Document:

Exhibit 4.5

 

ATLANTIC POWER CORPORATION

 

 

AND

 

 

COMPUTERSHARE TRUST COMPANY OF CANADA

 

 

AND

 

 

COMPUTERSHARE TRUST COMPANY, N.A.

 

 

FOURTH SUPPLEMENTAL INDENTURE

 

TO TRUST INDENTURE DATED DECEMBER 17, 2009

 

 

NOVEMBER 29, 2012

 

 

TABLE OF CONTENTS

 

	
ARTICLE 1 INTERPRETATION
    	
 
    	
2
    
	
1.1
    	
Interpretation
    	
 
    	
2
    
	
1.2
    	
Headings, Etc.
    	
 
    	
3
    
	
1.3
    	
Applicable Law
    	
 
    	
3
    
	
1.4
    	
Monetary References
    	
 
    	
3
    
	
1.5
    	
Invalidity/Severability
    	
 
    	
3
    
	
1.6
    	
Time of Essence
    	
 
    	
3
    
	
1.7
    	
Language
    	
 
    	
3
    
	
1.8
    	
Successors and Assigns
    	
 
    	
4
    
	
1.9
    	
Benefits of Supplemental   Indenture
    	
 
    	
4
    
	
ARTICLE 2 APPOINTMENT OF   U.S. TRUSTEE
    	
 
    	
4
    
	
2.1
    	
Appointment and Acceptance   of U.S. Trustee
    	
 
    	
4
    
	
ARTICLE 3 SUPPLEMENTS TO   ORIGINAL INDENTURE
    	
 
    	
4
    
	
3.1
    	
Supplements to the Original   Indenture
    	
 
    	
4
    
	
ARTICLE 4 CONFIRMATION OF   ORIGINAL INDENTURE
    	
 
    	
10
    
	
4.1
    	
Confirmation of Original   Indenture
    	
 
    	
10
    
	
ARTICLE 5 ACCEPTANCE OF   TRUST BY THE CANADIAN TRUSTEE AND THE U.S. TRUSTEE
    	
 
    	
11
    
	
5.1
    	
Acceptance of Trust
    	
 
    	
11
    
	
ARTICLE 6 MISCELLANEOUS
    	
 
    	
11
    
	
6.1
    	
The Debenture Trustee
    	
 
    	
11
    
	
6.2
    	
Representations of the   Company
    	
 
    	
11
    
	
ARTICLE 7 EXECUTION AND   FORMAL DATE
    	
 
    	
11
    
	
7.1
    	
Execution
    	
 
    	
11
    
	
7.2
    	
Formal Date
    	
 
    	
12
    

 

 

ATLANTIC POWER CORPORATION

 

FOURTH SUPPLEMENTAL INDENTURE

 

This Fourth Supplemental Indenture is made as of the 29th day of November, 2012.

 

B E T W E E N:

 

ATLANTIC POWER CORPORATION, a corporation continued under the laws of the Province of British Columbia

 

(the “Company”)

 

- and -

 

COMPUTERSHARE TRUST COMPANY OF CANADA, a trust company authorized to carry on business in all of the provinces and territories of Canada

 

(the “Canadian Trustee”)

 

- and -

 

COMPUTERSHARE TRUST COMPANY, N.A., a trust company authorized to carry on business in the United States

 

(the “U.S. Trustee”)

 

WHEREAS:

 

A.                                    By a trust indenture made as of December 17, 2009 between the Company and the Canadian Trustee (the “Original Indenture”), provision was made for the issuance of Debentures (as defined below) in one or more series, unlimited as to aggregate principal amount but issuable only upon and subject to the conditions and limitations therein set forth;

 

B.                                    Pursuant to the Original Indenture, the Company issued $86.25 million 6.25% Convertible Unsecured Subordinated Debentures due March 15, 2017 (the “Series A Debentures”);

 

C.                                    The Company and the Canadian Trustee entered into a first supplemental indenture (the “First Supplemental Indenture”) dated as of October 20, 2010, pursuant to which the Company issued $80.5 million 5.60% Series B Convertible Unsecured Subordinated Debentures due June 30, 2017 (the “Series B Debentures”);

 

D.                                    The Company and the Canadian Trustee entered into a second supplemental indenture (the “Second Supplemental Indenture”) dated as of July 5, 2012, pursuant to which the 

 

 

Company issued US$130 million 5.75% Series C Convertible Unsecured Subordinated Debentures due June 30, 2019 (the “Series C Debentures”);

 

E.                                     The Company and the Canadian Trustee entered into a Third Supplemental Indenture (the “Third Supplemental Indenture”) dated as of August 17, 2012 to revise the Stock Price Adjustment (as defined therein);

 

F.                                      Section 2.2(i) of the Original Indenture provides, among other things, that subject to the provisions thereof, the Company may appoint any trustees with respect to the Debentures of any particular series, pursuant to one or more indentures supplemental thereto, prior to the initial issuance thereof;

 

G.                                    Pursuant to the United States Trust Indenture Act of 1939, as amended (the “Trust Indenture Act”), a corporation organized and doing business under the laws of the United States, or of any state or territory thereof, or of the District of Columbia is required to be appointed as an additional trustee under the Original Indenture in respect of Debentures to be created and issued hereafter.

 

H.                                   The Company desires to provide for the appointment of the U.S. Trustee as an additional trustee of any such series of Debentures to be created and issued hereafter pursuant to the terms of the Original Indenture;

 

I.                                        The parties hereto are desirous of supplementing and amending the Original Indenture in accordance with the terms hereof; and

 

J.                                        The foregoing recitals are made as representations and statements of fact by the Company and not by the Canadian Trustee or the U.S. Trustee.

 

NOW THEREFORE it is hereby covenanted, agreed and declared as follows:

 

ARTICLE 1
 INTERPRETATION

 

1.1                               Interpretation

 

This Fourth Supplemental Indenture amends and is supplemental to the Original Indenture and shall be read in conjunction therewith.  Except only insofar as the Original Indenture may be inconsistent with the express provisions of this Fourth Supplemental Indenture, in which case the terms of this Fourth Supplemental Indenture shall govern and supersede those contained in the Original Indenture only to the extent of such inconsistency, this Fourth Supplemental Indenture shall henceforth have effect so far as practicable as if all the provisions of the Original Indenture and this Fourth Supplemental Indenture were contained in one instrument.  The expressions used in this Fourth Supplemental Indenture that are defined in the Original Indenture shall, except as otherwise provided herein, have the respective meanings ascribed to them in the Original Indenture and the interpretation provisions of section 1.3 of the Original Indenture shall apply to this Fourth Supplemental Indenture mutatis mutandis.  Unless otherwise stated, any reference in this Fourth Supplemental Indenture to an Article, Section or Schedule shall be interpreted as a reference to the stated Article, Section of or Schedule to, this Fourth Supplemental Indenture. 

 

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The Original Indenture together with this Fourth Supplemental Indenture is hereinafter sometime collectively referred to as the “Indenture”.

 

1.2                               Headings, Etc.

 

The division of this Fourth Supplemental Indenture into Articles and Sections, the provision of a Table of Contents and the insertion of headings are for convenience of reference only and shall not affect the construction or interpretation of this Fourth Supplemental Indenture.

 

1.3                               Applicable Law

 

This Fourth Supplemental Indenture shall be construed in accordance with the laws of the Province of Ontario and the laws of Canada applicable therein and shall be treated in all respects as Ontario contracts; provided, that the rights, protections, duties, obligations and immunities of the U.S. Trustee hereunder shall be governed by and construed under the laws of the State of New York.  The Company hereby irrevocably attorns to the jurisdiction of the courts of the Province of Ontario.  This Fourth Supplemental Indenture shall also incorporate and be governed by the provisions of the Trust Indenture Act that are required to be part of and to govern indentures qualified under the Trust Indenture Act.  If any provision of this Fourth Supplemental Indenture limits, qualifies or conflicts with another provision hereof that is required to be included in this Fourth Supplemental Indenture by any of the provisions of the Trust Indenture Act, such required provision of the Trust Indenture Act shall prevail but only to the extent of such limitation, qualification or conflict.  For greater certainty, notwithstanding the foregoing, the exercise, performance or discharge by the Canadian Trustee of any of its rights, powers, duties or responsibilities hereunder shall be construed in accordance with the laws of the Province of Ontario and the federal laws of Canada applicable thereto.

 

1.4                               Monetary References

 

Whenever any amounts of money are referred to herein, such amounts shall be deemed to be in lawful money of Canada unless otherwise expressed.

 

1.5                               Invalidity/Severability

 

In case any provision in this Fourth Supplemental Indenture shall be invalid, illegal, prohibited or unenforceable, such provision shall be deemed to be severed herefrom and shall be ineffective only to the extent of such prohibition or unenforceability.  The validity, legality and enforceability of the remaining provisions shall not in any way be affected, prejudiced or impaired thereby.

 

1.6                               Time of Essence

 

Time shall be of the essence of this Fourth Supplemental Indenture.

 

1.7                               Language

 

Each of the parties hereto hereby acknowledges that it has consented to and requested that this Supplemental Indenture and all documents relating thereto, be drawn up in the English language only.

 

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Les parties aux présents reconnaissent avoir accepté et demandé que le présent acte de fiducie et tous les documents s’y rapportant, soient rédigés en langue anglaise seulement.

 

1.8                               Successors and Assigns

 

All covenants and agreements in this Fourth Supplemental Indenture by the Company shall bind its respective successors and assigns, whether expressed or not. All covenants and agreements in this Fourth Supplemental Indenture by either the Canadian Trustee or the U.S. Trustee shall bind its successors, whether expressed or not.

 

1.9                               Benefits of Supplemental Indenture

 

Nothing in this Fourth Supplemental Indenture, express or implied, shall give to any Person, other than the parties hereto and their successors hereunder, any paying agent, the holders of Debentures, the Senior Creditors (to the extent provided in Article 5 of the Original Indenture only), and (to the extent provided in Section 8.11 of the Original Indenture) the holders of Common Shares, any benefit or any legal or equitable right, remedy or claim under this Fourth Supplemental Indenture.

 

ARTICLE 2
 APPOINTMENT OF U.S. TRUSTEE

 

2.1                               Appointment and Acceptance of U.S. Trustee

 

The Company hereby appoints the U.S. Trustee as an additional trustee with the Canadian Trustee with respect to any series of Debentures to be created and issued hereafter pursuant to the terms of the Indenture and any indenture supplemental thereto.  The U.S. Trustee hereby accepts the foregoing appointment, and agrees to act as an additional trustee with the Canadian Trustee for any such series of Debentures and, as such, agrees to become a party to, and be bound by the terms and provisions of, the Indenture as a trustee. The U.S. Trustee and the Canadian Trustee may share the rights, powers, duties and obligations conferred or imposed upon them by the Indenture, except where explicitly noted or where the Trust Indenture Act mandates the U.S. Trustee to act.  The parties acknowledge that the Canadian Trustee shall continue as trustee under the Original Indenture, as supplemented by related supplemental indentures, for the Series A Debentures, the Series B Debentures and the Series C Debentures and the rights, powers, trusts and duties of the Canadian Trustee with respect to such Debentures shall continue to be vested in the Canadian Trustee.

 

ARTICLE 3
 SUPPLEMENTS TO ORIGINAL INDENTURE

 

3.1                               Supplements to the Original Indenture

 

With respect to any series of Debentures to be created and issued after the date of this Fourth Supplemental Indenture only, the Original Indenture is hereby supplemented and amended as follows:

 

(a)                                 by deleting the following words on page 1 of the Original Indenture:

 

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“COMPUTERSHARE TRUST COMPANY OF CANADA, a trust company authorized to carry on business in all of the provinces and territories of Canada

 

(the “Debenture Trustee”)”

 

and replacing them with the following:

 

“COMPUTERSHARE TRUST COMPANY OF CANADA, a trust company authorized to carry on business in all of the provinces and territories of Canada

 

(the “Canadian Trustee”)

 

- and -

 

“COMPUTERSHARE TRUST COMPANY, N.A., a trust company authorized to carry on business in the United States

 

(the “U.S. Trustee”)”;

 

(b)                                 by deleting section 1.1 (hh) of the Original Indenture in its entirety and replacing it with the following:

 

“(hh)                                                                    “Debenture Trustee” means, with respect to any series of Debentures created and issued after the date of the Fourth Supplemental Indenture, the Canadian Trustee and the U.S. Trustee;”;

 

(c)                                  by adding the following definitions to section 1.1 of the Original Indenture:

 

“(j.1)                                                                    “Canadian Trustee” means Computershare Trust Company of Canada and includes any successor or successors or any other Canadian trustee subsequently appointed pursuant to Section 15.2;

 

(xxx.1)                                                         “Series B Debentures” means the series of debentures in aggregate principal amount of up to $80.5 million designated as “5.60% Series B Convertible Unsecured Subordinated Debentures due June 30, 2017” and issued on October 20, 2010;

 

(xxx.2)                                                         “Series C Debentures” means the series of debentures in aggregate principal amount of up to US$130 million designated as “5.75% Series C Convertible Unsecured Subordinated Debentures due June 30, 2019” and issued on July 5, 2012;

 

(eeee.1)                                                      “Trust Indenture Act” means the United States Trust Indenture Act of 1939, as amended;

 

(eeee.2)                                                      “Trust Indenture Legislation” means, at any time, statutory provisions relating to trust indentures and the rights, duties, and obligations of trustees under the trust indentures and of bodies 

 

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corporate issuing debt obligations under trust indentures to the extent that such provisions are at such time in force and applicable to this Indenture, and as at the date of the Fourth Supplemental Indenture means (i) the applicable provisions of the Business Corporations Act (Ontario) and the Business Corporations Act (British Columbia) and any statute that may be substituted therefor as from time to time amended, and any other similar statute of Canada or a province or territory thereof, and of regulations under any such statute, and (ii) the Trust Indenture Act.

 

(hhhh.1)                                                  “U.S. Trustee” means Computershare Trust Company, N.A. and includes any successor or successors or any other U.S. trustee subsequently appointed pursuant to Section 15.2;”;

 

(d)                                 by deleting section 1.2(c) of the Original Indenture in its entirety and replacing it with the following:

 

(c)                                  for the purposes of any provision of this Indenture entitling holders of outstanding Debentures to vote, sign consents, requisitions or other instruments or take any other action under this Indenture, or to constitute a quorum of any meeting of Debentureholders, Debentures owned directly or indirectly, legally or equitably, by the Company shall be disregarded except that:

 

(i)                                     for the purpose of determining whether the Debenture Trustee shall be protected in relying on any such vote, consent, acquisition or other instrument or action, or on the holders of Debentures present or represented at any meeting of Debentureholders, only the Debentures which the Debenture Trustee knows are so owned shall be so disregarded; and

 

(ii)                                  Debentures so owned shall not be disregarded if they are the only Debentures outstanding.”;

 

(e)                                  by deleting section 1.6 of the Original Indenture in its entirety and replacing it with:

 

“1.6                         Applicable Law

 

This Indenture and the Debentures shall be construed in accordance with the laws of the Province of Ontario and the laws of Canada applicable therein and shall be treated in all respects as Ontario contracts; provided, that the rights, protections, duties, obligations and immunities of the U.S. Trustee hereunder shall be governed by and construed under the laws of the State of New York.  This Indenture shall also incorporate and be governed by the provisions of the Trust Indenture Act that are required to be part of and to govern indentures qualified under the Trust Indenture Act, which, for greater certainty, shall include the provisions of section 315 of the Trust Indenture Act (except for the optional 

 

6

 

provision of section 315b of the Trust Indenture Act allowing a trustee to withhold notice of a default).  If any provision of this Indenture or the Debentures limits, qualifies or conflicts with another provision hereof that is required to be included in this Indenture by any of the provisions of the Trust Indenture Act, such required provision of the Trust Indenture Act shall prevail but only to the extent of such limitation, qualification or conflict.  For greater certainty, notwithstanding the foregoing, the exercise, performance or discharge by the Canadian Trustee of any of its rights, powers, duties or responsibilities hereunder shall be construed in accordance with the laws of the Province of Ontario and the federal laws of Canada applicable thereto.”;

 

(f)                                   by adding the words “or Golden, Colorado” immediately after the words “Toronto, Ontario” in section 3.1(a) of the Original Indenture;

 

(g)                                  by adding the words “, Ontario or Golden, Colorado” immediately after the words “in Toronto” in sections 3.2(a) and 3.6(b) of the Original Indenture;

 

(h)                                 by deleting the words “the Trustee” and replacing them with “the Debenture Trustee” in sections 5.5 and 11.1 of the Original Indenture;

 

(i)                                     by adding the following words at the end of section 8.2 of the Original Indenture:

 

“Section 315(b) of the Trust Indenture Act does not apply to this Section 8.2.”;

 

(j)                                    by deleting the words “for the purpose of enforcing payment of the principal of or premium (if any) or interest on the Debentures or” in section 8.5 of the Original Indenture;

 

(k)                                 by adding the following as new section 8.13 of the Original Indenture:

 

“8.13                  Rights of Debentureholders to Receive Payment

 

Notwithstanding any other provision of this Indenture, the right of any Debentureholder to receive payment of Principal of or interest, if any, on such Debenture on or after the respective due dates expressed on such Debenture, or to bring suit for the enforcement of any such payment on or after such respective dates, shall not be impaired or affected without the consent of such Debentureholder.”;

 

(l)                                     by deleting section 14.1 of the Original Indenture in its entirety and replacing it with the following:

 

“14.1                  Notice to the Company and the Debenture Trustee

 

Any notice to the Company or to the Debenture Trustee (on its own account or on behalf of the Debentureholders) under the provisions of this Indenture shall be valid and effective if delivered to the Company at One Federal Street, 30th Floor, Boston, MA, 02110, Attention: Chief Executive Officer, Fax: (617) 531-6359 with a copy delivered to Goodmans LLP, at Bay Adelaide Centre,

 

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333 Bay Street, Suite 3400, Toronto, Ontario M5H 2S7 Attention: William Gorman, Fax: (416) 979-1234, if delivered to the Canadian Trustee at Computershare Trust Company of Canada, 100 University Avenue, 9th Floor, Toronto, Ontario, M5J 2Y1, Attention: Manager, Corporate Trust, Fax: (416) 981-9777, and if delivered to the U.S. Trustee at Computershare Trust Company, N.A., 350 Indiana Street, Suite 750, Golden, Colorado 80401, Attention: Corporate Trust, Fax: (303) 262-0608 with a copy delivered to Computershare Trust Company, N.A., 480 Washington Blvd., Jersey City, New Jersey, 07310, Fax: (201) 680-4610  or if given by registered letter, postage prepaid, or facsimile transmission to such offices and so addressed and if mailed, shall be deemed to have been effectively given three days following the mailing thereof or if sent by facsimile transmission on the first Business Day after confirmed transmission.  The Company may from time to time notify the Debenture Trustee in writing of a change of address which thereafter, until changed by like notice, shall be the address of the Company for all purposes of this Indenture.”;

 

(m)                             by deleting the first paragraph of section 15.1 of the Original Indenture in its entirety and replacing it with the following:

 

“The Company acknowledges that the Canadian Trustee is acting as indenture trustee with respect to the 11% secured subordinated notes issued by the Company, the Initial Debentures, the Series B Debentures and the Series C Debentures.  The Company hereby agrees and consents to the appointment of each of the Canadian Trustee and the U.S. Trustee pursuant to this Indenture.”;

 

(n)                                 by deleting section 15.2 of the Original Indenture in its entirety and replacing it with the following:

 

“15.2                  Replacement of Debenture Trustee

 

Each of the Canadian Trustee and the U.S. Trustee may resign its trust and be discharged from all further duties and liabilities hereunder by giving to the Company 30 days notice in writing or such shorter notice as the Company may accept as sufficient.  If at any time a material conflict of interest exists in either the Canadian Trustee’s or the U.S. Trustee’s role as a fiduciary hereunder the Canadian Trustee or the U.S. Trustee, as the case may be, shall, within 30 days after ascertaining that such a material conflict of interest exists, either eliminate such material conflict of interest or resign in the manner and with the effect specified in this Section 15.2.  The validity and enforceability of this Indenture and of the Debentures issued hereunder shall not be affected in any manner whatsoever by reason only that such a material conflict of interest exists.  In the event of the Canadian Trustee or the U.S. Trustee resigning or being removed or being dissolved, becoming bankrupt, going into liquidation or otherwise becoming incapable of acting hereunder, the Company shall forthwith appoint a new Canadian Trustee or U.S. Trustee, as applicable, unless a new Canadian Trustee or U.S. Trustee, as applicable, has already been appointed by the Debentureholders.  Failing such appointment by the Company, the retiring Canadian Trustee or U.S. Trustee, as the case may be, or any Debentureholder

 

8

 

may apply to a Judge of the Ontario Superior Court of Justice, on such notice as such Judge may direct at the Company’s expense, for the appointment of a new Canadian Trustee or U.S. Trustee, as applicable, but any new Canadian Trustee or U.S. Trustee, as applicable, so appointed by the Company or by the Court shall be subject to removal as aforesaid by the Debentureholders and the appointment of such new Canadian Trustee or U.S. Trustee, as applicable, shall be effective only upon such new Canadian Trustee or U.S. Trustee, as applicable, becoming bound by this Indenture.  Any new Canadian Trustee appointed under any provision of this Section 15.2 shall be a corporation authorized to carry on the business of a trust company in all of the provinces and territories of Canada.  Any new U.S. Trustee appointed under any provision of this Section 15.2 shall be a corporation authorized to carry on the business of a trust company in the United States.  On any new appointment the new Canadian Trustee or U.S. Trustee, as the case may be, shall be vested with the same powers, rights, duties and responsibilities as if it had been originally named herein as Canadian Trustee or U.S. Trustee, as applicable.

 

Any company into which the Canadian Trustee or U.S. Trustee may be merged or, with or to which it may be consolidated, amalgamated or sold, or any company resulting from any merger, consolidation, sale or amalgamation to which the Canadian Trustee or U.S. Trustee shall be a party, or any company succeeding to the corporate trust business of the Canadian Trustee or U.S. Trustee shall be the successor trustee under this Indenture without the execution of any instrument or any further act.  Nevertheless, upon the written request of the successor Canadian Trustee or U.S. Trustee, or of the Company, the Canadian Trustee or U.S. Debenture Trustee, as the case may be, ceasing to act shall execute and deliver an instrument assigning and transferring to such successor Canadian Trustee or U.S. Trustee, as applicable, upon the trusts herein expressed, all the rights, powers and trusts of the Canadian Trustee or U.S. Trustee, as the case may be, so ceasing to act, and shall duly assign, transfer and deliver all property and money held by such Canadian Trustee or U.S. Trustee, as applicable, to the successor Canadian Trustee or U.S. Trustee, as applicable, so appointed in its place.  Should any deed, conveyance or instrument in writing from the Company be required by any new Canadian Trustee or U.S. Trustee, as the case may be, for more fully and certainly vesting in and confirming to it such estates, properties, rights, powers and trusts, then any and all such deeds, conveyances and instruments in writing shall on request of said new Canadian Trustee or U.S. Trustee, as applicable, be made, executed, acknowledged and delivered by the Company.”;

 

(o)                                 by deleting the words “For the purpose of this Section, “Affiliate” means affiliated companies within the meaning of the Business Corporations Act (Ontario) (“OBCA”) and includes Computershare Investor Services Inc. and each of their affiliates within the meaning of the OBCA” in section 15.9 of the Original Indenture;

 

(p)                                 by deleting section 15.17 of the Original Indenture in its entirety and replacing it with the following:

 

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“15.17           Authority to Carry on Business

 

The Canadian Trustee represents to the Company that at the date of execution and delivery by it of this Indenture it is authorized to carry on the business of a trust company in all of the provinces and territories of Canada.  The U.S. Trustee represents to the Company that at the date of execution and delivery by it of this Indenture it is a corporation organized and doing business under the laws of the United States, or of any state or territory thereof, or of the District of Columbia. If, notwithstanding the provisions of this Section 15.13, either the Canadian Trustee or the U.S. Trustee ceases to be so authorized to carry on business, the validity and enforceability of this Indenture and the securities issued hereunder shall not be affected in any manner whatsoever by reason only of such event but the Canadian Trustee or the U.S. Trustee, as applicable, shall, within 90 days after ceasing to be authorized to carry on the business of a trust company in any of the provinces or territories of Canada or in the United States, respectively, either become so authorized or resign in the manner and with the effect specified in Section 15.2.”; and

 

(q)                                 by adding the following as a new section 15.24 of the Original Indenture:

 

“15.24           Joint Trustees

 

The rights, powers, duties and obligations conferred and imposed upon the Debenture Trustee are conferred and imposed upon and shall be exercised and performed by the Canadian Trustee and the U.S. Trustee individually, except to the extent the Canadian Trustee and the U.S. Trustee are required under Trust Indenture Legislation to perform such acts jointly, and neither the Canadian Trustee nor the U.S. Trustee shall be liable or responsible for the acts or omissions of the other trustee.  Unless the context implies or requires otherwise, any written notice, request, direction, certificate, instruction, opinion or other document (each such document, a “Writing”) delivered pursuant to any provision of this Indenture to any of the Canadian Trustee or the U.S. Trustee shall be deemed for all purposes of this Indenture as delivery of such Writing to the Debenture Trustee. Each such trustee in receipt of such Writing shall notify such other trustee of its receipt of such Writing within two Business Days of such receipt provided, however, that any failure of such trustee in receipt of such Writing to so notify such other trustee shall not be deemed as a deficiency in the delivery of such Writing to the Debenture Trustee.”.

 

ARTICLE 4
 CONFIRMATION OF ORIGINAL INDENTURE

 

4.1                               Confirmation of Original Indenture

 

Nothing in this Fourth Supplemental Indenture shall be deemed to amend the Original Indenture as supplemented by the First Supplemental Indenture, as further supplemented by the Second Supplemental Indenture and as further supplemented by the Third Supplemental Indenture with respect to the Initial Debentures, the Series B Debentures and the Series C Debentures.  Subject

 

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to the foregoing, the Original Indenture, as supplemented by the First Supplemental Indenture, as further supplemented by the Second Supplemental Indenture, as further supplemented by the Third Supplemental Indenture and as further supplemented by this Fourth Supplemental Indenture shall be and continue in full force and effect and is hereby confirmed.

 

ARTICLE 5
 ACCEPTANCE OF TRUST BY THE CANADIAN TRUSTEE AND THE U.S. TRUSTEE

 

5.1                               Acceptance of Trust

 

Each of the Canadian Trustee and the U.S. Trustee hereby accepts the trusts in this Fourth Supplemental Indenture and in the Indenture declared and provided for and agrees to perform the same upon the terms and conditions herein set forth and to hold all rights, privileges and benefits conferred hereby and by law in trust for the various persons who shall from time to time be Debentureholders, subject to all the terms and conditions herein set forth.

 

ARTICLE 6
 MISCELLANEOUS

 

6.1                               The Debenture Trustee

 

Neither the Canadian Trustee nor the U.S. Trustee shall be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Fourth Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Company.

 

6.2                               Representations of the Company

 

The Company represents and warrants to the Canadian Trustee and the U.S. Trustee that it has full authority to enter into this Fourth Supplemental Indenture upon the terms and conditions hereof and that the individual executing this Fourth Supplemental Indenture on its behalf has the requisite authority to bind the Company to this Fourth Supplemental Indenture, and that this Fourth Supplemental Indenture constitutes a binding obligation of the Company enforceable in accordance with its terms, subject to exceptions as to applicable bankruptcy, insolvency and similar laws and the availability of equitable remedies.

 

ARTICLE 7
 EXECUTION AND FORMAL DATE

 

7.1                               Execution

 

This Fourth Supplemental Indenture may be simultaneously executed in several counterparts, each of which when so executed shall be deemed to be an original and such counterparts together shall constitute one and the same instrument.

 

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7.2                               Formal Date

 

For the purpose of convenience this Fourth Supplemental Indenture may be referred to as bearing the formal date of  November 29, 2012 irrespective of the actual date of execution hereof.

 

[Remainder of page intentionally left blank.  Signature page follows.]

 

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IN WITNESS WHEREOF the parties hereto have executed this Fourth Supplemental Indenture by the hands of their proper officers.

 

	
 
    	
ATLANTIC POWER CORPORATION
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Barry E. Welch
    
	
 
    	
 
    	
Name: Barry E. Welch
    
	
 
    	
 
    	
Title: President, Chief Executive Officer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
COMPUTERSHARE TRUST COMPANY OF   CANADA
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Soheil Kafai
    
	
 
    	
 
    	
Name: Soheil Kafai
    
	
 
    	
 
    	
Title: Corporate Trust Officer
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Michelle Schultz
    
	
 
    	
 
    	
Name: Michelle Schultz
    
	
 
    	
 
    	
Title: Associate Trust Officer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
COMPUTERSHARE TRUST COMPANY,   N.A.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ John M. Wahl
    
	
 
    	
 
    	
Name: John M. Wahl
    
	
 
    	
 
    	
Title: Corporate Trust Officer
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Rose Stroud
    
	
 
    	
 
    	
Name: Rose Stroud
    
	
 
    	
 
    	
Title: Trust OfficerEXHIBIT 10.1

 

STOCK OPTION AGREEMENT

 

(Non-Qualified Stock Option — Annual Incentive)

 

	
Name   of Executive:
    	
 
    	
LuAnn   Via
    
	
 
    	
 
    	
 
    
	
Date   of Grant:
    	
 
    	
November 26,   2012
    
	
 
    	
 
    	
 
    
	
Number   of Shares:
    	
 
    	
500,000
    
	
 
    	
 
    	
 
    
	
Exercise   Price Per Share:
    	
 
    	
$3.43
    

 

This STOCK OPTION AGREEMENT (the “Agreement”) is made effective as of November 26, 2012 between Christopher & Banks Corporation (the “Company”) and LuAnn Via, the newly elected President and Chief Executive Officer of the Company (the “Executive”), to record the granting of an employee inducement award authorized by the Company’s Board of Directors (the “Board”) pursuant to the New York Stock Exchange Listed Company Manual Rule 308A.08 (the “Board Authorization”).

 

1.                                                                                      Grant of Option.  In accordance with the Board Authorization, the Company hereby grants to the Executive, effective as of the date of grant listed above, subject to the terms and conditions of this Agreement, a non-qualified option to purchase from the Company an aggregate of 500,000 shares of common stock ($.01 par value) of the Company (the “Common Stock”) at the purchase price of $3.43 per share, such option to be exercisable as hereinafter provided.

 

2.                                                                                      Expiration Date.  This option shall expire on the 10-year anniversary of the date of grant (the “Expiration Date”).

 

3.                                                                                      Exercise of Option.  Subject to Section 8 hereof and the last sentence of this Section 3, this option shall become exercisable with respect to all 500,000 shares of Common Stock on February 1, 2014.

 

This option may be partially exercised from time to time consistent with the above limitations.  This option may not be exercised after the Expiration Date.  Notwithstanding the foregoing, this option shall not be exercisable for a fractional share of Common Stock.  Any exercise of this option shall be made in writing, using such form as is approved by the Company and duly executed and delivered to the Company specifying the number of shares as to which the option is being exercised.  Notwithstanding the vesting schedule set forth in the first paragraph of this Section 3, effective immediately prior to a “Change in Control”(as such term is defined in Appendix A hereto), this option, to the extent it shall not otherwise have become vested and exercisable, shall automatically become fully and immediately vested and exercisable.

 

4.                                                                                      Payment of Option Price.  On the date of any exercise of this option, the purchase price of the shares as to which this option is being exercised shall be due and payable and shall

 

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be made (i) in cash or by cash equivalent acceptable to the Compensation Committee of the Board of Directors (the “Committee “); (ii) by delivery of shares of Common Stock held by the Executive and registered in the name of the Executive, duly assigned to the Company, any such shares so delivered to be deemed to have a value per share equal to the “Fair Market Value” (as such term is defined in Appendix A hereto) of the shares on such date; (iii) by having the Company withhold a portion of the shares of Common Stock otherwise to be delivered upon exercise of the option having an aggregate Fair Market Value on such date equal to the exercise price; (iv) through an open-market, broker-assisted sales transaction pursuant to which the Company is promptly delivered the amount of proceeds necessary to satisfy the exercise price; or (v) by a combination of the methods described above as approved by the Committee.

 

5.                                                                                      Option Nontransferable.  This option is not transferable otherwise than by will or the laws of descent or distribution and is exercisable during the Executive’s lifetime only by the Executive or his or her guardian or legal representative.

 

6.                                                                                      Rights as a Stockholder.  The Executive shall have no rights as a stockholder with respect to any of the shares covered by this option until the date of issuance to the Executive of a stock certificate or other evidence of the issuance for such shares, and no adjustment shall be made for any dividends or other rights if the record date of such dividends or other rights is prior to the date such stock certificate or other evidence of the issuance for such shares is issued.

 

7.                                                                                      General Restrictions.  Executive understands that the shares underlying the options granted hereby have not been registered with the Securities and Exchange Commission or listed with the New York Stock Exchange.  The Company will not be obligated to issue shares of Common Stock covered by this option if counsel to the Company determines that such issuance would violate any law or regulation of any governmental authority or any agreement between the Company and the New York Stock Exchange or any other national securities exchange upon which the Common Stock is quoted or listed.  In connection with any issuance or transfer, the person acquiring the shares shall, if requested by the Company, give assurances satisfactory to counsel to the Company regarding such matters as the Company may deem desirable to assure compliance with all legal requirements.  This option shall be subject to the requirement that if, at any time, the Committee shall determine, in its discretion, that the listing, registration or qualification of the shares subject to this option on the New York Stock Exchange, any securities exchange or under any state or federal law, or that the consent or approval of any government regulatory body, is necessary or desirable as a condition of, or in connection with, this option or the issue or purchase of shares under this option, this option shall be subject to the condition that such listing, registration, qualification, consent or approval shall have been effected or obtained free of any conditions not acceptable to the Committee.  In addition, Executive understands, acknowledges and agrees that the grant of this option and the delivery of any shares of Common Stock pursuant to this Agreement are subject to any clawback policies the Company may adopt in compliance with the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, Section 10D of the Securities Exchange Act of 1934 and any applicable rules and regulations of the Securities and Exchange Commission.

 

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8.                                                                                      Termination of Employment.

 

(1)                                                                                 The option granted pursuant to this Agreement shall terminate immediately upon the termination of the Executive’s employment by the Company for “Cause” (as such term is defined in Appendix A hereto).  If the Executive’s employment is terminated as a result of the Executive’s permanent and total disability (within the meaning of Section 22(e)(3) of the Internal Revenue Code of 1986, as amended) or death, the option granted pursuant to this Agreement may be exercised by the Executive’s legal representative, heir or devisee, as appropriate, within one year from the date of disability or death.  If the Executive’s employment is terminated by Executive or the Company for any reason other than Cause, permanent and total disability or death, such option may be exercised within ninety (90) days following the date of termination.  Notwithstanding the preceding sentence, the Company may terminate and cancel such option during the ninety (90)-day period referred to in the preceding sentence if the Board has determined that the Executive has, before or after the termination of employment, acted in a manner that constitutes “Cause”( as defined in that certain Employment Agreement between the Company and Executive, dated October 29, 2012 (the “Employment Agreement”)), provided that the Board has followed the procedure for determining Cause under the Employment Agreement and then concluded that Cause exists pursuant to the terms of the Employment Agreement, such determination defined as the “Exercise Termination Determination.” Notwithstanding the foregoing, such option (or any portion thereof) which is not exercisable on the date of termination of employment shall not be exercisable thereafter without the consent of the Committee.

 

(2)                                                                                 Nothing contained in this Section shall be interpreted or have the effect of extending the period during which an option may be exercised beyond the Expiration Date provided in this Agreement or established by law or regulation.  Death of the Executive subsequent to termination shall not extend such period.  Whether a leave of absence shall constitute a termination of employment for purposes of this Agreement shall be determined by the Committee in its sole discretion, and in the event the Committee has so determined, the Committee shall provide written notice of its determination to the Executive.

 

9.                                                                                      Adjustment of Shares.

 

(1)                                                                                 In the event there is any recapitalization in the form of a stock dividend, distribution, split, subdivision or combination of shares of Common Stock of the Company, resulting in an increase or decrease in the number of shares of Common Stock outstanding, the number of shares of Common Stock covered by this option and the exercise price per share under this option shall be increased or decreased proportionately, as the case may be, without change in the aggregate exercise price.

 

(2)                                                                                 If, pursuant to any reorganization, sale or exchange of assets, consolidation or merger, outstanding Common Stock of the Company is or would be exchanged for other securities of the Company or of another corporation which is a party to such transaction, or for property, this option shall apply to the securities or property into which the Common Stock covered hereby would have been changed or for which such Common Stock would have been exchanged had such Common Stock been outstanding at the time.

 

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10.                                                                               Employment Relationship.  Nothing in this Agreement shall be construed as constituting a commitment, guaranty, agreement, or understanding of any kind or nature that the Company or its subsidiaries shall continue to employ Employee, and this Agreement shall not affect in any way the right of the Company or any of its subsidiaries to terminate the employment of Employee.  For purposes of this Agreement, Employee shall be considered to be in the employment of the Company as long as Employee remains an employee of either the Company, any successor corporation or a parent or subsidiary corporation of the Company or any successor corporation.  Any question as to whether and when there has been a termination of such employment, and the cause of such termination, shall be determined by the Committee, or its delegate, as appropriate, and subject to the provisions of Section 15 its determination shall be final (the “Termination Determination”).

 

11.                                                                               Notices.  All notices to the Company shall be in writing and sent by certified or registered mail, postage prepaid, to the General Counsel of the Company at the Company’s offices at 2400 Xenium Lane North, Plymouth, Minnesota 55441 or such other address as the Company shall from time to time notify the Executive in writing.  All notices to the Executive shall be in writing and sent by certified or registered mail, postage prepaid, to the Executive at the address set forth on the signature page(s) hereof or such address as the Executive shall from time to time notify the Company in writing.  All notices shall be deemed to have been given when mailed.

 

12.                                                                               Tax Matters.

 

(1)                                                                                 Due to the complex nature of the tax laws, the Executive is urged to consult her personal tax advisor prior to exercising the option.  The Company makes no warranties or representations whatsoever to the Executive regarding the tax consequences of this grant, the exercise of any options or any other matter.

 

(2)                                                                                 In order to comply with all applicable federal or state income tax laws or regulations, the Company may take such action as it deems appropriate to ensure that all applicable federal or state payroll, withholding, income or other taxes, which are the sole and absolute responsibility of the Executive, are withheld or collected from the Executive.  In accordance with such rules as may be adopted by the Committee, the Executive may elect to satisfy the Executive’s federal and state income tax withholding obligations arising from the exercise of the option by (i) delivering cash, a check (bank check, certified check or personal check) or a money order payable to the Company on or before the option exercise date, (ii) having the Company withhold a portion of the shares of Common Stock otherwise to be delivered upon exercise of the option having a Fair Market Value equal to the amount of such taxes, (iii) delivering to the Company on or before the option exercise date shares of Common Stock already owned by the Executive having a Fair Market Value equal to the amount of such taxes, or (iv) a combination of the methods described above, as determined by the Committee.  The Company will not deliver any fractional share of Common Stock but will pay, in lieu thereof, the Fair Market Value of such fractional share.  The Executive’s election regarding satisfaction of federal and state income tax withholding obligations must be made on or before the option exercise date.

 

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13.                                                                               Governing Law.  This Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware, without reference to the principles of conflicts of laws.

 

14.                                                                               Binding Effect.  This Agreement shall be binding upon and inure to the benefit of any successors to the Company and all lawful successors to Employee permitted under the terms hereof.

 

15.                                                                               Mediation.  If the Board or Committee makes an Exercise Termination Determination or a Termination Determination, then the Company shall provide written notice thereof to Executive (the “Termination Notice”).  If Executive disagrees with the determination referred to in the Termination Notice, then Executive may request that the Company participate in mediation in an effort to resolve the disagreement.  Executive shall make such request by submitting to the Company (Attention:  General Counsel) and to JAMS (c/o its Minneapolis office or, if none, its Chicago office) (the “Mediation Facilitator”), within five (5) calendar days of the date of the Termination Notice, a written request for mediation (the “Mediation Request”).  The parties will cooperate with the Mediation Facilitator and with one another in selecting a mediator from the Mediation Facilitator’s panel of neutrals, and in scheduling the mediation proceedings in the Minneapolis, Minnesota area.  In the event that the parties are unable to select a mediator within ten (10) days of the date of the Mediation Request, the Mediation Facilitator shall appoint the mediator and the mediation shall be held as soon as practicable thereafter, but no later than twenty-one (21) days after a mediator has been selected or appointed.  The Company covenants that it will participate in the mediation in good faith through representation by an appropriate member of its executive management and/or the Board and Executive covenants that she will personally participate in the mediation in good faith.  The Company will pay the costs of the mediation process, including all fees and expenses of the mediator, as well as all reasonable travel costs associated with the participation of Executive and her counsel in the mediation process, and each party shall bear their respective attorney’s fees and costs.  In the event the parties are unable to resolve the dispute within five (5) business days, then the Exercise Termination Determination and/or the Termination Determination shall be final and binding.

 

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IN WITNESS WHEREOF, the Company and the Executive have caused this Agreement to be executed on the date set forth opposite the respective signatures.  It is further understood that the date of grant may differ from the date of signature.

 

 

	
Dated   as of:
    	
November 29,   2012
    	
 
    	
Christopher & Banks Corporation
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
By:
    	
/s/   Luke R. Komarek
    
	
 
    	
 
    	
 
    	
 
    	
Luke   R. Komarek
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
Its:
    	
Senior   Vice President, General Counsel
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Dated   as of:
    	
November 29,   2012
    	
 
    	
Executive
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
/s/   LuAnn Via
    
	
 
    	
 
    	
 
    	
LuAnn   Via
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
Address:
    	
8453   Friarlynch Lane
    
	
 
    	
 
    	
 
    	
 
    	
Germantown,   TN 38139
    
						

 

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Appendix A

 

Certain Definitions

 

Affiliate.  As used in this Agreement, the term “Affiliate” means (i) any entity that would be treated as an “affiliate” of the Company for purposes of Rule 122 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and (ii) any joint venture or other entity in which the Company has a direct or indirect beneficial ownership interest representing at least one-third (1/3) of the aggregate voting power of the equity interests of such entity or one-third (1/3) of the aggregate fair market value of the equity interests of such entity, as determined by the Committee.

 

Cause.  For purposes of this Agreement, “Cause” shall be as defined in the Employment Agreement between Executive and Company dated October 29, 2012.

 

Change in Control.  A “Change in Control” shall be deemed to have occurred upon:

 

(a)                                                         the occurrence of an acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act) (a “Person”) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of a percentage of the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors (the “Company Voting Securities”) (but excluding (1) any acquisition directly from the Company (other than an acquisition by virtue of the exercise of a conversion privilege of a security that was not acquired directly from the Company), (2) any acquisition by the Company or an Affiliate and (3) any acquisition by an employee benefit plan (or related trust) sponsored or maintained by the Company or any Affiliate) (an “Acquisition ) that is thirty percent (30%) or more of the Company Voting Securities;

 

(b)                                                         at any time during a period of two (2) consecutive years or less, individuals who at the beginning of such period constitute the Board (and any new directors whose election by the Board or nomination for election by the Company’s stockholders was approved by a vote of at least two-thirds (2/3) of the directors then still in office who either were directors at the beginning of the period or whose election or nomination for election was so approved) cease for any reason (except for death, disability or voluntary retirement) to constitute a majority thereof;

 

(c)                                                          an Acquisition that is fifty percent (50%) or more of the Company Voting Securities;

 

(d)                                                         the consummation of a merger, consolidation, reorganization or similar corporate transaction, whether or not the Company is the surviving Company in such transaction, other than a merger, consolidation, or reorganization that would result in the Persons who are beneficial owners of the Company Voting Securities outstanding immediately prior thereto continuing to beneficially own, directly or indirectly, in substantially the same proportions, at least fifty percent (50%) of the combined voting power of the Company Voting Securities (or the

 

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voting securities of the surviving entity) outstanding immediately after such merger, consolidation or reorganization;

 

(e)                                                          the sale or other disposition of all or substantially all of the assets of the Company;

 

(f)                                                           the approval by the stockholders of the Company of a complete liquidation or dissolution of the Company; or

 

(g)                                                          the occurrence of any transaction or event, or series of transactions or events, designated by the Board in a duly adopted resolution as representing a change in the effective control of the business and affairs of the Company, effective as of the date specified in any such resolution.

 

Fair Market Value of a share of Common Stock as of a given date shall be the closing sale price of a share of Common Stock as reported on the New York Stock Exchange on such date or, if the shares are not traded on the New York Stock Exchange on such date, on the most recent preceding date when the shares were so traded.  If Common Stock is not listed on the New York Stock Exchange on the date as of which Fair Market Value is to be determined, the Committee shall determine in good faith the Fair Market Value in whatever manner it considers appropriate.

 

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