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Exhibit 10.1
CHANGE ORDER
Third Berth Vapor Fence Provisional Sum Scope Removal and Closeout
						
	PROJECT NAME:  Sabine Pass LNG Stage 4 Liquefaction Facility

OWNER:  Sabine Pass Liquefaction, LLC

CONTRACTOR:  Bechtel Oil, Gas and Chemicals, Inc.

DATE OF AGREEMENT: November 7, 2018
	CHANGE ORDER NUMBER: CO-00023

DATE OF CHANGE ORDER: June 22, 2020

			
	

The Agreement between the Parties listed above is changed as follows: 

1.In accordance with Section 6.1 of the Agreement (Change Orders Requested by Owner), the Parties agree this Change Order removes the Vapor Fence Provisional Sum from Contractor’s Scope of Work as defined in Section 2.7 of Attachment EE-4 (Provisional Sums to be Adjusted during Project Execution for Subproject 6(b)) of the Agreement.

2.The original value of the Vapor Fence Provisional Sum specified in Article 2.7 of Schedule EE-4 of Attachment EE of the Agreement was Fifteen Million, Eight Hundred Sixty-One Thousand U.S. Dollars (U.S. $15,861,000). Actual costs for the Vapor Fence Provisional Sum was Zero U.S. Dollars (U.S. $0.00). By way of this Change Order, the Vapor Fence Provisional Sum and Contract Price will be decreased by Sixteen Million, Eight Hundred Twelve Thousand, Six Hundred Sixty U.S. Dollars (U.S. $16,812,660), which reflects the closure of the Vapor Fence Provisional Sum and credit for the six percent (6%) fee.

3.Schedule C-3 (Milestone Payment Schedule) of Attachment C of the Agreement will be amended by including the milestone(s) listed in Exhibit A of this Change Order.

			
	

Adjustment to Contract Price Applicable to Subproject 6(a)
												
	1.	The original Contract Price Applicable to Subproject 6(a) was.................................................................	$	2,016,892,573 	
	2.	Net change for Contract Price Applicable to Subproject 6(a) by previously authorized Change Orders (#00001-00008, 00010-00013, 00015, 00017-00018, and 00021-00022) 	$	(17,997,214)	
	3.	The Contract Price Applicable to Subproject 6(a) prior to this Change Order was...................................	$	1,998,895,359 	
	4.	The Contract Price Applicable to Subproject 6(a) will be unchanged by this Change Order in the amount of....................................................................................................................................................	$	— 	
	5.	The Provisional Sum Applicable to Subproject 6(a) will be unchanged by this Change Order in the amount of....................................................................................................................................................	$	— 	
				
	6.	The Contract Price Applicable to Subproject 6(a) including this Change Order will be...................	$	1,998,895,359 	

			
	

Adjustment to Contract Price Applicable to Subproject 6(b)
												
	7.	The original Contract Price Applicable to Subproject 6(b) (in CO-00009) was	$	457,696,000 	
	8.	Net change for Contract Price Applicable to Subproject 6(b) by previously authorized Change Orders (#00014, 00016, and 00019-00020)	$	20,551,502 	
	9.	The Contract Price Applicable to Subproject 6(b) prior to this Change Order was..................................	$	478,247,502 	
	10.	The Contract Price Applicable to Subproject 6(b) will be unchanged by this Change Order...................	$	— 	
	11.	The Provisional Sum Applicable to Subproject 6(b) will be decreased by this Change Order................	$	(16,812,660)	
	12.	The new Contract Price Applicable to Subproject 6(b) including this Change Order will be...................	$	461,434,842 	

			
	

Adjustment to Contract Price
												
	13.	The original Contract Price for Subproject 6(a) and Subproject 6(b) was (add lines 1 and 7)	$	2,474,588,573 	
	14.	The Contract Price prior to this Change Order was (add lines 3 and 9)....................................................	$	2,477,142,861 	
	15.	The Contract Price will be decreased by this Change Order in the amount of (add lines 4, 5, 10 and 11).........	$	(16,812,660)	
	16.	The new Contract Price including this Change Order will be (add lines 14 and 15)	$	2,460,330,201 	

			
	

Adjustment to dates in Project Schedule for Subproject 6(a)
The following dates are modified: N/A
Adjustment to other Changed Criteria for Subproject 6(a):  N/A
Adjustment to Payment Schedule for Subproject 6(a):  N/A
Adjustment to Minimum Acceptance Criteria for Subproject 6(a):  N/A
Adjustment to Performance Guarantees for Subproject 6(a):  N/A
Adjustment to Design Basis for Subproject 6(a):  N/A
Other adjustments to liability or obligations of Contractor or Owner under the Agreement for Subproject 6(a): N/A

Adjustment to dates in Project Schedule for Subproject 6(b)
The following dates are modified:  N/A
Adjustment to other Changed Criteria for Subproject 6(b): N/A
Adjustment to Payment Schedule for Subproject 6(b):  Yes; see Exhibit A 
Adjustment to Design Basis for Subproject 6(b):  N/A
Other adjustments to liability or obligation of Contractor or Owner under the Agreement: N/A
Select either A or B:
[A] This Change Order shall constitute a full and final settlement and accord and satisfaction of all effects of the change reflected in this Change Order upon the Changed Criteria and shall be deemed to compensate Contractor fully for such change.  Initials:  /s/ MDR  Contractor  /s/ DC  Owner

[B] This Change Order shall not constitute a full and final settlement and accord and satisfaction of all effects of the change reflected in this Change Order upon the Changed Criteria and shall not be deemed to compensate Contractor fully for such change.  Initials:  ____ Contractor  ____ Owner

Upon execution of this Change Order by Owner and Contractor, the above-referenced change shall become a valid and binding part of the original Agreement without exception or qualification, unless noted in this Change Order.  Except as modified by this and any previously issued Change Orders, all other terms and conditions of the Agreement shall remain in full force and effect.  This Change Order is executed by each of the Parties’ duly authorized representatives. 

									
	/s/ David Craft		/s/ Maurissa D. Rogers
	Owner		Contractor
	David Craft		Maurissa D. Rogers
	Name		Name
	SVP E&C		Sr Project Manager, PVP
	Title		Title
	June 24, 2020		June 22, 2020
	Date of Signing		Date of Signing

CHANGE ORDER
Train 6 Thermowell Upgrades
						
	PROJECT NAME:  Sabine Pass LNG Stage 4 Liquefaction Facility

OWNER:  Sabine Pass Liquefaction, LLC

CONTRACTOR:  Bechtel Oil, Gas and Chemicals, Inc.

DATE OF AGREEMENT: November 7, 2018
	CHANGE ORDER NUMBER: CO-00024

DATE OF CHANGE ORDER: June 22, 2020

			
	

The Agreement between the Parties listed above is changed as follows: 

1.In accordance with Section 6.1 of the Agreement (Change Orders Requested by Owner), the Parties agree this Change Order includes Contractor’s engineering and procurement costs to upgrade seventy-eight (78) Thermowells for Train 6 to accommodate an increased design flow of 861 MMSCFD in accordance with the recommendations of the debottlenecking study.

2.The detailed cost breakdown for this Change Order is detailed in Exhibit A of this Change Order.

3.Schedule C-3 (Milestone Payment Schedule) of Attachment C of the Agreement will be amended by including the milestone(s) listed in Exhibit B of this Change Order.

			
	

Adjustment to Contract Price Applicable to Subproject 6(a)
												
	1.	The original Contract Price Applicable to Subproject 6(a) was.................................................................	$	2,016,892,573 	
	2.	Net change for Contract Price Applicable to Subproject 6(a) by previously authorized Change Orders (#01-08, 10-13, 15, 17-18 & 21-22)	$	(17,997,214)	
	3.	The Contract Price Applicable to Subproject 6(a) prior to this Change Order was...................................	$	1,998,895,359 	
	4.	The Contract Price Applicable to Subproject 6(a) will be increased by this Change Order in the amount of....................................................................................................................................................	$	205,198 	
	5.	The Provisional Sum Applicable to Subproject 6(a) will be unchanged by this Change Order in the amount of....................................................................................................................................................	$	— 	
				
	6.	The Contract Price Applicable to Subproject 6(a) including this Change Order will be...................	$	1,999,100,557 	

			
	

Adjustment to Contract Price Applicable to Subproject 6(b)
												
	7.	The original Contract Price Applicable to Subproject 6(b) (in CO-00009) was	$	457,696,000 	
	8.	Net change for Contract Price Applicable to Subproject 6(b) by previously authorized Change Orders (#14, 16, 19-20 & 23)	$	3,738,842 	
	9.	The Contract Price Applicable to Subproject 6(b) prior to this Change Order was..................................	$	461,434,842 	
	10.	The Contract Price Applicable to Subproject 6(b) will be unchanged by this Change Order...................	$	— 	
	11.	The Provisional Sum Applicable to Subproject 6(b) will be unchanged by this Change Order................	$	— 	
	12.	The new Contract Price Applicable to Subproject 6(b) including this Change Order will be...................	$	461,434,842 	

			
	

Adjustment to Contract Price
												
	13.	The original Contract Price for Subproject 6(a) and Subproject 6(b) was (add lines 1 and 7)	$	2,474,588,573 	
	14.	The Contract Price prior to this Change Order was (add lines 3 and 9)....................................................	$	2,460,330,201 	
	15.	The Contract Price will be increased by this Change Order in the amount of (add lines 4, 5, 10 and 11)	$	205,198 	
	16.	The new Contract Price including this Change Order will be (add lines 14 and 15)................................	$	2,460,535,399 	

			
	

Adjustment to dates in Project Schedule for Subproject 6(a)
The following dates are modified : N/A
Adjustment to other Changed Criteria for Subproject 6(a): N/A
Adjustment to Payment Schedule for Subproject 6(a):  Yes; see Exhibit B
Adjustment to Minimum Acceptance Criteria for Subproject 6(a):  N/A
Adjustment to Performance Guarantees for Subproject 6(a):  N/A
Adjustment to Design Basis for Subproject 6(a):  N/A
Other adjustments to liability or obligations of Contractor or Owner under the Agreement for Subproject 6(a): N/A
Adjustment to dates in Project Schedule for Subproject 6(b)
The following dates are modified:  N/A
Adjustment to other Changed Criteria for Subproject 6(b): N/A
Adjustment to Payment Schedule for Subproject 6(b):  N/A 
Adjustment to Design Basis for Subproject 6(b):  N/A
Other adjustments to liability or obligation of Contractor or Owner under the Agreement: N/A
Select either A or B:
[A] This Change Order shall constitute a full and final settlement and accord and satisfaction of all effects of the change reflected in this Change Order upon the Changed Criteria and shall be deemed to compensate Contractor fully for such change.  Initials:  
/s/ MDR  Contractor  /s/ DC  Owner

[B] This Change Order shall not constitute a full and final settlement and accord and satisfaction of all effects of the change reflected in this Change Order upon the Changed Criteria and shall not be deemed to compensate Contractor fully for such change.  Initials:  ____ Contractor  ____ Owner

Upon execution of this Change Order by Owner and Contractor, the above-referenced change shall become a valid and binding part of the original Agreement without exception or qualification, unless noted in this Change Order.  Except as modified by this and any previously issued Change Orders, all other terms and conditions of the Agreement shall remain in full force and effect.  This Change Order is executed by each of the Parties’ duly authorized representatives. 

									
	/s/ David Craft		/s/ Maurissa D. Rogers
	Owner		Contractor
	David Craft		Maurissa D. Rogers
	Name		Name
	SVP E&C		Sr Project Mgr, PVP
	Title		Title
	June 24, 2020		June 22, 2020
	Date of Signing		Date of Signing

CHANGE ORDER
Third Berth Bubble Curtain
						
	PROJECT NAME:  Sabine Pass LNG Stage 4 Liquefaction Facility

OWNER:  Sabine Pass Liquefaction, LLC

CONTRACTOR:  Bechtel Oil, Gas and Chemicals, Inc.

DATE OF AGREEMENT: November 7, 2018
	CHANGE ORDER NUMBER: CO-00025

DATE OF CHANGE ORDER: June 22, 2020

			
	

The Agreement between the Parties listed above is changed as follows:
1.In accordance with Section 6.1 of the Agreement (Change Orders Requested by Owner), the Parties agree this Change Order includes Contractor’s engineering, procurement and construction costs to install a bubble curtain to mitigate noise levels during the marine steel piling program. Contractor is unable to quantify or guarantee the level of dBA reduction.

2.The detailed cost breakdown for this Change Order is detailed in Exhibit A of this Change Order.

3.Schedule C-3 (Milestone Payment Schedule) of Attachment C of the Agreement will be amended by including the milestone(s) listed in Exhibit B of this Change Order.

			
	

Adjustment to Contract Price Applicable to Subproject 6(a)
												
	1.	The original Contract Price Applicable to Subproject 6(a) was.................................................................	$	2,016,892,573 	
	2.	Net change for Contract Price Applicable to Subproject 6(a) by previously authorized Change Orders (#01-08, 10-13, 15, 17-18, 21-22, & 24)) 	$	(17,792,016)	
	3.	The Contract Price Applicable to Subproject 6(a) prior to this Change Order was...................................	$	1,999,100,557 	
	4.	The Contract Price Applicable to Subproject 6(a) will be unchanged by this Change Order in the amount of....................................................................................................................................................	$	— 	
	5.	The Provisional Sum Applicable to Subproject 6(a) will be unchanged by this Change Order in the amount of ................	$	— 	
				
	6.	The Contract Price Applicable to Subproject 6(a) including this Change Order will be...................	$	1,999,100,557 	

			
	

Adjustment to Contract Price Applicable to Subproject 6(b)
												
	7.	The original Contract Price Applicable to Subproject 6(b) (in CO-00009) was................................................................	$	457,696,000 	
	8.	Net change for Contract Price Applicable to Subproject 6(b) by previously authorized Change Orders (#14, 16, 19-20 & 23) 	$	3,738,842 	
	9.	The Contract Price Applicable to Subproject 6(b) prior to this Change Order was..................................	$	461,434,842 	
	10.	The Contract Price Applicable to Subproject 6(b) will be increased by this Change Order	$	2,991,140 	
	11.	The Provisional Sum Applicable to Subproject 6(b) will be unchanged by this Change Order 	$	— 	
	12.	The new Contract Price Applicable to Subproject 6(b) including this Change Order will be 	$	464,425,982 	

			
	

Adjustment to Contract Price
												
	13.	The original Contract Price for Subproject 6(a) and Subproject 6(b) was (add lines 1 and 7) 	$	2,474,588,573 	
	14.	The Contract Price prior to this Change Order was (add lines 3 and 9)....................................................	$	2,460,535,399 	
	15.	The Contract Price will be increased by this Change Order in the amount of (add lines 4, 5, 10 and 11) 	$	2,991,140 	
	16.	The new Contract Price including this Change Order will be (add lines 14 and 15)................................	$	2,463,526,539 	

			
	

Adjustment to dates in Project Schedule for Subproject 6(a)
The following dates are modified: N/A
Adjustment to other Changed Criteria for Subproject 6(a):  N/A
Adjustment to Payment Schedule for Subproject 6(a):  N/A
Adjustment to Minimum Acceptance Criteria for Subproject 6(a):  N/A
Adjustment to Performance Guarantees for Subproject 6(a):  N/A
Adjustment to Design Basis for Subproject 6(a):  N/A
Other adjustments to liability or obligations of Contractor or Owner under the Agreement for Subproject 6(a): N/A
Adjustment to dates in Project Schedule for Subproject 6(b)
The following dates are modified:  N/A
Adjustment to other Changed Criteria for Subproject 6(b): N/A
Adjustment to Payment Schedule for Subproject 6(b):  Yes; see Exhibit B
Adjustment to Design Basis for Subproject 6(b):  N/A
Other adjustments to liability or obligation of Contractor or Owner under the Agreement: N/A
Select either A or B:

[A] This Change Order shall constitute a full and final settlement and accord and satisfaction of all effects of the change reflected in this Change Order upon the Changed Criteria and shall be deemed to compensate Contractor fully for such change.  Initials:  /s/ MDR  Contractor  /s/ DC  Owner

[B] This Change Order shall not constitute a full and final settlement and accord and satisfaction of all effects of the change reflected in this Change Order upon the Changed Criteria and shall not be deemed to compensate Contractor fully for such change.  Initials:  ____ Contractor  ____ Owner
Upon execution of this Change Order by Owner and Contractor, the above-referenced change shall become a valid and binding part of the original Agreement without exception or qualification, unless noted in this Change Order.  Except as modified by this and any previously issued Change Orders, all other terms and conditions of the Agreement shall remain in full force and effect.  This Change Order is executed by each of the Parties’ duly authorized representatives.

									
	/s/ David Craft		/s/ Maurissa D. Rogers
	Owner		Contractor
	David Craft		Maurissa D. Rogers
	Name		Name
	SVP E&C		Sr Project Mgr, PVP
	Title		Title
	June 24, 2020		June 22, 2020
	Date of Signing		Date of Signing

CHANGE ORDER
Third Berth Fuel Provisional Sum Closure Change Order
						
	PROJECT NAME:  Sabine Pass LNG Stage 4 Liquefaction Facility

OWNER:  Sabine Pass Liquefaction, LLC

CONTRACTOR:  Bechtel Oil, Gas and Chemicals, Inc.

DATE OF AGREEMENT: November 7, 2018
	CHANGE ORDER NUMBER: CO-00026

DATE OF CHANGE ORDER: July 14, 2020

			
	

The Agreement between the Parties listed above is changed as follows:
1.The Fuel Provisional Sum in Article 1.2 of Attachment EE, Schedule EE-3 of the Agreement prior to this Change Order was One Million, Five Hundred Seventy-Eight Thousand, Seventy-Four U.S. Dollars (U.S. $1,578,074).  The Provisional Sum is hereby decreased by Three Hundred Fourteen Thousand, Five Hundred Seventy-Four U.S. Dollars (U.S. $314,574), and the final value as amended by this Change Order shall be One Million, Two Hundred Sixty-Three Thousand, Five Hundred U.S. Dollars (U.S. $1,263,500). This Change Order closes the Fuel Provisional Sum for Subproject 6(b) in accordance with Article 1.2 of Attachment EE, Schedule EE-3 of the Agreement.

2.Pursuant to instructions in Article 1.2 of Attachment EE, Schedule EE-3 of the Agreement, Exhibit A to this Change Order illustrates the calculation of the final fuel costs in the Agreement with respect to Subproject 6(b).

3.Schedules C-1 and C-2 (Milestone Payment Schedule) of Attachment C of the Agreement will be amended by including the milestones listed in Exhibit B of this Change Order.

4.Additionally, Exhibit C of this Change Order supersedes the Exhibit B (Payment Milestones Schedule) of Change Order No. 00020 to correct Milestone No. “TB2.02c020” to “TB3.01c020” in accordance with Schedule C-3 (Milestone Payment Schedule for Subproject 6(b)) of Attachment C of the Agreement.
			
	

Adjustment to Contract Price Applicable to Subproject 6(a)
												
	1.	The original Contract Price Applicable to Subproject 6(a) was.................................................................	$	2,016,892,573 	
	2.	Net change for Contract Price Applicable to Subproject 6(a) by previously authorized Change Orders (#01-08, 10-13, 15, 17-18, 21-22, & 24) 	$	(17,792,016)	
	3.	The Contract Price Applicable to Subproject 6(a) prior to this Change Order was...................................	$	1,999,100,557 	
	4.	The Contract Price Applicable to Subproject 6(a) will be unchanged by this Change Order in the amount of....................................................................................................................................................	$	— 	
	5.	The Provisional Sum Applicable to Subproject 6(a) will be unchanged by this Change Order in the amount of....................................................................................................................................................	$	— 	
				
	6.	The Contract Price Applicable to Subproject 6(a) including this Change Order will be...................	$	1,999,100,557 	

			
	

Adjustment to Contract Price Applicable to Subproject 6(b)
												
	7.	The original Contract Price Applicable to Subproject 6(b) (in CO-00009) was 	$	457,696,000 	
	8.	Net change for Contract Price Applicable to Subproject 6(b) by previously authorized Change Orders (#14, 16, 19-20, 23 & 25) 	$	6,729,982 	
	9.	The Contract Price Applicable to Subproject 6(b) prior to this Change Order was..................................	$	464,425,982 	
	10.	The Contract Price Applicable to Subproject 6(b) will be unchanged by this Change Order...................	$	— 	
	11.	The Provisional Sum Applicable to Subproject 6(b) will be decreased by this Change Order................	$	(314,574)	
	12.	The new Contract Price Applicable to Subproject 6(b) including this Change Order will be...................	$	464,111,408 	

			
	

Adjustment to Contract Price
												
	13.	The original Contract Price for Subproject 6(a) and Subproject 6(b) was (add lines 1 and 7) 	$	2,474,588,573 	
	14.	The Contract Price prior to this Change Order was (add lines 3 and 9)....................................................	$	2,463,526,539 	
	15.	The Contract Price will be decreased by this Change Order in the amount of (add lines 4, 5, 10 and 11) 	$	(314,574)	
	16.	The new Contract Price including this Change Order will be (add lines 14 and 15)................................	$	2,463,211,965 	

			
	

Adjustment to dates in Project Schedule for Subproject 6(a)
The following dates are modified: N/A
Adjustment to other Changed Criteria for Subproject 6(a):  N/A
Adjustment to Payment Schedule for Subproject 6(a):  N/A
Adjustment to Minimum Acceptance Criteria for Subproject 6(a):  N/A
Adjustment to Performance Guarantees for Subproject 6(a):  N/A
Adjustment to Design Basis for Subproject 6(a):  N/A
Other adjustments to liability or obligations of Contractor or Owner under the Agreement for Subproject 6(a): N/A
Adjustment to dates in Project Schedule for Subproject 6(b)
The following dates are modified:  N/A
Adjustment to other Changed Criteria for Subproject 6(b): N/A
Adjustment to Payment Schedule for Subproject 6(b):  Yes; see Exhibit B and Exhibit C
Adjustment to Design Basis for Subproject 6(b):  N/A
Other adjustments to liability or obligation of Contractor or Owner under the Agreement: N/A
Select either A or B:
[A] This Change Order shall constitute a full and final settlement and accord and satisfaction of all effects of the change reflected in this Change Order upon the Changed Criteria and shall be deemed to compensate Contractor fully for such change.  Initials:  /s/ MDR  Contractor  /s/ DC  Owner

[B] This Change Order shall not constitute a full and final settlement and accord and satisfaction of all effects of the change reflected in this Change Order upon the Changed Criteria and shall not be deemed to compensate Contractor fully for such change.  Initials:  ____ Contractor  ____ Owner
Upon execution of this Change Order by Owner and Contractor, the above-referenced change shall become a valid and binding part of the original Agreement without exception or qualification, unless noted in this Change Order.  Except as modified by this and any previously issued Change Orders, all other terms and conditions of the Agreement shall remain in full force and effect.  This Change Order is executed by each of the Parties’ duly authorized representatives.
 

									
	/s/ David Craft		/s/ Maurissa D. Rogers
	Owner		Contractor
	David Craft		Maurissa D. Rogers
	Name		Name
	SVP E&C		Sr Project Mgr, PVP
	Title		Title
	July 23, 2020		July 14, 2020
	Date of Signing		Date of Signing

CHANGE ORDER
Third Berth Currency Provisional Sum Closure Change Order
						
	PROJECT NAME:  Sabine Pass LNG Stage 4 Liquefaction Facility

OWNER:  Sabine Pass Liquefaction, LLC

CONTRACTOR:  Bechtel Oil, Gas and Chemicals, Inc.

DATE OF AGREEMENT: November 7, 2018
	CHANGE ORDER NUMBER: CO-00027

DATE OF CHANGE ORDER: July 20, 2020

			
	

The Agreement between the Parties listed above is changed as follows:
1.The Currency Provisional Sum in Article 1.1 of Attachment EE, Schedule EE-3 of the Agreement prior to this Change Order was Seven Million, One Hundred Seventy-Five Thousand, One Hundred Ninety-Six U.S. Dollars (U.S. $7,175,196). The Provisional Sum is hereby decreased by Three Hundred Three Thousand, Nine Hundred Fifty-Five U.S. Dollars (U.S. $303,955), and the final value as amended by this Change Order shall be Six Million, Eight Hundred Seventy-One Thousand, Two Hundred Forty-One U.S. Dollars (U.S. $6,871,241). This Change Order closes the Currency Provisional Sum for Subproject 6(b) in accordance with Article 1.1 of Attachment EE, Schedule EE-3 of the Agreement.

2.Pursuant to instructions in Article 1.1 of Attachment EE, Schedule EE-3 of the Agreement, Exhibit A to this Change Order illustrates the calculation of the final currency costs in the Agreement with respect to Subproject 6(b).

3.Exhibit C of this Change Order includes the detailed spot and forward trades used to calculate the final currency costs in the Agreement with respect to Subproject 6(b).

4.Schedules C-1 and C-2 (Milestone Payment Schedule) of Attachment C of the Agreement will be amended by including the milestones listed in Exhibit B of this Change Order.
			
	

Adjustment to Contract Price Applicable to Subproject 6(a)
												
	1.	The original Contract Price Applicable to Subproject 6(a) was.................................................................	$	2,016,892,573 	
	2.	Net change for Contract Price Applicable to Subproject 6(a) by previously authorized Change Orders (#01-08, 10-13, 15, 17-18, 21-22, & 24) 	$	(17,792,016)	
	3.	The Contract Price Applicable to Subproject 6(a) prior to this Change Order was...................................	$	1,999,100,557 	
	4.	The Contract Price Applicable to Subproject 6(a) will be unchanged by this Change Order in the amount of....................................................................................................................................................	$	— 	
	5.	The Provisional Sum Applicable to Subproject 6(a) will be unchanged by this Change Order in the amount of....................................................................................................................................................	$	— 	
				
	6.	The Contract Price Applicable to Subproject 6(a) including this Change Order will be...................	$	1,999,100,557 	

			
	

Adjustment to Contract Price Applicable to Subproject 6(b)
												
	7.	The original Contract Price Applicable to Subproject 6(b) (in CO-00009) was	$	457,696,000 	
	8.	Net change for Contract Price Applicable to Subproject 6(b) by previously authorized Change Orders (#14, 16, 19-20, 23, & 25-26) 	$	6,415,408 	
	9.	The Contract Price Applicable to Subproject 6(b) prior to this Change Order was..................................	$	464,111,408 	
	10.	The Contract Price Applicable to Subproject 6(b) will be unchanged by this Change Order...................	$	— 	
	11.	The Provisional Sum Applicable to Subproject 6(b) will be unchanged by this Change Order................	$	(303,955)	
	12.	The new Contract Price Applicable to Subproject 6(b) including this Change Order will be...................	$	463,807,453 	

			
	

Adjustment to Contract Price
												
	13.	The original Contract Price for Subproject 6(a) and Subproject 6(b) was (add lines 1 and 7) 	$	2,474,588,573 	
	14.	The Contract Price prior to this Change Order was (add lines 3 and 9)....................................................	$	2,463,211,965 	
	15.	The Contract Price will be decreased by this Change Order in the amount of (add lines 4, 5, 10 and 11) 	$	(303,955)	
	16.	The new Contract Price including this Change Order will be (add lines 14 and 15)................................	$	2,462,908,010 	

			
	

Adjustment to dates in Project Schedule for Subproject 6(a)
The following dates are modified: N/A
Adjustment to other Changed Criteria for Subproject 6(a):  N/A
Adjustment to Payment Schedule for Subproject 6(a):  N/A
Adjustment to Minimum Acceptance Criteria for Subproject 6(a):  N/A
Adjustment to Performance Guarantees for Subproject 6(a):  N/A
Adjustment to Design Basis for Subproject 6(a):  N/A
Other adjustments to liability or obligations of Contractor or Owner under the Agreement for Subproject 6(a): N/A

Adjustment to dates in Project Schedule for Subproject 6(b)
The following dates are modified:  N/A
Adjustment to other Changed Criteria for Subproject 6(b): N/A
Adjustment to Payment Schedule for Subproject 6(b):  Yes; see Exhibit B
Adjustment to Design Basis for Subproject 6(b):  N/A
Other adjustments to liability or obligation of Contractor or Owner under the Agreement: N/A
Select either A or B

[A] This Change Order shall constitute a full and final settlement and accord and satisfaction of all effects of the change reflected in this Change Order upon the Changed Criteria and shall be deemed to compensate Contractor fully for such change.  Initials:  /s/ MDR  Contractor  /s/ DC  Owner

[B] This Change Order shall not constitute a full and final settlement and accord and satisfaction of all effects of the change reflected in this Change Order upon the Changed Criteria and shall not be deemed to compensate Contractor fully for such change.  Initials:  ____ Contractor  ____ Owner
Upon execution of this Change Order by Owner and Contractor, the above-referenced change shall become a valid and binding part of the original Agreement without exception or qualification, unless noted in this Change Order.  Except as modified by this and any previously issued Change Orders, all other terms and conditions of the Agreement shall remain in full force and effect.  This Change Order is executed by each of the Parties’ duly authorized representatives.
 

									
	/s/ David Craft		/s/ Maurissa D. Rogers
	Owner		Contractor
	David Craft		Maurissa D. Rogers
	Name		Name
	SVP E&C		Sr Project Mgr, PVP
	Title		Title
	July 30, 2020		July 20, 2020
	Date of Signing		Date of Signing

CHANGE ORDER

Train 6 Hot Oil WHRU PSV Bypass
						
	PROJECT NAME:  Sabine Pass LNG Stage 4 Liquefaction Facility

OWNER:  Sabine Pass Liquefaction, LLC

CONTRACTOR:  Bechtel Oil, Gas and Chemicals, Inc.

DATE OF AGREEMENT: November 7, 2018
	CHANGE ORDER NUMBER: CO-00028

DATE OF CHANGE ORDER: August 11, 2020

			
	

The Agreement between the Parties listed above is changed as follows:
1.In accordance with Section 6.1 of the Agreement (Change Orders Requested by Owner), the Parties agree this Change Order includes Contractor’s engineering, procurement and construction services to actuate the PSV bypass valves and automate their operation based on pressure measurements as reflected in the draft P&ID markups in Exhibit C of this Change Order, and based on the following Scope of Work:

1.1This Change Order is based on valve failure position being FO. Any other failure position other than FO is specifically excluded from this Change Order.

1.2Existing orbit manual valve on thermal oxidizer WHRU (VA-342263) is required to be in open position prior to installation of actuator. The ball valves on the ethylene WHRUs (VA-340198, VA-340113) can be in closed position (subject to confirmation during detailed design).  Stroking of the valves will be required to confirm proper actuator operation during the installation phase.

1.3Existing orbit manual valve on thermal oxidizer WHRU (VA-342263) needs to be rotated 45 deg to accommodate clash-free installation of actuator, based on preliminary vendor data.

2.The detailed cost breakdown for this Change Order is detailed in Exhibit A of this Change Order.

3.Schedule C-3 (Milestone Payment Schedule) of Attachment C of the Agreement will be amended by including the milestone(s) listed in Exhibit B of this Change Order.
			
	

Adjustment to Contract Price Applicable to Subproject 6(a)
												
	1.	The original Contract Price Applicable to Subproject 6(a) was.................................................................	$	2,016,892,573 	
	2.	Net change for Contract Price Applicable to Subproject 6(a) by previously authorized Change Orders (#01-08, 10-13, 15, 17-18, 21-22, & 24) 	$	(17,792,016)	
	3.	The Contract Price Applicable to Subproject 6(a) prior to this Change Order was...................................	$	1,999,100,557 	
	4.	The Contract Price Applicable to Subproject 6(a) will be increased by this Change Order in the amount of....................................................................................................................................................	$	231,381 	
	5.	The Provisional Sum Applicable to Subproject 6(a) will be unchanged by this Change Order in the amount of....................................................................................................................................................	$	— 	
				
	6.	The new Contract Price Applicable to Subproject 6(a) including this Change Order will be...................	$	1,999,331,938 	

			
	

Adjustment to Contract Price Applicable to Subproject 6(b)
												
	7.	The original Contract Price Applicable to Subproject 6(b) (in CO-00009) was	$	457,696,000 	
	8.	Net change for Contract Price Applicable to Subproject 6(b) by previously authorized Change Orders (#14, 16, 19-20, 23, & 25-27) 	$	6,111,453 	
	9.	The Contract Price Applicable to Subproject 6(b) prior to this Change Order was..................................	$	463,807,453 	
	10.	The Contract Price Applicable to Subproject 6(b) will be unchanged by this Change Order...................	$	— 	
	11.	The Provisional Sum Applicable to Subproject 6(b) will be unchanged by this Change Order................	$	— 	
	12.	The Contract Price Applicable to Subproject 6(b) including this Change Order will be...................	$	463,807,453 	

			
	

Adjustment to Contract Price
												
	13.	The original Contract Price for Subproject 6(a) and Subproject 6(b) was (add lines 1 and 7) 	$	2,474,588,573 	
	14.	The Contract Price prior to this Change Order was (add lines 3 and 9)....................................................	$	2,462,908,010 	
	15.	The Contract Price will be increased by this Change Order in the amount of (add lines 4, 5, 10 and 11) 	$	231,381 	
	16.	The new Contract Price including this Change Order will be (add lines 14 and 15)................................	$	2,463,139,391 	

			
	

Adjustment to dates in Project Schedule for Subproject 6(a)
The following dates are modified: N/A
Adjustment to other Changed Criteria for Subproject 6(a):  N/A
Adjustment to Payment Schedule for Subproject 6(a):  Yes; see Exhibit B
Adjustment to Minimum Acceptance Criteria for Subproject 6(a):  N/A
Adjustment to Performance Guarantees for Subproject 6(a):  N/A
Adjustment to Design Basis for Subproject 6(a):  N/A
Other adjustments to liability or obligations of Contractor or Owner under the Agreement for Subproject 6(a): N/A
Adjustment to dates in Project Schedule for Subproject 6(b)
The following dates are modified:  N/A
Adjustment to other Changed Criteria for Subproject 6(b): N/A
Adjustment to Payment Schedule for Subproject 6(b):  N/A
Adjustment to Design Basis for Subproject 6(b):  N/A
Other adjustments to liability or obligation of Contractor or Owner under the Agreement: N/A
Select either A or B:
[A] This Change Order shall constitute a full and final settlement and accord and satisfaction of all effects of the change reflected in this Change Order upon the Changed Criteria and shall be deemed to compensate Contractor fully for such change.  Initials:  /s/ MDR  Contractor  /s/ DC  Owner

[B] This Change Order shall not constitute a full and final settlement and accord and satisfaction of all effects of the change reflected in this Change Order upon the Changed Criteria and shall not be deemed to compensate Contractor fully for such change.  Initials:  ____ Contractor  ____ Owner
Upon execution of this Change Order by Owner and Contractor, the above-referenced change shall become a valid and binding part of the original Agreement without exception or qualification, unless noted in this Change Order.  Except as modified by this and any previously issued Change Orders, all other terms and conditions of the Agreement shall remain in full force and effect.  This Change Order is executed by each of the Parties’ duly authorized representatives. 
 

									
	/s/ David Craft		/s/ Maurissa D. Rogers
	Owner		Contractor
	David Craft		Maurissa D. Rogers
	Name		Name
	SVP E&C		Sr Project Mgr, PVP
	Title		Title
	August 24, 2020		August 11, 2020
	Date of Signing		Date of Signing

CHANGE ORDER

Change in Law IMO 2020 Regulatory Change – Low Sulphur Emissions on Marine Vessels
						
	PROJECT NAME:  Sabine Pass LNG Stage 4 Liquefaction Facility

OWNER:  Sabine Pass Liquefaction, LLC

CONTRACTOR:  Bechtel Oil, Gas and Chemicals, Inc.

DATE OF AGREEMENT: November 7, 2018
	CHANGE ORDER NUMBER: CO-00029

DATE OF CHANGE ORDER: August 25, 2020

			
	

The Agreement between the Parties listed above is changed as follows:
1.In accordance with Section 6.2 of the Agreement (Change Orders Requested by Contractor), the Parties agree this Change Order includes Contractor’s incurred costs as a result of the Change in Law – International Maritime Organization ("IMO") enforcement of a new 0.5% global Sulphur cap on all shipping vessels effective January 1, 2020. 

2.The summary cost breakdown for this Change Order is provided in Exhibit A of this Change Order.

3.The detailed cost breakdown for this Change Order is provided in Exhibit C of this Change Order.

4.Schedule C-3 (Milestone Payment Schedule) of Attachment C of the Agreement will be amended by including the milestone(s) listed in Exhibit B of this Change Order.
			
	

Adjustment to Contract Price Applicable to Subproject 6(a)
												
	1.	The original Contract Price Applicable to Subproject 6(a) was.................................................................	$	2,016,892,573 	
	2.	Net change for Contract Price Applicable to Subproject 6(a) by previously authorized Change Orders (#01-08, 10-13, 15, 17-18, 21-22, 24, & 28) 	$	(17,560,635)	
	3.	The Contract Price Applicable to Subproject 6(a) prior to this Change Order was...................................	$	1,999,331,938 	
	4.	The Contract Price Applicable to Subproject 6(a) will be increased by this Change Order in the amount of....................................................................................................................................................	$	718,581 	
	5.	The Provisional Sum Applicable to Subproject 6(a) will be unchanged by this Change Order in the amount of....................................................................................................................................................	$	— 	
				
	6.	The new Contract Price Applicable to Subproject 6(a) including this Change Order will be...................	$	2,000,050,519 	

			
	

Adjustment to Contract Price Applicable to Subproject 6(b)
												
	7.	The original Contract Price Applicable to Subproject 6(b) (in CO-00009) was	$	457,696,000 	
	8.	Net change for Contract Price Applicable to Subproject 6(b) by previously authorized Change Orders (#14, 16, 19-20, 23, & 25-27) 	$	6,111,453 	
	9.	The Contract Price Applicable to Subproject 6(b) prior to this Change Order was..................................	$	463,807,453 	
	10.	The Contract Price Applicable to Subproject 6(b) will be unchanged by this Change Order...................	$	— 	
	11.	The Provisional Sum Applicable to Subproject 6(b) will be unchanged by this Change Order................	$	— 	
	12.	The Contract Price Applicable to Subproject 6(b) including this Change Order will be...................	$	463,807,453 	

			
	

Adjustment to Contract Price
												
	13.	The original Contract Price for Subproject 6(a) and Subproject 6(b) was (add lines 1 and 7) 	$	2,474,588,573 	
	14.	The Contract Price prior to this Change Order was (add lines 3 and 9)....................................................	$	2,463,139,391 	
	15.	The Contract Price will be increased by this Change Order in the amount of (add lines 4, 5, 10 and 11) 	$	718,581 	
	16.	The new Contract Price including this Change Order will be (add lines 14 and 15)................................	$	2,463,857,972 	

			
	

Adjustment to dates in Project Schedule for Subproject 6(a)
The following dates are modified: N/A
Adjustment to other Changed Criteria for Subproject 6(a):  N/A
Adjustment to Payment Schedule for Subproject 6(a):  Yes; see Exhibit B
Adjustment to Minimum Acceptance Criteria for Subproject 6(a):  N/A
Adjustment to Performance Guarantees for Subproject 6(a):  N/A
Adjustment to Design Basis for Subproject 6(a):  N/A
Other adjustments to liability or obligations of Contractor or Owner under the Agreement for Subproject 6(a): N/A
Adjustment to dates in Project Schedule for Subproject 6(b)
The following dates are modified:  N/A
Adjustment to other Changed Criteria for Subproject 6(b): N/A
Adjustment to Payment Schedule for Subproject 6(b):  N/A
Adjustment to Design Basis for Subproject 6(b):  N/A
Other adjustments to liability or obligation of Contractor or Owner under the Agreement: N/A
Select either A or B:
[A] This Change Order shall constitute a full and final settlement and accord and satisfaction of all effects of the change reflected in this Change Order upon the Changed Criteria and shall be deemed to compensate Contractor fully for such change.  Initials:  /s/ MDR  Contractor  /s/ DC  Owner

[B] This Change Order shall not constitute a full and final settlement and accord and satisfaction of all effects of the change reflected in this Change Order upon the Changed Criteria and shall not be deemed to compensate Contractor fully for such change.  Initials:  ____ Contractor  ____ Owner
Upon execution of this Change Order by Owner and Contractor, the above-referenced change shall become a valid and binding part of the original Agreement without exception or qualification, unless noted in this Change Order.  Except as modified by this and any previously issued Change Orders, all other terms and conditions of the Agreement shall remain in full force and effect.  This Change Order is executed by each of the Parties’ duly authorized representatives. 
 

									
	/s/ David Craft		/s/ Maurissa D. Rogers
	Owner		Contractor
	David Craft		Maurissa D. Rogers
	Name		Name
	SVP, Engineering and Construction		Sr Project Mgr, PVP
	Title		Title
	August 26, 2020		August 25, 2020
	Date of Signing		Date of Signingvvi-ex107_110.htm

Exhibit 10.7

 

 

2017 VIAD CORP OMNIBUS INCENTIVE AWARD PLAN

EFFECTIVE AUGUST 26, 2020

 

STOCK OPTION GRANT NOTICE

Viad Corp, a Delaware corporation (the “Company”) has granted to the participant listed below (“Participant”) the stock option (the “Option”) described in this Stock Option Grant Notice (the “Grant Notice”), subject to the terms and conditions of the 2017 Viad Corp Omnibus Incentive Award Plan (as amended from time to time, the “Plan”) and the Stock Option Agreement attached hereto as Exhibit A (the “Agreement”), both of which are incorporated into this Grant Notice by reference.  Capitalized terms not specifically defined in this Grant Notice or the Agreement have the meanings given to them in the Plan.

		
	
Participant:
	
[NAME]

	
Grant Date:
	
[DATE]

	
Exercise Price per Share:
	
$[PRICE]

	
Shares Subject to the Option:
	
[SHARES]

	
Final Expiration Date:
	
[DATE]

	
Vesting Commencement Date:
	
[DATE]

	
Vesting Schedule:
	
[ADJUST AS NEEDED] The Option shall vest and become exercisable (i) with respect to 50% of the Shares subject to the Option on the first anniversary of the Vesting Commencement Date, and (ii) thereafter, with respect to the remaining 50% of the Shares subject to the Option on the second anniversary of the Vesting Commencement Date, subject to the terms of the Agreement.

	
Type of Option
	
Non-Qualified Stock Option

 

By accepting (whether in writing, electronically or otherwise) the Option, Participant agrees to be bound by the terms of this Grant Notice, the Plan and the Agreement (including Exhibit B).  Participant has reviewed the Plan, this Grant Notice and the Agreement in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Grant Notice and fully understands all provisions of the Plan, this Grant Notice and the Agreement.  Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions arising under the Plan, this Grant Notice or the Agreement.  

 

 

				
				
	
VIAD CORP
	
PARTICIPANT

	
By:
	
 
	
 

	
Name: 
	
 
	
[NAME]

	
Title:
	
 
	
 
	
 

 

 

EXHIBIT A

STOCK OPTION AGREEMENT

Capitalized terms not specifically defined in this Agreement have the meanings specified in the Grant Notice or, if not defined in the Grant Notice, in the Plan.

ARTICLE I.
GENERAL

1.1Grant of Option

.  The Company has granted to Participant the Option effective as of the grant date set forth in the Grant Notice (the “Grant Date”).

1.2Incorporation of Terms of Plan

.  The Option is subject to the terms and conditions set forth in this Agreement and the Plan, which is incorporated herein by reference.  In the event of any inconsistency between the Plan and this Agreement, the terms of the Plan will control.  

1.3Restrictive Covenants.  The Option and the Shares issuable under this Option shall be subject to the provisions set forth on Exhibit B.

1.4Definitions.  

(a)“Cause” shall have the meaning as is set forth in the Executive Severance Plan.

(b)“Disability” shall mean a permanent and total disability under Section 22(e)(3) of the Code.

(c)“Good Reason” shall have the meaning as is set forth in the Executive Severance Plan.

(d)“Executive Severance Plan” shall mean the Viad Corp Executive Severance Plan (Tier I), as amended from time to time.

ARTICLE II.
PERIOD OF EXERCISABILITY

2.1Commencement of Exercisability

.  

A-1

 

 

(a)The Option will vest and become exercisable according to the vesting schedule in the Grant Notice (the “Vesting Schedule”) except that any fraction of a Share as to which the Option would be vested or exercisable will be accumulated and will vest and become exercisable only when a whole Share has accumulated.  

(b)In addition, notwithstanding Sections 17.2 or 17.3 of the Plan, the then-outstanding portion of the Option shall fully vest and become exercisable on an accelerated basis upon Participant’s termination of employment by the Company without Cause or by Participant for Good Reason and/or following a Change of Control.  Any accelerated vesting and exercisability with respect to the Option in connection with a termination of employment will be conditioned upon Participant’s timely execution and non-revocation of a separation agreement and release in a form prescribed by the Company. 

(c)The Option will immediately expire and be forfeited as to any portion that is not vested and exercisable as of Participant’s termination of employment for any reason (after taking into consideration any accelerated vesting and exercisability which may occur in connection with such termination of employment) except as otherwise determined by the Committee or provided in a binding written agreement between Participant and the Company.

2.2Duration of Exercisability

.  The Vesting Schedule is cumulative.  Any portion of the Option which vests and becomes exercisable will remain vested and exercisable until the Option expires.  The Option will be forfeited immediately upon its expiration.

2.3Expiration of Option

.  The Option may not be exercised, in part or in full, to any extent by anyone after, and will expire on, the first of the following to occur:

(a)The final expiration date in the Grant Notice; 

(b)Except as the Committee may otherwise approve, the expiration of three months from the date of Participant’s termination of employment for any reason other than for Cause or by reason of Participant’s death or Disability; 

(c)Except as the Committee may otherwise approve, the expiration of one year from the date of Participant’s termination of employment by reason of Participant’s death or Disability; and

(d)Except as the Committee may otherwise approve, Participant’s termination of employment for Cause. 

ARTICLE III.
EXERCISE OF OPTION

3.1Person Eligible to Exercise

.  During Participant’s lifetime, only Participant may exercise the Option.  After Participant’s death, any exercisable portion of the Option may, prior to the time the Option expires, be exercised by Participant’s designated beneficiary as permitted under the Plan.

3.2Partial Exercise

.  Any exercisable portion of the Option or the entire Option, if then wholly exercisable, may be exercised, in whole or in part, according to the procedures in the Plan at any time prior to the time the Option or portion thereof expires, except that the Option may only be exercised for whole Shares.

3.3Tax Withholding

; Exercise Price. 

A-2

 

 

(a)Unless the Administrator otherwise determines, the Company shall withhold, or cause to be withheld, Shares otherwise vesting or issuable under this Option in satisfaction of any exercise price and/or applicable withholding tax obligations.  With respect to tax withholding obligations, the number of Shares which may be so withheld or surrendered shall be limited to the number of Shares which have a fair market value on the date of withholding no greater than the aggregate amount of such liabilities based on the minimum individual statutory withholding rates in Participant’s applicable jurisdictions for federal, state, local and foreign income tax and payroll tax purposes that are applicable to such taxable income.

(b)Participant acknowledges that Participant is ultimately liable and responsible for all taxes owed in connection with the Option, regardless of any action the Company or any Subsidiary takes with respect to any tax withholding obligations that arise in connection with the Option.  Neither the Company nor any Subsidiary makes any representation or undertaking regarding the treatment of any tax withholding in connection with the awarding, vesting or exercise of the Option or the subsequent sale of Shares.  The Company and the Subsidiaries do not commit and are under no obligation to structure the Option to reduce or eliminate Participant’s tax liability.

ARTICLE IV.
OTHER PROVISIONS

4.1Adjustments

.  Participant acknowledges that the Option is subject to adjustment, modification and termination in certain events as provided in this Agreement and the Plan.  Notwithstanding the generality of the foregoing, the Option shall be subject to Sections 4.5 or 18.3 of the Plan.

4.2Notices

.  Any notice to be given under the terms of this Agreement to the Company must be in writing and addressed to the Company in care of the Company’s Secretary at the Company’s principal office or the Secretary’s then-current email address or facsimile number.  Any notice to be given under the terms of this Agreement to Participant must be in writing and addressed to Participant (or, if Participant is then deceased, to the designated beneficiary) at Participant’s last known mailing address, email address or facsimile number in the Company’s personnel files.  By a notice given pursuant to this Section, either party may designate a different address for notices to be given to that party.  Any notice will be deemed duly given when actually received, when sent by email, when sent by certified mail (return receipt requested) and deposited with postage prepaid in a post office or branch post office regularly maintained by the United States Postal Service, when delivered by a nationally recognized express shipping company or upon receipt of a facsimile transmission confirmation.

4.3Titles

.  Titles are provided herein for convenience only and are not to serve as a basis for interpretation or construction of this Agreement.

4.4Conformity to Securities Laws

.  Participant acknowledges that the Plan, the Grant Notice and this Agreement are intended to conform to the extent necessary with all applicable laws and, to the extent applicable laws permit, will be deemed amended as necessary to conform to applicable laws.

4.5Successors and Assigns

.  The Company may assign any of its rights under this Agreement to single or multiple assignees, and this Agreement will inure to the benefit of the successors and assigns of the Company.  Subject to the restrictions on transfer set forth in this Agreement or the Plan, this Agreement will be binding upon and inure to the benefit of the heirs, legatees, legal representatives, successors and assigns of the parties hereto.

4.6Limitations Applicable to Section 16 Persons

.  Notwithstanding any other provision of the Plan or this Agreement, if Participant is subject to Section 16 of the Exchange Act, the Plan, the Grant 

A-3

 

 

Notice, this Agreement and the Option will be subject to any additional limitations set forth in any applicable exemptive rule under Section 16 of the Exchange Act (including any amendment to Rule 16b‐3) that are requirements for the application of such exemptive rule.  To the extent applicable laws permit, this Agreement will be deemed amended as necessary to conform to such applicable exemptive rule.

4.7Entire Agreement

.  The Plan, the Grant Notice and this Agreement (including any exhibit hereto) constitute the entire agreement of the parties and supersede in their entirety all prior undertakings and agreements of the Company and Participant with respect to the subject matter hereof.

4.8Agreement Severable

.  In the event that any provision of the Grant Notice or this Agreement is held illegal or invalid, the provision will be severable from, and the illegality or invalidity of the provision will not be construed to have any effect on, the remaining provisions of the Grant Notice or this Agreement.

4.9Limitation on Participant’s Rights

.  Participation in the Plan confers no rights or interests other than as herein provided.  This Agreement creates only a contractual obligation on the part of the Company as to amounts payable and may not be construed as creating a trust.  Neither the Plan nor any underlying program, in and of itself, has any assets.  Participant will have only the rights of a general unsecured creditor of the Company with respect to amounts credited and benefits payable, if any, with respect to the Option, and rights no greater than the right to receive the Shares as a general unsecured creditor with respect to the Option, as and when exercised pursuant to the terms hereof.

4.10Not a Contract of Employment

.  Nothing in the Plan, the Grant Notice or this Agreement confers upon Participant any right to continue in the employ or service of the Company or any Subsidiary or interferes with or restricts in any way the rights of the Company and its Subsidiaries, which rights are hereby expressly reserved, to discharge or terminate the services of Participant at any time for any reason whatsoever, with or without Cause, except to the extent expressly provided otherwise in a written agreement between the Company or a Subsidiary and Participant. 

4.11Counterparts

.  The Grant Notice may be executed in one or more counterparts, including by way of any electronic signature, subject to applicable law, each of which will be deemed an original and all of which together will constitute one instrument.

* * * * *

 

 

 

 

 

A-4

 

 

EXHIBIT B

RESTRICTIVE COVENANTS

 

(1)Restrictive Covenants.  Unless a Change of Control shall have occurred after the date hereof, in order to better protect the goodwill of the Company and its Affiliates and to prevent the disclosure of the Company’s or its Affiliates’ trade secrets and confidential information and thereby help insure the long-term success of the business, Participant, without prior written consent of the Company, will not engage in certain conduct as outlined in this paragraph 1:

(a) Non-Competition.  During Participant’s employment with the Company or any of its Affiliates, and for a period of twelve (12) months following termination of Participant’s employment with the Company or any of its Affiliates, Participant will not engage in any activity or provide any services, whether as a director, manager, supervisor, employee, adviser, agent, consultant, owner of more than five (5) percent of any enterprise or otherwise, in connection with the manufacture, development, advertising, promotion, design, or sale of any service or product which is the same as or similar to or competitive with any services or products of the Company or its Affiliates (including both existing services or products as well as services or products known to the Participant, as a consequence of Participant’s employment with the Company or one of its Affiliates, to be in development):

 

(i)with respect to which Participant’s work has been directly concerned at any time during the two (2) years preceding termination of employment with the Company or one of its Affiliates, or 

 

(ii)with respect to which during that period of time Participant, as a consequence of Participant’s job performance and duties, acquired knowledge of trade secrets or other confidential information of the Company or its Affiliates.  For purposes of the provisions of paragraph 1(a), it shall be conclusively presumed that Participant has knowledge of information he was directly exposed to through actual receipt or review of memos or documents containing such information, or through actual attendance at meetings at which such information was discussed or disclosed.

 

(b)  Non-Solicitation of Customers.  During Participant’s employment with the Company or any of its affiliates, and for a period of twelve (12) months following termination of Participant’s employment with the Company, Participant will not on behalf of any Competitor, solicit business from any Client of the Company that Participant serviced during Participant’s employment with the Company (the “Restricted Clients”).  “Client” means any individual, person, business or entity that has consumed, obtained, retained and/or purchased any services or products offered or sold by the Company or any of its Affiliates during Participant’s employment, and any individual, person, business or entity or that has been solicited by Participant to consume, obtain, retain or purchase the services or products offered or sold by the Company or any of its affiliates.  “Competitor” means any person or organization engaged (or about to become engaged) in research, development, marketing, selling, or servicing with respect to any product or service which is the same as, similar to, or competes with any product, process or service of the Company or its Affiliates (including both existing services or products as well as services or products known to the Participant, as a consequence of Participant’s employment with the Company or one of its Affiliates, to be in development).

 

(c)Non-Solicitation of Employees.  During Participant’s employment with the Company and for twelve (12) months immediately following termination of such employment for any reason, Participant will not, on behalf of himself or herself, or on behalf of any other person, firm, corporation, or entity, directly or indirectly (a) solicit for employment, or otherwise seek to employ, retain, 

 

 

divert or take away any of the agents, representatives or employees of the Company with whom Participant had contact or about whom Participant had access to information in the course of Participant’s employment with the Company, (b) or in any other way assist or facilitate any such employment, solicitation or retention effort.

 

(d)Remedies.  Participant understands and agrees that the Company’s remedy for violation of the restrictions contained in paragraphs 1(a), 1(b) and/or 1(c) above is not limited to a requirement that Participant repay any awards granted to Participant under the Plan.  Rather, in the event Participant breaches the terms of the restrictive covenants contained in paragraphs 1(a), 1(b) and/or 1(c) above, the Company will be entitled to seek and obtain any or all of the following remedies against Participant:

 

(i)Injunctive Relief.  In the event that Participant breaches, or the Company reasonably believes that Participant is about to breach, any of the covenants of paragraphs 1(a), 1(b) and/or 1(c) above, Participant recognizes that the Company will suffer immediate and irreparable harm and that money damages alone will not be adequate to compensate the Company or its Affiliates.  Accordingly, Participant agrees that the Company will be entitled to temporary, preliminary and/or permanent injunctive relief enforcing the terms of paragraphs 1(a), 1(b) and/or 1(c) above. 

 

(ii)Damages.  In the event that Participant breaches any of the covenants of paragraphs 1(a), 1(b) and/or 1(c) above, Participant agrees that the Company will be entitled to compensatory damages in an amount necessary to compensate the Company for any harm that is not adequately redressed or prevented by injunctive relief.

 

(iii)Forfeiture and Repayment.  In the event Participant breaches any of the covenants of paragraphs 1(a), 1(b) and/or 1(c) above, Participant agrees and understands that the Company may require Participant to repay certain awards that have been granted under the Plan, as is more fully set forth in paragraph 2 below. 

 

(2)Forfeiture and Repayment Provisions.

(a)Violations of Paragraph 1(a), 1(b) and/or 1(c).  

(i)In addition to any other remedy at law or in equity, the Option, to the extent outstanding, shall be forfeited and returned to the Company, if Participant engages in any conduct agreed to be avoided pursuant to the provisions of paragraph 1(a), 2(b) and/or 3(c) at any time within twelve (12) months following the date of Participant’s termination of employment with the Company or any of its Affiliates.

(b)Misconduct.  Unless a Change of Control shall have occurred after the date hereof:

 

(i)All payments (without regard to tax effects) received directly or indirectly by Participant with respect to the Option shall be paid by Participant to the Company, if the Company reasonably determines that during Participant’s employment with the Company or any of its Affiliates:

 

(1)   Participant knowingly or grossly negligently engaged in misconduct that causes a misstatement of the financial statements of Viad or any of its Affiliates or misconduct which represents a material violation of any code of ethics of the Company applicable to Participant or of the Always Honest compliance program or similar program of the Company; or

 

B-1

(2)   Participant was aware of and failed to report, as required by any code of ethics of the Company applicable to Participant or by the Always Honest compliance program or similar program of the Company, misconduct that causes a misstatement of the financial statements of Viad or any of its Affiliates or misconduct which represents a material knowing violation of any code of ethics of the Company applicable to Participant or of the Always Honest compliance program or similar program of the Company.

 

(ii)Participant consents to the deduction from any amounts the Company or any of its Affiliates owes to Participant to the extent of the amounts Participant owes the Company under this paragraph 2(b).

 

(c)Acts Contrary to Company.  Unless a Change of Control shall have occurred after the date hereof, if the Company reasonably determines that at any point at which the Option remains outstanding, Participant has acted significantly contrary to the best interests of the Company, including, but not limited to, any direct or indirect intentional disparagement of the Company, then all payments (without regard to tax effects) received directly or indirectly by Participant with respect to the Option prior to the Company's determination shall be paid by Participant to the Company.  Participant consents to the deduction from any amounts the Company or any of its Affiliates owes to Participant to the extent of the amounts Participant owes the Company under this paragraph 2(c).

 

(d)The Company’s reasonable determination required under paragraphs 2(b)(i) and 2(c) above shall be made by the Committee, in the case of executive officers of the Company, and by the Chief Executive Officer of the Company, in the case of all other officers and employees.

 

 

B-2

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