Document:

Exhibit

Exhibit 10.4

SECOND AMENDMENT TO THE 
Edward Lifesciences Technology SARL 
Retirement Savings Plan

THIS AMENDMENT adopted this 1st day of January of 2017, by the Administrative and Investment Committee (the “Committee”) of the Plan (herein referred to as the “Administrator”) shall be effective as of the dates provided herein. The following articles are amended as follow:

		
	1.
	Section 4.1 of ARTICLE IV of the Plan is amended as follows: 

4.1    Deferral Elections.  A Participant may elect to have his Compensation for each pay period reduced by any whole percentage from 1% to 25% not to exceed the maximum before-tax contribution amount permitted under Section 1081.01(d) of the PR Code for the Deferral Limit by filing in the Deferral Election via the IVR, the Web, or by any other method prescribed by the Committee.  Such Deferral Election is deemed to be modified by the Deferral Limit, and is subject to the Committee’s right to limit deferrals to avoid discrimination in accordance with Section 5.2 and violations of the limits on annual additions under Section 6.3.  
A new Participant may make a Deferral Election as of the pay period coincident with or immediately following the Entry Date upon which such Participant becomes eligible to participate in the Plan.  A Participant must make his deferral election via the IVR, the Web, or by any other method prescribed by the Committee.  The Deferral Election of a former Participant, who is rehired within 30 days of his termination of employment, will be deemed to continue in effect upon the date he again becomes an active Participant in the Plan, subject to Section 4.2.
Notwithstanding the above, an initial election shall be made under this Section 4.1 with respect to any Participant hired/re-hired on or after January 1, 2017, in the form of an automatic 3% before-tax Pay Deferral Contribution unless the Participant elects a different rate or no deferral.
Effective April 1, 2017, if a Participant has elected a salary deferral percentage of less than 5%, such Participant’s salary deferral percentage shall automatically be increased 1% each Plan Year (not to exceed 5%) unless such Participant has affirmatively elected otherwise.  The 1% automatic escalator shall be effective April of each Plan Year.  The automatic escalator shall be in the form of a before-tax Salary Deferral contribution.
The following limits apply with respect to pre-tax contributions made for taxable years beginning after: 
January 1, 2011        $10,000
January 1, 2012        $13,000
January 1, 2013        $15,000

		
	2.
	Section 7.9(a)(ii)(C) of ARTICLE VII of the Plan is amended as follows: 

7.9    In-Service Withdrawals.  Accounts of Participants who have not ceased to be Employees may be withdrawn in accordance with the following rules:
(a)     Hardship Withdrawals.  A Participant may, by following the procedure designated by the Committee, withdraw all, or part, of the portion of his Salary Deferral Account which is attributable to his Salary Deferrals, not including any earnings thereon.  Any withdrawal under this Section 7.9(a) must be on account of an immediate and heavy financial need of the Participant and cannot be more than the amount which is necessary to satisfy that need, unless the Participant has attained age 591⁄2.  A Participant may obtain no more than two hardship withdrawals in any Plan Year.  For purposes of this paragraph:

(i)The following are the only financial needs considered immediate and heavy:  expenses incurred or necessary for medical care, as described in  __ Section 1033.15 (a)(4)of the PR Code, of the Participant, his spouse or dependents; the purchase (excluding mortgage payments) of a principal residence for the Participant; payment of tuition and related educational fees for the next 12 months of post-secondary education for the 

Participant, his spouse, children or dependents; or the need to prevent the eviction of the Participant from, or a foreclosure on the mortgage of, his principal residence.

(ii)A distribution will be considered as necessary to satisfy an immediate and heavy financial need of the Participant only if the Participant demonstrates to the Committee’s satisfaction that:

(A)the Participant has obtained all distributions, other than hardship distributions;

(B)the Participant agrees, as a condition of the distribution, that he will be suspended from making Salary Deferrals under this and all other plans of the Employer for twelve months after receipt of the distribution;

(C)Upon receiving a hardship withdrawal, a Participant shall be precluded from making any further Salary Deferral contributions (including but not limited to automatic before-tax salary deferral contributions) and from having further Company Matching Contributions made on his behalf under the Plan or any other plan of deferred compensation maintained by his Employer or any commonly controlled entity or affiliated service group until the beginning of the first pay period coincident with or next following the end of a period of 12 months commencing with the date of such withdrawal.

(D) The distribution is not in excess of the amount of an immediate and heavy financial need (including amounts necessary to pay any federal, state or local income taxes or penalties reasonably anticipated to result from the distribution).

EDWARDS LIFESCIENCES
CORPORATION ADMINISTRATIVE
AND INVESTMENT COMMITTEE

By:  /s/ Christine Z. McCauley
Christine Z. McCauley
Chairperson, Administrative and Investment Committee
Date:   2/24/2017Exhibit

Exhibit 10.5
Amendment 1
to the Edwards Lifesciences Corporation
Severance Plan

Pursuant to Article VI of the Edwards Lifesciences Corporation Severance Plan (the “Plan”), the Corporate Vice President of Human Resources hereby amends the Plan effective January 1, 2017 as follows:

		
	1.
	Article II, Section (e) is amended to read as follows

“‘Eligible Employee’ means each Employee who is a regular employee (not a temporary employee) who is employed by an Employer and is scheduled to work at least twenty (20) hours each week, and is on a U.S. payroll of an Employer.  Notwithstanding the foregoing, the term “Eligible Employee” shall exclude:  (1) any individual who performs services for an Employer pursuant to an agreement (written or oral) that classifies such individual as an independent contractor or as an employee of another entity, or that otherwise contains a waiver of participation in this Plan, regardless of such individual’s employment status under common law, (2) any individual who is considered a “leased employee” as defined in Section 414(n)(2) of the Code who is employed by another entity, (3) individuals classified as Inpatriate Employees, (4) any individual whose terms of employment are governed by a collective bargaining agreement (unless the bargaining agreement provides for participation in the Plan) (5) any employee who refuses to accept another position within the Company or with a successor employer, (6) any employee whose job is outsourced to an employer who is not a member of the controlled group; provided such employee is offered a position with such employer, regardless of the terms and conditions of such offer, (7) sunset employees (employees who are hired for a specific period of time), (8) employees who fail to timely sign a general release agreement provide by the Employer; (9) employees who fail to return from a leave of absence in a timely manner (including but not limited to those employees who are on medical or disability leave and fail to return to work in a timely manner after they have been determined to no longer be disabled), and (10) any employee classified as an intern.”

EDWARDS LIFESCIENCES CORPORATION

By:  /s/  Christine Z. McCauley

Name: Christine Z. McCauley

Title: Chairperson, Administrative and Investment Committee

Date:  February 24, 2017Exhibit
10.12

 

GUARANTY
AGREEMENT

 

This
Guaranty Agreement (the “Guaranty”) is made by Aspirity Holdings LLC, a Minnesota limited liability company (“Guarantor”),
in favor of Exelon Generation Company, LLC (“Counterparty”), a Pennsylvania limited liability company.

 

WHEREAS,
Aspirity Energy, LLC, a Minnesota limited liability company (“Guaranteed Party”), and Counterparty are parties to
that certain ISDA 2002 Master Agreement, dated as of even date herewith, and all schedules, annexes, confirmations and other agreements
incorporated therein, including the Schedule, Credit Support Annex, Base Confirmation, Power Annex and Gas Annex, dated as of
even date herewith (the “Base Confirmation”) (collectively, the “Agreement”);

 

WHEREAS,
Guarantor is affiliated with Guaranteed Party, and will receive direct or indirect benefits from the extensions of credit
contemplated by the Agreement and has agreed to enter into this Guaranty to provide assurance for the performance of Guaranteed
Party payment obligations in connection with the Agreement and to induce the Counterparty to enter into the Agreement; and

 

WHEREAS,
the execution and delivery of this Guaranty is a condition to Counterparty’s further performance of its obligations under
the terms of the Agreement.

 

NOW,
THEREFORE, in consideration of the premises and other good and valuable consideration, the adequacy, receipt and sufficiency of
which are hereby acknowledged, Guarantor hereby agrees as follows:

 

1.       Guaranty.
Subject to the provisions of this Guaranty, Guarantor hereby unconditionally and absolutely guarantees the punctual payment
when-due of Guaranteed Party payment obligations arising under the Agreement, as such Agreement may be amended or modified from
time to time (collectively, the “Guaranteed Obligations”); provided, however, that the total liability of Guarantor
hereunder, regardless of any amendment or modification to the Agreement, is limited to all amounts owed by Guaranteed Party to
Counterparty under such Agreement. Guarantor’s obligations and liability under this Guaranty shall be limited to payment
obligations only and Guarantor shall have no obligation to perform under the Agreement, including, without limitation, to sell,
deliver, supply or transport gas, electricity or any other commodity.

 

2.       Guaranty
Absolute. The liability of Guarantor under this Guaranty shall be absolute and unconditional irrespective of:

 

	 	(a)	any
    lack of validity or enforceability of or defect or deficiency applicable to Guaranteed Party in the Agreement or any other
    documents executed in connection with the Agreement; or

 

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	 	(b)	any
    modification, extension or waiver of any of the terms of the Agreement; or
	 	 	 
	 	(c)	any
    change in the time, manner, terms or place of payment of or in any other term of, all or any of the Guaranteed Obligations,
    or any other amendment or waiver of or any consent to departure from the Agreement or any other agreement or instrument executed
    in connection therewith; or
	 	 	 
	 	(d)	except
    as to applicable statutes of limitation, failure, omission, delay, waiver or refusal by Counterparty to exercise, in whole
    or in part, any right or remedy held by Counterparty with respect to the Agreement or any transaction under the Agreement;
    or
	 	 	 
	 	(e)	any
    change in the existence, structure or ownership of Guarantor or Guaranteed Party, or any insolvency, bankruptcy, reorganization
    or other similar proceeding affecting Guaranteed Party or its assets.

 

The
obligations of the Guarantor hereunder are several from Guaranteed Party or any other person, and are primary obligations concerning
which the Guarantor is the principal obligor. There are no conditions precedent to the enforcement of this Guaranty, except as
expressly contained herein. It shall not be necessary for Counterparty, in order to enforce payment by Guarantor under this Guaranty,
to show any proof of Guaranteed Party’s default, to exhaust its remedies against Guaranteed Party, any other guarantor,
or any other person liable for the payment or performance of the Guaranteed Obligations.

 

This
Guaranty shall continue to be effective or be reinstated, as the case may be, if at any time any payment of any of the Guaranteed
Obligations are annulled, set aside, invalidated, declared to be fraudulent or preferential, rescinded or must otherwise be returned,
refunded or repaid by Counterparty upon the insolvency, bankruptcy, dissolution, liquidation or reorganization of Guaranteed Party
or any other guarantor, or upon or as a result of the appointment of a receiver or conservator of, or trustee for Guaranteed Party
or any other guarantor or any substantial part of its property or otherwise, all as though such payment or payments had not been
made.

 

3.     Waiver.
This is a guaranty of payment and not of collection. Guarantor hereby waives:

 

	 	(a)	notice
    of acceptance of this Guaranty, of the creation or existence of any of the Guaranteed Obligations and of any action by Counterparty
    in reliance hereon or in connection herewith;
	 	 	 
	 	(b)	notice
    of the entry into the Agreement between Guaranteed Party and Counterparty and of any amendments, supplements or modifications
    thereto; or any waiver of consent under the Agreement, including waivers of the payment and performance of the obligations
    thereunder;

 

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	 	(c)	notice
    of any increase, reduction or rearrangement of Guaranteed Party’s obligations under the Agreement or any extension of
    time for the payment of any sums due and payable to the Counterparty under the Agreement;
	 	 	 
	 	(d)	except
    as expressly set forth herein, presentment, demand for payment, notice of dishonor or nonpayment, protest and notice of protest
    or any other notice with respect to the Guaranteed Obligations; and
	 	 	 
	 	(e)	any
    requirement that suit be brought against, or any other action by Counterparty be taken against, or any notice of default or
    other notice be given to, or any demand be made on Guaranteed Party or any other person, or that any other action be taken
    or not taken as a condition to Guarantor’s liability for the Guaranteed Obligations under this Guaranty or as a condition
    to the enforcement of this Guaranty against Guarantor.

 

4.       Expenses.
Subject to the limit on Guarantor’s liability hereunder set forth in Section 1, Guarantor agrees to pay on demand
any and all out-of-pocket costs including reasonable legal fees and expenses, and other expenses incurred by Counterparty in enforcing
Guarantor’s payment obligations under this Guaranty; provided that the Guarantor shall not be liable for any expenses of
Counterparty if it is not successful in such enforcement action.

 

5.
       Subrogation. Guarantor shall be subrogated to all rights of Counterparty
against Guaranteed Party in respect of any amounts paid by Guarantor pursuant to the Guaranty, provided that Guarantor waives
any rights it may acquire by way of subrogation under this Guaranty, by any payment made hereunder or otherwise (including, without
limitation, any statutory rights of subrogation under Section 509 of the Bankruptcy Code, 11 U.S.C. § 509, or otherwise),
reimbursement, exoneration, contribution, indemnification, or any right to participate in any claim or remedy of Counterparty
against any collateral which Counterparty now has or acquires, until all of the Guaranteed Obligations shall have been irrevocably
paid to Counterparty in full. If any amount shall be paid to the Guarantor on account of such subrogation rights at any time when
all the Guaranteed Obligations in default shall not have been paid in full, such amount shall be held in trust for the benefit
of Counterparty and shall forthwith be paid to Counterparty to be applied to the Guaranteed Obligations. If (a) the Guarantor
shall perform and shall make payment to Counterparty of all or any part of the Guaranteed Obligations and (b) all the Guaranteed
Obligations shall have been paid in full, Counterparty shall, at the Guarantor’s request, execute and deliver to the Guarantor
appropriate documents necessary to evidence the transfer by subrogation to the Guarantor of any interest in the Guaranteed Obligations
resulting from such payment by Guarantor.

 

6.       Reservation
of Defenses. Guarantor agrees that except as expressly set forth herein, it will remain bound upon this Guaranty notwithstanding
any defenses which, pursuant to the laws of suretyship, would otherwise relieve a guarantor of its obligations under a Guaranty.
Notwithstanding anything to the contrary herein, Guarantor does reserve the right to assert defenses which Guaranteed Party may
have to payment of any Guaranteed Obligation other than defenses arising from the bankruptcy or insolvency of Guaranteed Party
and other defenses expressly waived hereby.

 

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7.
       Notices. All demands, notices and other communications provided for
hereunder shall, unless otherwise specifically provided herein, (a) be in writing addressed to the party receiving the notice
at the address set forth below or at such other address as may be designated by written notice, from time to time, to the other
party, and (b) be effective upon receipt, when mailed by U.S. mail, registered or certified, return receipt requested, postage
prepaid, facsimile or personally delivered. Notices shall be sent to the following addresses:

 

If
to Counterparty:

Exelon
Generation Company, LLC

100
Constellation Way, Suite 600C

Baltimore,
MD 21202

Attn:
Credit Department

Phone:
410-470-6000

Fax:   
410-468-3828

 

If
to Guarantor:

Aspirity
Holdings LLC

701
Xenia Avenue South, Suite 475

Minneapolis,
MN 55416

Attn:
Chief Operating Officer

Phone:
763-432-1500

Fax:
763-432-1515

 

8.       Demand
and Payment. Any demand by Counterparty for payment hereunder shall be in writing, signed by a duly authorized representative
of Counterparty and delivered to the Guarantor pursuant to Section 7 hereof, and shall (a) reference this Guaranty, (b) specifically
identify Guaranteed Party, the nature of the default, the Guaranteed Obligations to be paid and the amount of such Guaranteed
Obligations and (c) set forth payment instructions, including bank name, routing number and bank account number. There are no
other requirements of notice, presentment or demand. Guarantor shall pay, or cause to be paid, such Guaranteed Obligations within
ten (10) business days of receipt of such demand.

 

9.       No
Waiver; Remedies. Except as to applicable statutes of limitation, no failure on the part of Counterparty to exercise,
and no delay in exercising, any right hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of
any right hereunder preclude any other or further exercise thereof or the exercise of any other right. The remedies herein provided
are cumulative and not exclusive of any remedies provided by law.

 

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10.       Term:
Termination. This Guaranty may be terminated at any time by the Guarantor by providing at least thirty (30) days’
prior written notice to Counterparty; provided, however, Guarantor agrees that the obligations and liabilities hereunder shall
continue in full force and effect with respect to any Guaranteed Obligations under the Agreement entered into on or prior to the
date of such termination.

 

11.       Assignment:
Successors and Assigns. Counterparty may, upon notice to Guarantor, assign its rights hereunder without the consent of
Guarantor. Guarantor may assign its rights hereunder with the prior written consent of Counterparty, which consent shall not be
unreasonably withheld. Subject to the foregoing, this Guaranty shall be binding upon and inure to the benefit of the parties hereto
and their respective successors, permitted assigns, and legal representatives.

 

12.       Amendments,
Etc. A written amendment executed by the Guarantor only may (a) increase the guaranty limit specified in Section
I and/or (b) extend the termination date of this Guaranty. No other amendment of this Guaranty shall be effective unless in writing
and signed by Guarantor and Counterparty. No waiver of any provision of this Guaranty nor consent to any departure by Guarantor
therefrom shall in any event be effective unless such waiver shall be in writing and signed by Counterparty. Any such waiver shall
be effective only in the specific instance and for the specific purpose for which it was given.

 

13.       Captions.
The captions in this Guaranty have been inserted for convenience only and shall be given no substantive meaning or significance
whatsoever in construing the terms and provisions of this Guaranty.

 

14.       Representation
and Warranties.

 

The
Guarantor represents and warrants as follows:

 

	 	(a)	The
    Guarantor is duly organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation
    and has full corporate power to execute, deliver and perform this Guaranty.
	 	 	 
	 	(b)	The
    execution, delivery and performance of this Guaranty have been and remain duly authorized by all necessary corporate action
    and do not contravene the Guarantor’s constitutional documents or any contractual restriction binding on the Guarantor
    or its assets.
	 	 	 
	 	(c)	This
    Guaranty constitutes the legal, valid and binding obligation of the Guarantor enforceable against Guarantor in accordance
    with its terms, subject, as to enforcement, to bankruptcy, insolvency, reorganization and other laws of general applicability
    relating to or affecting Counterparty’s rights and to general equity principles.

 

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15.       Limitation
by Law. All rights, remedies and powers provided in this Guaranty may be exercised only to the extent that the exercise
thereof does not violate any applicable provision of law, and all the provisions of this Guaranty are intended to be subject to
all applicable mandatory provisions of law that may be controlling and to be limited to the extent necessary so that they will
not render this Guaranty invalid, unenforceable, in whole or in part, or not entitled to be recorded, registered or filed under
the provisions of any applicable law.

 

16.       Confidentiality.
The Counterparty shall keep the existence and the terms of this Guaranty confidential. The Counterparty shall only disclose the
existence of this Guaranty to those officers, directors and employees and agents who have a need to know and who agree to keep
the existence and terms of this Guaranty confidential. The Counterparty shall be responsible for any breach of this confidentiality
provision by its officers, directors and employees and agents.

 

 

17.       GOVERNING
LAW. THIS GUARANTY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK AND APPLICABLE
FEDERAL LAW.

 

REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK

 

    	 	6	 

    	 

    

 

IN
WITNESS WHEREOF, Guarantor has caused this Guaranty to be duly executed and delivered by its duly authorized officer effective
as of this 30th day of March, 2016.

 

	 	Guarantor:	ASPIRITY
    HOLDINGS LLC
	 	 	 
	 	By:	/S/
    Wiley H Sharp III
	 	Name:	Wiley
    H. Sharp III
	 	Title:	CFO

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