Document:

EX-10.3

 Exhibit 10.3 
  

			
	

	  	Negative Pledge Agreement

 Dated as of April 27, 2015 
 FOR VALUABLE CONSIDERATION, the undersigned, Friedman Industries, Incorporated (the “Pledgor”), agrees and pledges to JPMorgan Chase Bank, N.A., whose address is 712 Main Street, Houston, TX 77002-3201
(the “Bank”), its successors and assigns, that from the date of this agreement until the “Liabilities” are paid in full, the Pledgor will not, without the express written consent of the Bank, which consent shall be at the sole
discretion of the Bank, create or permit to exist any mortgage, deed of trust, lien, assignment, pledge, title retention lien, or other encumbrance or security interest with respect to accounts receivable and inventory (the “Property”),
except liens (i) securing indebtedness to the Bank, and (ii) of current taxes not delinquent or as security for taxes being contested in good faith, or in connection with worker’s compensation insurance, unemployment insurance, or of
mechanics and material men for sums not due or sums being contested in good faith for which adequate funds have been reserved. 

Borrower. The term “Borrower” in this agreement means each and all of the following: Friedman Industries, Incorporated. 

Liabilities. The term “Liabilities” in this agreement means all debts, obligations, indebtedness and liabilities of every kind and
character of the Borrower whether individual, joint and several, contingent or otherwise, now or hereafter existing in favor of the Bank including without limitation, all liabilities, interest, costs and fees, arising under or from any note, open
account, overdraft, credit card, lease, Rate Management Transaction, letter of credit application, endorsement, surety agreement, guaranty, acceptance, foreign exchange contract or depository service contract, whether payable to the Bank or to a
third party and subsequently acquired by the Bank, any monetary obligations (including interest) incurred or accrued during the pendency of any bankruptcy, insolvency, receivership or other similar proceedings, regardless of whether allowed or
allowable in such proceeding, and all renewals, extensions, modifications, consolidations, rearrangements, restatements, replacements or substitutions of any of the foregoing. The term “Rate Management Transaction” in this agreement means
any transaction (including an agreement with respect thereto) that is a rate swap, basis swap, forward rate transaction, commodity swap, commodity option, equity or equity index swap, equity or equity index option, bond option, interest rate option,
foreign exchange transaction, cap transaction, floor transaction, collar transaction, forward transaction, currency swap transaction, cross-currency rate swap transaction, currency option, derivative transaction or any other similar transaction
(including any option with respect to any of these transactions) or any combination thereof, whether linked to one or more interest rates, foreign currencies, commodity prices, equity prices or other financial measures. 

The Pledgor covenants, represents and warrants to the Bank that the following statements are and will remain true until this agreement is terminated
and the Liabilities are paid in full: (a) the Pledgor has disclosed to the Bank in writing any location(s) where the Property may be located; (b) the Property is free and clear of all encumbrances, liens, pledges, assignments, mortgages,
deeds of trusts and security interests, and the Pledgor has not executed or recorded, or permitted others to execute or record, any security documents or financing statements or similar records relating to any of the Property (except, if applicable,
to the Bank); and (c) all of the Property is titled in the Pledgor’s legal name. 
 If the Pledgor defaults in the performance of
any agreement set forth herein, the Bank may declare the Liabilities (notwithstanding any provision thereof) immediately due and payable, without demand, notice of intent to accelerate or notice of any kind. 

No delay on the part of the Bank in the exercise of any power or right shall operate as a waiver thereof, nor shall any single or partial exercise
of any power or right preclude other or further exercise thereof, or the exercise of any other power or right. 
 Any notices and demands
under or related to this document shall be in writing and delivered to the intended party at its address stated herein, and if to the Bank, at its main office if no other address of the Bank is specified herein, by one of the following means:
(a) by hand, (b) by a nationally recognized overnight courier service, or (c) by certified mail, postage prepaid, with return receipt requested. Notice shall be deemed given: (a) upon receipt if delivered by hand, (b) on the
Delivery Day after the day of deposit with a nationally recognized courier service, or (c) on the third Delivery Day 

 
after the notice is deposited in the mail. “Delivery Day” means a day other than a Saturday, a Sunday, or any other day on which national banking associations are authorized to be
closed. Any party may change its address for purposes of the receipt of notices and demands by giving notice of such change in the manner provided in this provision. 
 Time is of the essence under this agreement and in the performance of every term, covenant and obligation contained herein. 
 Governing Law and Venue. This agreement shall be governed by and construed in accordance with the laws of the State of Texas (without giving effect to its laws of conflicts). The Pledgor agrees that any
legal action or proceeding with respect to any of its obligations under this agreement may be brought by the Bank in any state or federal court located in the State of Texas, as the Bank in its sole discretion may elect. By the execution and
delivery of this agreement, the Pledgor submits to and accepts, for itself and in respect of its property, generally and unconditionally, the non-exclusive jurisdiction of those courts. The Pledgor waives any claim that the State of Texas is not a
convenient forum or the proper venue for any such suit, action or proceeding. 
 WAIVER OF SPECIAL DAMAGES. THE PLEDGOR WAIVES, TO
THE MAXIMUM EXTENT NOT PROHIBITED BY LAW, ANY RIGHT THE UNDERSIGNED MAY HAVE TO CLAIM OR RECOVER FROM THE BANK IN ANY LEGAL ACTION OR PROCEEDING ANY SPECIAL, EXEMPLARY, PUNITIVE OR CONSEQUENTIAL DAMAGES. 

JURY WAIVER. TO THE MAXIMUM EXTENT NOT PROHIBITED BY APPLICABLE LAW, THE PLEDGOR AND THE BANK (BY ITS ACCEPTANCE HEREOF) HEREBY VOLUNTARILY,
KNOWINGLY, IRREVOCABLY AND UNCONDITIONALLY WAIVE ANY RIGHT TO HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE (WHETHER BASED ON CONTRACT, TORT, OR OTHERWISE) BETWEEN OR AMONG THE PLEDGOR AND THE BANK ARISING OUT OF OR IN ANY WAY RELATED TO THIS
DOCUMENT. THIS PROVISION IS A MATERIAL INDUCEMENT TO THE BANK TO PROVIDE THE FINANCING DESCRIBED HEREIN. 
 This agreement shall be binding
on the Pledgor and its successors and assigns, and shall inure to the benefit of the Bank and its successors and assigns. 
 THIS
AGREEMENT REPRESENTS THE FINAL AGREEMENT OF THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. 
 THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES. 
  

									
	 	 	 	 	Pledgor:
			
	19747 Highway 59 North, Ste. 200	 		 	Friedman Industries, Incorporated
	Houston, TX 77338	 		 		 	
		 		 		 	By:  	 	 /S/    ALEX
LARUE

		 		 		 		 	 Alex LaRue            VP-Secretary &
Treasurer

	Fax/Telex No. (832) 
644-9836                          	 		 		 	Printed Name                             
                               Title
			
		 		 	Date Signed: 5/5/2015                        
                    
					
		 		 		 	By:	 	 /S/    WILLIAM E. CROW

		 		 		 		 	
William E. Crow                  
         Pres/CEO

	Fax/Telex No. (832) 644-9836                
              	 		 		 	Printed Name                             
                               Title
				
		 		 		 	Date Signed: 5/5/2015                        
                     

 The Bank is executing this agreement for the purpose of acknowledging and agreeing to the foregoing Jury Waiver, the
notice given under §26.02 of the Texas Business and Commerce Code and the Bank’s failure to execute or authenticate this agreement will not invalidate this agreement. 

 

					
	Bank:
	
	JPMorgan Chase Bank, N.A.
	By:	 	/S/    BRYAN BAYLISS	 	  
		 	Bryan Bayliss	 	Authorized Officer
		 	Printed Name	 	Title

  
 2Exhibit 10.1

	
	
	Exhibit 10.1

AMENDMENT NO. 2 TO
ADVANCED EMISSIONS SOLUTIONS, INC.
AMENDED AND RESTATED 2007 EQUITY INCENTIVE PLAN

This Amendment No. 2 (this “Amendment”) to that certain Advanced Emissions Solutions, Inc. Amended and Restated 2007 Equity Incentive Plan, as previously amended (the “Plan”), is adopted and effective as set forth below.  Capitalized terms used and not defined herein have the meanings ascribed to them in the Plan.
WHEREAS, from time to time, the Administrator may approve certain cash payments to a Grantee that generally are related to the Continuous Service of the Grantee and to certain performance goals for the Company or one or more Related Entities over a specified time period; and
WHEREAS, the Company desires for such cash awards to be issued pursuant to and subject to the terms and conditions set forth in the Plan.
NOW therefore, the Plan shall be amended as follows:
		
	1.
	Section 2 of the Plan shall be amended by the insertion, where appropriate, of the following:

“Cash Award” means an Award granted under the Plan that provides for a cash payment to a Grantee related to the Continuous Service of such Grantee and to performance goals for the Company (or one or more Related Entities) over a specified time period.
“Measurement Date” means the last day of the time period over which performance with respect to which the performance goals for any Cash Award are measured, or, if later, the last day of Continuous Service required for any Grantee to be entitled to such Cash Award.
		
	2.
	Each Cash Award shall be considered an Award for all purposes of the Plan and shall be granted as set forth in Section 6 of the Plan; provided, however, that (i) the Administrator may, in its discretion, grant one or more Cash Awards without causing the Company to enter into, or requiring the Grantee to enter into, an Award Agreement, and (ii) in such event, such terms and conditions as the Plan provides are to be set forth in an Award Agreement may be communicated to the relevant Grantee(s) as the Administrator deems sufficient and appropriate.

		
	3.
	The Company shall withhold and pay over to the appropriate taxing authorities all applicable income tax, social security, Medicare and payroll tax, and any other applicable tax-related withholding, and the amount payable to the Grantee with respect to any Cash Award shall be net of such withheld amounts.

		
	4.
	Notwithstanding anything to the contrary in this Amendment, the Plan or any Award Agreement pursuant to which a Cash Award is granted, each Cash Award shall be paid promptly following the date the Administrator determines whether the performance goals related to a particular Cash Award have been met, but in any event no later than March 15 of the calendar year following the calendar year in which the Measurement Date occurs.

		
	5.
	Sections 7, 8, 9, 10, 11 and 21 of the Plan shall not apply to any Cash Award.

		
	6.
	Except as set forth in this Amendment, the Plan shall remain in full force and effect.

 
    The undersigned, being the Secretary of Advanced Emissions Solutions, Inc., hereby certifies that the foregoing is a true and correct copy of the Amendment No. 2 to the Advanced Emissions Solutions, Inc. Amended and Restated 2007 Equity Incentive Plan, as adopted by the Company on February 12, 2014, effective as of February 12, 2014.
	
		
	 
	Advanced Emissions Solutions, Inc.

	
		
	 
	By:  /s/    Mark H. McKinnies
Mark H. McKinnies, Senior Vice President, Chief Financial Officer and Secretary

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