Document:

Exhibit

Exhibit 10.1

THIRD AMENDMENT TO MANAGEMENT AGREEMENT

THIS AMENDMENT is made as of November 6, 2019 by and among INVESCO MORTGAGE CAPITAL INC., a Maryland corporation (the “Company”), IAS OPERATING PARTNERSHIP LP, a Delaware limited partnership (the “Operating Partnership”), IAS ASSET I LLC, a Delaware limited liability company (“Asset I”) and INVESCO ADVISERS, INC., a Delaware corporation (formerly Invesco Institutional (N.A.), Inc., the “Manager”).

WHEREAS, on July 1, 2009, the Company, the Operating Partnership, Asset I and the Manager entered into that certain management agreement, as amended on May 24, 2011 and July 1, 2015 (the “Agreement”), whereby the Manager was retained to provide investment advisory services to the Company, the Operating Partnership, Asset I and any of their Subsidiaries; and

WHEREAS, the parties desire to further amend the Agreement; 

NOW THEREFORE, in consideration of the mutual agreements herein set forth, the parties hereto agree as follows:

Section 1.    Definitions.  All terms not defined herein shall have the meaning given to it in the Agreement.

Section 2.    Amendments.  The following amendments shall be effective as of October 1, 2019.

		
	(a)
	Section 1(w) of the Agreement shall be deleted in its entirety and replaced with the following:

“Management Fee” means a management fee equal to 1.50% of our Stockholders’ Equity and calculated and payable (in cash) quarterly in arrears.

		
	(b)
	Section 1(ii) of the Agreement shall be deleted in its entirety and replaced with the following:

“Stockholders’ Equity” means average month end stockholders’ equity for the prior calendar quarter as determined in accordance with U.S. generally accepted accounting principles.

Stockholders’ Equity shall exclude one-time events pursuant to changes in GAAP and certain non-cash items after discussions between the Manager and the Company’s Independent Directors and approval by a majority of the Company’s Independent Directors.”

		
	(c)
	Section 9(b) of the Agreement shall be deleted in its entirety and replaced with the following:

“Except as set forth in Section 9(a)(ii), the Company shall have no obligation to reimburse the Manager for the salaries and other compensation costs of the Manager’s personnel who provide services to the Company under this Agreement. With respect to those costs of management’s personnel, which may include compensation, set forth in Section 9(a)(ii), the Company’s share of such costs shall be based upon the percentage of working time devoted by such personnel of the Manager to the Company’s affairs as compared to working time spent on other matters for the Manager. The Manager shall provide the Company with such written detail as the Company may reasonably request to support the determination of the Company’s share of such costs. The Manager shall be responsible for the compensation paid by the Manager to its personnel serving as the Company’s Chief Executive Officer, Chief Financial Officer, Chief Investment Officer, Chief Operations Officer and the Manager’s investment professionals.”  

Section 3.    Continued Effect of Agreement.  Except as specifically amended by this Amendment, the Agreement remains unaffected and continues in full force and effect as though completely restated in this Amendment.

Section 4.    Interpretation of Amendment.  In the event of any conflict, inconsistency or incongruity between any term or condition of this Amendment and any term or condition of the Agreement, the term of this Amendment shall govern and control.

Section 5.    Governing Law.  This Amendment shall be governed by, and construed and interpreted in accordance with, the law of the State of New York, without regard to conflicts of law principles to the contrary.

Section 6.    No Waiver; Cumulative Remedies.  No failure to exercise and no delay in exercising, on the part of any party hereto, any right, remedy, power or privilege hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any 

Exhibit 10.1

other right, remedy, power or privilege.  The rights, remedies, powers and privileges herein provided are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law.  No waiver of any provision hereunder shall be effective unless it is in writing and is signed by the party asserted to have granted such waiver.

Section 7.    Headings.  The headings of the sections of this Amendment have been inserted for convenience of reference only and shall not be deemed part of this Amendment. 

Section 8.    Counterparts.  This Amendment may be executed in any number of counterparts, each of which shall be deemed to be an original as against any party whose signature appears thereon, and all of which shall together constitute one and the same instrument.  This Amendment shall become binding when one or more counterparts of this Amendment, individually or taken together, shall bear the signatures of all of the parties reflected hereon as the signatories.

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Exhibit 10.1

IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the date first written above.

INVESCO MORTGAGE CAPITAL INC.

By: /s/ John Anzalone
     Name: John Anzalone
     Title:   Chief Executive Officer

IAS OPERATING PARTNERSHIP L.P.

By:    Invesco Mortgage Capital Inc., as its general partner

By: /s/ John Anzalone
     Name: John Anzalone
     Title:   Chief Executive Officer

IAS ASSET I LLC

By:   IAS Operating Partnership L.P., as its sole member

By:   Invesco Mortgage Capital Inc., as its general partner

By: /s/ John Anzalone
     Name: John Anzalone
     Title:   Chief Executive Officer

INVESCO ADVISERS, INC.

By: /s/ Robert H, Rigsby
     Name: Robert H. Rigsby
     Title:   Senior Vice PresidentDocument

EXHIBIT 10.1

AMENDMENT NO. 1 TO SETTLEMENT AGREEMENT

This Amendment No.1 to Settlement Agreement (this “Amendment”) is entered into and effective as of September 3, 2019, by and among PG&E Corporation, a California corporation (for itself and on behalf of the Utility (as defined below), the “Company”), and BlueMountain Capital Management, LLC, a Delaware limited liability company (for itself and on behalf of BMCA (as defined below), “BlueMountain” and, together with the Company and the Utility, the “Parties”).

WHEREAS, on January 29, 2019, the Company and Pacific Gas and Electric Company, a California corporation (the “Utility”), voluntarily commenced bankruptcy cases under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Northern District of California (together with any related or ancillary proceedings, the “Chapter 11 Cases”);

WHEREAS, pursuant to Article I, Section 2 of the Bylaws of the Company, on March 1, 2019, Blue Mountain Credit Alternatives Master Fund L.P., a limited partnership organized under the laws of the Cayman Islands and managed by BlueMountain (“BMCA”), delivered written notice to the Company nominating 13 persons for election to the Board of Directors of the Company (the “Company Board”) and proposing other business for consideration at the 2019 joint annual meeting of shareholders of the Company and the Utility or any other meeting of shareholders held in lieu thereof, and any adjournments, postponements, reschedulings or continuations thereof (the “2019 Annual Meeting”), and announced its intention to solicit proxies in favor of the election of such persons to the Company Board and the approval of such other business at the 2019 Annual Meeting (the “Potential Proxy Contest”); and

WHEREAS, in settlement of the Potential Proxy Contest, the Parties entered into that certain Settlement Agreement (the “Settlement Agreement”), dated and effective as of April 22, 2019.

NOW, THEREFORE, in consideration of and reliance upon the material covenants and agreements of the Parties contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the Parties, it is hereby agreed by and among the Parties as follows:

1.Amendment to “Standstill Period” Definition. Section 4(g) of the Settlement Agreement is hereby deleted in its entirety and replaced by the following:

“(g)      For purposes of this Agreement the term “Standstill Period” shall mean the period commencing on April 22, 2019 and ending on the earliest of (i) the first anniversary of the execution and delivery of this Amendment; provided, however, that if BlueMountain is excluded from, or is not provided a meaningful opportunity to participate in, any formal, informal or ad hoc committee of shareholders of the Company in the Chapter 11 Cases at any time prior to the closing of the Chapter 11 Cases by the Company, any shareholder of the Company, any court of competent jurisdiction or any of the respective representatives of the foregoing, this clause (i) shall instead refer to the date that is thirty (30) days prior to the expiration of the Company’s advance notice period for the nomination of persons for election to the Company Board at the 2020 Annual Meeting, (ii) the effective date of any plan of reorganization in the Chapter 11 Cases that contemplates changes in the composition of either of the Boards and (iii) the occurrence of a material breach of any provision of this Agreement by the Company, the Utility, the Company Board or the Utility Board. BlueMountain shall provide written notice to the Company in the event the proviso in clause (i) above is applicable. Such notice shall not be binding on the Company and the Company retains the right to dispute such conclusion.”

1.No Further Amendments. Except as specifically set forth in this Amendment, no changes, amendments or other modifications have been or are being made to the terms of the Settlement Agreement, which such terms are hereby ratified and confirmed and remain in full force and effect.

2.Governing Law; Forum. This Agreement shall be governed by and construed in accordance with the laws of the state of California, without regard to its conflict of laws principles. Any action brought to enforce this Agreement shall be brought in the United States Bankruptcy Court for the Northern District of California or, if such court does not have jurisdiction, any federal or state court located in the state of California, and BlueMountain and the Company hereby agree and irrevocably consent to the jurisdiction of such courts and waive any objection to such venue on the grounds that it is an inconvenient forum. BlueMountain and the Company agree and consent to personal jurisdiction and venue in any such action brought in such courts and consent to service of process in any such action by registered mail.

3.Counterparts. This Agreement may be executed by the signatories hereto in separate counterparts, each of which when so executed and delivered shall be an original, but all such counterparts shall together constitute one and the same instrument. Pursuant to California Civil Code § 1633.1 et seq., the Parties confirm their agreement and intention to be bound by electronic signatures affixed to this Agreement.

[Signature Page Follows]

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

						
	PG&E CORPORATION	
		
	By:	/s/ JANET C. LODUCA
	Name:	Janet C. Loduca
	Title:	Senior Vice President and General Counsel

						
	BLUEMOUNTAIN CAPITAL MANAGEMENT, LLC	
		
	By:	/s/ DAVID O’MARA
	Name:	David O’Mara
	Title:	Deputy General Counsel

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