Document:

Exhibit 4.2

 

AMENDMENT NO. 1 TO RIGHTS AGREEMENT

 

This Amendment No. 1 (this “Amendment”), dated as of March 1, 2017, is made by and between Sanchez Energy Corporation, a Delaware corporation (the “Company”), and Continental Stock Transfer & Trust Company, a stock transfer agent, as rights agent (the “Rights Agent”), to the Rights Agreement, dated as of July 28, 2015, between the Company and the Rights Agent (the “Rights Agreement”). All capitalized terms not defined herein shall have the meanings ascribed to such terms in the Rights Agreement.

 

RECITALS:

 

WHEREAS, the Company has entered into an Amended and Restated Securities Purchase Agreement, dated as of February 28, 2017, by and among the Company, SN EF UnSub, LP (“SN UnSub”), SN EF UnSub GP, LLC, the general partner of SN UnSub, SN UR Holdings, LLC, a subsidiary of the Company (“SN UR Holdings”), SN EF UnSub Holdings, LLC, a subsidiary of SN UR Holdings, GSO ST Holdings Associates LLC, GSO ST Holdings LP and Intrepid Private Equity V-A, LLC (as amended, supplemented, modified or replaced from time to time, the “Securities Purchase Agreement”);

 

WHEREAS, the Company has issued and sold to one or more of the GSO Funds (as defined in the Securities Purchase Agreement) 500,000 shares` of the Company’s common stock in a firm commitment public offering of the Company (the “Offered Shares”);

 

WHEREAS, the Company has entered into an Interim Investors Agreement, dated as of January 12, 2017, by and among the Company, SN EF Maverick, LLC, SN UnSub, Gavilan Resources Holdco, LLC (f/k/a Aguila Production HoldCo, LLC) (“Holdco”), and Gavilan Resources, LLC (f/k/a Aguila Production, LLC), a wholly owned subsidiary of Holdco, Blackstone Capital Partners VII L.P. and Blackstone Energy Partners II L.P. (as amended, supplemented, modified or replaced from time to time, the “Interim Investors Agreement”);

 

WHEREAS, as of the date hereof, the Rights are redeemable;

 

WHEREAS, the Board of Directors of the Company has determined that the Securities Purchase Agreement and the issuance of the Offered Shares, the SN Shares, the Warrants and shares of SN Common Stock upon exercise of the Warrants (each as defined in the Securities Purchase Agreement and, collectively, the “GSO Securities”) are advisable and in the best interests of the Company and its stockholders;

 

WHEREAS, the Board of Directors of the Company has determined that the Interim Investors Agreement and the issuance of the Warrants and shares of Sanchez Common Stock upon exercise of the Warrants (each as defined in the Interim Investors Agreement and, collectively, the “BX Securities” and, together with the GSO Securities, the “Securities”) are advisable and in the best interests of the Company and its stockholders;

 

WHEREAS, the Board of Directors of the Company has determined that the issuance, acquisition and/or ownership (including Beneficial Ownership) of the Securities by specified Persons will not jeopardize or endanger the availability to the Company of the NOLs;

 

WHEREAS, the Board of Directors of the Company has determined it to be advisable and in the best interests of the Company and its stockholders to amend the Rights Agreement as set forth in this Amendment to (a) render the Rights Agreement inapplicable to the Offered Shares and the transactions contemplated by the Securities Purchase Agreement, including without limitation the issuance of the GSO Securities, and (b) cause the GSO Funds to be considered an Exempt Person under the circumstances set forth herein;

 

WHEREAS, the Board of Directors of the Company has determined it to be advisable and in the best interests of the Company and its stockholders to amend the Rights Agreement as set forth in this Amendment to (a) render the Rights Agreement inapplicable to the transactions contemplated by the Interim Investors Agreement,

 

 

including without limitation the issuance of the BX Securities, and (b) cause affiliates of Holdco to be considered an Exempt Person under the circumstances set forth herein;

 

WHEREAS, subject to certain limited exceptions, Section 26 of the Rights Agreement provides that at any time that the Rights are redeemable, the Company may in its sole and absolute discretion, and the Rights Agent shall, if the Company so directs, supplement or amend any provision of the Rights Agreement in any respect without the approval of any holders of Rights or holders of Common Stock;

 

WHEREAS, this Amendment is permitted by Section 26 of the Rights Agreement; and

 

WHEREAS, pursuant to Section 26, the Company hereby amends, and directs the Rights Agent to amend, the Rights Agreement as set forth in this Amendment.

 

NOW THEREFORE, in consideration of the foregoing premises and mutual covenants and agreements set forth herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and the Rights Agent, intending to be legally bound, hereby agree as follows:

 

1.                                      Additional Definitions. Section 1 of the Rights Agreement is hereby amended and supplemented by adding the following definitions in alphabetical order:

 

““GSO Funds” shall mean GSO Capital Opportunities Fund III LP, GSO Energy Select Opportunities Fund LP, GSO Energy Partners-A LP, GSO Energy Partners-B LP, GSO Energy Partners-C LP, GSO Energy Partners-C II LP, GSO Energy Partners-D LP, GSO Energy Market Opportunities Fund II LP, GSO Credit Alpha Trading (Cayman) LP, GSO Harrington Credit Alpha Fund (Cayman) LP, GSO Capital Solutions Fund II LP, and GSO Capital Solutions Fund II (Luxembourg) S.A.R.L.”

 

““Holdco” means Gavilan Resources Holdings - A, LLC, Gavilan Resources Holdings — B, LLC and Gavilan Resources Holdings — C, LLC.”

 

““Holdco Group” means Holdco, the GSO Funds and any other Person that, together with Holdco and the GSO Funds, constitutes (i) a “group” (as such term is used in Section 13(d)(3) of the Exchange Act and Rule 13d-5 of the rules and regulations promulgated thereunder) for purposes of Beneficial Ownership of Common Stock, or (ii) an “entity” within the meaning of Treasury Regulations Section 1.382-3(a)(1) for purposes of Beneficial Ownership of Common Stock.”

 

““Public Offering” means the acquisition by one or more of the GSO Funds of 500,000 shares of Common Stock in the Company’s firm commitment public underwritten offering of 10,000,000 shares of Common Stock (excluding the underwriters’ over-allotment option to purchase 1,500,000 shares of Common Stock) that closed on February 6, 2017.”

 

““IIA” means that certain Interim Investors Agreement, dated as of January 12, 2017, by and among the Company, SN EF Maverick, LLC, SN EF UnSub, LP, Holdco, Gavilan Resources, LLC (f/k/a Aguila Production, LLC), Blackstone Capital Partners VII L.P. and Blackstone Energy Partners II L.P.”

 

““Securities Purchase Agreement” means that certain Amended and Restated Securities Purchase Agreement, dated as of February 28, 2017, by and among the Company, SN EF UnSub, LP, SN EF UnSub GP, LLC, SN UR Holdings, LLC, SN EF UnSub Holdings, LLC, GSO ST Holdings Associates LLC, GSO ST Holdings LP and Intrepid Private Equity V-A, LLC.”

 

2.                                      Replacement of Definition. Section 1 of the Rights Agreement is hereby amended by deleting the definitions of “Acquiring Person” and “Exempt Person” in Section 1.1 and Section 1.7, respectively, in their entirety and replacing them with the following definitions:

 

“1.1  “Acquiring Person” shall mean, subject to Section 29 of this Agreement, any Person (including an Existing Holder (as defined hereinafter)) who or which becomes the Beneficial Owner (as defined in Section 1.3) of 4.9% or more of the Common Stock then outstanding, but shall not include (i) an Exempt Person (as defined hereinafter), (ii)

 

 

any Person (as defined hereinafter) who or which becomes the Beneficial Owner of 4.9% or more of the Common Stock (or, in the case of an Existing Holder, a percentage of the Common Stock then outstanding that is more than the Exempt Ownership Percentage (as defined hereinafter) of such Existing Holder) solely as a result of equity compensation awards granted to such Person by the Company or as a result of an adjustment to the number of shares of Common Stock represented by such equity compensation award pursuant to the terms thereof, unless and until such time, in the case of this clause (ii), as such Person or one or more of its Affiliates or Associates thereafter acquires Beneficial Ownership of one additional share of Common Stock (other than any Common Stock acquired as described in this clause (ii)) or (iii) any Existing Holder, unless and until such time as such Existing Holder shall become the Beneficial Owner of (A) a percentage of the Common Stock then outstanding that is more than the aggregate percentage of the outstanding Common Stock that such Existing Holder Beneficially Owns immediately prior to the first public announcement of the adoption of this Agreement (such aggregate amount being the “Exempt Ownership Percentage”) other than an acquisition of Common Stock pursuant to clause (ii) of this Section 1.1 or (B) less than 4.9% of the Common Stock then outstanding (after which time, if such Person shall be the Beneficial Owner of 4.9% or more of the Common Stock then outstanding (excluding any acquisition of Common Stock pursuant to clause (ii) of this Section 1.1), such Person shall be or become deemed an “Acquiring Person”).

 

Notwithstanding the foregoing, no Person shall become an “Acquiring Person” as the result of an acquisition of Common Stock by the Company which, by reducing the number of shares outstanding, increases the proportionate number of shares Beneficially Owned by such Person to 4.9% (or, in the case of (i) an Existing Holder, the Exempt Ownership Percentage, or (ii) the Holdco Group, the Holdco Group Exempt Ownership Percentage (as defined below)) or more of the Common Stock then outstanding; provided, however, that if a Person shall become the Beneficial Owner of 4.9% (or, in the case of (i) an Existing Holder, the Exempt Ownership Percentage, or (ii) the Holdco Group, the Holdco Group Exempt Ownership Percentage) or more of the Common Stock then outstanding solely by reason of share purchases by the Company and shall, after such share purchases by the Company, become the Beneficial Owner of one or more additional shares of Common Stock (other than pursuant to a dividend or distribution paid or made by the Company on the outstanding Common Stock in Common Stock or pursuant to a split or subdivision of the outstanding Common Stock), then such Person shall be deemed to be an “Acquiring Person” unless, upon becoming the Beneficial Owner of such additional Common Stock, such Person Beneficially Owns less than 4.9% (or, in the case of (i) an Existing Holder, such Person Beneficially Owns no more than the Exempt Ownership Percentage, or (ii) the Holdco Group, such Person Beneficially Owns no more than the Holdco Group Exempt Ownership Percentage) of the Common Stock then outstanding.  Notwithstanding the foregoing, if the Board determines in good faith that a Person who would otherwise be an “Acquiring Person,” as defined pursuant to the foregoing provisions of this Section 1.1, has become such inadvertently (including, without limitation, because (A) such Person was unaware that it Beneficially Owned a percentage of Common Stock that would otherwise cause such Person to be an “Acquiring Person” or (B) such Person was aware of the extent of its Beneficial Ownership of Common Stock but had no actual knowledge of the consequences of its Beneficial Ownership under this Agreement), and such Person divests as promptly as practicable a sufficient number of shares of Common Stock so that such Person would no longer be an “Acquiring Person”, as defined pursuant to the foregoing provisions of this Section 1.1, then such Person shall no longer be deemed to be an “Acquiring Person” at the time of such divestment for any purposes of this Agreement, and if the Board in its sole discretion determines that treating such Person as other than an Acquiring Person prior to such Person’s aforementioned divestment would not jeopardize or endanger the availability to the Company of the NOLs, then such Person shall at the time of such determination by the Board be treated as never having been an “Acquiring Person” for any purposes of this Agreement.”

 

“1.7  “Exempt Person” shall mean (i) the Company, any Subsidiary of the Company, in each case including, without limitation, the officers and directors on the Board thereof acting in their fiduciary capacity, or any employee benefit plan of the Company or of any Subsidiary of the Company or any entity or trustee holding shares of capital stock of the Company for or pursuant to the terms of any such plan, or for the purpose of funding other employee benefits for employees of the Company or any Subsidiary of the Company, (ii) any Person deemed to be an “Exempt Person” in accordance with Section 28, (iii) a Person who is a transferee from the estate of an Exempt Person and who receives Common Stock as a bequest or inheritance from such Exempt Person, but only so long as such transferee continues to be the Beneficial Owner of 4.9% or more of the then outstanding shares of Common Stock, (iv) any other Person whose Beneficial Ownership of 4.9% or more of the then-outstanding Common Stock (or, in the case of an Existing Holder, shares of Common Stock in excess of the Exempt Ownership Percentage) will not, as determined by the Board in its sole discretion, jeopardize or endanger the availability to the Company of the NOLs (provided, however,

 

 

that any Person deemed to be an “Exempt Person” pursuant to this subclause (iv) will cease to be an “Exempt Person” if the Board makes a contrary determination with respect to the effect of such Person’s Beneficial Ownership upon the availability to the Company of its NOLs), and (v) the Holdco Group initially with respect to Common Stock and Rights to Acquire Common Stock acquired from the Company pursuant to the terms of (1) in the case of the GSO Funds, the Securities Purchase Agreement (including the Common Stock and Rights to Acquire Common Stock issued to the GSO Funds by the Company in accordance with the Securities Purchase Agreement) and the Public Offering, and (2) in the case of Holdco, the IIA (including the Rights to Acquire Common Stock issued to Holdco by the Company in accordance with the IIA); provided, however, that, at the sole discretion of the Board, (A) the Holdco Group will cease to be an “Exempt Person” pursuant to this subclause (v) if (x) any member of the Holdco Group acquires Beneficial Ownership of the stock of the Company or a Right to Acquire such stock (as the term “stock is defined in Treasury Regulations Section 1.382-2(a)(3) and 1.382-2T(f)(18)) such that the Holdco Group, in the aggregate, is the Beneficial Owner of a percentage of Common Stock that exceeds the sum of the aggregate percentage of Common Stock that the Holdco Group Beneficially Owns as of March 1, 2017 and 1.0% (the “Holdco Group Exempt Ownership Percentage”), (y) any Person becomes a member of the Holdco Group after March 1, 2017 and, as a result of such Person becoming a member of the Holdco Group, the Holdco Group is treated as a new “5-percent shareholder” for purposes of Section 382 of the Code or (z) the aggregate percentage of Common Stock that the Holdco Group Beneficially Owns as of March 1, 2017 is greater than the percentage that would be obtained solely from the acquisition of Company securities pursuant to the transactions referred to in subclause (v)(1) or (v)(2) above plus an additional 1.0%, and (B) the Holdco Group will only be considered to be an “Exempt Person” for so long it continues, in the aggregate, to be the Beneficial Owner of 4.9% or more of the then outstanding shares of Common Stock.”

 

3.                                      Effective Date; Certification. This Amendment shall be deemed effective as of the date first written above, as if executed on such date. The officer of the Company executing this Amendment hereby certifies to the Rights Agent that the amendment to the Rights Agreement set forth in this Amendment is in compliance with Section 26 of the Rights Agreement and the certification contained in this Section 3 shall constitute the certification required by Section 26 of the Rights Agreement.  The Company hereby further directs that the Rights Agent execute this Amendment as required by Section 26 of the Rights Agreement.

 

4.                                      Governing Law. This Amendment shall be deemed to be a contract made under the internal substantive laws of the State of Delaware and for all purposes will be governed by and construed in accordance with the internal substantive laws of such State applicable to contracts to be made and performed entirely within such State.

 

5.                                      Severability. If any term, provision, covenant or restriction of this Amendment is held by a court of competent jurisdiction or other authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Amendment will remain in full force and effect and will in no way be affected, impaired or invalidated.

 

6.                                      Notice. The Rights Agent and the Company hereby waive any notice requirement with respect to each other under the Rights Agreement, if any, pertaining to the matters covered by this Amendment.

 

7.                                      No Other Effect. Except as expressly set forth herein, the Rights Agreement shall not by implication or otherwise be supplemented or amended by virtue of this Amendment, but shall remain in full force and effect, as amended hereby.

 

8.                                      Counterparts. This Amendment may be executed in any number of counterparts and each of such counterparts will for all purposes be deemed to be an original, and all such counterparts will together constitute but one and the same instrument.

 

[Signature Page Follows]

 

 

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the date and year first above written.

 

	
SANCHEZ ENERGY CORPORATION
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By: 
    	
/s/ Antonio R. Sanchez, III 
    	
 
    
	
Name: 
    	
Antonio R. Sanchez, III 
    	
 
    
	
Title: 
    	
Chief Executive Officer
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
CONTINENTAL STOCK TRANSFER & TRUST COMPANY,
    	
 
    
	
as   Rights Agent
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By: 
    	
/s/ Margaret Villani
    	
 
    
	
Name: 
    	
Margaret Villani
    	
 
    
	
Title: 
    	
Vice PresidentExhibit

 

 

FORM OF RESTRICTED
 
STOCK AWARD AGREEMENT
 
This Restricted Stock Award ("Award") is made this [insert date] ("Date of Grant"), by Heritage-Crystal Clean, Inc. (the "Company") to [Name] (the "Grantee").
 
1.  AWARD OF RESTRICTED STOCK. The Company hereby grants to Grantee a total of [number of shares] shares of Company Common Stock, par value $0.01 per share (the "Restricted Stock") subject to the terms and conditions set forth below and made under the Heritage - Crystal Clean, Inc. Omnibus Incentive Plan of 2008 (the "Plan") which is incorporated into this Agreement by reference.  Any capitalized terms used herein that are otherwise undefined shall have the same meaning provided in the Plan.
 
2.  RESTRICTIONS. The Restricted Stock is being awarded to Grantee subject to the transfer and forfeiture conditions set forth below (the "Restrictions") which shall lapse, if at all, as described in Sections 3 and 4 below.  For purposes of this Award, the term Restricted Stock includes any additional shares of Common Stock granted to the Grantee with respect to the Restricted Stock, while it is subject to the Restrictions.
 
		
	a.
	Grantee may not directly or indirectly, by operation of law or otherwise, voluntarily or involuntarily, sell, assign, pledge, encumber, charge, or otherwise transfer any of the Restricted Stock while it is subject to Restrictions. The Restricted Stock shall be forfeited if Grantee violates or attempts to violate these transfer restrictions.

 
		
	b.
	Any Restricted Stock remaining subject to the Restrictions shall be automatically forfeited upon the Grantee's termination of employment with the Company or its subsidiary, Heritage - Crystal Clean, LLC (collectively, the “HCCI Companies”) for any reason other than death, permanent disability, or retirement.  The HCCI Companies will not be obligated to pay Grantee any consideration whatsoever for forfeited Restricted Stock.

 
3.  LAPSE OF RESTRICTIONS. The Restrictions shall lapse as follows:
 
		
	a.
	1/3 shares of Restricted Stock shall no longer be subject to the Restrictions on or after January 1, [first year following the grant date].

 
		
	b.
	1/3 shares of Restricted Stock shall no longer be subject to the Restrictions on or after January 1, [second year following the grant date].

 
		
	c.
	1/3 shares of Restricted Stock shall no longer be subject to the Restrictions on or after January 1, [third year following the grant date].

 
Upon the termination of Grantee’s employment due to death or permanent disability, the Restrictions shall immediately lapse as to any shares of Restricted Stock held by Grantee at the time of such termination.  Upon the termination of Grantee’s employment by reason of “retirement,” any shares of Restricted Stock held by Grantee at the time of such termination shall thereafter be released from the forfeiture restrictions set out in Section 2(b) hereof, but such shares shall continue to be subject to the transfer restrictions set out in Section 2(a) hereof through the applicable vesting dates set out above, provided however that any shares that are returned to the Company to satisfy Grantee’s withholding taxes under Section 8 hereof shall be released from such transfer restrictions.  Notwithstanding anything to the contrary herein whether express or implied, Grantee shall be treated as having terminated by reason of a “retirement” only upon a voluntary termination that the Compensation Committee agrees, in its sole discretion, to treat as a retirement for purposes of this Award.  

4.  CHANGE IN CONTROL. Any remaining Restrictions shall also lapse at the effective time of a "Change in Control" of the Company as defined in the Plan. 
 
5.  ADJUSTMENTS. If the number of outstanding shares of Common Stock of the Company is changed as a result of stock dividend, stock split, or the like without additional consideration to the Company, the number of shares of Restricted Stock subject to this Award shall be adjusted to correspond to the change in outstanding shares.
 
6.  VOTING AND DIVIDENDS. Subject to the Restrictions contained in Section 2 hereof, Grantee shall have all rights of a stockholder of the Company with respect to the Restricted Stock, including the right to vote the shares of Restricted Stock and the right to receive any cash or stock dividends.  Stock dividends issued with respect to the Restricted Stock shall be treated as additional shares of Restricted Stock that are subject to the same restrictions and other terms and conditions that apply to the shares with respect to which such dividends are issued.  If a dividend is paid in other property, the Grantee will be credited with the amount of property which would have been received had the Grantee owned a number of shares of Common Stock equal to the number of Restricted Stock credited to his or her account.  The property so credited will be subject to the same Restrictions and other terms and conditions applicable to the Restricted Stock and will be paid out in kind at the time the Restrictions lapse.
 
7.  DELIVERY OF CERTIFICATES OR EQUIVALENT.  The Restricted Stock shall be registered in Grantee's name, but held by the Company.  Upon the lapse of Restrictions applicable to the Restricted Stock, the Company shall deliver to the Grantee either a) a certificate representing a number of shares of Common Stock equal to the number of shares of Restricted Stock then subject to this Award or b) the same number of shares held in book entry in the Grante’s name at the Company’s transfer agent. 

8.  WITHHOLDING TAXES.  The Company is entitled to withhold an amount equal to minimum statutory withholding taxes required for the respective tax jurisdiction attributable to any share of Common Stock or property deliverable in connection with the Restricted Stock, or to otherwise require a direct payment of cash or other readily available funds from the Grantee.  The Company may permit the Grantee to satisfy any withholding obligation in whole or in part by retaining shares of the Restricted Stock having a fair market value on the date the Restrictions lapse equal to the minimum amount required to be withheld.  Fair market value for this purpose shall be the closing price for a share of the Company's Common Stock on the last trading day before the date the applicable taxable event.  The official source for the closing price is the closing price per the NASDAQ.com website. 
 
9.  NOTICES.  Any written notice under this Award shall be deemed given on the date that is two business days after it is sent by registered or certified mail, postage prepaid, addressed either to the Grantee at his or her address set forth below or to the Company to Attention:  Corporate Controller.  The Grantee and the Company may change the address to which notices are to be delivered by giving the other party notice in the manner set forth herein.
 
10.  Public Offer Waiver.  By voluntarily accepting this Award, Grantee acknowledges and understands that his or her rights under the Plan are offered strictly as an employee of the HCCI Companies and that this Award is not an offer of securities made to the general public.
11.  Transferability of Shares.  Grantee may not offer, sell, or otherwise dispose of any Restricted Stock in a way which would: (i) require the Company to file any registration statement with the Securities and Exchange Commission (or any similar filing under state law or the laws of any other country) or to amend or supplement any such filing or (ii) violate or cause the Company to violate the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, the rules and regulations promulgated thereunder, any other state or federal law, or the laws of any other country.  The Company reserves the right to place restrictions on the Restricted Stock received by Grantee pursuant to this Award.
12.  Conformity with the Plan.  This Award is intended to conform in all respects with, and is subject to, all applicable provisions of the Plan.  Inconsistencies between this Agreement and the Plan shall be resolved in accordance with the terms of the Plan.
13.  Interpretations.  Any dispute, disagreement, or question which arises under, or as a result of, or in any way relates to the interpretation, construction, or application of the Plan or this Agreement will be determined and resolved by the Compensation Committee of the Company's Board of Directors (the “Committee”) or its authorized delegate.  Such determination or resolution by the Committee or its authorized delegate will be final, binding and conclusive for all purposes.

14.  No Rights to Continued Employment.  By voluntarily acknowledging and accepting this Award, Grantee acknowledges and understands that this Award shall not form part of any contract of employment between Grantee and any of the HCCI Companies.  Nothing in this Agreement or the Plan confers on Grantee any right to continue in the employ of the HCCI Companies or in any way affects the HCCI Companies' right to terminate the Grantee's employment without prior notice at any time or for any reason.  Grantee further acknowledges that this Award is for future services to the HCCI Companies and is not under any circumstances to be considered compensation for past services.

15.  Consent to Transfer Personal Data.  By accepting this Award, Grantee voluntarily acknowledges and consents to the collection, use, processing, and transfer of personal data as described in this Paragraph.  Grantee is not obliged to consent to such collection, use, processing, and transfer of personal data.  The HCCI Companies hold certain personal information about Grantee, that may include Grantee name, home address and telephone number, fax number, email address, family size, marital status, sex, beneficiary information, emergency contacts, passport/visa information, age, language skills, drivers license information, date of birth, birth certificate, social security number or other employee identification number, nationality, C.V. (or resume), wage history, employment references, job title, employment or severance contract, current wage and benefit information, personal bank account number, tax related information, plan or benefit enrollment forms and elections, option or benefit statements, any shares of stock or directorships in the Company, details of all options or any other entitlements to shares of stock awarded, canceled, purchased, vested, unvested or outstanding in the Grantee's favor, for the purpose of managing and administering the Plan (“Data”).  The HCCI Companies will transfer Data amongst themselves as necessary for the purpose of implementation, administration, and management of Grantee's participation in the Plan, and the HCCI Companies may further transfer Data to any third parties assisting the HCCI Companies in the implementation, administration and management of the Plan.  These recipients may be located throughout the world, including the United States.  Grantee authorizes them to receive, possess, use, retain, and transfer the Data, in electronic or other form, for the purposes of implementing, administering and managing Grantee's participation in the Plan, including any requisite transfer of such Data as may be required for the administration of the Plan and/or the subsequent holding of shares of stock on Grantee's behalf to a broker or other third party with whom Grantee may elect to deposit any shares of stock acquired pursuant to the Plan.  Grantee may, at any time, review Data, require any necessary amendments to it or withdraw the consents herein in writing by contacting the Company.

16.   Miscellaneous.  

a.Modification.  The grant of this Award is documented by the records of the Committee or its delegate which shall be the final determinant of the number of shares granted and the conditions of this Agreement.  The Committee may amend or modify this Award in any manner to the extent that the Committee would have had the authority under the Plan initially to grant such Award, provided that no such amendment or modification shall impair Grantee's rights under this Agreement without Grantee's consent.  Except as in accordance with the two immediately preceding sentences and Paragraph 17, this Agreement may be amended, modified, or supplemented only by an instrument in writing signed by both parties hereto.
 
b.    Governing Law.  This Agreement and any controversy arising out of or relating to this Agreement shall be governed by and construed in accordance with the General Corporation Law of the State of Delaware as to matters within the scope thereof.  All other matters shall be governed by and construed in accordance with the internal laws of Illinois without regard to any state's conflict of law principles.  Any legal action related to this Plan shall be brought only in a federal or state court located in Illinois.
 
c.    Successors and Assigns.  Except as otherwise provided herein, this Agreement will bind and inure to the benefit of the respective successors and permitted assigns of the parties hereto whether so expressed or not.
 
d.    Waiver.  The failure of the Company to enforce at any time any provision of this Award shall in no way be construed to be a waiver of such provision or any other provision hereof.
 
e.    Severability.  Whenever feasible, each provision of this Agreement will be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be prohibited by or invalid under applicable law, such provision will be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of this Agreement.
 
f.    Impact Upon Termination of Employment.  By voluntarily acknowledging and accepting this Award, Grantee agrees that no benefits accruing under the Plan will be reflected in any severance or indemnity payments that the HCCI Companies may make or be required to make to Grantee in the future, regardless of the jurisdiction in which Grantee may be located.
 

17.  Amendment.  By accepting this Award, Grantee agrees that the granting of the Award is at the discretion of the Committee and that this Award is no guarantee that future Awards will be granted under the Plan.  Notwithstanding anything in this Agreement or the Plan, or to the contrary, this Award may be amended by the Company without the consent of the Grantee, including but not limited to modifications to any of the rights granted to the Grantee under this Agreement, at such time and in such manner as the Company may consider necessary or desirable to reflect changes in law.  The Grantee understands that the Company may amend, resubmit, alter, change, suspend, cancel, or discontinue the Plan at any time without limitation.
 
18. Plan Documents.  The Plan is available by contacting the Company.
	
						
	GRANTEE
	 
	HERITAGE-CRYSTAL CLEAN, INC.
	 

	By:
	 
	 
	By:
	

	 

	Print Name:
	 
	 
	Print Name:
	 
	 

	 
	 
	 
	Title:

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