Document:

Exhibit

Exhibit 10.2

HELMERICH & PAYNE, INC.
DIRECTOR DEFERRED COMPENSATION PLAN

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Table of Contents
	
				
	 
	 
	Page
	

	ARTICLE I

	 
	 
	 

	Definitions

	1.1
	“Account”
	1
	

	1.2
	“Beneficiary”
	1
	

	1.3
	“Board of Directors”
	1
	

	1.4
	“Cash Compensation”
	1
	

	1.5
	“Change of Control”
	1
	

	1.6
	“Common Stock”
	3
	

	1.7
	“Company”
	3
	

	1.8
	“Director” or “Directors”
	3
	

	1.9
	“Eligible Compensation”
	3
	

	1.1
	“Fair Market Value”
	3
	

	1.11
	“New Director Election”
	3
	

	1.12
	“Plan”
	3
	

	1.13
	“Restricted Share Award”
	3
	

	1.14
	“Section 409A”
	3
	

	1.15
	“Separation from Service”
	3
	

	1.16
	“Stock Plan”
	3
	

	1.17
	“Stock Unit”
	3
	

	1.18
	“Year”
	3
	

	 
	 
	 

	ARTICLE II

	 
	 
	 

	Participation

	2.1
	Participation
	4
	

	2.2
	Timing  and Types of Elections
	4
	

	2.3
	Election Amounts
	4
	

	 
	 
	 

	ARTICLE III

	 
	 
	 

	Accounts and Investments

	3.1
	Establishment of Account
	4
	

	3.2
	Interest Alternative
	4
	

	3.3
	Stock Unit Alternative
	5
	

	3.4
	Limitations on Rights Associated with Stock Units
	5
	

	 
	 
	 

	 
	 
	 

	 
	 
	 

i

	
				
	ARTICLE IV

	 
	 
	 

	Vesting, Forfeiture And Distribution of Account

	4.1
	Vesting and Forfeiture.
	5
	

	4.2
	Manner of Distribution of Account
	6
	

	4.3
	Change in Manner of Distribution of Account
	6
	

	4.4
	Commencement of Payments
	6
	

	4.5
	Death Benefits
	6
	

	4.6
	Emergency Withdrawals
	6
	

	4.7
	Responsibility for Taxes
	7
	

	4.8
	Change of Control
	7
	

	 
	 
	 

	ARTICLE V

	 
	 
	 

	Administration, Amendment And Termination

	5.1
	Administration
	7
	

	5.2
	Amendment and Termination
	7
	

	 
	 
	 

	ARTICLE VI

	 
	 
	 

	Miscellaneous Provisions

	6.1
	Limitation on Director’s Rights
	7
	

	6.2
	Beneficiaries
	7
	

	6.3
	Benefits Not Transferable; Obligations Binding Upon Successors
	8
	

	6.4
	Section 409A
	8
	

	6.5
	Governing  Law; Severability
	8
	

	6.6
	Headings Not Part of Plan
	8
	

	6.7
	Consent to Plan Terms
	8
	

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HELMERICH & PAYNE, INC. 
DIRECTOR DEFERRED COMPENSATION PLAN
PURPOSE
The purpose of this Plan is to give each Director of Helmerich & Payne, Inc., the opportunity to be compensated for service as a Director on a deferred basis. The Plan is also intended to aid the Company in attracting and retaining, as members of the Board, persons whose abilities, experience, and judgment can contribute to the success of the Company. The Plan was adopted on October 1, 2004, was amended and restated December 2, 2008, and is hereby further amended and restated effective December 13, 2019, to provide for the deferral of stock awards. This amendment and restatement of the Plan applies to all amounts deferred under the Plan.
ARTICLE I
 
DEFINITIONS
Whenever the following terms are used in this Plan, they shall have the meaning specified below, unless the context clearly indicates to the contrary:
1.1    “Account” shall mean the bookkeeping account maintained by the Company to which will be credited Directors deferrals of Eligible Compensation and any earnings thereon.
1.2    “Beneficiary” means the person(s) or entity(ies) designated by the Director under Section 6.2 hereof who will receive the balance of the Director’s Account(s) in the event of his or her death.
1.3    “Board of Directors” or “Board” shall mean the Board of Directors of the Company.
1.4    “Cash Compensation” shall mean all forms of cash compensation payable (but for its deferral under this Plan) by the Company to a Director for his or her services as a Director during any respective calendar year, including without limitation retainer, committee fees and meeting fees. 
1.5    “Change of Control” shall mean:
(a)    The date that any one person, or more than one person acting as a group (as defined in §1.409A-3(i)(5)(v)(B) of the Treasury Regulations), acquires ownership of stock that, together with stock held by such person or group, constitutes more than 50% of either (i) the then outstanding shares of common stock of the Company (the “Outstanding Company Common Stock”) or (ii) the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities”); provided, however, that the following acquisitions shall not constitute a Change of Control: (i) any acquisition directly from the Company, (ii) any acquisition by the Company, (iii) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any corporation controlled by the Company, or (iv) any 

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acquisition of additional stock by a person or group already considered to own more than 50% of the Outstanding Company Common Stock or Outstanding Company Voting Securities; or
(b)    The date a majority of the individuals who, as of December 2, 2008, constitute the Board (the “Incumbent Board”) are replaced during any 12-month period; provided, however, that any individual becoming a director subsequent to the date hereof whose election, appointment or nomination for election by the Company’s shareholders was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding, for purposes of this definition, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board; or
(c)    The date any one person, or more than one person acting as a group (as defined in §1.409A-3(i)(5)(v)(B) of the Treasury Regulations) acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or persons) ownership of stock of the Company possessing thirty percent (30%) or more of the total voting power of the stock of the Company; provided that, if a Change of Control occurs by reason of an acquisition described in this paragraph (iii), no additional Change of Control shall be deemed to occur under this paragraph (iii) or paragraph (i) by reason of the acquisition of additional control of the Company by the same Person.
(d)    The date that any one person, or more than one person acting as a group (as defined in §1.409A-3(i)(5)(v)(B) of the Treasury Regulations) acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or persons) all or substantially all of the assets of the Company, unless such assets are transferred to:
(i)    A shareholder of the Company (immediately before the asset transfer) in exchange for or with respect to its stock;
(ii)    An entity, 50% or more of the total value or voting power of which is owned, directly or indirectly, by the Company;
(iii)    A person, or more than one person acting as a group, that owns, directly or indirectly, 50% or more of the total value or voting power of all the outstanding stock of the Company; or
(iv)    An entity, at least 50% of the total value or voting power of which is owned, directly or indirectly, by a person described in subsection 1.5(d)(iii) herein.
For purposes of subsection (d) and except as otherwise provided in subparagraph (d)(i), a person’s status is determined immediately after the transfer of the assets.

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1.6    “Common Stock” shall mean the common stock, par value $0.10 per share of the Company.
1.7    “Company” shall mean Helmerich & Payne, Inc., a Delaware corporation and its successors.
1.8    “Director” or “Directors” shall mean, at any given time, a member of the Board of Directors of the Company who is not also an employee of the Company or any of its subsidiaries.
1.9    “Eligible Compensation” shall mean all Cash Compensation and Restricted Share Awards.
1.10    “Fair Market Value” means (A) during such time as the Common Stock is listed upon the New York Stock Exchange or other exchanges or the Nasdaq/National Market System, the average of the highest and lowest sales prices of the Common Stock as reported by such stock exchange or exchanges or the Nasdaq/National Market System on the day for which such value is to be determined, or if no sale of the Common Stock shall have been made on any such stock exchange or the Nasdaq/National Market System that day, on the next preceding day on which there was a sale of such Common Stock or (B) during any such time as the Common Stock is not listed upon an established stock exchange or the Nasdaq/National Market System, such value as may be determined by the Committee.
1.11    “New Director Election” has the meaning ascribed thereto in Section 2.2.
1.12    “Plan” shall mean this Helmerich & Payne, Inc. Director Deferred Compensation Plan, as it may be amended from time to time.
1.13    “Restricted Share Award” means restricted shares of Common Stock that (but for their deferral under this Plan) would be awarded under the Stock Plan by the Company to a Director for his or her services as a Director during any respective calendar year.
1.14    “Section 409A” means Section 409A of the Internal Revenue Code of 1986, as amended.
1.15    “Separation from Service” means the date a Director ceases to be a member of the Board. The determination of whether a “separation from service” has occurred shall be made in accordance with the meaning of “separation from service” under Section 409A.
1.16    “Stock Plan” shall mean the Helmerich & Payne, Inc. 2016 Omnibus Incentive Plan and any other equity incentive plan of the Company that may be in effect from time to time.
1.17    “Stock Unit” shall mean the unit of measurement which is deemed for bookkeeping and payment purposes to represent one outstanding share of Common Stock.
1.18    “Year” shall mean each calendar year during the term of this Plan.

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ARTICLE II 
 
PARTICIPATION
2.1    Participation. Each Director may elect to defer, under and subject to Sections 2.2 and 2.3 of this Plan, all or any portion of his or her Eligible Compensation for any Year.
2.2    Timing  and Types of Elections. On or before the December 31 immediately preceding each Year (or, in the case of a person who first becomes a Director during the Year, within 30 days after becoming a Director (such an election by such a new Director, a “New Director Election”)), each Director may make an irrevocable election, to (a) receive (i) his or her Cash Compensation for the next Year (or, in the case of a New Director Election, in respect of any quarter commencing after the date of such election) in cash and (ii) his or her Restricted Share Award for the next Year or (b) defer pursuant to this Plan all or any portion of the Eligible Compensation for services to be rendered by the Director during the next Year (or, in the case of Cash Compensation subject to a New Director Election, in respect of any quarter commencing after the date of such election).
2.3    Election Amounts. Subject to Section 2.2, up to 100% of Eligible Compensation is eligible for deferral. The deferred amount of Cash Compensation must be stated either in a dollar amount or percentage of Cash Compensation. The deferred amount of Restricted Share Awards must be stated either as a percentage of the whole or a number of Restricted Shares. All elections shall be in writing on forms provided by the Company. Deferral elections are not continuous from Year to Year, and are only effective for the period indicated on the written election form.
ARTICLE III
 
ACCOUNTS AND INVESTMENTS
3.1    Establishment of Account. The Company will establish and maintain a separate Account in the name of each Director who has elected to defer Eligible Compensation under the Plan. The balance of each Account will reflect deferrals of Eligible Compensation as well as income, gains or losses from deemed investments. A Director may select between two deemed investment alternatives in respect of deferrals of Cash Compensation: (i) an interest investment alternative (as described in Section 3.2) or (ii) a Stock Unit investment alternative (as described in Section 3.3). All deferrals of Restricted Share Awards shall be deemed invested in the Stock Unit investment alternative (as described in Section 3.3). Investment elections must be specified at the time the Cash Compensation deferral election is provided to the Company. Deemed investment elections are effective for the entire Year and cannot be changed until deferral elections are due for the next Year. Directors may, at the time deferral elections are due for the next Year, change their deemed investment selections with respect to all deferrals of Cash Compensation, regardless of the Year to which they are attributable.
3.2    Interest Alternative. If a Director has made an election for investment in the interest alternative, a Director’s Account shall be credited as follows:

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(a)    as of the date a Director’s Cash Compensation would have been otherwise payable, the Company shall credit the Director’s Account with an amount equal to the amount of the Cash Compensation deferred; and
(b)    as of the last day of each calendar quarter, the Director’s Account shall be credited to reflect interest earnings for such calendar quarter, calculated at an interest rate equal to the prime rate of interest plus 1% as published in the Wall Street Journal (Southwest Edition) in the Money Rate Section at the beginning of each such calendar quarter (or, if not published on such date, on the most recent preceding date of publication).
3.3    Stock Unit Alternative. A Director’s Account shall be credited with Stock Units as follows: 
(a)    Cash Compensation: if a Director has made a Stock Unit election, the Company shall credit the Director’s Account, as of the date the Cash Compensation would have been otherwise payable, with a number of Stock Units determined by dividing an amount which is equal to the amount of the Director’s Cash Compensation deferred by the Fair Market Value of a share of Common Stock on such date; and 
(b)    Restricted Share Awards: the Company shall credit the Director’s Account, as of the date the Restricted Share Award would have been otherwise granted, with a number of Stock Units equal to the number of shares of Common Stock subject to such deferred award.
To the extent credited with Stock Units, the Director’s Account shall be valued at the end of each calendar quarter and on the date of any distribution in accordance with Article IV based upon the Fair Market Value of the Common Stock at such date. The Director’s Account shall also be credited as of the date of any dividend on shares of Common Stock with additional shares of Common Stock with a Fair Market Value equal to the dividend that would have been paid by the Company to the Director had the Stock Units credited to the Director's account been actual shares of Common Stock. The Account balance attributable to the Stock Unit investment alternative may increase or decrease depending upon fluctuations in value of the Company’s Common Stock and the distribution of dividends.
3.4    Limitations on Rights Associated with Stock Units. The Stock Units credited to a Director’s Account shall be used solely as a device for the determination of the amount of the cash payment to be eventually distributed to the Director in accordance with this Plan. Such Stock Units shall not be treated as property or as a trust fund of any kind. No Director shall be entitled to a distribution of actual shares of Common Stock or to any voting or other stockholder rights with respect to Stock Units credited under this Plan.
ARTICLE IV
 
VESTING, FORFEITURE AND DISTRIBUTION OF ACCOUNT
4.1    Vesting and Forfeiture. A Director shall be fully vested at all times in deferrals of his or her Cash Compensation credited to his or her Account and any earnings thereon. Stock 

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Units attributable to deferrals of a Restricted Share Award (and any deemed dividends attributable thereto) shall remain subject to the same vesting and forfeiture conditions that would have applied had the Restricted Share Award not been deferred.
4.2    Manner of Distribution of Account. The vested portion of a Director’s Account shall be distributed to the Director (or, in the event of his or her death, the Director’s Beneficiary or estate) in cash and otherwise in such manner as elected by the Director and set forth in the Director’s written deferral election form. The form of payment shall be either in a single lump sum payment or annual installments for a period of up to ten years.
4.3    Change in Manner of Distribution of Account. Subject to Section 4.2, a Director may change the manner of any distribution election with respect to amounts credited under an Account by filing a written election with the Company’s General Counsel on a form provided by the Company at least 12 months prior to the date payment would have otherwise commenced. Provided, however, that no election shall be effective until 12 months after the election is filed with the Company, and the first payment with respect to such election must be deferred for a period of five years from the date such payment would have otherwise commenced.
4.4    Commencement of Payments. Subject to the provisions of Sections 4.2 and 4.8 and except as provided in Section 4.6, the payment of the balance of the Account(s) to a Director shall commence no later than 60 days from the date of the Director’s Separation from Service. If elected by the Director, installment payments shall continue to be made in the same month of each succeeding Year until all installments have been paid.
4.5    Death Benefits. Subject to the provisions of Section 4.8, in the event that a Director dies before payment of the balance of the Director’s Account(s) has commenced or has been completed, the balance(s) of the Director’s Account(s) shall be distributed to the Director’s Beneficiary commencing no later than 60 days following the date of the Director’s death in accordance with the manner of distribution elected by the Director for payments during the Director’s lifetime.
4.6    Emergency Withdrawals. In the event of an unforeseeable emergency prior to the commencement of distribution or after the commencement of installment payments, the Board may approve a distribution to a Director (or Beneficiary after the death of a Director) of the part of the Director’s Account balance that is reasonably needed to satisfy the emergency need. An emergency withdrawal will be approved only in a circumstance of severe financial hardship to the Director (or Beneficiary after the death of the Director) resulting from a sudden and unexpected illness or accident of the Director (or Beneficiary, as applicable) or of a dependent of the Director, loss of property due to casualty, or other similar extraordinary or unforeseeable circumstance arising from events beyond the control of the Director (or Beneficiary, as applicable). Provided, however, that such unforeseeable emergency constitutes an unforeseeable emergency within the meaning of §1.409A-3(i) of the Treasury Regulations). The investment earnings credited to the Director’s Account shall be determined as if the withdrawal had been debited from the Director’s Account on the first day of the month in which the withdrawal occurs.

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4.7    Responsibility for Taxes. The Directors and their respective Beneficiaries will be liable for payment of any and all income or other taxes imposed on amounts payable under this Plan unless the Company is otherwise required to withhold such amounts from the payment of the Account.
4.8    Change of Control. In the event a Change of Control occurs, any unvested portion of each Director’s Account shall become fully vested and each Director’s Account shall be payable in a lump sum to the Director or to the Director’s Beneficiary or estate within 30 days of the Change of Control.
ARTICLE V 
 
ADMINISTRATION, AMENDMENT AND TERMINATION
5.1    Administration. This Plan shall be interpreted and administered by the Human Resources Committee of the Board of Directors (the “Committee”). Determinations made by the Board or the Committee pursuant to this Plan shall be final and binding on all parties.
5.2    Amendment and Termination. This Plan may be amended, modified, or terminated by the Board at any time, except that no such action shall (without the consent of affected Directors or, if appropriate, their respective Beneficiaries or personal representatives) adversely affect the rights of Directors or Beneficiaries with respect to Eligible Compensation earned and deferred under this Plan prior to the date of such amendment, modification, or termination.
ARTICLE VI 
 
MISCELLANEOUS PROVISIONS
6.1    Limitation on Director’s Rights. Participation in this Plan shall not give any Director the right to continue to serve as a member of the Board or any rights or interests other than as herein provided. No Director shall have any right to any payment or benefit hereunder, except to the extent provided in this Plan. This Plan shall create only a contractual obligation on the part of the Company as to such amounts and shall not be construed as creating a trust. The Plan, in and of itself, has no assets. Directors shall have only the rights of general unsecured creditors of the Company with respect to amounts credited to or payable from their Account(s).
6.2    Beneficiaries. 
(a)    Beneficiary Designation. Subject to applicable laws (including without limitation any applicable community property and probate laws), each Director may designate in writing the Beneficiary that the Director chooses to receive any payments that become payable after the Director’s death. A Director’s Beneficiary designation shall be made on forms provided and in accordance with procedures established by the Company and may be changed by the Director at any time before the Director’s death.

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(b)    Definition Of Beneficiary. A Director’s “Beneficiary” or “Beneficiaries” shall be the person(s), including without limitation a revocable living trust established by and for the benefit of the Director alone or for the benefit of the Director and one or more immediate family members, validly designated by the Director or, in the absence of a valid designation, entitled by will or the laws of descent and distribution to receive the amounts otherwise payable to the Director under this Plan in the event of the Director’s death.
6.3    Benefits Not Transferable; Obligations Binding Upon Successors. Benefits of a Director under this Plan shall not be assignable or transferable and any purported transfer, assignment, pledge or other encumbrance or attachment of any payments or benefits under this Plan, or any interest thereon, other than pursuant to Section 6.2, shall not be permitted or recognized. Obligations of the Company under this Plan shall be binding upon successors of the Company.
6.4    Section 409A. Although the Company makes no guarantee with respect to the tax treatment of payments and benefits hereunder, this Plan is intended to comply with the applicable requirements of Section 409A, and shall be limited, construed, administered, and interpreted in accordance with such intent. Accordingly, and notwithstanding the terms of this Plan, the Company reserves the right to amend the provisions of the Plan at any time in order to avoid the imposition of a tax under Section 409A on any payments to be made hereunder. In no event shall the Company or any of its subsidiaries or successors be liable for any additional tax, interest or penalties that may be imposed on a Director by reason of Section 409A or any damages for failing to comply with Section 409A.
6.5    Governing  Law; Severability. The validity of this Plan or any of its provisions shall be construed, administered, and governed in all respects under and by the laws of the State of Oklahoma without regard to its principles of conflicts of laws. If any provisions of this instrument shall be held by a court of competent jurisdiction to be invalid or unenforceable, the remaining provisions hereof shall continue to be fully effective.
6.6    Headings Not Part of Plan. Headings and subheadings in this Plan are inserted for reference only and are not to be considered in the construction of this Plan.
6.7    Consent to Plan Terms. By electing to participate in this Plan, a Director shall be deemed conclusively to have accepted and consented to all of the terms of this Plan and to all actions and decisions of the Company and/or Board. Such terms and consent shall also apply to and be binding upon each Director’s Beneficiary or Beneficiaries, personal representative(s), and other successors in interest.

8fcel-ex101_12.htm

EXHIBIT 10.1

 

FOURTH AMENDMENT TO CREDIT AGREEMENT

This FOURTH AMENDMENT TO CREDIT AGREEMENT (this “Amendment”), dated as of April 30, 2020, is entered into by and among FuelCell Energy, Inc., a Delaware corporation (the “Borrower”), each of the Guarantors party to the Credit Agreement, the lenders party to the Credit Agreement referred to below (collectively, the “Lenders” and each individually a “Lender”) that are signatories hereto, and Orion Energy Partners Investment Agent, LLC, as administrative and collateral agent for the Lenders (in such capacity, the “Administrative Agent”).  Capitalized terms used but not otherwise defined herein shall have the respective meanings ascribed thereto in the Credit Agreement (as defined below).

W I T N E S S E T H:

WHEREAS, the Borrower and the Guarantors have entered into financing arrangements pursuant to which the Lenders have made and provided loans and other financial accommodations, and may in the future make additional loans and financial accommodations, to the Borrower as set forth in the Credit Agreement, dated as of October 31, 2019, by and among the Borrower, the Guarantors, the Lenders and the Administrative Agent (as the same has heretofore been, and may hereafter be, amended, modified, supplemented, extended, renewed, restated, amended and restated or replaced, the “Credit Agreement”);

WHEREAS, the Borrower and the Guarantors desire to amend certain provisions of the Credit Agreement as set forth herein;

WHEREAS, pursuant to Section 10.02(b) of the Credit Agreement, in order to effect the amendments to the Credit Agreement contemplated by this Amendment, this Amendment must be executed by the Borrower and the Required Lenders and acknowledged by the Administrative Agent; and

WHEREAS, the undersigned Lenders constitute the Required Lenders.

NOW THEREFORE, in consideration of the foregoing and the mutual agreements and covenants contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

SECTION 1.   Amendments to the Credit Agreement.  Subject to the terms and conditions hereof, effective as of the Fourth Amendment Effective Date (as defined below) and subject to the satisfaction of the conditions precedent set forth in Section 3:

(a)Schedule 1.01(b) to the Credit Agreement is hereby amended and restated to read in its entirety as set forth on Annex I hereto.

(b)Each of the following definitions set forth in Section 1.01 of the Credit Agreement is hereby amended and restated to read in its entirety as follows:

“Additional Covered Project Company” means (x) TRS Fuel Cell, LLC and  San Bernardino Fuel Cell, LLC and (y) any Restricted Project Company that owns, constructs or operates such Additional Covered Project to the extent such Restricted 

 

 

Project Company is designated as an Additional Covered Project Company in a written instrument executed by the Borrower and the Administrative Agent.

“Permitted Project Disposition/Refinancing” means any Project Disposition/Refinancing so long as (i) the Project Disposition/Refinancing Proceeds in respect thereof are deposited in the Project Proceeds Account as required by, and to the extent required by, Section 5.18(f), (ii) in the event that such Project Disposition/Refinancing is in respect of a Covered Project Company, the aggregate amount of Project Disposition/Refinancing Proceeds received from such Project Disposition/Refinancing and deposited in the Project Proceeds Account shall be at least equal to the Project Payoff Amount in respect of the Covered Project Company subject to such Project Disposition/Refinancing, and (iii) neither the Borrower nor any other Loan Party shall Guarantee any of the Indebtedness or obligations of the applicable Project Company subject to such Project Disposition/Refinancing. 

“Project Payoff Amount” means (a) with respect to the Bolthouse Project, $5,000,000, (b) with respect to the CCSU Project, $5,000,000, (c) with respect to the Groton Project, $30,000,000, (d) with respect to the San Bernardino Project, $5,000,000, (e) with respect to the Tulare Project, $5,000,000, (f) with respect to the Yaphank Project, $30,000,000, (g) with respect to the Triangle Street Project, $5,000,000, and (h) with respect to any Additional Covered Project, the amount agreed between the Borrower and the Administrative Agent as set forth in Section 2.13(a)(z).

“Restricted Project Company” means (i) Long Beach Trigen, LLC, (ii)  Montville Fuel Cell Park, LLC, (iii) Eastern Connecticut Fuel Cell Properties, LLC, (iv) CR Fuel Cell, LLC, (v) BRT Fuel Cell, LLC, (vi) Derby Fuel Cell, LLC, (vii) Homestead Fuel Cell 1, LLC, (viii) Central CT Fuel Cell 1, LLC, (ix) Farmingdale Fuel Cell, LLC, (x) TRS Fuel Cell, LLC, and (xi) any future Subsidiary of the Borrower formed, created or established for the purposes of developing a Project; provided, that, any Restricted Project Company shall cease to be a Restricted Project Company hereunder upon becoming an Additional Excluded Project Company hereunder.

(c)Each of the following definitions are hereby inserted into Section 1.01 of the Credit Agreement in the appropriate alphabetical location therein:

“Fourth Amendment” means that certain Fourth Amendment to Credit Agreement, dated as of April 29, 2020, by and among the Borrower, each of the Guarantors party thereto, each of the Lenders party thereto, and the Administrative Agent.

“Fourth Amendment Effective Date” has the meaning ascribed to such term in the Fourth Amendment.

“San Bernardino Equipment” means the fuel cell module and other equipment set forth on the list previously provided by the Borrower to 

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Administrative Agent in writing and acknowledged by Administrative Agent as the equipment to be transferred to San Bernardino Fuel Cell, LLC.

	

	
“San Bernardino Project” means a 1.4 MW project located in San Bernardino, California.

 

(d)Section 5.18(f) of the Credit Agreement is hereby amended to insert the following new clause (vii) in the appropriate numerical location therein to read in its entirety as follows:

(vii)notwithstanding the foregoing provisions of this Section 5.18(f):  (A) on the first date on or after the Fourth Amendment Effective Date on which the Borrower shall have contributed and transferred to San Bernardino Fuel Cell, LLC all right, title and interest in and to the San Bernardino Equipment, there shall be released from the Project Proceeds Account, and transferred to a General Business Unit Account designated by Borrower, an amount equal to $2,300,000 (and Administrative Agent shall instruct the Depositary Bank to release the foregoing amounts from the Project Proceeds Account); and (B) an additional $1,200,000 shall be released from the Project Proceeds Account and transferred to the Covered Project Account for the San Bernardino Project (and Administrative Agent shall instruct the Depositary Bank to release the foregoing amounts from the Project Proceeds Account) at such time as all of the following conditions have been satisfied: 

 

(I)San Bernardino Fuel Cell, LLC shall have established the Covered Project Account for the San Bernardino Project in accordance with Section 5.18(e); 

 

(II)There shall have been approved for the San Bernardino Project a California Self Generation Incentive Grant in an amount equal to no less than $1,000,000;

 

(III)Southern California Edison shall have approved entering into a generator interconnection agreement with San Bernardino Fuel Cell, LLC with respect to the San Bernardino Project;

 

(IV)Southern California Gas Company shall have provided a  Fuel Affidavit approval to The City of San Bernardino with respect to the San Bernardino Project; 

 

(V) San Bernardino Fuel Cell, LLC shall have procured the ADG Skid Air Permit with respect to the San Bernardino Project; 

 

(VI) The City of San Bernardino Municipal Water District, in accordance with the terms and conditions of the power purchase agreement it has entered into with San Bernardino Fuel Cell, LLC, shall have executed a consent for collateral assignment of such power purchase agreement with Administrative Agent containing terms and conditions similar to those 

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agreed to in collateral assignments entered into between Administrative Agent and power purchasers of other Covered Projects; 

 

(VII) San Bernardino Fuel Cell, LLC shall have recorded in the land records of San Bernardino County, California a memorandum evidencing its site license for the real property site of the San Bernardino Project; and 

 

(VIII)As of, and after giving effect to, such release and transfer of $1,200,000 from the Project Proceeds Account to the Project Account for the San Bernardino Project, the amount of cash held in the Project Account for the San Bernardino Project shall be at least equal to the aggregate amount of remaining expenditures set forth in the Additional Covered Project Construction Budget in respect of the San Bernardino Project in order to complete the San Bernardino Project in accordance with the Additional Covered Project Construction Schedule for the San Bernardino Project. 

 

(IX) The Administrative Agent shall have approved such release in writing.

 

SECTION 2.   Acknowledgements and Agreements.  Subject to the terms and conditions hereof, effective as of the Fourth Amendment Effective Date (as defined below) and subject to the satisfaction of the conditions precedent set forth in Section 3:

(a)For all purposes of the Credit Agreement and the Financing Documents, the parties acknowledge and agree that the San Bernardino Project shall constitute an Additional Covered Project.

(b)For all purposes of the Credit Agreement and the Financing Documents, the parties acknowledge and agree that the Additional Covered Project Construction Budget in respect of the San Bernardino Project shall be the construction budget as previously provided by the Borrower to Administrative Agent in writing and acknowledged by Administrative Agent as the Construction Budget for the San Bernardino Project .

(c)For all purposes of the Credit Agreement and the Financing Documents, the parties acknowledge and agree that the Additional Covered Project Construction Schedule in respect of the San Bernardino Project shall be the construction schedule as previously provided by the Borrower to Administrative Agent in writing and acknowledged by Administrative Agent as the Construction Schedule for the San Bernardino Project.

SECTION 3.   Conditions Precedent.  This Amendment shall only become effective upon the date (the “Fourth Amendment Effective Date”) on which the Administrative Agent shall have received counterparts of this Amendment, duly authorized, executed and delivered by the Borrower, the Guarantors and the Required Lenders.

4

 

 

SECTION 4.   Representations and Warranties. The Borrower and each Guarantor hereby represents and warrants to the Administrative Agent and Lenders as follows, which representations and warranties shall survive the execution and delivery hereof:

(a)Each of the Loan Parties has full corporate, limited liability company or other organizational powers, authority and legal right to enter into, deliver and perform its respective obligations under this Amendment and has taken all necessary corporate, limited liability company or other organizational action to authorize the execution, delivery and performance by it of this Amendment.  

(b)This Amendment has been duly executed and delivered by each Loan Party and is in full force and effect and constitutes a legal, valid and binding obligation of such Loan Party, enforceable against such Loan Party in accordance with its terms, except as enforcement may be limited (i) by Bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or other similar laws affecting creditors’ rights generally, (ii) by general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law) and (iii) by implied covenants of good faith and fair dealing.

(c)The execution, delivery and performance by each Loan Party of this Amendment does not and will not, as applicable, (i) conflict with the Organizational Documents of such Loan Party, (ii) conflict with or result in a breach of, or constitute a default under, any indenture, loan agreement, mortgage, deed of trust or other material instrument or agreement to which any Loan Party is a party or by which it is bound or to which any Loan Party’s property or assets are subject, or (iii) conflict with or result in a breach of, or constitute a default under, in any material respect, any Applicable Law.

(d)After giving effect to this Amendment, the representations and warranties of the Borrower and each of the other Loan Parties contained in the Credit Agreement, the Security Agreement and the other Financing Documents are true, correct and complete in all material respects (without duplication of any materiality provision contained therein) on and as of the Fourth Amendment Effective Date (or any earlier date with respect to which any such representation or warranty relates).

(e)After giving effect to this Amendment, no Default or Event of Default has occurred and is continuing.

SECTION 5.   Effect of this Amendment; Ratification.

(a)Except as expressly set forth herein, no other amendments, consents, changes or modifications to the Credit Agreement, the Security Agreement or any other Financing Document are intended or implied, and in all other respects the Credit Agreement, the Security Agreement and each other Financing Document is hereby specifically ratified and confirmed by all parties hereto as of the Fourth Amendment Effective Date and neither the Borrower nor any other Loan Party shall be entitled to any other or further amendment solely by virtue of the provisions of this Amendment or the subject matter of this Amendment.  This Amendment is not a novation, satisfaction, release or discharge of any of the obligations of the Borrower or any other Loan Party under the Credit Agreement, the Security Agreement or any other Financing Document.  This Amendment shall be deemed to be a Financing Document. 

5

 

 

(b)The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any obligation of the Borrower or any other Loan Party under, or any right, power, or remedy of the Administrative Agent or the Lenders under, the Credit Agreement, the Security Agreement or any other Financing Document (which rights, powers and remedies are expressly reserved), nor constitute a consent to or waiver of any past, present or future violations of any provision of the Credit Agreement, the Security Agreement or any other Financing Document.

(c)For the benefit of the Administrative Agent and the Lenders, the Borrower and each other Loan Party hereby (i) affirms and confirms its guarantees, pledges, grants of collateral and security interests and other undertakings under the Credit Agreement, the Security Agreement and the other Financing Documents, (ii) ratifies and reaffirms all of its payment and performance obligations, contingent or otherwise, under the Credit Agreement, the Security Agreement and each of the other Financing Documents, (iii) agrees that (x) the Credit Agreement, the Security Agreement and each other Financing Document shall continue to be in full force and effect and (y) all guarantees, pledges, grants of collateral and security interests and other undertakings under the Credit Agreement, the Security Agreement and each other Financing Document shall continue to be in full force and effect and shall accrue to the benefit of the Administrative Agent and the Lenders, (iv) confirms and agrees that it is truly and justly indebted to the Lenders and the Administrative Agent in the aggregate amount of the Obligations without defense, counterclaim or offset of any kind whatsoever, and (v) reaffirms and admits the validity and enforceability of the Financing Documents.

SECTION 6.   Expenses.  The Borrower and the other Loan Parties agree to pay, or reimburse, the Administrative Agent for all expenses reasonably incurred for the preparation and negotiation of this Amendment and related agreements and instruments and the transactions contemplated hereby, including, but not limited to, the reasonable and documented fees and expenses of counsel to the Administrative Agent.

SECTION 7.   Governing Law; Jurisdiction; Etc.

(a)Governing Law.  This Amendment shall be construed in accordance with and governed by the law of the State of New York.

(b)Submission to Jurisdiction.  Any legal action or proceeding with respect to this Amendment shall, except as provided in clause (d) below, be brought in the courts of the State of New York, or of the United States District Court for the Southern District of New York, in each case, seated in the County of New York and, by execution and delivery of this Amendment, each party hereto hereby irrevocably accepts for itself and in respect of its property, generally and unconditionally, the exclusive jurisdiction of the aforesaid courts.  Each party hereto agrees that a judgment, after exhaustion of all available appeals, in any such action or proceeding shall be conclusive and binding upon it, and may be enforced in any other jurisdiction, including by a suit upon such judgment, a certified copy of which shall be conclusive evidence of the judgment.

(c)Waiver of Venue.  Each party hereto hereby irrevocably waives any objection that it may now have or hereafter have to the laying of the venue of any suit, action or proceeding arising out of or relating to this Amendment brought in the Supreme Court of the State of New York or in the United States District Court for the Southern District of New York, in each case, 

6

 

 

seated in the County of New York and hereby further irrevocably waives any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum.

(d)Rights of the Secured Parties.  Nothing in this Section 7 shall limit the right of the Secured Parties to refer any claim against a Loan Party to any court of competent jurisdiction anywhere else outside of the State of New York, nor shall the taking of proceedings by any Secured Party before the courts in one or more jurisdictions preclude the taking of proceedings in any other jurisdiction whether concurrently or not.

(e)WAIVER OF JURY TRIAL.  EACH PARTY TO THIS AMENDMENT HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION ARISING UNDER THIS AMENDMENT IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR ANY OF THEM WITH RESPECT TO THIS AMENDMENT, OR THE TRANSACTIONS RELATED THERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER FOUNDED IN CONTRACT OR TORT OR OTHERWISE; AND EACH PARTY HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY, AND THAT ANY PARTY TO THIS AMENDMENT MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE SIGNATORIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY.

(f)Waiver of Immunity.  To the extent that any Loan Party has or hereafter may acquire any immunity from jurisdiction of any court or from any legal process (whether through service of notice, attachment prior to judgment, attachment in aid of execution, execution, sovereign immunity or otherwise) with respect to itself or its property, it hereby irrevocably waives such immunity, to the fullest extent permitted by law, in respect of its obligations under this Amendment.

SECTION 8.   Binding Effect. This Amendment shall be binding upon and inure to the benefit of each of the parties hereto and their respective successors and permitted assigns.

SECTION 9.   Captions.  The captions in this Amendment are intended for convenience only and do not constitute and shall not be interpreted as part of this Amendment.

SECTION 10.   No Course of Dealing.  The Borrower and each other Loan Party acknowledges that (a) except as expressly set forth herein, neither the Administrative Agent nor any Lender has agreed (and has no obligation whatsoever to discuss, negotiate or agree) to any restructuring, modification, amendment, extension, waiver, or forbearance with respect to the Credit Agreement, the Security Agreement or any other Financing Document or any of the terms thereof, and (b) the execution and delivery of this Amendment has not established any course of dealing between the parties hereto or created any obligation or agreement of the Administrative Agent or any Lender with respect to any future restructuring, modification, amendment, extension, waiver, or forbearance with respect to the Credit Agreement, the Security Agreement or any other Financing Document or any of the terms thereof.

7

 

 

SECTION 11.   Counterparts.  This Amendment may be executed in any number of and by different parties hereto on separate counterparts, all of which, when so executed, shall be deemed an original, but all such counterparts shall constitute one and the same agreement. Any signature delivered by a party by facsimile or electronic transmission (including email transmission of a PDF image) shall be deemed to be an original signature hereto.

 [Signature Pages Follow]

 

8

 

 

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

BORROWER:

FUELCELL ENERGY, INC.

 

 

By:  /s/ Michael S. Bishop

Name:  Michael S. Bishop

Title:  EVP, Chief Financial Officer & Treasurer

 

GUARANTORS:

FUELCELL ENERGY FINANCE II, LLC

 

By:FuelCell Energy, Inc.

Its:Sole Member

 

 

By:  /s/ Michael S. Bishop

Name:  Michael S. Bishop

Title:  EVP, Chief Financial Officer & Treasurer

 

BAKERSFIELD FUEL CELL 1, LLC

 

By:FuelCell Energy Finance II, LLC

Its:Sole Member

 

By:FuelCell Energy, Inc.

Its:Sole Member

 

 

By:  /s/ Michael S. Bishop

Name:  Michael S. Bishop

Title:  EVP, Chief Financial Officer & Treasurer

 

[Fourth Amendment to Credit Agreement]

 

 

GUARANTORS:

 

 

YAPHANK FUEL CELL PARK, LLC

 

By:FuelCell Energy Finance II, LLC

Its:Sole Member

 

By:FuelCell Energy, Inc.

Its:Sole Member

 

 

By:  /s/ Michael S. Bishop

Name:  Michael S. Bishop

Title:  EVP, Chief Financial Officer & Treasurer

 

LONG BEACH TRIGEN, LLC

 

By:FuelCell Energy Finance II, LLC

Its:Sole Member

 

By:FuelCell Energy, Inc.

Its:Sole Member

 

 

By:  /s/ Michael S. Bishop

Name:  Michael S. Bishop

Title:  EVP, Chief Financial Officer & Treasurer

 

[Fourth Amendment to Credit Agreement]

 

 

GUARANTORS:

 

SAN BERNARDINO FUEL CELL, LLC

 

By:FuelCell Energy Finance II, LLC

Its:Sole Member

 

By:FuelCell Energy, Inc.

Its:Sole Member

 

 

By:  /s/ Michael S. Bishop

Name:  Michael S. Bishop

Title:  EVP, Chief Financial Officer & Treasurer

 

MONTVILLE FUEL CELL PARK, LLC

 

By:FuelCell Energy Finance II, LLC

Its:Sole Member

 

By:FuelCell Energy, Inc.

Its:Sole Member

 

 

By:  /s/ Michael S. Bishop

Name:  Michael S. Bishop

Title:  EVP, Chief Financial Officer & Treasurer

 

EASTERN CONNECTICUT FUEL CELL PROPERTIES, LLC

 

By:FuelCell Energy Finance II, LLC

Its:Sole Member

 

By:FuelCell Energy, Inc.

Its:Sole Member

 

 

By:  /s/ Michael S. Bishop

Name:  Michael S. Bishop

Title:  EVP, Chief Financial Officer & Treasurer

 

[Fourth Amendment to Credit Agreement]

 

 

GUARANTORS:

 

CR FUEL CELL, LLC

 

By:FuelCell Energy Finance II, LLC

Its:Sole Member

 

By:FuelCell Energy, Inc.

Its:Sole Member

 

 

By:  /s/ Michael S. Bishop

Name:  Michael S. Bishop

Title:  EVP, Chief Financial Officer & Treasurer

 

BRT FUEL CELL, LLC

 

By:FuelCell Energy Finance II, LLC

Its:Sole Member

 

By:FuelCell Energy, Inc.

Its:Sole Member

 

 

By:  /s/ Michael S. Bishop

Name:  Michael S. Bishop

Title:  EVP, Chief Financial Officer & Treasurer

 

DERBY FUEL CELL, LLC

 

By:FuelCell Energy Finance II, LLC

Its:Sole Member

 

By:FuelCell Energy, Inc.

Its:Sole Member

 

 

By:  /s/ Michael S. Bishop

Name:  Michael S. Bishop

Title:  EVP, Chief Financial Officer & Treasurer

 

[Fourth Amendment to Credit Agreement]

 

 

GUARANTORS:

 

HOMESTEAD FUEL CELL 1, LLC

 

By:FuelCell Energy Finance II, LLC

Its:Sole Member

 

By:FuelCell Energy, Inc.

Its:Sole Member

 

 

By:  /s/ Michael S. Bishop

Name:  Michael S. Bishop

Title:  EVP, Chief Financial Officer & Treasurer

 

CENTRAL CT FUEL CELL 1, LLC

 

By:FuelCell Energy Finance II, LLC

Its:Sole Member

 

By:FuelCell Energy, Inc.

Its:Sole Member

 

 

By:  /s/ Michael S. Bishop

Name:  Michael S. Bishop

Title:  EVP, Chief Financial Officer & Treasurer

 

FARMINGDALE FUEL CELL, LLC

 

By:FuelCell Energy Finance II, LLC

Its:Sole Member

 

By:FuelCell Energy, Inc.

Its:Sole Member

 

 

By:  /s/ Michael S. Bishop

Name:  Michael S. Bishop

Title:  EVP, Chief Financial Officer & Treasurer

 

[Fourth Amendment to Credit Agreement]

 

 

GUARANTORS:

 

NEW BRITAIN RENEWABLE ENERGY, LLC

 

By:FuelCell Energy Finance II, LLC

Its:Sole Member

 

By:FuelCell Energy, Inc.

Its:Sole Member

 

 

By:  /s/ Michael S. Bishop

Name:  Michael S. Bishop

Title:  EVP, Chief Financial Officer & Treasurer

 

GROTON STATION FUEL CELL, LLC

 

By:FuelCell Energy Finance II, LLC

Its:Sole Member

 

By:FuelCell Energy, Inc.

Its:Sole Member

 

 

By:  /s/ Michael S. Bishop

Name:  Michael S. Bishop

Title:  EVP, Chief Financial Officer & Treasurer

 

[Fourth Amendment to Credit Agreement]

 

 

ADMINISTRATIVE AGENT:

ORION ENERGY PARTNERS INVESTMENT AGENT, LLC

 

 

By:  /s/ Gerrit J. Nicholas

Name:Gerrit J. Nicholas

Title:Managing Partner

COLLATERAL AGENT:

ORION ENERGY PARTNERS INVESTMENT AGENT, LLC

 

 

By: /s/ Gerrit J. Nicholas

Name:Gerrit J. Nicholas

Title:Managing Partner

 

 

[Fourth Amendment to Credit Agreement]

 

 

LENDERS:

ORION ENERGY CREDIT OPPORTUNITIES FUND II, L.P.

 

	
 
	
By: 
	
Orion Energy Credit Opportunities Fund II GP, L.P.

	
 
	
Its:
	
General Partner

 

	
 
	
By: 
	
Orion Energy Credit Opportunities Fund II Holdings, LLC

	
 
	
Its:
	
General Partner

 

 

By: /s/ Gerrit J. Nicholas

Name:Gerrit J. Nicholas

Title:Managing Partner

 

ORION ENERGY CREDIT OPPORTUNITIES FUND II PV, L.P.

 

	
 
	
By: 
	
Orion Energy Credit Opportunities Fund II GP, L.P.

	
 
	
Its:
	
General Partner

 

	
 
	
By: 
	
Orion Energy Credit Opportunities Fund II Holdings, LLC

	
 
	
Its:
	
General Partner

 

 

By: /s/ Gerrit J. Nicholas

Name:Gerrit J. Nicholas

Title:Managing Partner

 

[Fourth Amendment to Credit Agreement]

 

 

LENDERS:

ORION ENERGY CREDIT OPPORTUNITIES FUND II GPFA, L.P.

 

	
 
	
By: 
	
Orion Energy Credit Opportunities Fund II GP, L.P.

	
 
	
Its:
	
General Partner

 

	
 
	
By: 
	
Orion Energy Credit Opportunities Fund II Holdings, LLC

	
 
	
Its:
	
General Partner

 

 

By: /s/ Gerrit J. Nicholas

Name:Gerrit J. Nicholas

Title:Managing Partner

 

ORION ENERGY CREDIT OPPORTUNITIES FUELCELL CO-INVEST, L.P.

 

	
 
	
By: 
	
Orion Energy Credit Opportunities Fund II GP, L.P.

	
 
	
Its:
	
General Partner

 

	
 
	
By: 
	
Orion Energy Credit Opportunities Fund II Holdings, LLC

	
 
	
Its:
	
General Partner

 

 

By: /s/ Gerrit J. Nicholas

Name:Gerrit J. Nicholas

Title:Managing Partner

 

 

[Fourth Amendment to Credit Agreement]

 

 

ANNEX I

 

Restated Schedule 1.01(b) to the Credit Agreement

 

[See Attached]

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