Document:

Exhibit 10.3

 

ADMINISTRATION AGREEMENT

 

ADMINISTRATION AGREEMENT, dated as of [●],
2021 (this “Administration Agreement”), is entered into by and between WISCONSIN ELECTRIC POWER COMPANY, a Wisconsin
corporation (“Wisconsin Electric”), as administrator (in such capacity, the “Administrator”),
and WEPCO ENVIRONMENTAL TRUST FINANCE I, LLC, a Delaware limited liability company (the “Issuer”).

 

Capitalized terms used herein and not otherwise
defined herein shall have the meanings assigned to such terms in Appendix A to the Indenture (as defined below). Not all
terms defined in Appendix A to the Indenture are used in this Administration Agreement. The rules of construction set
forth in Appendix A to the Indenture shall apply to this Administration Agreement.

 

W I T N E S S E T H:

 

WHEREAS, the Issuer is issuing Environmental
Trust Bonds pursuant to that certain Indenture (including Appendix A thereto), dated as of the date hereof (the “Indenture”),
by and between the Issuer and U.S. Bank, National Association, in its capacity as indenture trustee (the “Indenture Trustee”)
and in its separate capacity as a securities intermediary (the “Securities Intermediary”), and the Series Supplement;

 

WHEREAS, the Issuer has entered into certain
agreements in connection with the issuance of the Environmental Trust Bonds, including (i) the Indenture, (ii) the Environmental
Control Property Servicing Agreement, dated as of [_________], 2021 (the “Servicing Agreement”), by and between
the Issuer and Wisconsin Electric, as Servicer, (iii) the Environmental Control Property Purchase and Sale Agreement, dated as
of [_________], 2021 (the “Sale Agreement”), between the Issuer and Wisconsin Electric, as Seller, and (iv) the
other Basic Documents to which the Issuer is a party, relating to the Environmental Trust Bonds (the Indenture, the Servicing Agreement,
the Sale Agreement and the other Basic Documents to which the Issuer is a party, the “Related Agreements”);

 

WHEREAS, pursuant to the Related Agreements,
the Issuer is required to perform certain duties in connection with the Related Agreements, the Environmental Trust Bonds and the
Environmental Trust Bond Collateral pledged to the Indenture Trustee pursuant to the Indenture;

 

WHEREAS, the Issuer has no employees and does
not intend to hire any employees, and consequently desires to have the Administrator perform certain of the duties of the Issuer
referred to in the preceding clauses and to provide such additional services consistent with the terms of this Administration Agreement
and the Related Agreements as the Issuer may from time to time request; and

 

WHEREAS, the Administrator has the capacity
to provide the services and the facilities required thereby and is willing to perform such services and provide such facilities
for the Issuer on the terms set forth herein;

 

NOW, THEREFORE, in consideration of the mutual
covenants contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
and intending to be legally bound hereby, the parties hereto agree as follows:

 

Section 1.                   Duties
of the Administrator; Management Services. The Administrator hereby agrees to provide the following corporate management
services to the Issuer and to cause third parties to provide professional services required for or contemplated by such
services in accordance with the provisions of this Administration Agreement:

 

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(a)               
furnish the Issuer with ordinary clerical, bookkeeping and other corporate administrative services necessary and appropriate
for the Issuer, including, without limitation, the following services:

 

(i)                 
maintain at the Premises (as defined below) general accounting records of the Issuer (the “Account Records”),
subject to year-end audit, in accordance with generally accepted accounting principles, separate and apart from its own accounting
records, prepare or cause to be prepared such quarterly and annual financial statements as may be necessary or appropriate and
arrange for year-end audits of the Issuer’s financial statements by the Issuer’s independent accountants;

 

(ii)                 
prepare and, after execution by the Issuer, file with the Securities and Exchange Commission (the “SEC”)
and any applicable state agencies documents required to be filed by the Issuer with the SEC and any applicable state agencies,
including, without limitation, periodic reports required to be filed under the Securities Exchange Act of 1934, as amended;

 

(iii)               
prepare for execution by the Issuer and cause to be filed such income, franchise or other tax returns of the Issuer as shall
be required to be filed by applicable law (the “Tax Returns”) and cause to be paid on behalf of the Issuer from
the Issuer’s funds any taxes required to be paid by the Issuer under applicable law;

 

(iv)               
prepare or cause to be prepared for execution by the Issuer’s Managers minutes of the meetings of the Issuer’s
Managers and such other documents deemed appropriate by the Issuer to maintain the separate limited liability company existence
and good standing of the Issuer (the “Company Minutes”) or otherwise required under the Related Agreements (together
with the Account Records, the Tax Returns, the Company Minutes, the LLC Agreement, and the Certificate of Formation, the “Issuer
Documents”); and any other documents deliverable by the Issuer thereunder or in connection therewith; and

 

(v)                 
hold, maintain and preserve at the Premises (or such other place as shall be required by any of the Related Agreements)
executed copies (to the extent applicable) of the Issuer Documents and other documents executed by the Issuer thereunder or in
connection therewith;

 

(b)               take
such actions on behalf of the Issuer, as are necessary or desirable for the Issuer to keep in full effect its existence, rights
and franchises as a limited liability company under the laws of the State of Delaware and obtain and preserve its qualification
to do business in each jurisdiction in which it becomes necessary to be so qualified;

 

(c)              
take such actions on the behalf of the Issuer as are necessary for the issuance and delivery of Environmental Trust Bonds;

 

(d)              
provide for the performance by the Issuer of its obligations under each of the Related Agreements, and prepare, or cause
to be prepared, all documents, reports, filings, instruments, notices, certificates and opinions that it shall be the duty of the
Issuer to prepare, file or deliver pursuant to the Related Agreements;

 

(e)               
to the full extent allowable under applicable law, enforce each of the rights of the Issuer under the Related Agreements,
at the direction of the Indenture Trustee;

 

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(f)                
 provide for the defense, at the direction of the Issuer’s Managers, of any action, suit or proceeding brought against
the Issuer or affecting the Issuer or any of its assets;

 

(g)               
provide office space (the “Premises”) for the Issuer and such reasonable ancillary services as are necessary
to carry out the obligations of the Administrator hereunder, including telecopying, duplicating and word processing services;

 

(h)               
undertake such other administrative services as may be appropriate, necessary or requested by the Issuer;

 

(i)                
provide the Indenture Trustee with copies of the filings by the Issuer under the Securities Exchange Act of 1934, as amended;
and

 

(j)                
provide such other services as are incidental to the foregoing or as the Issuer and the Administrator may agree.

 

In providing the services under this Section
1 and as otherwise provided under this Administration Agreement, the Administrator will not knowingly take any actions on behalf
of the Issuer which (i) the Issuer is prohibited from taking under the Related Agreements, or (ii) would cause the Issuer
to be in violation of any U.S. federal, state or local law or the LLC Agreement.

 

Section 2.                   
Compensation. As compensation for the performance of the Administrator’s obligations under this Administration
Agreement (including the compensation of Persons serving as Manager(s), other than the Independent Manager(s), and officers of
the Issuer, but, for the avoidance of doubt, excluding the performance by Wisconsin Electric of its obligations in its capacity
as Servicer), the Administrator shall be entitled to $75,000 annually (the “Administration Fee”), payable by
the Issuer in installments of $37,500 on each Payment Date. In addition, the Administrator shall be entitled to be reimbursed by
the Issuer for all costs and expenses of services performed by unaffiliated third parties and actually incurred by the Administrator
in connection with the performance of its obligations under this Administration Agreement in accordance with Section 3 (but,
for the avoidance of doubt, excluding any such costs and expenses incurred by Wisconsin Electric in its capacity as Servicer),
to the extent that such costs and expenses are supported by invoices or other customary documentation and are reasonably allocated
to the Issuer (“Reimbursable Expenses”).

 

Section 3.                   
Third Party Services. Any services required for or contemplated by the performance of the above-referenced services
by the Administrator to be provided by unaffiliated third parties (including independent auditors’ fees and counsel fees)
may, if provided for or otherwise contemplated by the Financing Order and if the Issuer deems it necessary or desirable, be arranged
by the Issuer or by the Administrator at the direction (which may be general or specific) of the Issuer. Costs and expenses associated
with the contracting for such third-party professional services may be paid directly by the Issuer or paid by the Administrator
and reimbursed by the Issuer in accordance with Section 2, or otherwise as the Administrator and the Issuer may mutually
arrange.

 

Section 4.                  
Additional Information to be Furnished to the Issuer. The Administrator shall furnish to the Issuer from time to
time such additional information regarding the Environmental Trust Bond Collateral as the Issuer shall reasonably request.

 

Section 5.                    Independence
of the Administrator. For all purposes of this Administration Agreement, the Administrator shall be an independent contractor
and shall not be subject to the supervision of the Issuer with respect to the manner in which it accomplishes the performance
of its obligations hereunder. Unless expressly authorized by the Issuer, the Administrator shall have no authority, and shall
not hold itself out as having the authority, to act for or represent the Issuer in any way and shall not otherwise be deemed an
agent of the Issuer.

 

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Section 6.                   
No Joint Venture. Nothing contained in this Administration Agreement (a) shall constitute the Administrator
and the Issuer as partners or co-members of any partnership, joint venture, association, syndicate, unincorporated business or
other separate entity, (b) shall be construed to impose any liability as such on either of them or (c) shall be deemed
to confer on either of them any express, implied or apparent authority to incur any obligation or liability on behalf of the other.

 

Section 7.                   
Other Activities of Administrator. Nothing herein shall prevent the Administrator or any of its shareholders, directors,
officers, employees, subsidiaries or affiliates from engaging in other businesses or, in its sole discretion, from acting in a
similar capacity as an administrator for any other Person even though such Person may engage in business activities similar to
those of the Issuer.

 

Section 8.                    
Term of Agreement; Resignation and Removal of Administrator.

 

(a)              
This Administration Agreement shall continue in force until the payment in full of the Environmental Trust Bonds and any
other amount which may become due and payable under the Indenture, upon which event this Administration Agreement shall automatically
terminate.

 

(b)              
Subject to Sections 8(e) and 8(f), the Administrator may resign its duties hereunder by providing the Issuer with at
least sixty (60) days’ prior written notice.

 

(c)               
Subject to Sections 8(e) and 8(f), the Issuer may remove the Administrator without cause by providing the Administrator
with at least sixty (60) days’ prior written notice.

 

(d)               
Subject to Sections 8(e) and 8(f), at the sole option of the Issuer, the Administrator may be removed immediately upon written
notice of termination from the Issuer to the Administrator if any of the following events shall occur:

 

(i)                  
the Administrator shall default in the performance of any of its duties under this Administration Agreement and, after notice
of such default, shall fail to cure such default within ten (10) days (or, if such default cannot be cured in such time, shall
(A) fail to give within ten (10) days such assurance of cure as shall be reasonably satisfactory to the Issuer and (B) fail
to cure such default within thirty (30) days thereafter);

 

(ii)                 
a court of competent jurisdiction shall enter a decree or order for relief, and such decree or order shall not have been
vacated within sixty (60) days, in respect of the Administrator in any involuntary case under any applicable bankruptcy, insolvency
or other similar law now or hereafter in effect, or such court shall appoint a receiver, liquidator, assignee, custodian, trustee,
sequestrator or similar official for the Administrator or any substantial part of its property or order the winding-up or liquidation
of its affairs; or

 

(iii)               
the Administrator shall commence a voluntary case under any applicable bankruptcy, insolvency or other similar law now or
hereafter in effect, shall consent to the entry of an order for relief in an involuntary case under any such law, shall consent
to the appointment of a receiver, liquidator, assignee, trustee, custodian, sequestrator or similar official for the Administrator
or any substantial part of its property, shall consent to the taking of possession by any such official of any substantial part
of its property, shall make any general assignment for the benefit of creditors or shall fail generally to pay its debts as they
become due.

 

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The Administrator agrees that if any of the
events specified in clauses (ii) or (iii) of this Section 8(d) shall occur, it shall give written notice thereof to
the Issuer and the Indenture Trustee as soon as practicable but in any event within seven (7) days after the happening of such
event.

 

(e)              
No resignation or removal of the Administrator pursuant to this Section 8 shall be effective until a successor Administrator
has been appointed by the Issuer, and such successor Administrator has agreed in writing to be bound by the terms of this Administration
Agreement in the same manner as the Administrator is bound hereunder.

 

(f)                
The appointment of any successor Administrator shall be effective only after satisfaction of the Rating Agency Condition
with respect to the proposed appointment.

 

Section 9.                  
Action upon Termination, Resignation or Removal. Promptly upon the effective date of termination of this Administration
Agreement pursuant to Section 8(a), the resignation of the Administrator pursuant to Section 8(b) or the removal
of the Administrator pursuant to Section 8(c) or (d), the Administrator shall be entitled to be paid a pro-rated
portion of the annual fee described in Section 2 hereof through the date of termination and all Reimbursable Expenses incurred
by it through the date of such termination, resignation or removal. The Administrator shall forthwith upon such termination pursuant
to Section 8(a) deliver to the Issuer all property and documents of or relating to the Environmental Trust Bond Collateral
then in the custody of the Administrator. In the event of the resignation of the Administrator pursuant to Section 8(b) or
the removal of the Administrator pursuant to Section 8(c) or (d), the Administrator shall cooperate with the
Issuer and take all reasonable steps requested to assist the Issuer in making an orderly transfer of the duties of the Administrator.

 

Section 10.                 
Administrator’s Liability.  Except as otherwise provided herein, the Administrator assumes no liability
other than to render or stand ready to render the services called for herein, and neither the Administrator nor any of its shareholders,
directors, officers, employees, subsidiaries or affiliates shall be responsible for any action of the Issuer or any of the members,
managers, officers, employees, subsidiaries or affiliates of the Issuer (other than the Administrator itself). The Administrator
shall not be liable for nor shall it have any obligation with regard to any of the liabilities, whether direct or indirect, absolute
or contingent, of the Issuer or any of the members, managers, officers, employees, subsidiaries or affiliates of the Issuer (other
than the Administrator itself).

 

Section 11.                  
Indemnity.

 

(a)              
Subject to the priority of payments set forth in the Indenture, the Issuer shall indemnify the Administrator, its shareholders,
directors, officers, employees and affiliates against all losses, claims, damages, penalties, judgments, liabilities and expenses
(including, without limitation, all expenses of litigation or preparation therefor whether or not the Administrator is a party
thereto) which any of them may pay or incur arising out of or relating to this Administration Agreement and the services called
for herein; provided, however, such indemnity shall not apply to any such loss, claim, damage, penalty, judgment,
liability or expense resulting from the Administrator’s gross negligence or willful misconduct in the performance of its
obligations hereunder.

 

(b)              
The Administrator shall indemnify the Issuer, its members, managers, officers and employees against all losses, claims,
damages, penalties, judgments, liabilities and expenses (including, without limitation, all expenses of litigation or preparation
therefor whether or not the Issuer is a party thereto) that any of them may incur as a result of the Administrator’s gross
negligence or willful misconduct in the performance of its obligations hereunder.

 

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Section 12.                  
Notices. Any notice, report or other communication given hereunder shall be in writing and addressed as follows:

 

(a)              
if to the Issuer, to WEPCo Environmental Trust Finance I, LLC, at 231 West Michigan Street, Milwaukee, Wisconsin 53201,
Attention: Anthony L. Reese, Vice President and Treasurer, Telephone: (414) 221-2579, Email: anthony.reese@wecenergygroup.com;

 

(b)              
if to the Administrator, to Wisconsin Electric Power Company, at 231 West Michigan Street, Milwaukee, Wisconsin 53201, Attention:
Anthony L. Reese, Vice President and Treasurer, Telephone: (414) 221-2345, Email: anthony.reese@wecenergygroup.com; and

 

(c)               
if to the Indenture Trustee, to the Corporate Trust Office;

 

or to such other address as any party shall
have provided to the other parties in writing. Any notice required to be in writing hereunder shall be deemed given if such notice
is mailed by certified mail, postage prepaid, or hand-delivered or delivered by electronic means of communication (including email)
to the address of such party as provided above.

 

Section 13.                 
Amendments. This Administration Agreement may be amended from time to time by a written amendment duly executed and
delivered by each of the Issuer and the Administrator, with ten Business Days’ prior written notice given to the Rating Agencies,
but without the consent of any of the Holders, (i) to cure any ambiguity, to correct or supplement any provisions in this Administration
Agreement or for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions in this
Administration Agreement or of modifying in any manner the rights of the Holders; provided, however, that the Issuer and the Indenture
Trustee shall receive an Officer’s Certificate stating that the execution of such amendment shall not adversely affect in
any material respect the interests of any Holder and that all conditions precedent have been satisfied or (ii) to conform the provisions
hereof to the description of this Administration Agreement in the Prospectus.

 

In addition, this Administration Agreement
may be amended from time to time by a written amendment duly executed and delivered by each of the Issuer and the Administrator
with the prior written consent of the Indenture Trustee and the satisfaction of the Rating Agency Condition; provided that any
such amendment may not adversely affect the interest of any Holder in any material respect without the consent of the Holders of
a majority of the outstanding principal amount of the Environmental Trust Bonds. Promptly after the execution of any such amendment
or consent, the Issuer shall furnish copies of such amendment or consent to each of the Rating Agencies.

 

Notwithstanding the foregoing, in no event
shall this Administration Agreement be amended without the approval of the PSCW if (1) such approval is required pursuant to Wis.
Stat. § 196.52, or (2) such amendment would increase the ongoing Financing Costs of the Issuer.

 

Section 14.                   Successors
and Assigns. This Administration Agreement may not be assigned by the Administrator unless such assignment is previously
consented to in writing by the Issuer and the Indenture Trustee and subject to the satisfaction of the Rating Agency
Condition in connection therewith. Any assignment with such consent and satisfaction, if accepted by the assignee, shall bind
the assignee hereunder in the same manner as the Administrator is bound hereunder. Notwithstanding the foregoing, this
Administration Agreement may be assigned by the Administrator without the consent of the Issuer or the Indenture Trustee and
without satisfaction of the Rating Agency Condition to a corporation or other organization that is a successor (by merger,
reorganization, consolidation or purchase of assets) to the Administrator, including without limitation any Permitted
Successor; provided, that such successor or organization executes and delivers to the Issuer an agreement in which
such corporation or other organization agrees to be bound hereunder by the terms of said assignment in the same manner as the
Administrator is bound hereunder. Subject to the foregoing, this Administration Agreement shall bind any successors or
assigns of the parties hereto. Upon satisfaction of all of the conditions of this Section 14, the preceding
Administrator shall automatically and without further notice be released from all of its obligations hereunder.

 

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Section 15.                 
GOVERNING LAW. THIS ADMINISTRATION AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF WISCONSIN,
WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE
DETERMINED IN ACCORDANCE WITH SUCH LAWS.

 

Section 16.                   Headings.
The Section headings hereof have been inserted for convenience of reference only and shall not be construed to affect the meaning,
construction or effect of this Administration Agreement.

 

Section 17.                  Counterparts. This
Administration Agreement may be executed in counterparts, each of which when so executed shall be an original, but all of which
together shall constitute but one and the same Administration Agreement.

 

Section
18.                   Severability. Any provision of this Administration Agreement that is prohibited or
unenforceable in any jurisdiction shall be ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not
invalidate or render unenforceable such provision in any other jurisdiction.

 

Section 19.                   Nonpetition Covenant.
Notwithstanding any prior termination of this Administration Agreement, the Administrator covenants that it shall not, prior to
the date which is one year and one day after payment in full of the Environmental Trust Bonds, acquiesce, petition or otherwise
invoke or cause the Issuer to invoke the process of any court or government authority for the purpose of commencing or sustaining
an involuntary case against the Issuer under any federal or state bankruptcy, insolvency or similar law or appointing a receiver,
liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Issuer or any substantial part of its property
or ordering the winding up or liquidation of the affairs of the Issuer.

 

Section 20.                   Assignment
to Indenture Trustee. The Administrator hereby acknowledges and consents to any mortgage, pledge, assignment and grant of
a security interest by the Issuer to the Indenture Trustee for the benefit of the Secured Parties pursuant to the Indenture of
any or all of the Issuer’s rights hereunder and the assignment of any or all of the Issuer’s rights hereunder to the
Indenture Trustee for the benefit of the Secured Parties. For the avoidance of doubt, the Indenture Trustee is a third party beneficiary
of this Administration Agreement and is entitled to the rights and benefits hereunder and may enforce the provisions hereof as
if it were a party hereto.

 

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IN WITNESS WHEREOF, the parties have caused
this Administration Agreement to be duly executed and delivered by their respective duly authorized officers as of the day and
year first above written.

 

	 	WEPCO ENVIRONMENTAL TRUST FINANCE I, LLC,
	 	as Issuer
	 	 
	 	By: 	 
	 	 	Name: 
	 	 	Title: 
	 	 
	 	WISCONSIN ELECTRIC POWER
COMPANY,
	 	as Administrator
	 	 
	 	By: 	 
	 	 	Name: 
	 	 	Title: 

 

Signature Page to Administration
Agreement

 

    8Exhibit 4.11
​
English summary of Principal Terms of the Fourth Addendum to the Lease Agreement (dated March 22, 2015, as amended by that certain Second Addendum entered on February 27, 2017 and that certain Third Addendum entered on August 8, 2018) entered into on March 11, 2021, by and between Mintz K. Construction Company Ltd. (the “Landlord”), as landlord, and Galmed Research and Development Ltd. (the “GRD”), as tenant (the “Addendum”).
​
The Addendum
​
		●	Premises covered by the Addendum: Approximately of 590 square meters (the “Total Premises”).

​
		●	Term of Lease: According to the Addendum, the term of the lease of the Total premises shall be from March 22, 2021 until March 21, 2023 (the “New Lease Term”), provided however that GRD shall have an option to extend the New Lease Term in accordance with the terms of the Lease Agreement, from March 22, 2023 until March 21, 2024 (the “Option Period”).

​
		●	Fees: GRD shall pay a monthly rental fee in the amount of NIS 35,000 plus VAT for the Total Premises. In the event that the option is exercised by GRD, GRD shall pay monthly rental fees for the Total Premises in the amount of NIS 38,290 during the Option period.

​
		●	Security: GRD shall provide the Landlord with an autonomous bank guarantee of NIS 172,264.

​

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