Document:

CVI 2013 - Exhibit 10.41.1

EXHIBIT 10.41.1

CVR REFINING, LP
LONG-TERM INCENTIVE PLAN
EMPLOYEE PHANTOM UNIT AGREEMENT

THIS AGREEMENT (this “Agreement”), made as of the 27th day of December, 2013 (the “Grant Date”), between CVR Refining, LP, a Delaware limited partnership (the “Partnership”), and the individual grantee designated on the signature page hereof (the “Grantee”).

WHEREAS, the board of directors of CVR Refining GP, LLC, a Delaware limited liability company (the “General Partner”), has adopted the CVR Refining, LP  Long-Term Incentive Plan (the “Plan”) in order to provide an additional incentive to certain of the Partnership’s and its Subsidiaries’ and Parents’ employees, officers, consultants and directors; and

WHEREAS, the Committee responsible for administration of the Plan has authorized the grant of Phantom Units to the Grantee as provided herein.

NOW, THEREFORE, the parties hereto agree as follows:

1.Grant of Phantom Units.

1.1    The Partnership hereby grants to the Grantee, and the Grantee hereby accepts from the Partnership on the terms and conditions set forth in this Agreement, an award of ______ Phantom Units.  Subject to the terms of this Agreement, each Phantom Unit represents the right of the Grantee to receive, if such Phantom Unit becomes vested, a cash payment equal to the average closing price of the Units for the first 10 business days of the month in which the Vesting Date occurs.  
 
1.2    This Agreement shall be construed in accordance with and consistent with, and subject to, the provisions of the Plan (the provisions of which are incorporated herein by reference). Except as otherwise expressly set forth herein, the capitalized terms used in this Agreement shall have the same definitions as set forth in the Plan.

2.    Vesting Date.   

The Phantom Units shall vest, with respect to thirty-three and one-third percent (33 – 1/3%) of the total number of Phantom Units granted hereunder, on each of the first three anniversaries of the Grant Date (each such date, a “Vesting Date”), provided the Grantee continues to serve as an employee of the Partnership or its Subsidiaries or Parents on the applicable Vesting Date.    

3.      Termination of Employment.

(a)     In the event of the Grantee’s termination of employment with the Partnership or one of its Subsidiaries or Parents prior to any Vesting Date by reason of his or her death or Disability, any Phantom Units scheduled to vest in the year in which such event occurs shall become 

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immediately vested, and all other Phantom Units shall be deemed forfeited and Grantee shall have no rights with respect thereto. 

(b)    If the Grantee's employment is terminated by the Partnership or one of its Subsidiaries or Parents other than for Cause or Disability, then any Phantom Units scheduled to vest in the year in which such event occurs shall become immediately vested, and all other Phantom Units shall be deemed forfeited and Grantee shall have no rights with respect thereto.

(c)    Any Phantom Units that do not become vested in connection with the Grantee’s termination of employment in accordance with Sections 3(a) or (b) of this Agreement shall be forfeited immediately upon the Grantee’s termination of employment. 

(d)    To the extent any payments provided for under this Agreement are treated as “nonqualified deferred compensation” subject to Section 409A of the Code, (i) this Agreement shall be interpreted, construed and operated in accordance with Section 409A of the Code and the Treasury regulations and other guidance issued thereunder, (ii) if on the date of the Grantee’s separation from service (as defined in Treasury Regulation §1.409A-1(h)) with the Partnership or its Subsidiaries or Parents the Grantee is a specified employee (as defined Section 409A of the Code and Treasury Regulation §1.409A-1(i)), no payment constituting the "deferral of compensation" within the meaning of Treasury Regulation §1.409A-1(b) and after application of the exemptions provided in Treasury Regulation §§1.409A-1(b)(4) and 1.409A-1(b)(9)(iii) shall be made to the Grantee at any time prior to the earlier of (A) the expiration of the six (6) month period following the Grantee’s separation from service or (B) the Grantee’s death, and any such amounts deferred during such applicable period shall instead be paid in a lump sum to the Grantee (or, if applicable, to the Grantee’s estate) on the first payroll payment date following expiration of such six (6) month period or, if applicable, the Grantee’s death, and (iii) for purposes of conforming this Agreement to Section 409A of the Code, any reference to termination of employment, severance from employment, resignation from employment or similar terms shall mean and be interpreted as a "separation from service" as defined in Treasury Regulation §1.409A-1(h).

4.    Distribution Equivalent Rights

The Partnership hereby grants to the Grantee, and the Grantee hereby accepts from the Partnership, one Distribution Equivalent Right for each Phantom Unit granted herein equal to the cash value of all distributions declared and paid by the Partnership on Units from the Grant Date to and including the Vesting Date.  The payment of Distribution Equivalent Rights will be deferred until and conditioned upon the underlying Phantom Units becoming vested pursuant to Section 2 or 3 hereof.  Upon each Vesting Date, Distribution Equivalent Rights on all vested Phantom Units, with no interest thereon, shall be paid to the Grantee.

5.    Payment Date.  
        
Within 10 days following (i) each Vesting Date, or (ii) if, prior to any Vesting Date, the Grantee’s termination of employment with the Partnership or its Subsidiaries or Parents under circumstances described in Section 3(a) or (b), the date of such termination of employment, the 

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Partnership will deliver to the Grantee the cash payment underlying the Phantom Units and Distribution Equivalent Rights that become vested pursuant to Section 2 or 3 of this Agreement.

6.    Non-transferability.

The Phantom Units may not be sold, transferred or otherwise disposed of and may not be pledged or otherwise hypothecated.

7.    No Right to Continued Employment.

Nothing in this Agreement or the Plan shall be interpreted or construed to confer upon the Grantee any right with respect to continuance of employment by the Partnership or any of its Subsidiaries or Parents, nor shall this Agreement or the Plan interfere in any way with the right of the Partnership and its Subsidiaries and Parents to terminate the Grantee’s employment therewith at any time.

8.    Withholding of Taxes.

The Grantee shall pay to the Partnership, or the Partnership and the Grantee shall agree on such other arrangements necessary for the Grantee to pay, the applicable federal, state and local income taxes required by law to be withheld (the “Withholding Taxes”), if any, upon the vesting of the Phantom Units.  The Partnership shall have the right to deduct from any payment of cash to the Grantee an amount equal to the Withholding Taxes in satisfaction of the Grantee’s obligation to pay Withholding Taxes.  

9.    Grantee Bound by the Plan.

The Grantee hereby acknowledges receipt of a copy of the Plan and agrees to be bound by all the terms and provisions thereof.

10.    Modification of Agreement.
This Agreement may be modified, amended, suspended or terminated, and any terms or conditions may be waived, but only by a written instrument executed by the parties hereto.  No waiver by either party hereto of any breach by the other party hereto of any provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions at the time or at any prior or subsequent time.

11.    Severability.
Should any provision of this Agreement be held by a court of competent jurisdiction to be unenforceable or invalid for any reason, the remaining provisions of this Agreement shall not be affected by such holding and shall continue in full force in accordance with their terms.

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12.    Governing Law.
The validity, interpretation, construction and performance of this Agreement shall be governed by the laws of the State of Delaware without giving effect to the conflicts of laws principles thereof.

13.    Successors in Interest.
This Agreement shall inure to the benefit of and be binding upon any successor to the Partnership.  This Agreement shall inure to the benefit of the Grantee’s beneficiaries, heirs, executors, administrators, successors and legal representatives. All obligations imposed upon the Grantee and all rights granted to the Partnership under this Agreement shall be final, binding and conclusive upon the Grantee’s beneficiaries, heirs, executors, administrators, successors and legal representatives.

14.    Resolution of Disputes.
Any dispute or disagreement which may arise under, or as a result of, or in any way relate to, the interpretation, construction or application of this Agreement shall be determined by the Committee.  Any determination made hereunder shall be final, binding and conclusive on the Grantee and the Partnership for all purposes.

[signature page follows]

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IN WITNESS WHEREOF, this Agreement has been executed as of the date first written above.

	
		
	CVR REFINING, LP
By: CVR REFINING GP, LLC, its general partner

	GRANTEE

	

______________________________
By: 
Title:
	

______________________________
Name: 

[Signature Page to Phantom Unit Agreement]Ex 10.17 Triangle Lease First Amendment

Exhibit 10.17

FIRST AMENDMENT TO LEASE AGREEMENT 

THIS FIRST AMENDMENT TO LEASE AGREEMENT (the “First Amendment”) made and entered into and effective as of the 29th day of August, 2013 hereto (the “Effective Date”), by and between 3700 GLENWOOD LLC, a North Carolina limited liability company (“Landlord”), and TRIANGLE CAPITAL CORPORATION, a Maryland corporation (doing business in North Carolina as Triangle Capital Corporation of Maryland) (“Tenant”).

WITNESSETH:

THAT WHEREAS, Landlord and Tenant entered into that certain Office Lease Agreement dated March 27, 2008, (the “Lease”), for the lease of approximately 11,027 rentable square feet of space commonly known as Suite 530 (the “Premises”) of the property known as 3700 Glenwood Avenue, Raleigh, North Carolina 27612 (the “Building”); and

WHEREAS, Tenant has requested additional space in the Building, and Landlord has agreed to make additional space in the building available to Tenant; and

WHEREAS, in connection with the addition of new space to the Premises,  Landlord and Tenant have agreed to amend and modify certain terms of the Lease, as stated in this First Amendment.

NOW, THEREFORE, for and in consideration of Ten Dollars ($10.00), the mutual promises and covenants contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Landlord and Tenant on behalf of themselves and their respective successors and assigns, do hereby agree as follows:

1.    Amendments:  The Lease shall be amended as follows:

(a)    Premises.  On January 1, 2014, an additional 3,301 rentable square feet, consisting of Suite 510 as shown on EXHIBIT A attached hereto and incorporated herein by this reference (the “Suite 510 Expansion Space”), shall be added to the Premises.  After the Suite 510 Expansion Space is added to the Premises, Tenant’s RSF shall be a total RSF of 14,328.  

On March 1, 2014, an additional 308 rentable square feet, consisting of a portion of the Common Area corridor as shown on EXHIBIT A attached hereto and incorporated herein by this reference (the “Corridor Expansion Space”), shall be added to the Premises.  After the Corridor Expansion Space is added to the Premises, Tenant’s RSF shall be a total RSF of 14,636.  

Tenant specifically acknowledges that the Landlord Work (as defined in Section 2 below) will involve the installation of a door with an electric lock at the entrance of the Premises (to be located in the Corridor Expansion Space).  The electronic lock on the door will be tied in to the fire alarm system serving the Building.  In the event that the fire alarm in the Building is activated, the 

 

electronic lock will automatically unlock, opening the door to the Premises, and allowing occupants of the fifth floor access to the stairwell located within the Premises.

In the event that Landlord is unable to deliver the Suite 510 Expansion Space or the Corridor Expansion Space as set forth above, this First Amendment shall continue in full force and effect, but the delivery date, other dates and rent table will be revised accordingly to account for the delay or early completion, including the time required for Landlord to complete Landlord Work (as defined in Section 2 below).  Landlord and Tenant agree to execute any amendment necessary to accurately reflect changes, if any, caused by either a delay or early completion in delivering the Suite 510 Expansion Space or the Corridor Expansion Space.  Notwithstanding the foregoing, any delay in the delivery of the Suite 510 Expansion Space or the Corridor Expansion Space resulting from the action or inaction by Tenant shall not result in any change to the rent table as set forth below.

(b)    Term.  The Term of the Lease is hereby extended for a period of sixty-five (65) months (the “First Renewal Term”) beginning January 1, 2014 (the “First Renewal Term Commencement Date”) and ending at 11:59 p.m. on May 31, 2019 (the “First Renewal Term Expiration Date”).  From and after January 1, 2014 (i) all references in the Lease to the “Expiration Date” shall mean the First Renewal Term Expiration Date, and (ii) all references in the Lease to the “Term” shall include the Term of the Lease and the First Renewal Term.  All of Landlord’s and Tenant’s obligations effective after the Commencement Date shall continue to be effective after the First Renewal Term Commencement Date.

(c)    Rent.  The Rent Table in the Lease is hereby revised by deleting that portion of the table beginning with Lease Month 55 and replacing it with the following, which shall cover the remainder of the current Term and the First Renewal Term:

	
				
	Lease Month
	RSF
	Annual Base Rent per Rentable Square Foot
	Monthly Base Rent

	July 1, 2013 – June 30, 2014 (55-66)
	11,027
	$27.50
	$25,270.21

	January 1, 2014 – February 28, 2014 (61-62)
	14,328
	$27.50
	$32,835.00

	March 1, 2014 – June 30, 2014 (63-66)
	14,636
	$27.50
	$33,540.83

	July 1, 2014 – June 30, 2015 (67-78)
	14,636
	$28.12
	$34,297.03

	July 1, 2015 – June 30, 2016 (79-90)
	14,636
	$28.75
	$35,065.42

	July 1, 2016 – June 30, 2017 (91-102)
	14,636
	$29.40
	$35,858.20

	July 1, 2017 – June 30, 2018 (103-114)
	14,636
	$30.06
	$36,663.18

	July 1, 2018 – December 31, 2018 (115-120)
	14,636
	$30.74
	$37,492.55

	January 1, 2019 – May 31, 2019 (121-125)
	14,636
	$31.43
	$38,334.12

(d)    Expense Stop:  Effective July 1, 2013, the Expense Stop shall be changed to the amount of the Operating Expenses for the calendar year 2013 calculated on a per square foot basis.  The new Expense Stop figure will not be determined until early in calendar year 2014.  The effect of this change is that beginning July 1, 2013, and continuing through the end of calendar year 2013, Tenant shall not pay any Additional Rent related to Operating Expenses.  Beginning on January 1, 

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2014, Tenant shall pay its pro rata share of Operating Expenses over the new Expense Stop, if any overages are incurred.

2.    Landlord Work:  Landlord has agreed to undertake certain work to the Suite 510 Expansion Space and the Corridor Expansion Space, at Landlord’s sole cost and expense.  The Upfit Plan for the Landlord Work shall be as shown on the plans prepared by Phillips Architecture dated August 2, 2013 (the “Upfit Plans”) and attached hereto as EXHIBIT A, and further described on EXHIBIT B attached hereto, both incorporated herein by this reference.  Landlord will use commercially reasonable efforts to complete all the Landlord Work (other than minor, punch list items) in time to deliver the Suite 510 Expansion Space and the Corridor Expansion Space as set forth herein.  The cost of any changes requested by Tenant either to the Upfit Plans or the scope of Landlord Work following the Effective Date of this First Amendment shall be borne by Tenant.  Landlord shall bear the cost of any changes originating from Landlord, Landlord’s contractor, or any governmental authorities.

3.    Renewal Option.  Provided that no event of default has occurred and is then continuing beyond any applicable notice and cure period, at the end of the First Renewal Term, Tenant shall have the option to renew the Lease for one (1) additional period of five (5) years (the “Second Renewal Term”) as set forth on Exhibit I attached to the Lease.  

4.    Ratification of Lease:  Except as otherwise specifically stated herein, the Lease remains in full force and effect, with the terms, covenants and conditions of the Lease hereby ratified by the parties hereto.  Except as specifically provided herein, this First Amendment shall not modify any term of the Lease or the obligations of the Landlord or Tenant thereunder.

5.    Broker:  Landlord and Tenant represent and warrant to each other that each has incurred no liabilities or claims for brokerage commissions or finder’s fees in connection with the execution of this Lease and that it has not dealt with, nor has knowledge of any broker, agent or salesperson in connection with this Lease except Grubb Ventures, LLC and Davis Moore Capital, LLC (individually and collectively, “Broker”).  Landlord shall be responsible for and shall pay the real estate commission due to Broker in accordance with the terms set forth in a separate agreement entered into between Landlord and Broker.  Landlord and Tenant shall each cause the Broker to deliver a Commercial Real Estate Broker’s Lien Waiver in compliance with Chapter 44A, Article 2, Part 4 of the North Carolina General Statutes upon request of the other party.

6.    Effective Date:  This First Amendment shall be effective upon the date first referenced herein.

7.    Miscellaneous:  Each party to this First Amendment shall execute all instruments and documents and take such further action as may be reasonably required to effectuate the purposes of this First Amendment.  This First Amendment may be modified only by a writing executed by the parties hereto.  This First Amendment may be executed in multiple counterparts (including electronic [PDF] or facsimile counterparts), each of which shall be deemed an original, and all such counterparts shall together constitute one and the same instrument.  The invalidity of any portion of this First Amendment shall not have any effect on the balance hereof.  This First Amendment 

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shall be binding upon the parties hereto, as well as their successors, heirs, executors and assigns.  This First Amendment shall be governed by, and construed in accordance with, North Carolina law.  In the event of a conflict between the terms of this First Amendment and the other terms of the Lease, the terms of this First Amendment shall control.

IN WITNESS WHEREOF, the undersigned have each executed the foregoing instrument, under seal, effective as of the day and year first above written.

LANDLORD: 

3700 GLENWOOD LLC,    (SEAL)
a North Carolina limited liability company
By:    Grubb Ventures LLC,
a North Carolina limited liability company
Manager

By: /s/ R. Gordon Grubb            (SEAL) 
                    Printed Name: R. Gordon Grubb                    
Title: Manager                                                 

TENANT: 

TRIANGLE CAPITAL CORPORATION,    (SEAL)
a Maryland corporation
By: /s/ Steven C. Lilly                                   (SEAL) 
                Printed Name: Steven C. Lilly                                    
Title: Chief Financial Officer                                      

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EXHIBIT A

Upfit Plans

[attached]

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Exhibit B
Pricing Notes for Triangle Capital Space Requirements

Existing Premises - Reception Area

		
	•
	Ceiling grid and tiles in the affected area shall appear seamless/contiguous upon completion 

		
	•
	Flooring and Base Boards to match current

		
	•
	Wood floors remain and repaired / replaced as needed (except for new workstations which are to receive carpet to match existing)

		
	•
	Corridor lighting remains 

		
	•
	New paint throughout, two (2) coats – color choice of Tenant.

		
	•
	Electrical outlets to be relocated and/or added in reasonable quantities consistent with current layout

		
	•
	Glass inset in wall adjacent to Reception Desk to remain as per Exhibit A

		
	•
	Granite transaction top with laminate work surface for both reception workstations

		
	•
	Create 2 workstations as shown on Exhibit A, with ADA compliance needs met

		
	•
	Keep wall height for workstations low on both sides, similar to existing granite counter height – final height to be confirmed by Tenant prior to permit submittal.

		
	•
	Carpet under workstations to match the rest of the space 

		
	•
	Replace existing track lights in the Breakout Area outside Conference Room B with new can lights.

		
	•
	Columns and windows to be installed/relocated as shown on Exhibit A.

Existing Premises - Conference Room B
		
	•
	Wall color and wood accents / paneling to match current.

		
	•
	Floors are to have a border of current wood with a carpet insert under table and chairs as indicted on Exhibit A.

		
	•
	Carpet will include a border in large conference room, using current carpet design if possible.

		
	•
	Tenant shall have the option to keep the existing entry doors to Conference Room B or to replace Conference Room B doors with doors to match existing Conference Room A doors.

		
	•
	Ceiling detail as shown on Exhibit A

		
	•
	HVAC vents in Conference Room B will be redesigned in order to minimize sound and strong air flow towards conference attendees. 

		
	•
	Finishes to match existing for new Conference Room B.

		
	•
	New walls to include insulation within the wall.  Insulation to be placed in the ceiling above each conference room where possible (subject to ductwork, clear heights, return air requirements, etc.) 

		
	•
	Check to make sure that window blinds are in good working order.

		
	•
	Landlord to make one new core drill in Conference Room B, and if not already existing, in Conference Room A as well, to allow for power outlets and data for all conference rooms to fit Tenant needs.  Landlord will install electrical in the core drill hole(s) and conduit for voice/data.  All voice/data cabling at Tenant’s discretion and expense.

		
	•
	Conference room A and B and the New Open Conference in the Suite 510 Expansion Space to have wiring for IT and phones.  Landlord to install conduit and pull strings – Tenant to pay for actual wiring and installation.

 

Server Room
		
	•
	Relocate server closet as shown on Exhibit A.   (adjust size of all adjacent workstations for consistency)

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	•
	Relocation to include floor tile to match current server room

		
	•
	Landlord to ensure supply and return vents for HVAC within the Relocated Server Room to create positive airflow comparable to the balance of the Premises and both expansion areas. 

		
	•
	Landlord will relocate the card access reader currently servicing the back door to the Premises and install on the new server room door.

		
	•
	Any modifications to the sprinkler or fire alarm system requested by Tenant to be made to the server room area (beyond a simple relocation of the existing, exposed sprinkler head) will be at Tenant’s expense.  

Suite 510 Expansion Space - New Offices
		
	•
	Confirm separate light switch for each office

		
	•
	All doors to swing as shown on Exhibit A

		
	•
	All locks and hardware to match existing offices

		
	•
	New offices to have same number of light fixtures as existing subject to city of Raleigh energy code

		
	•
	New offices to have sidelights / windows matching offices in existing Premises as shown on Exhibit A

		
	•
	New offices to have minimum of one duplex outlet per wall (excluding window walls)

		
	•
	All newly constructed walls to be insulated

		
	•
	Blinds to be in good condition or will be replaced

		
	•
	Paint, carpet and finishes to match offices in existing Premises

		
	•
	Ceiling tiles in expansion area to match existing Premises

		
	•
	Center the window in office that directly faces double door entrance (See Exhibit A)

		
	•
	Existing parabolic lights within the hallway (between window offices and Workstations) to be shifted as needed in order to center appropriately.  Tenant to approve location on reflected ceiling plan prior to permit submittal (subject to city of Raleigh code requirements).

Suite 510 Expansion Space - Workstations
		
	•
	New Workstations to be constructed to match Workstations within existing space in height, material, and finish detail.  

		
	•
	Power outlets and data to match existing workstations

		
	•
	Paint, carpet and finishes in New Workstation area to match paint, carpet, finishes of the Workstation area of the existing Premises

		
	•
	Notes on plan re: matching all counter top heights and layout (See Exhibit A)

		
	•
	Fix corner pieces as needed in current workstations as shown on Exhibit A

Work & Break – Suite 510 Expansion Space
		
	•
	Re-use existing upper and lower cabinets and configure as shown on Exhibit A.  Replace floor tiles to match existing

		
	•
	New dishwasher installed with power/water as shown on Exhibit A

		
	•
	Install dedicated outlets for refrigerator and copier in locations indicated on Exhibit A

General
		
	•
	All cabinetry in good working order with no distress

		
	•
	HVAC with even temperature throughout the space

		
	•
	Carpet,   or cove base for carpeted areas in Suite 510 Expansion Space to match current carpet/base in Premises

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	•
	Dedicated circuit installed for copier, and refrigerator in the Suite 510 Expansion Space.  New dedicated circuit to be installed in the event Tenant elects to relocate server room as shown on Exhibit A.

		
	•
	Landlord to ensure at least two (2) Data / Voice outlets in each office in the Suite 510 Expansion Space.  Landlord will install a box with conduit and pull string for any offices lacking at least two (2) in a location to be selected by Tenant.  All cabling for voice/data to be done by Tenant’s contractor at Tenant’s expense.

		
	•
	Affected work areas currently containing hardwood floors (Reception, Conference Room B, breakout area) shall be receive matching hardwoods consistent with those existing.  The new reception Workstations to receive carpet to match the existing office areas along with the carpet insert shown in Conference Room B on Exhibit A.  

		
	•
	All sprinklers in expansion space up to code

		
	•
	Additional exits / stair access in compliance with fire code

		
	•
	Wherever code requires a new sprinkler head to be installed (not relocated), Landlord will install a new recessed head.  Landlord will price the cost of replacing exposed sprinkler heads in all open areas with recessed sprinkler heads.  Tenant may elect, at Tenant’s sole expense, to pay to replace the heads at its discretion in any areas within the Premises.

		
	•
	All new ceiling tiles in Suite 510 Expansion Space to match those in existing Premises in color, tile specification, quality and size throughout

		
	•
	Suite 510 Expansion Space as well as existing Premises to receive two (2) coats of paint throughout in a color to be selected by Tenant.  

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