Document:

abtg_ex101.htm

EXHIBIT 10.1

 

EMPLOYMENT AGREEMENT

EMPLOYMENT AGREEMENT ("Agreement") entered into as of August 4, 2011, between MARK FIDLER ("Employee") and AMBIENT CORPORATION, a Delaware corporation (collectively, the "Company").

WHEREAS, the Company desires to employ the Employee, and the Employee wishes to be employed, as the Company’s Chief Financial Officer on the terms and conditions set forth herein;

NOW, THEREFORE, in consideration of the foregoing and the mutual agreements set forth herein, and other valuable consideration, the parties hereto, intending to be legally bound, hereby agree as follows:

1. EMPLOYMENT

The Company agrees to employ Employee, and Employee hereby agrees to such employment, subject to the terms and conditions set forth in this Agreement.

2. POSITIONS AND DUTIES

(a) Employee shall continue to occupy the position and perform the duties of Chief Financial Officer on a full-time basis. In his capacity as Chief Financial Officer, Employee shall report directly to, and be responsible to John J. Joyce, the Chief Executive Officer of the Company, or such other Company officer as shall be designated by the Chief Executive Officer. Employee shall perform duties and responsibilities as are consistent with the position described above which relate to the business of Company, or of any affiliates or subsidiaries of the Company, or any business ventures in which Company, its affiliates or subsidiaries may participate and as are assigned to him from time to time by the Chief Executive Officer.

(b) Employee shall devote 100% of his working time, attention and energies to the business of the Company and shall assume and perform such further reasonable and lawful responsibilities and duties as may be assigned or directed by the Board.

(c) Employee agrees that he will at all times devote his reasonable best efforts, skill and ability to promote the Company's interests and work with the Chief Executive Officer and the other executives of the Company.

(d) Employee acknowledges and agrees that he is required to observe all the lawful rules and policies of the Company generally applicable to senior executives to the extent they are not inconsistent with the terms of this Agreement.

3. COMPENSATION AND BENEFITS

For the full and faithful performance of the services to be rendered by Employee, in consideration of Employee's obligations under this Agreement, provided Employee is not in material breach of this Agreement and that Employee is employed by the Company as of each relevant payment date, and it being understood and agreed by Employee and the Company that Employee would not be entitled to the full compensation package and benefits without his absolute commitment to comply with his undertakings set forth in this Agreement, the Company shall pay to Employee and Employee shall be entitled to receive:

(a) Base Salary. Company will pay to Employee during the term of his employment under this Agreement, a base salary at the annual rate of Two Hundred Fifty Thousand Dollars ($250,000) per annum less required deductions for state and federal withholding tax, social security and other employee taxes (said amounts hereinafter referred to as the "Base Salary"). Any Base Salary payable hereunder shall be paid in regular intervals in accordance with the Company's payroll practices, but no less frequently than once each month. Subject to review at January 1st of each year, commencing on January 1, 2012, Employee's Base Salary may, at the discretion of the Chief Executive Officer, be increased for the succeeding calendar year.

 

  

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(b) Incentive Compensation.

(i) In addition to his Base Salary, Employee shall be eligible for an annual incentive cash compensation as determined by the Compensation Committee of the Board of Directors (“Compensation Committee”).  In addition, pursuant to the offer letter between the Company and Employee dated June 5, 2011 (“Offer Letter”), within 10 days of execution by Employee of this Agreement, the Company will pay you a $12,500 bonus, less all required deductions.

 

 (ii) Company Plans. Employee shall be eligible to participate, on terms no less favorable than those afforded to other executives of the Company, in any incentive compensation plan that may hereafter be adopted by the Company for its executives and management employees from time to time. Such participation shall be subject to the terms of the applicable plans, generally applicable policies of the Company, applicable law and the discretion of the Board of Directors. Nothing contained in this Agreement shall be construed to create any obligation on the part of the Company to establish any such plan or to maintain the effectiveness of any such plan which may be in effect from time to time.

(c) Stock Option Grants. The Employer has previously granted non-qualified stock options to Employee under the Company's 2000 Equity Incentive Plan (the "Plan").  Pursuant to the Offer Letter,  August 4, 2011,  the Company will grant you a non-qualified stock option pursuant to the Plan to purchase 30,000 shares of Ambient common stock (“Stock”) at the Fair Market Value of the Stock as of August 4, 2011 (it being acknowledged that such number of shares reflects the one for one hundred reverse stock split of the Stock that was effected on July 18, 2011). All such stock options are subject to the terms of the written stock option agreement(s) issued by the Company.

(d) Benefits. Employee shall be entitled to participate in any employee benefit plans, medical insurance plans, life insurance plans, disability insurance plans, retirement plans, 401(k) and other benefit plans which are available to any other executives of the Company. Such participation shall be subject to the terms of the applicable plan documents, generally applicable policies of the Company, and applicable law.

(e) Expense Reimbursement. The Company shall promptly pay the reasonable, business-related expenses incurred by Employee in the performance of his duties hereunder, including, without limitation, those incurred in connection with business related travel, telecommunications and entertainment, or, if such expenses are paid directly by Employee, shall promptly reimburse the Employee for such payment, provided that Employee has properly accounted therefor in accordance with Company policy.

(f) Vacation.  Employee shall be entitled to four (4) weeks paid vacation in accordance with the Company's vacation policies for its executives, as in effect from time to time, but in no event less than four (4) weeks per year. The timing and duration of any vacation shall be taken at such time so as not to interfere with Employee's responsibilities and commitment to the company as determined by the Chief Executive Officer. Employee shall also be entitled to all paid holidays given by the Company to its employees.

4. TERMINATION.

Employee's services shall terminate upon the first to occur of the following events:

(a) Upon Employee's date of death or the date Employee is given written notice that he has been determined to be disabled by the Company. For purposes of this Agreement, Employee shall be deemed to be disabled if Employee, as a result of illness or incapacity, shall be unable to perform substantially his required duties for a period of sixty (60) consecutive days or an aggregate of ninety (90) days in any twelve (12) month period ("Incapacity"). Termination of Employee's employment by the Company due to Incapacity shall be communicated to Employee by written notice to Employee and shall be effective on the tenth (10) day after receipt of such notice by Employee, unless Employee returns to full-time performance of his required duties before such tenth (10th) day;

 

  

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(b) On the date Employee is terminated by the Company for "Cause." For purposes of this Agreement, Cause shall be defined as: (i) Employee's conviction of, or plea of nolo contendre, to any felony or to a crime involving moral depravity or fraud; (ii) Employee's commission of an act of dishonesty or fraud or breach of fiduciary duty or act that has a adverse effect on the name or public image of the Company (iii) Employee's commission of an act of willful misconduct or gross negligence, as determined by the Board, provided the Employee shall have the opportunity to state his case before the Board prior to the Board taking such decision to so terminate the Employee; (iv) the failure of Employee to substantially perform his duties under this Agreement; (v) the material breach of any of Employee's material obligations under this Agreement; (vi) the failure of Employee to follow a lawful directive of the Chief Executive Officer or the Board Of Directors or (vii) excessive absenteeism, chronic alcoholism or any other form of addiction that prevents Employee from performing the essential functions of his position with or without a reasonable accommodation; provided, however, that the Company may terminate Employee's employment for Cause, as to (iv) or (v) above, only after failure by Employee to correct or cure, or to commence or to continue to pursue the correction or curing of, such conduct or omission within ten (10) days after receipt by Employee of written notice by the Company of each specific claim of any such misconduct or failure.  Notwithstanding the foregoing, the Company may place Employee on paid administrative leave immediately after discovery of any such conduct or omission, and prior to termination of employment.

(c) On the date Employee terminates his employment with the Company for Good Reason (as defined below). For the purposes of this Agreement, "Good Reason" shall mean, without Employee's express written consent, the occurrence of one or both of the following conditions, provided that Employee shall have given notice to the Company within 30 days of the initial onset of the condition (the “Notice Period”) and the Company shall not have remedied such condition within 30 days thereafter:  (i) a material diminution of Employee’s authority, duties or responsibilities,  (ii) a material breach by the Company of any of its obligations under this Agreement, including the Company’s failure to obtain a satisfactory agreement from any successor to the Company to assume and agree to perform this Agreement pursuant to Section 14 hereof.

(d) On the date Employee terminates his employment without Good Reason, provided that Employee shall give the Company thirty (30) days written notice prior to such date of his intention to terminate his employment ("Notice Period"); or

(e) On the date the Company terminates Employee's employment for any reason, other than a reason set forth in Section 4(a) (Incapacity) or 4(b) (Cause), provided that the Company shall give Employee thirty (30) days written notice prior to such date of its intention to terminate Employee's employment ("Notice Period"). During such Notice Period, Employee will continue to perform his duties and responsibilities, and to be compensated therefore, unless the Company advises Employee otherwise.

5. RIGHTS UPON TERMINATION.

(a) Upon termination of Employee's employment by either party for any reason, all rights Employee has to payment under this Agreement shall cease as of the effective date of the termination, and except as expressly provided herein or as may be provided under any employee benefit plan or as required by law, Employee shall not be entitled to any additional compensation, commission, bonus, perquisites, or benefits with the exception of this Section 5 which shall survive termination of this agreement as outlined herein.

(b) Upon termination of Employee's employment (i) by the Company for Cause, (ii) by the Company for reason of Employee's death or Incapacity or (iii) by Employee without Good Reason, the Company shall pay to Employee or Employee's estate or representatives, as the case may be, his Base Salary and any benefits and outstanding reimbursable expenses accrued and payable to him through the last day of his actual employment by the Company.

(c) If Employee's employment is terminated by Employee pursuant to Section 4(c) or by the Company pursuant to Section 4(e) hereof, Employee shall receive his Base Salary for twelve (12) months following the date of termination and shall continue to be eligible for the Company’s medical and dental benefits (on the same terms applicable to active employees) for twelve (12) months following termination. In addition, subject to the provisions of this Agreement and the Company’s expense reimbursement policy, the Company shall reimburse Employee for all reimbursable expenses incurred prior to termination; such reimbursement shall be made in a lump sum upon or as soon as practicable following termination, provided appropriate documentation has been submitted by Employee in accordance with Company policy, and in no event later than March 15 of the year following the year in which termination occurs.  Payment of Base Salary under this Section 5(c) shall commence on a date to be determined by the Company but no later than 90 days following termination of employment.

 

  

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In order to be eligible for the severance benefits as set forth in this Section 5(c), Employee must (i) execute and deliver to the Company a general release, in a form satisfactory to the Company, within 90 days following the date of termination and (ii) be and remain in full compliance with his obligations under this Agreement and under the NDA (as defined below). In the event Employee breaches any obligation under this Agreement or the NDA any and all payments or benefits provided for in this Section 5(c) shall cease immediately.

(d) Notwithstanding the foregoing, in the event that this Agreement shall have been terminated by Employee pursuant to Section 4(d) or by the Company pursuant to Section 4(e) hereof, upon the request of the Company the Employee shall vacate his position and the Company's premises (if applicable) on a termination date specified by the Company which is earlier than the end of the Notice Period specified in Section 4(d) or 4(e) and Employee shall be paid, in one lump sum on  such termination date, the Base Salary that would have been payable to him from such termination date through the end of the Notice Period, less required deductions for state and federal withholding tax, social security and other employee taxes.

(e) This agreement automatically shall terminate upon the death of Employee, except that Employee's estate shall be entitled to receive any amount accrued under Section 5(b) and any other amount to which Employee was entitled of the time of his death.  Upon the Employee’s death, all stock options, warrants and stock appreciation rights granted by the employer to employee under any plan or otherwise prior to the date of Employee’s death, shall become vested, accelerate and become immediately exercisable by the Employee’s Estate for a period of six (6) months from the date of Employee’s death.  In the event the Employee owned or was entitled to receive any unregistered securities of Employer, then Employer must use its reasonable best efforts to effect the registration of all such securities as soon as practical, and the estate of the Employee shall then have six (6) months after the effective date of the registration statement to exercise said options for the previously unregistered securities.

6. CONFIDENTIALITY AND NON-COMPETITION AGREEMENT

Employee has previously executed the Employee Confidentiality and Non-Competition Agreement annexed hereto as Exhibit A ("NDA"), which shall be incorporated by reference into this Agreement and made a part hereof.  All references herein to this Agreement shall be construed to include Exhibit A.  Employee understands that continued compliance with the NDA is a condition to Employee 's continued employment with the Company and that failure to comply with the terms and conditions of these provisions may result in termination "for cause" under this Agreement and in other damages to the Company.

7. COOPERATION FOLLOWING TERMINATION

Employee agrees that, following notice of termination of his employment until the date of his termination, he shall in good faith cooperate with the Company in all matters relating to the completion of his pending work on behalf of the Company and the orderly transition of such work to such other employees as the Company may designate. Employee further agrees that during and following the termination of his employment he shall in good faith cooperate with the Company as to any and all claims, controversies, disputes or complaints over which he has any knowledge or that may relate to his employment relationship with the Company; provided, however, that (a) Employee will be reimbursed by the Company for any out of pocket expenses incurred pursuant to his duties under this Section 7 and reasonably compensated for his time, and (b) Employee's obligation to cooperate under this Section 7 shall in no way preclude Employee from seeking to enforce his rights under this Agreement. Such cooperation includes, but is not limited to, providing the Company with all information known to him related to such claims, controversies, disputes or complaints and appearing and giving testimony in any forum.

8. GOVERNING LAW

Except as otherwise explicitly noted, this Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of Massachusetts (without giving effect to the conflict of law rules of Massachusetts).

 

  

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9. INTEGRATION

This Agreement and the previously executed NDA attached hereto as Exhibit A constitutes the entire understanding between the parties hereto relating to the subject matter hereof, superseding all negotiations, prior discussions, preliminary agreements and agreements (other than the NDA) related to the subject matter hereof made prior to the date hereof.

10. MODIFICATIONS AND AMENDMENTS

This Agreement may be modified or amended only by an instrument in writing executed by the parties hereto and approved in writing by the Board of Directors. Such modification or amendment will not become effective until such approval has been given.

11. SEVERABILITY

If any of the terms or conditions of this Agreement shall be declared void or unenforceable by any court or administrative body of competent jurisdiction, such term or condition shall be deemed severable from the remainder of this Agreement, and the other terms and conditions of this Agreement shall continue to be valid and enforceable.

12. NOTICE

For the purpose of this Agreement, notices and all other communications provided for in this Agreement shall be in writing and shall be deemed to have been duly given as of the date if delivered in person or by telecopy, on the next business day, if sent by a nationally recognized overnight courier service, and on the second business day if mailed by registered mail, return receipt requested, postage prepaid, in each case addressed as follows:

If to the Employee:

Mark Fidler

c/o Ambient Corporation

7 Wells Avenue, Suite 11

Newton, MA 02459

If to the Company:

Ambient Corporation

7 Wells Avenue, Suite 11

Newton, MA 02459

or to such other address as any party may have furnished to the other in writing in accordance herewith, except that notices of changes of address shall be effective upon receipt.

 

13. WAIVER

The observation or performance of any condition or obligation imposed upon Employee hereunder may be waived only upon the written consent of the Board of Directors. Such waiver shall be limited to the terms thereof and shall not constitute a waiver of any other condition or obligation of the Employee under this Agreement.

14. ASSIGNMENT

The rights and obligations of the Company in this Agreement shall inure to its benefit and be binding upon its successors-in-interest (whether by merger, consolidation, reorganization, sale of stock or assets or otherwise), and the Company may assign this Agreement to any affiliate. This Agreement, being for the personal services of Employee, shall not be assignable by Employee.

 

  

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15. HEADINGS

The headings have been inserted for convenience only and are not to be considered when construing the provisions of this Agreement.

16. COUNTERPARTS

This Agreement may be executed in one or more counterparts, each of which counterparts, when taken together, shall constitute but one and the same agreement.

17.  COMPLIANCE WITH INTERNAL REVENUE CODE SECTION 409A

No amounts payable under this Agreement are intended to constitute deferred compensation within the meaning of Section 409A of the Internal Revenue Code and applicable regulatory guidance issued thereunder (“Section 409A”).  Amounts payable as severance under Section 5 of this Agreement are intended to be excepted from 409A and shall be interpreted accordingly.  If and to the extent any amount provided under this Agreement becomes subject to the requirements of Section 409A, such amount shall be paid or otherwise provided in a manner that complies in form and in operation with the requirements of Section 409A.  If, at the time his employment terminates,  the Employee is a “specified employee” as defined in Section 409A, no payments that constitute  “deferred compensation” as defined in Section 409A shall be made prior to six months from his separation from service.  Nothing in this Agreement shall be construed as an entitlement to or guarantee of any particular tax treatment to the Employee.

[signature page follows]

 

  

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IN WITNESS WHEREOF, the parties have executed this Agreement as of the date and year first above written.

AMBIENT CORPORATION

 

 

	
Date: August 4, 2011

	
By: 

	/s/ John J. Joyce	 
	 	 	Name: John J. Joyce	 
	 	 	Title: Chief Executive Officer	 

EMPLOYEE

 

	 	
By: 

	/s/ Mark Fidler	 
	 	 	Mark Fidler	 

 

 

 

7BBEP-10Q-6.30.11-EX 10.3

Exhibit 10.3

THIRD AMENDMENT TO
SECOND AMENDED AND RESTATED CREDIT AGREEMENT 

THIS THIRD AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT (hereinafter called this “Amendment”) is dated as of August 3, 2011, by and among BREITBURN OPERATING L.P., a Delaware limited partnership (the “Company”), BREITBURN ENERGY PARTNERS L.P., as Parent Guarantor (“Parent”), BreitBurn GP, LLC (the “Parent GP”), BreitBurn Operating GP, LLC (the “General Partner”) the Subsidiaries of the Parent and/or the Company, as guarantors (the “Subsidiary Guarantors”, and together with the Parent, the Parent GP, and the General Partner, the “Guarantors”), the Lenders (defined below), and WELLS FARGO BANK, NATIONAL ASSOCIATION, as administrative agent for the Lenders (in such capacity, together with its successors in such capacity “Administrative Agent”).  Capitalized terms used in this Amendment, and not otherwise defined in this Amendment, have the meanings assigned thereto in the Credit Agreement defined below.
W I T N E S S E T H:

WHEREAS, the Company, the Guarantors, Administrative Agent, Issuing Lender and the Lenders have entered into that certain Second Amended and Restated Credit Agreement dated as of May 7, 2010 as amended by that certain First Amendment to Second Amended and Restated Credit Agreement and Consent and First Amendment to Security Agreement dated as of September 17, 2010, and that certain Second Amendment to Second Amended and Restated Credit Agreement dated as of May 9, 2011 (as further amended, modified or restated from time to time, the “Credit Agreement”), whereby upon the terms and conditions therein stated the Lenders have agreed to make certain loans to the Company upon the terms and conditions set forth therein; and

WHEREAS, the Company has requested that the Lenders amend the Credit Agreement as set forth below; and 

WHEREAS, subject to the terms hereof, the undersigned Lenders are willing to agree to the amendments to the Credit Agreement as set forth herein.

NOW, THEREFORE, for and in consideration of the mutual covenants and agreements herein contained, the parties to this Amendment hereby agree as follows:

SECTION 1.    Amendments to Credit Agreement.  Effective as of the Amendment Effective Date, the Credit Agreement is hereby amended as follows:

(a)The following definition is inserted in Section 1.01 (Certain Defined Terms) alphabetically as set forth below.  

“Specified Acquisition” means an Acquisition for which: (a) a binding and enforceable purchase and sale agreement has been signed by a Loan Party; and (b) at all times until the Oil and Gas Properties subject to the applicable purchase and sale agreement are acquired by the applicable Loan Party, the Available Borrowing Base is greater than or equal to ten percent (10%) of the then-current Borrowing Base.
(b)Subsection (d) of Section 8.10 (Derivative Contracts) of the Credit Agreement is amended by deleted the last period and inserting “; and” therefor.

(c)Subsection (e) of Section 8.10 (Derivative Contracts) of the Credit Agreement is inserted immediately after Subsection (d) of Section 8.10 of the Credit Agreement and shall read as follows:

(e)    Derivative Contracts that would be permitted by clause (a) hereof pertaining to Oil and Gas Properties to be acquired pursuant to a Specified Acquisition; provided that Derivative Contracts pursuant to 

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this Section 8.10(e) must be terminated within thirty (30) days of the earlier to occur of: (i) the date that is 90 days after the execution of the purchase and sale agreement relating to the Specified Acquisition if the Specified Acquisition has not closed and (ii) the Borrower or the Parent obtaining knowledge with reasonable certainty that the Specified Acquisition will not be consummated.

SECTION 2.    Guarantor Confirmation.  

(a)The Guarantors hereby consent and agree to this Amendment and each of the transactions contemplated thereby and hereby.

(b)The Company and each of the Guarantors ratifies and confirms the debts, duties, obligations, liabilities, rights, titles, pledges, grants of security interests, liens, powers, and privileges existing by virtue of the Loan Documents to which it is a party.

(c)The Company and each of the Guarantors agrees that the guarantees, pledges, grants of security interests and other obligations, and the terms of each of the Security Agreements and Guaranties to which it is a party, are not impaired, released, diminished or reduced in any manner whatsoever and shall continue to be in full force and effect and shall continue to secure all Obligations.

(d)The Company and each of the Guarantors acknowledges and agrees that all terms, provisions, and conditions of the Loan Documents to which it is a party (as amended by this Amendment) shall continue in full force and effect and shall remain enforceable and binding in accordance with their respective terms.

SECTION 3.    Conditions of Effectiveness.  This Agreement and the amendments and consent shall become effective as of the date first set forth above (the “Amendment Effective Date”), provided that the following conditions shall have been satisfied:

(a)Amendment. The Administrative Agent shall have received a counterpart of this Amendment which shall have been executed by the Administrative Agent, the Lenders, the Company, and the Guarantors (which may be by telecopy or PDF transmission).

(b)No Default; Representations and Warranties; No Material Adverse Effect. As of the Amendment Effective Date: 

(i) the representations and warranties of the Company and the Guarantors in Article VI of the Credit Agreement and in the other Loan Documents as amended hereby shall be true and correct in all material respects (except to the extent such representations and warranties expressly refer to an earlier date, in which case they shall be true and correct as of such earlier date, and except that the representations and warranties contained in Sections (a) and (b) of Section 6.14 of the Credit Agreement shall be deemed to refer to the most recent statements furnished pursuant to clauses (a) and (b), respectively, of Section 7.01 of the Credit Agreement);

         (ii) no Default or Event of Default shall exist; and 

(iii) since December 31, 2010, there shall have been no event, development or circumstance that has had or could reasonably be expected to have a Material Adverse Effect. 

(c)Payment of Fees.  Evidence of payment by the Company of all accrued and unpaid fees, costs and expenses owed pursuant to this Amendment to the extent then due and payable on the Amendment Effective Date.

(d)Additional Documents. Such other documents, in form and substance satisfactory to Administrative Agent, as the Administrative Agent may reasonably request. 

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SECTION 4.    Representations and Warranties.  Each of the Company and the Parent represents and warrants to Administrative Agent and the Lenders, with full knowledge that such Persons are relying on the following representations and warranties in executing this Amendment, as follows:

(a)    It has the organizational power and authority to execute, deliver and perform this Amendment, and all organizational action on the part of it requisite for the due execution, delivery and performance of this Amendment has been duly and effectively taken.

(b)    The Credit Agreement, as amended by this Amendment, the Loan Documents and each and every other document executed and delivered to the Administrative Agent and the Lenders in connection with this Amendment to which it is a party constitute the legal, valid and binding obligations of it, to the extent it is a party thereto, enforceable against such Person in accordance with their respective terms except as enforceability may be limited by applicable bankruptcy, insolvency, or similar laws affecting the enforcement of creditors' rights generally or by equitable principles relating to enforceability.  

(c)    This Amendment does not and will not violate any provisions of any of the Organization Documents of the Company.

(d)     No approval, consent, exemption, authorization, or other action by, or notice to, or filing with, any Governmental Authority is necessary or required in connection with the execution, delivery or performance by, or enforcement against, any Loan Party of this Amendment.

(e)    After giving effect to this Amendment no Default or Event of Default will exist, and all of the representations and warranties contained in the Credit Agreement and all instruments and documents executed pursuant thereto are true and correct in all material respects on and as of this date (except to the extent such representations and warranties expressly refer to an earlier date, in which case they shall be true and correct as of such earlier date).

SECTION 5.    Reference to and Effect on the Credit Agreement.

(a)    Upon the effectiveness hereof, on and after the date hereof, each reference in the Credit Agreement to “this Agreement,” “hereunder,” “hereof,” “herein,” or words of like import, shall mean and be a reference to the Credit Agreement as amended hereby.
(b)    Except as specifically amended by this Amendment, the Credit Agreement shall remain in full force and effect and is hereby ratified and confirmed.
SECTION 6.    Costs and Expenses.  The Company agrees to pay all reasonable legal fees and expenses incurred by Administrative Agent in connection with the preparation, execution and delivery of this Amendment.
SECTION 7.    Extent of Amendments.  Except as otherwise expressly provided herein, the Credit Agreement and the other Loan Documents are not amended, modified or affected by this Amendment.  Each of the Company and the Parent hereby ratifies and confirms that (i) except as expressly amended hereby, all of the terms, conditions, covenants, representations, warranties and all other provisions of the Credit Agreement remain in full force and effect, (ii) each of the other Loan Documents are and remain in full force and effect in accordance with their respective terms, and (iii) the Collateral and the Liens on the Collateral securing the Obligations are unimpaired by this Amendment and remain in full force and effect.
SECTION 8.    Loan Documents. The Loan Documents, as such may be amended in accordance herewith, are and remain legal, valid and binding obligations of the parties thereto, enforceable in accordance with their respective terms.  This Amendment is a Loan Document. 
SECTION 9.    Claims. As additional consideration to the execution, delivery, and performance of this Amendment by the parties hereto and to induce Administrative Agent and Lenders to enter into this Amendment, each of the Company and the Parent represents and warrants that, as of the date hereof, it does not know of any defenses, 

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counterclaims or rights of setoff to the payment of any Indebtedness of the Company or the Parent to Administrative Agent, Issuing Lender or any Lender.
SECTION 10.    Execution and Counterparts.  This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which taken together shall constitute but one and the same instrument.  Delivery of an executed counterpart of this Amendment by facsimile or pdf shall be equally as effective as delivery of a manually executed counterpart.
SECTION 11.    Governing Law.  This Amendment shall be governed by and construed in accordance with the laws of the State of New York and applicable federal laws of the United States of America.
SECTION 12.    Headings.  Section headings in this Amendment are included herein for convenience and reference only and shall not constitute a part of this Amendment for any other purpose.
SECTION 13.    NO ORAL AGREEMENTS.  The rights and obligations of each of the parties to the loan documents shall be determined solely from written agreements, documents, and instruments, and any prior oral agreements between such parties are superseded by and merged into such writings.  This Amendment and the other written Loan Documents executed by the Company, the Guarantors, Administrative Agent, Issuing Lender and/or Lenders represent the final agreement between such parties, and may not be contradicted by evidence of prior, contemporaneous, or subsequent oral agreements by such parties.  There are no unwritten oral agreements between such parties. 
SECTION 14.    No Waiver.  Each of the Company and the Parent hereby agrees that no Event of Default and no Default has been waived or remedied by the execution of this Amendment by the Administrative Agent or any Lender.  Nothing contained in this Amendment nor any past indulgence by the Administrative Agent, Issuing Lender or any Lender, nor any other action or inaction on behalf of the Administrative Agent, Issuing Lender or any Lender, (i) shall constitute or be deemed to constitute a waiver of any Defaults or Events of Default which may exist under the Credit Agreement or the other Loan Documents, or (ii) shall constitute or be deemed to constitute an election of remedies by the Administrative Agent, Issuing Lender or any Lender, or a waiver of any of the rights or remedies of the Administrative Agent, Issuing Lender or any Lender provided in the Credit Agreement, the other Loan Documents, or otherwise afforded at law or in equity.

[Signature Pages Follow]

    

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

	
					
	 
	 
	THE COMPANY:

	 
	 
	 
	 
	 

	 
	 
	BREITBURN OPERATING L.P.,

	 
	 
	a Delaware limited Partnership

	 
	 
	 
	 
	 

	 
	 
	By:
	BREITBURN OPERATING GP, LLC, its general partner

	 
	 
	 
	 
	 

	 
	 
	By:
	 /s/ Randall H. Breitenbach
	 

	 
	 
	Name:
	Randall H. Breitenbach
	 

	 
	 
	Title:
	President

	 
	 
	 
	 
	 

	 
	 
	PARENT:
	 
	 

	 
	 
	 
	 
	 

	 
	 
	BREITBURN ENERGY PARTNERS L.P.,

	 
	 
	a Delaware limited partnership,

	 
	 
	 
	 
	 

	 
	 
	By:
	BREITBURN GP, LLC, its general partner

	 
	 
	 
	 
	 

	 
	 
	By:
	 /s/ Randall H. Breitenbach
	 

	 
	 
	Name:
	Randall H. Breitenbach
	 

	 
	 
	Title:
	President

	 
	 
	 
	 
	 

	 
	 
	PARENT GP:

	 
	 
	 
	 
	 

	 
	 
	BREITBURN GP, LLC,

	 
	 
	a Delaware limited partnership,

	 
	 
	 
	 
	 

	 
	 
	By:
	 /s/ Randall H. Breitenbach
	 

	 
	 
	Name:
	Randall H. Breitenbach
	 

	 
	 
	Title:
	President

	 
	 
	 
	 
	 

	 
	 
	GENERAL PARTNER:

	 
	 
	BREITBURN OPERATING GP, LLC,

	 
	 
	a Delaware limited partnership,

	 
	 
	 
	 
	 

	 
	 
	By:
	 /s/ Randall H. Breitenbach
	 

	 
	 
	Name:
	Randall H. Breitenbach
	 

	 
	 
	Title:
	President

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

Signature Page to Third Amendment 

	
					
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	SUBSIDIARY GUARANTORS:

	 
	 
	 
	 
	 

	 
	 
	BREITBURN FINANCE CORPORATION

	 
	 
	a Delaware corporation

	 
	 
	 
	 
	 

	 
	 
	By:
	 /s/ Randall H. Breitenbach
	 

	 
	 
	Name:
	Randall H. Breitenbach
	 

	 
	 
	Title:
	Co-Chief Executive Officer

	 
	 
	 
	 
	 

	 
	 
	BREITBURN MANAGEMENT COMPANY, LLC

	 
	 
	a Delaware limited liability company

	 
	 
	 
	 
	 

	 
	 
	By:
	 /s/ Randall H. Breitenbach
	 

	 
	 
	 
	Randall H. Breitenbach
	 

	 
	 
	 
	President

	 
	 
	 
	 
	 

	 
	 
	ALAMITOS COMPANY,

	 
	 
	a California corporation

	 
	 
	 
	 
	 

	 
	 
	By:
	 /s/ Randall H. Breitenbach
	 

	 
	 
	 
	Randall H. Breitenbach
	 

	 
	 
	 
	Co-President

	 
	 
	 
	 
	 

	 
	 
	BREITBURN FLORIDA LLC,

	 
	 
	a Delaware limited liability company

	 
	 
	 
	 
	 

	 
	 
	By:
	BreitBurn Operating L.P., its sole member

	 
	 
	 
	By:
	 BreitBurn Operating GP, LLC, its

	 
	 
	 
	 
	 general partner

	 
	 
	 
	 
	 

	 
	 
	 
	By:
	 /s/ Randall H. Breitenbach

	 
	 
	 
	Name:
	Randall H. Breitenbach

	 
	 
	 
	Title:
	President

	 
	 
	 
	 
	 

	 
	 
	BREITBURN FULTON LLC,

	 
	 
	a Delaware limited liability company

	 
	 
	 
	 
	 

	 
	 
	By:
	 /s/ Bruce D. McFarland
	 

	 
	 
	 
	Bruce D. McFarland
	 

	 
	 
	 
	Secretary
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

Signature Page to Third Amendment 

	
					
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	BEAVER CREEK PIPELINE, L.L.C.,

	 
	 
	a Michigan limited liability company,

	 
	 
	 
	 
	 

	 
	 
	GTG PIPELINE LLC,

	 
	 
	a Virginia limited liability company,

	 
	 
	 
	 
	 

	 
	 
	MERCURY MICHIGAN COMPANY, LLC,

	 
	 
	a Michigan limited liability company,

	 
	 
	 
	 
	 

	 
	 
	TERRA ENERGY COMPANY LLC,

	 
	 
	a Michigan limited liability company, and

	 
	 
	 
	 
	 

	 
	 
	TERRA PIPELINE COMPANY LLC,

	 
	 
	a Michigan limited liability company

	 
	 
	 
	 
	 

	 
	 
	By:
	 /s/ Randall H. Breitenbach
	 

	 
	 
	Name:
	Randall H. Breitenbach
	 

	 
	 
	Title:
	Co-Chief Executive Officer

	 
	 
	 
	 
	 

	 
	 
	PHOENIX PRODUCTION COMPANY,

	 
	 
	a Wyoming corporation and

	 
	 
	 
	 
	 

	 
	 
	PREVENTIVE MAINTENANCE SERVICES LLC,

	 
	 
	a Colorado limited liability company

	 
	 
	 
	 
	 

	 
	 
	By:
	 /s/ Bruce D. McFarland
	 

	 
	 
	 
	Bruce D. McFarland
	 

	 
	 
	 
	Treasurer
	 

Signature Page to Third Amendment 

	
							
	 
	 
	 
	WELLS FARGO BANK, NATIONAL ASSOCIATION

	 
	 
	 
	as Administrative Agent, Issuing Lender and a Lender

	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	By:
	/s/ Richard Gould
	 
	 

	 
	 
	 
	 
	Richard Gould

	 
	 
	 
	 
	Managing Director

	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	BANK OF MONTREAL

	 
	 
	 
	As a Lender

	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	By:
	/s/ Gumaro Tijerina
	 

	 
	 
	 
	Name:
	Gumaro Tijerina

	 
	 
	 
	Title:
	Director

	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	BNP PARIBAS

	 
	 
	 
	As a Lender

	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	By:
	/s/ Polly Schott
	 

	 
	 
	 
	Name:
	Polly Schott

	 
	 
	 
	Title:
	Director

	 
	 
	 
	 
	 

	 
	 
	 
	 
	/s/ Courtnery Kubesch
	 

	 
	 
	 
	 
	Courtnery Kubesch

	 
	 
	 
	 
	Vice President

	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	UNION BANK, N.A.

	 
	 
	 
	As a Lender

	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	By:
	/s/ Lara Sorokolit
	 
	 

	 
	 
	 
	Name:
	Lara Sorokolit

	 
	 
	 
	Title:
	Assistant Vice President

	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	CITIBANK, N.A.

	 
	 
	 
	As a Lender

	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	By:
	/s/ Yasantha Gunaratna
	 

	 
	 
	 
	Name:
	Yasantha Gunaratna

	 
	 
	 
	Title:
	Vice President

	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

Signature Page to Third Amendment 

	
							
	 
	 
	 
	ROYAL BANK OF CANADA

	 
	 
	 
	As a Lender

	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	By:
	/s/ Don J. McKinnerney
	 

	 
	 
	 
	Name:
	Don J. McKinnerney

	 
	 
	 
	Title:
	Authorized Signatory

	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	U.S BANK NATIONAL ASSOCIATION

	 
	 
	 
	As a Lender

	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	By:
	/s/ Daniel K. Hansen
	 

	 
	 
	 
	Name:
	Daniel K. Hansen

	 
	 
	 
	Title:
	Vice President

	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	BANK OF SCOTLAND plc.

	 
	 
	 
	As a Lender

	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	By:
	/s/ Julia R. Franklin
	 

	 
	 
	 
	Name:
	Julia R. Franklin

	 
	 
	 
	Title:
	Assistant Vice President

	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	THE ROYAL BANK OF SCOTLAND plc.

	 
	 
	 
	As a Lender

	 
	 
	 
	 

	 
	 
	 
	By:
	/s/ James L. Moyes
	 

	 
	 
	 
	Name:
	James L. Moyes

	 
	 
	 
	Title:
	Authorized Signatory

	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	BARCLAYS BANK PLC

	 
	 
	 
	As a Lender

	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	By:
	/s/ Vanessa A. Kurbatskiy
	 

	 
	 
	 
	Name:
	Vanessa A. Kurbatskiy

	 
	 
	 
	Title:
	Vice President

	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	CREDIT SUISSE AG,

	 
	 
	 
	CAYMAN ISLANDS BRANCH

	 
	 
	 
	As a Lender

	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	By:
	/s/ Nupur Kumar
	/s/ Vipul Dhadda

	 
	 
	 
	Name:
	Nupur Kumar
	Vipul Dhadda

	 
	 
	 
	Title:
	Vice President
	Associate

	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 

Signature Page to Third Amendment 

	
							
	 
	 
	 
	TORONTO DOMINION (TEXAS) LLC.

	 
	 
	 
	As a Lender

	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	By:
	/s/ Bebi Yasin
	 
	 

	 
	 
	 
	Name:
	Bebi Yasin

	 
	 
	 
	Title:
	Authorized Signatory

	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	JP MORGAN CHASE BANK, N.A.

	 
	 
	 
	As a Lender

	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	By:
	/s/ Mark E. Olson
	 

	 
	 
	 
	Name:
	Mark E. Olson

	 
	 
	 
	Title:
	Authorized Officer

	 
	 
	 
	 
	 
	 
	 

Signature Page to Third Amendment

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00193-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00193-of-00352.parquet"}]]