan.

Article 3.  Maximum Number of Shares Subject to the Plan. The shares of common stock which may be issued under the Plan shall be authorized and unissued Common Stock.  The maximum aggregate number of shares of Common Stock which may be issued under the Plan shall be Twenty Million (20,000,000) shares.  The shares of Common Stock to be issued as Restricted Shares, or to be issued upon the exercise of Options may be authorized but unissued shares or shares reacquired by the Company.  If the conditions associated with the grant of Restricted Shares are not achieved within the
period specified for satisfaction of the applicable conditions, or if the Restricted Shares or Options grant terminates for any reason before the date on which the conditions must be satisfied, the shares of Common Stock associated with such Restricted Shares shall cease to reduce the number of shares available for purposes of the Plan.

 

 

 

 

  

Page 1 of 6

  

Article 4.  Eligibility and Participation.  Officers, employees, directors (whether employee directors or non-employee directors), and independent contractors or agents of the Company or its subsidiaries ("Subsidiaries") who are responsible for or contribute to the management, growth, or profitability of the business of the Company or its Subsidiaries shall be eligible to participate in the Plan to the extent designated by the Committee in its sole and complete discretion ("Participants").  For purposes of this Plan, the term
"Subsidiary" shall mean any corporation (other than the Company) in an unbroken chain of corporations beginning with the Company, if each of the corporations other than the last corporation in the unbroken chain owns stock possessing 50% or more of the total combined voting power of all classes of stock in one of the other corporations in such chain. A corporation that attains the status of a Subsidiary on a date after the adoption of this Plan shall be considered a Subsidiary commencing as of such date.

Article 5.  Effective Date and Term of Plan.  This Plan shall become effective upon its adoption by the Board of Directors of the Company subject to, if shareholder approval shall be required by law or regulation, approval of this Plan by a majority of the stockholders of the Company voting in person or by proxy at a meeting of the stockholders or by written consent, which approval must be obtained within 12 months following adoption of the Plan by the Board of Directors. The Plan shall continue in effect for a term of 10 years.

Article 6.  Adjustments.  If the then outstanding shares of Common Stock are increased, decreased, changed or exchanged for a different number or kind of shares or securities through merger, consolidation, combination, exchange of shares, other reorganization, recapitalization, reclassification, stock dividend, stock split or reverse stock split, then an appropriate and proportionate adjustment shall be made in the maximum number and kind of shares or securities as to which Shares and Restricted Shares may be granted under this Plan. A corresponding adjustment changing the number and kind of
shares or securities allocated to Shares, Restricted Shares, or portions thereof, which shall have been granted prior to any such change, shall likewise be made.

Article 7.  Privileges of Stock Ownership.  Notwithstanding the achievement of any conditions specified in any Option or Restricted Share grant pursuant to the terms of this Plan, no Participant shall have any of the rights or privileges of a stockholder of the Company with respect to any shares of Common Stock issuable upon the satisfaction of his or her Restricted Share conditions until certificates representing the shares have been issued and delivered. No shares shall be required to be issued and delivered upon satisfaction of any conditions with respect to a Restricted Share unless and
until all of the requirements of law and of all regulatory agencies having jurisdiction over the issuance and delivery of the securities shall have been fully complied with.

Article 8.  Reservation of Shares of Common Stock.  The Company, during the term of this Plan, shall at all times reserve and keep available such number of shares of its Common Stock as shall be sufficient to satisfy the requirements of the Plan. In addition, the Company shall from time to time, as is necessary to accomplish the purposes of this Plan, seek or obtain from any regulatory agency having jurisdiction any requisite authority in order to issue and sell shares of Common Stock hereunder. The inability of the Company to obtain from any regulatory agency the authority deemed by the
Company's counsel to be necessary to the lawful issuance and sale of any Common Stock hereunder shall relieve the Company of any liability in respect of the failure to issue or sell the stock for which the requisite authority was not obtained.

 

 

 

 

  

Page 2 of 6

  

Article 9.  Tax Withholding.  The Committee or its designee shall have the right to determine the amount of any Federal, state or local required withholding tax, and may require that any such required withholding tax be satisfied by withholding shares of Common Stock or other amounts which would otherwise be payable under this Plan.

Article 10.  Compliance with Securities Laws.  Shares of Common Stock shall not be issued under the Plan unless the issuance and delivery of those shares shall comply will all relevant provisions of state and federal law including, without limitation, the Securities Act of 1933, as amended (the “Act”), the rules and regulations promulgated thereunder, and the requirements of any stock exchange upon which the shares may then be listed, and shall be further subject to the approval of counsel for the Company with respect to such compliance. Unless the Common Stock to be issued shall
have been registered under the Act, the Committee may also require an individual to furnish evidence satisfactory to the Company, including a written and signed representation letter and consent to be bound by any transfer restriction imposed by law, legend, condition, or otherwise, that the shares are being purchased only for investment and without any present intention to sell or distribute the shares in violation of any state or federal law, rule or regulation. Further, an individual shall consent to the imposition of a legend on the shares of Common Stock relating to his or her Restricted Shares restricting their transferability as required by law or by this Article 10.

Article 11.  Corporate Reorganization.  In the event of any change in corporate capitalization (including, but not limited to, a change in the number of shares of Common Stock outstanding), such as a stock split or a corporate transaction, such as any merger, consolidation, separation, including a spin-off, or other distribution of stock or property of the Company, any reorganization (whether or not such reorganization comes within the definition of such term in Section 368 of the Internal Revenue Code) or any partial or complete liquidation of the Company, (a "Corporate Reorganization), the
Committee or the Board may make such substitution or adjustments in the aggregate number and kind of shares reserved for issuance under this Plan, and the maximum limitation on the number of awards that may be granted to any participant, in the number and kind of shares subject to other outstanding awards granted under this Plan and/or such other equitable substitution or adjustments as it may determine to be appropriate in its sole discretion; provided, however, that the  number of shares subject to any award shall always be a whole number.

Article 12.  Performance Share Awards.  The Committee may make awards ("Performance Share Awards") in Common Stock subject to conditions established by the Committee that may include attainment of specific Performance Objectives (as defined below). Performance Share Awards may include the awarding of additional shares upon attainment of the specified Performance Objectives. Any Restricted Share Award which is conditioned upon attainment of specific Performance Objectives shall have a minimum performance period of one year.

 

 

 

 

  

Page 3 of 6

  

Article 13.  Performance Objectives.  Performance objectives that may be used under this Plan include Net Income, Pretax Income, Consolidated Operating Income, Segment Operating Income, Return on Equity, Operating Income Return on Net Capital Employed, Return on Assets, Cash Flow, Working Capital, Share Appreciation, Total Shareholder Return, Total Business Return (calculated utilizing Earnings Before Interest, Taxes, Depreciation and Amortization and cash flow) and Earnings Per Share of Common Stock of the Company (the "Performance Objectives").

Article 14.  Restricted Share Awards.  The Committee may make awards in Common Stock subject to conditions, if any, established by the Committee which may include continued service with the Company or its subsidiaries ("Restricted Share Awards"). Each Restricted Share shall be evidenced by a Restricted Share agreement between the grantee ("Holder") and the Company. The terms and conditions of Restricted Shares granted under the Plan shall be determined by the Committee in its sole and complete discretion. Each Restricted Share shall be subject to all applicable terms and conditions of the Plan
and may be subject to other terms and conditions not inconsistent with the Plan. The terms and conditions may differ as between Restricted Shares.  Each Restricted Share grant shall provide to the Holder the transfer of a specified number of shares of Common Stock that shall become non- forfeitable upon the achievement of specified service or performance conditions within a specified period ("Restriction Period") as determined by the Committee. (The Committee may also determine to grant shares without such restrictions).  At the time that the Restricted Share grant is made, the Committee shall specify the service or performance conditions and the period of duration over which the conditions apply. The date of grant of a Restricted Share shall be the date on which the Committee makes the determination to grant the Restricted Share, unless otherwise specified by the
Committee.

 

 

Article 15.  Shares and Options in Compensation for Services.  The Committee may make awards in Common Stock or Options to compensate service providers, consultants, business associates and strategic partners who have provided services to the Company and who are willing to receive compensation for services rendered in the form of the Company’s Common Stock; provided that, there is a written agreement for such services and; further provided that, in the event that the shares to be issued have been registered under the Act,  the nature of the services rendered are not ineligible
pursuant to Securities and Exchange Commission Releases 33-7646 and 33-7647.  All such Common Stock issued in compensation shall be valued at the Fair Market Value of the shares at the time of issuance.

           Article 16.  Committee’s Determination.  The Committee's determinations under this Plan including without limitation, determinations of the employees to receive awards or grants, the form, amount and timing of such awards or grants, the terms and provisions of such awards or grants and the agreements evidencing same, and the establishment of Performance Objectives need not be uniform and may be made by the Committee selectively among employees who receive, or are eligible to receive awards or grants under this Plan whether or not such employees are similarly situated. The
Committee may, with the consent of the participant, modify any determination it previously made.

 

 

 

 

  

Page 4 of 6

  

Article 17.  Leave of Absence of Other Change in Employment Status.  The Committee shall be entitled to make such rules, regulations and determinations as it deems appropriate under this Plan in respect of any leave of absence taken by an employee or any other change in employment status, such as a change from full time employment to a consulting relationship, of an employee relative to any grant or award. Without limiting the generality of the foregoing, the Committee shall be entitled to determine (i) whether or not any such leave of absence or other change in employment status shall
constitute a termination of employment within the meaning of this Plan and (ii) the impact, if any, of any such leave of absence or other change in employment status on awards under this Plan theretofore made to any employee who takes such leave of absence or otherwise changes his or her employment status.

Article 18.  Retention of Shares.  If shares of Common Stock are awarded subject to attainment of Performance Objectives, continued service with the Company or other conditions, the shares may be registered in the employees' names when initially awarded, but possession of certificates for the shares shall be retained by the Secretary of the Company for the benefit of the employees, or shares may be registered in book entry form only, in both cases subject to the terms of this Plan and the conditions of the particular awards.

Article 19.  Dividends and Voting.  The Committee may permit each participant to receive or accrue dividends and other distributions made with respect to such awards under such terms and conditions as in its discretion it deems appropriate. With respect to shares actually issued, the Committee under such terms and conditions as in its discretion it deems appropriate, may permit the participant to vote or execute proxies with respect to such registered shares.

Article 20.  Forfeiture of Awards.  Any awards or parts thereof made under this Plan which are subject to Performance Objectives or other conditions which are not satisfied, shall be forfeited, and any shares of Common Stock issued shall revert to the Treasury of the Company.

Article 21.  Continued Employment.  Nothing in this Plan or in any agreement entered into pursuant to this Plan shall confer upon any employee the right to continue in the employment of the Company or affect any right which the Company  may have to terminate the employment of such employee.

Article 22.  Compliance with Laws and Regulations. Notwithstanding any other provisions of this Plan, the issuance or delivery of any shares may be postponed for such period as may be required to comply with any applicable requirements of any national securities exchange or any requirements under any other law or regulation applicable to the issuance or delivery of such shares, and the Company shall not be obligated to issue or deliver any such shares if the issuance or delivery thereof shall constitute a violation of any provision of any law or any regulation of any governmental authority, whether
foreign or domestic, or any national securities exchange.

 

 

 

 

  

Page 5 of 6

  

Article 23.  Fair Market Value.  For all purposes of this Plan, the fair market value of a share of Common Stock shall be the mean of the high and low prices of Common Stock on the relevant date (as of 4:00 P.M. Eastern Standard Time) as reported by the exchange or quotation medium on which the Company's common stock is listed or, if no sale was made on such date, then on the next preceding day on which such a sale was made; provided, however, that with respect to any grant of an award during 2012, the fair market value of a share of Common Stock shall be the mean of the average of the closing
prices of Common Stock over the 10-trading-day period ending on the relevant date.

Article 24.  Amendment.  The Board of Directors of the Company may alter or amend this Plan, in whole or in part, from time to time, or terminate this Plan at any time; provided, however, that no such action shall adversely affect any rights or obligations with respect to awards previously made under this Plan unless the action is taken in order to comply with applicable law, stock exchange rules or accounting rules; and, provided, further, that in the event that shareholder approval shall be required by law, no amendment which has the effect of increasing the number of shares subject to this
Plan (other than in connection with a Corporate Reorganization) shall be made without the approval of the Company's shareholders.

Article 25.  Governing Law. The provisions of this Plan shall be governed by and interpreted in accordance with the laws of the State of Nevada, United States of America, without regard to any applicable conflicts of law and without regard to the fact that any party is or may become a resident of a different state or county.

 

 

 

 

 

  

Page 6 of 6

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