Document:

December 19, 2016

 

BY HAND

 

 

 

 

Dear Ryan:

 

As we discussed, this letter agreement
sets forth the terms of your separation from employment with EyeGate Pharmaceuticals, Inc. (the “Company”). Your final
date of employment with the Company is today, December 19, 2016 (the “Separation Date”). In connection with the termination
of your employment, the Company is offering certain benefits to which you are not otherwise entitled, in exchange for certain obligations
on your part. This letter is referred to as the “Agreement.”

 

1.       Earned
Compensation; Business Expenses. As of December 19, 2016, you received a payment representing your final pay for all earned
but unpaid wages, including accrued but unused vacation time, earned through and including the Separation Date. All payments are
subject to applicable withholdings and deductions. You will also be reimbursed for any authorized reasonable business expenses
that you may have incurred, provided that you submit an expense report and supporting documentation in accordance with the Company’s
policies and practices on, or immediately after, the Separation Date. You receive the earned compensation, reimbursement of business
expenses and notice described in this paragraph even if you do not sign this Agreement.

 

2.       Continuation
of Health & Dental Insurance. Your regular coverage under the Company’s health plan will end on December 31, 2016.
Because you currently participate in the Company’s group health plan, you have the option of extending that coverage, at
your own cost, by electing continuation coverage pursuant to the Consolidated Omnibus Budget Reconciliation Act (“COBRA”).
COBRA coverage is generally available for eighteen (18) months from the Separation Date.

 

Instead of electing COBRA continuation
coverage, you have the option of selecting different health insurance coverage through the Health Insurance Marketplace under the
Affordable Care Act. The Health Insurance Marketplace will offer you a wide range of plan choices at different prices.

 

You will be provided with appropriate notification
and election forms shortly after the Separation Date. Whether you choose COBRA continuation coverage or coverage through the Health
Insurance Marketplace, you will be responsible for paying your own premiums on a timely basis for such insurance coverage.

 

Your participation in all other Company
benefit plans will end on the Separation Date unless they continue by the terms of their respective governing plan documents. You
will receive the COBRA letter and the option to select different health and/or dental insurance coverage described in this paragraph
even if you do not sign this Agreement.

 

    1 

     

    

 

3.       Severance
Benefits. If you: (a) sign this Agreement on or before January 9, 2017; (b) do not revoke your acceptance of this Agreement
within the Revocation Period, as defined in paragraph 5, below; and comply with all of the terms of this Agreement, then the Company
will:

 

		i.	provide you with severance pay in an amount equal to four (4) months of pay at the base rate of
pay you were being paid on the Separation Date ($250,000 per year), subject to all applicable withholdings and deductions, payable
in equal installments in accordance with the Company’s regular payroll schedule over a period of four (4) months and commencing
on the next regularly scheduled payroll date after the Effective Date of this Agreement, as defined below;

  

		ii.	pay the full premium amount for COBRA continuation coverage for three (3) months, provided that
you are eligible for and timely elect COBRA coverage (after the three (3) months, you will be responsible for all of the COBRA
premiums);

  

		iii.	agree to respond to an inquiry from the applicable unemployment office that your employment was
terminated by the Company involuntarily for reasons other than misconduct; and

  

		iv.	agree that it will not enforce paragraphs 5 and 6 of your EyeGate Pharmaceuticals, Inc. Employee
Proprietary Information, Inventions, Non-Competition and Non-Solicitation Agreement dated April 25, 2016.

 

The severance benefits set forth in paragraphs
3(i)-(iv) are collectively the “Severance Benefits.”

 

If you:

 

A.       do
not sign this Agreement on or before January 9, 2017; or

 

B.       sign
this Agreement on or before January 9, 2017, but revoke your acceptance of this Agreement within the Revocation Period,
as defined in paragraph 5, below; or

 

C.       do
not comply with the terms of this Agreement;

 

then you will not be entitled to, and the
Company will not be obligated to provide you with, any Severance Benefits.

 

    2 

     

    

 

4.       General
Release, Waiver and Covenant Not to Sue. Except as specifically set forth in this Agreement, and in consideration and exchange
for the Severance Benefits set forth above, and for other good and valuable consideration described herein, you, Ryan R. Brenneman,
on behalf of yourself, your heirs, next of kin, executors, administrators, agents, representatives, attorneys and assigns, knowingly
and voluntarily forever release and discharge EyeGate Pharmaceuticals, Inc.; its past and present affiliates, subsidiaries, board
of directors, parent companies, investors, predecessors, successors and assigns; and its and their respective current and former
partners, members, owners, shareholders, trustees, officers, directors, employees, attorneys, fiduciaries, insurers, representatives
and agents, both individually and in their business capacities (collectively, the “Releasees”) of and from, and waive
any rights in and to, all claims, complaints, demands, contracts, grants, lawsuits, causes of action or expenses of any kind (including
attorney’s fees and costs), (collectively, “Claims”), whether known or unknown, that you now have or ever had
against the Releasees or any of them up to your signing this Agreement, including but not limited to Claims related to or arising
from your employment with the Company and/or the termination thereof; Claims arising under common law; Claims for breach of contract
and in tort; Claims for unpaid compensation, unpaid bonuses, equity or any employee benefits; Claims for attorney’s fees
and costs; and Claims arising under federal, state or local labor law, employment laws and laws prohibiting employment discrimination
(based on age, gender, pregnancy, race, religion, color, national origin, ancestry, ethnicity, sexual orientation, disability,
genetic information, military or veteran status, gender identity and expression, and other protected classes), including but not
limited to: Title VII of the Civil Rights Act of 1964, the Equal Pay Act of 1963, the Fair Labor Standards Act of 1938, the Consolidated
Omnibus Budget Reconciliation Act of 1985, the Family and Medical Leave Act of 1993, the Employee Retirement Income Security Act
of 1974, the Age Discrimination in Employment Act, the Older Workers’ Benefit Protection Act of 1990, the Americans with
Disabilities Act, the Genetic Information Nondiscrimination Act, each as amended, and all related regulations, rules or orders,
and similar federal, state or local statutes, regulations, rules or ordinances, including but not limited to the Massachusetts
Fair Employment Practices Act, the Massachusetts Civil Rights Act, the Massachusetts Overtime Law, the Massachusetts Equal Rights
Law, the Massachusetts Weekly Payment of Wages Act, and the Massachusetts Earned Sick Time Law, each as amended. You further agree
that you covenant not to sue the Releasees, or any of them, for any Claims described above. For avoidance of doubt, this means
that you have released the Releasees from liability from any Claims, and, additionally, separately agree not to commence any legal
action for any Claims. You acknowledge that if you bring any legal action against the Releasees or any of them for any Claims,
then you will be in breach of this Agreement. You understand that the release contained herein is a GENERAL RELEASE and acknowledge
that the Severance Benefits are sufficient consideration for your obligations and release in this Agreement.

 

a.       Acknowledgements.
You acknowledge that with your final paycheck, you have been paid any and all wages (including all base compensation and, if applicable,
any and all overtime, commissions which are due and payable as of the Separation Date, and bonuses) to which you are or were entitled
by virtue of your employment with the Company, and that you are unaware of any facts or circumstances indicating that you may have
an outstanding claim for unpaid wages, improper deductions from pay, or any violation of the Fair Labor Standards Act, the Massachusetts
Weekly Payment of Wages Act, the Massachusetts Overtime Law, or any other federal, state or local laws, regulations, rules, ordinances
or orders that are related to payment of wages. You acknowledge that you have not suffered an injury in the workplace which has
not been reported to the Company and are not aware of any facts or circumstances that would give rise to a claim that you suffered
a workplace injury. You acknowledge that you have received any leaves of absence and any reasonable accommodations to which you
were entitled under the Family and Medical Leave Act, the Americans with Disabilities Act, the Massachusetts Domestic Violence
Leave Act, the Massachusetts Earned Sick Time Law, the Massachusetts Small Necessities Leave Act, the Massachusetts Parental Leave
Act, or any other laws, regulations, rules or ordinances relating to medical leaves and accommodations and are not aware of any
facts or circumstances that would give rise to a claim that you were denied any rights under such laws, regulations, rules or ordinances.

  

    3 

     

    

 

b.       Protected
Activity. This release does not apply to: (i) your entitlement under ERISA to vested retirement or pension benefits; (ii) enforcement
of the terms of this Agreement; (iii) any claims to workers’ compensation benefits; (iv) any claims for unemployment benefits;
and (v) any claims that may not be released by applicable law. Also, nothing in this Agreement shall prohibit you from filing a
charge with the Equal Employment Opportunity Commission (“EEOC”) or with any other federal, state or local government
agency, including the National Labor Relations Board (“NLRB”) or from participating in an investigation or proceeding
of the EEOC or other federal, state or local government agency, including the NLRB. However, you waive the right to any personal
monetary recovery or other personal relief should the EEOC or any other federal, state or local government agency pursue any class
or individual charges in part or entirely on your behalf on the basis that any such claims have been fully and completely satisfied
by the payments you are receiving under this Agreement.

 

5.       Time
to Consider Agreement; Revocation Period. You acknowledge that you have been given at least twenty-one (21) days to review
and consider this Agreement and, therefore, you have until January 9, 2017 to sign this Agreement. You may sign it before January
9, 2017, but if you do, then you acknowledge that you understand you had until January 9, 2017; that you voluntarily decided to
sign it before January 9, 2017; and that you waive any time remaining before January 9, 2017. You acknowledge that the Company
has advised you in writing to consult with an attorney of your own choice about this Agreement, including specifically the General
Release, Waiver and Covenant Not to Sue set forth in paragraph 4, above, before signing it. If you choose to attempt to negotiate
the terms of this Agreement, any such negotiations shall not toll or extend the time to consider this Agreement.

 

Once you sign this Agreement, you will
still have seven (7) additional days from the date you sign to revoke your acceptance (“Revocation Period”). If you
decide to revoke this Agreement after signing and returning it, you must notify the Company in writing. You can send the written
notice by electronic mail, facsimile or registered mail, but no matter how you send it, the Company must receive your written notice
no later than 5 p.m. on the seventh (7th) day after you sign this Agreement. Please address your written statement of
revocation to:

 

EyeGate Pharmaceuticals, Inc.

ATTN: Stephen From

271 Waverly Oaks Road, Suite 108

Waltham, MA 02452

sfrom@eyegatepharma.com

 

Unless you revoke your acceptance within
seven (7) days of signing this Agreement, the eighth day after you sign this Agreement shall be deemed the “Effective Date”
of this Agreement.

 

    4 

     

    

 

6.       Nondisparagement;
Relationship to the Company. You agree not to make or provide any derogatory, defamatory or negative statements or information
to anyone about the Company and/or any of the Releasees or any of its or their respective services, products, directors, officers
or employees, unless compelled to do so by law, or by an order of a court or other forum of competent jurisdiction, in which case
you will notify the Company promptly to allow the Company sufficient time to intervene to stop you from being required to make
such statements or information. After the Separation Date, you must refrain from representing to others or giving others the impression,
whether directly or indirectly, that you are in any way an employee, agent or representative of the Company.

 

7.       Employee
Proprietary Information, Inventions, Non-Competition and Non-Solicitation Agreement. The terms of your EyeGate Pharmaceuticals,
Inc. Employee Proprietary Information, Inventions, Non-Competition and Non-Solicitation Agreement dated April 25, 2016, a copy
of which is attached to this Agreement, remain in full force and effect, except as otherwise provided in Section 3 of this Agreement.
If you breach paragraph 6 of this Agreement or any surviving provision of the EyeGate Pharmaceuticals, Inc. Employee Proprietary
Information, Inventions, Non-Competition and Non-Solicitation Agreement, the Company’s obligation to provide you with any
Severance Benefits will immediately terminate.

 

8.       Cooperation;
Return of Property. You agree to cooperate fully in the defense or prosecution of any claims or actions now in existence or
which may be brought or threatened in the future against or on behalf of the Company about which you have knowledge or were involved
by virtue of your employment with the Company, and in any claim or action brought by the Company against any other entity about
which you have knowledge or were involved by virtue of your employment with the Company. On or before the Separation Date, you
agree to return all of the Company’s property, including your identification badge and any and all keys, passwords, external
hard drives, laptops, phones, software, spreadsheets and any other property and/or information that you may have received, created,
or accessed as an employee of the Company, including but not limited to any documents or data stored on any Company device or on
any personal device. You agree not to retain, and represent that you have returned, any copies of any property, documents, spreadsheets
or information, including but not limited to paper documents or items stored in any electronic format, which was made or compiled
by you, or made available to you, relating to the Company, its clients or any of them.

 

9.       Nonadmission.
This Agreement shall not be construed in any way to be an admission by the Company, and the Company specifically denies, that it
has engaged in any wrongful or unlawful act with respect to you, your employment or the termination of your employment.

 

10.     Breach.
You agree that if you breach or threaten to breach the provisions of sections 4, 6, or 8 of this Agreement, the Company will suffer
irreparable harm for which money damages may not be adequate. Therefore, you agree that the Company shall be entitled to equitable
relief, including a preliminary and permanent injunction, without the need to post a bond of greater than $100 or to provide any
other security, to stop or prevent the harm to the Company, and to payment by you of all costs and attorneys’ fees incurred
by the Company in enforcing the provisions of this Agreement. The Company will also be entitled to all other remedies available
to it by law.

 

    5 

     

    

 

11.     Miscellaneous.
This Agreement constitutes the entire agreement between you and the Company and supersedes all other agreements, whether written
or oral, with respect to your employment, its termination and all related matters, except as provided in section 7 of the Agreement.
This Agreement may only be modified or amended by a written document signed by both parties. If any part, term or provision of
this Agreement is determined to be illegal, invalid or unenforceable, that term or provision will be stricken and the remaining
parts, terms or provisions will remain in full force and effect. This Agreement will be governed by the laws of the Commonwealth
of Massachusetts without regard to conflict of law principles. The parties agree to the exclusive jurisdiction of the state courts
located in Middlesex County, Massachusetts and the federal courts located in Suffolk County, Massachusetts, and waive any defenses
to personal or subject matter jurisdiction of such courts, to any disputes arising from or related to this Agreement or the enforcement
of any of its terms. This Agreement shall be binding upon and inure to the benefit of the Company and its respective successors
and assigns. This Agreement may be executed in duplicate counterparts, each of which shall be treated as an original, and signatures
submitted in electronic format shall be considered originals.

 

12.     Representations.
You represent and agree that: (a) you have carefully read and understand this Agreement and, in particular, the General Release,
Waiver and Covenant Not to Sue contained in paragraph 4 above, and fully understand the final and binding effect of same; (b) you
were advised to consult legal counsel before signing this Agreement and have had the opportunity to do so; (c) you are not entitled
to the consideration set forth in this Agreement, but for your signing this Agreement and not revoking it within the permitted
timeframes; (d) you are signing this Agreement knowingly and voluntarily and for reasons of your own; and (e) the Company has not
made any representations inconsistent with the terms of this Agreement.

 

Please indicate your agreement to the terms
of this Agreement by signing and returning to Stephen From a copy of this letter no later than 5:00PM on January 9, 2017.

 

	EyeGate Pharmaceuticals, Inc.	 	Ryan R. Brenneman	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	/s/ Stephen From	 	/s/ Ryan R. Brenneman	 
	By:  Stephen From	 	Date: 12/21/2016	 
	Its:  President and Chief Executive Officer	 	 	 
	Date: 12/21/2016	 	 	 

 

    6 

     

    

  

ACKNOWLEDGEMENT

(To be signed only if you sign before January
9, 2017)

 

I, Ryan R. Brenneman, acknowledge that
I was informed and understand that I have been given twenty-one (21) days to consider signing this Agreement. I have been advised
in writing of my rights to consult with an attorney of my choice and have done so or chosen not to do so. If I sign this Agreement
prior to January 9, 2017, I acknowledge and agree by signing below that I have voluntarily decided to waive the remainder of the
21 days I was given to review this Agreement.

 

Acknowledged and Agreed,

 

 

 

	/s/ Ryan R. Brenneman	 	12/21/2016	 
	Ryan R. Brenneman	 	Date	 

 

    7Exhibit 10.1

	
 

	
SEVENTH AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT 

AGREEMENT

	
 

This Seventh Amendment to Second Amended and Restated Credit Agreement (this "Seventh Amendment") is made as of December 21, 2016, by and among GLOBAL OPERATING LLC, a Delaware limited liability company ("OLLC"), GLOBAL COMPANIES LLC, a Delaware limited liability company ("Global"), GLOBAL MONTELLO GROUP CORP., a Delaware corporation ("Montello"), GLEN HES CORP., a Delaware corporation ("Glen Hes"), CHELSEA SANDWICH LLC, a Delaware limited liability company ("Chelsea LLC"), GLP FINANCE CORP., a Delaware corporation ("Finance"), GLOBAL ENERGY MARKETING LLC, a Delaware limited liability company ("GEM"), GLOBAL CNG LLC, a Delaware limited liability company ("CNG"), ALLIANCE ENERGY LLC, a Massachusetts limited liability company ("Alliance"),  CASCADE KELLY HOLDINGS LLC, an Oregon limited liability company ("Cascade") and WARREN EQUITIES, INC., a Delaware corporation ("Warren" and, collectively with  OLLC, Global, Montello, Glen Hes, Chelsea LLC, Finance, GEM, CNG, Alliance and Cascade, the "Borrowers" and each individually, a "Borrower"), GLOBAL PARTNERS LP, a Delaware limited partnership (the "MLP"), each "Lender" (as such term is defined in the Credit Agreement referred to below) (collectively, the "Lenders" and each individually, a "Lender") party hereto, and Bank of America, N.A. as Administrative Agent (as such term is defined in the Credit Agreement), amending certain provisions of that certain Second Amended and Restated Credit Agreement dated as of December 16, 2013 (as amended and in effect from time to time, the "Credit Agreement") by and among the Borrowers, the MLP, the Lenders, the Administrative Agent, Swing Line Lender, the L/C Issuer, the Alternative Currency Fronting Lender, JPMorgan Chase Bank, N.A. and Wells Fargo Bank, N.A. as Co-Syndication Agents and Citizens Bank National Association (f/k/a RBS Citizens NA) and Societe Generale, as Co-Documentation Agents.  Capitalized terms used herein without definition and which are defined in the Credit Agreement shall have the same respective meanings herein as therein.

WHEREAS, the Loan Parties, the requisite Lenders and the Administrative Agent desire to amend certain provisions of the Credit Agreement, all as provided more fully herein below;

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

§1.             Amendment to Section 1.01 of the Credit Agreement.   Section 1.01 of the Credit Agreement is hereby amended as follows:

(a)            the definition of "Combined EBITDA" contained in Section 1.01 of the Credit Agreement is hereby amended by deleting such definition it its entirety and restating it as follows:

2

"Combined EBITDA" means for any period, for each applicable Loan Party and its Subsidiaries on a combined basis, an amount equal to Combined Net Income for such period plus (a) the following to the extent deducted in calculating such Combined Net Income: (i) Combined Total  Interest Expense for such period, (ii) the provision for Federal, state, local and foreign income taxes payable by such applicable Loan Party and its Subsidiaries for such period, (iii) depreciation and amortization expense, (iv) other non-recurring expenses of the applicable Loan Parties and their Subsidiaries reducing such Combined Net Income which do not represent a cash item in such period or any future period, (v) any equity losses in respect of unconsolidated affiliates; (vi) without duplication, cash distributions received by any Loan Party from joint ventures (including, without limitation, any Non-Wholly Owned JV); and (vii) the one-time, non-recurring cash expense incurred in such period in connection with the Lease Termination, provided, the aggregate amount of such expense shall not exceed $77,000,000, and minus (b) the following to the extent included in calculating such Combined Net Income: (i) Federal, state, local and foreign income tax credits of the applicable Loan Parties and their Subsidiaries for such period, (ii) all nonrecurring non-cash items increasing Combined Net Income for such period and (iii) any equity earnings in respect of unconsolidated affiliates, provided, however, notwithstanding anything to the contrary contained herein, any gains or losses from any Dispositions shall be excluded from the calculation of Combined EBITDA.  For purposes of calculating Combined EBITDA for purposes of calculating the Combined Interest Coverage Ratio, the Combined Total Leverage Ratio or the Combined Senior Secured Leverage Ratio for any period in which a Permitted Acquisition has occurred, Combined EBITDA shall be adjusted in a manner which is satisfactory to the Administrative Agent in all respects to give effect to the consummation of such Permitted Acquisition, on a pro forma basis as if such Permitted Acquisition had occurred on the first date of the test period, provided, further, that notwithstanding anything to the contrary contained herein, for purposes of this Agreement, the Project Monument Unitary Lease, the Project Oak Unitary Lease and any Future Failed Accounting Lease shall be treated as operating leases, notwithstanding their treatment or classification under GAAP, and any increases in Combined EBITDA as a result of the actual GAAP treatment of such leases as something other than an operating lease shall be disregarded for purposes of this Agreement.

(b)            by inserting the following definitions in the appropriate alphabetical order:

"Discounted Lease Termination Payment" means the one-time discounted cash termination payment to be made by Global to the Sublease Counterparty with respect to the Lease Termination (excluding the Lease Termination Expense Payment) in an aggregate amount not to exceed $62,000,000.

"Lease Management Payment" means the cash fee payable by the Sublease Counterparty to Global in an aggregate amount of not less than $15,000,000, which fee consists of payment of a management fee related to the storage, cleaning, repositioning and insurance expense related to the rail cars which are the subject of the Lease Termination as well as certain other rail cars currently leased by the Sublease Counterparty.

"Lease Termination" means the termination to occur on or after December 21, 2016 by Global of the subleasing arrangements and related agreements in place with the Sublease Counterparty relating to the sublease by Global of approximately 1,250 rail cars from the Sublease Counterparty.

3

"Lease Termination Expense Payment" means the one-time cash payment in an amount not to exceed $15,000,000 to be made by Global to the Sublease Counterparty with respect to the Lease Termination that relates to the storage, cleaning, repositioning and insurance expenses related to the rail cars which are the subject of the Lease Termination.

"Sublease Counterparty" means the Person which is the sublessor under an agreement with certain of the Borrowers relating to the sublease of the 1,250 rail cars which are the subject of the Lease Termination.

"Total Lease Termination Payment" means the Discounted Lease Termination Payment and the Lease Termination Expense Payment.

§2.             Amendment to Section 2.01 of the Credit Agreement.  Section 2.01 of the Credit Agreement is hereby amended as follows:

(a)            Section 2.01(a) of the Credit Agreement is hereby amended by deleting the last sentence of Section 2.01(a) in its entirety and substituting in place thereof the following:  "The proceeds of any WC Loan shall be used to finance the working capital needs of the Borrowers, including the financing of the Lease Termination Expense Payment (but not the Discounted Lease Termination Payment) and financing of Capital Expenditures other than Acquisition Capital Expenditures."

(b)            Section 2.01(b) of the Credit Agreement is hereby amended by deleting the last sentence of Section 2.01(b) in its entirety and substituting in place thereof the following:  "The proceeds of the Revolver Loans shall be used to fund Permitted Acquisitions, to fund the Investments by the applicable Borrowers in joint ventures to the extent such Investments are permitted by Section 7.02(k), to finance Capital Expenditures, to finance the Discounted Lease Termination Payment (but not the Lease Termination Expense Payment) and for general corporate purposes (which, for the avoidance of doubt, can include working capital needs but excludes any Total Lease Termination Payment), provided, however, the sum of (x) aggregate amount of Revolver Loans used to finance general corporate purposes plus (y) the Revolver LC Obligations associated with any Revolver Letter of Credit issued with respect to general corporate purposes shall not exceed $100,000,000 outstanding at any time."

§3.             Amendment to Section 2.04 of the Credit Agreement.   Section 2.04 of the Credit Agreement is hereby amended by inserting immediately after paragraph (d) thereof the following new paragraph (e):

(e)            Within one (1) Business Day of receipt of all or any portion of the Lease Management Payment, the Borrowers shall be required to repay the WC Loans in the amount of each such Lease Management Payment so received.

4

§4.             Amendment to Section 6.03 of the Credit Agreement.   Section 6.03(g) of the Credit Agreement is hereby amended by deleting clause (g) in its entirety and restating it as follows:

(g)            of the occurrence of the Lease Termination, which notice shall include the aggregate amount of the Total Lease Termination Payment, including that portion comprising the Discounted Lease Termination Payment and the Lease Termination Expense Payment.

§5.             Amendment to Section 6.11 of the Credit Agreement.   Section 6.11 of the Credit Agreement is hereby amended by inserting immediately after the words "to finance Capital Expenditures" which appear in clause (b) of Section 6.11 a comma and the words "to finance the Discounted Lease Termination Payment (but not the Lease Termination Expense Payment)".

§6.             Amendment to Section 7.18(iv) of the Credit Agreement.   Section 7.18(iv) of the Credit Agreement is hereby amended by deleting Section 7.18(iv) in its entirety and restating it as follows:

(iv)            Combined Total Leverage Ratio.  Permit the Combined Total Leverage Ratio as at the end of any fiscal quarter of the Borrowers to be greater than the applicable ratio set forth below opposite such fiscal quarter:

	 	
Fiscal Quarter Ended

	
Combined Total Leverage Ratio

	 
	 	
December 31, 2015

	
4.50:1.00

	 
	 	
March 31, 2016 - September 30, 2016

	
5.50:1.00

	 
	 	
December 31, 2016 and each fiscal quarter ended thereafter

	
5.00:1.00

	 

§7.  Conditions to Effectiveness. This Seventh Amendment will become effective as of the date hereof upon receipt by the Administrative Agent of the following:

(a)            fully executed counterparts of this Seventh Amendment (including the Ratification of Guaranty hereto by the Guarantors) executed by the Loan Parties, the Administrative Agent and the required Lenders; and

(b)            a certificate from the Loan Parties certifying (i) that the representations and warranties of the Loan Parties contained in Article V of the Credit Agreement or any other Loan Document, or which are contained in any document furnished at any time under or in connection herewith or therewith, are true and correct on the date hereof, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct as of such earlier date, and except that for purposes of this paragraph (b), the representations and warranties contained in subsections (a) and (b) of Section 5.05 of the Credit Agreement shall be deemed to refer to the most recent statements furnished pursuant to subsections (a) and (b), respectively, of Section 6.01 of the Credit Agreement and (ii) no Default or Event of Default has occurred and is continuing as of the date hereof.

5

§8.            Representations and Warranties; No Default.  Each of the Loan Parties hereby repeats, on and as of the date hereof, each of the representations and warranties made by it in Article V of the Credit Agreement, provided, that all references therein to the Credit Agreement shall refer to such Credit Agreement as amended hereby.  In addition, each of the Loan Parties hereby represents and warrants that the execution and delivery by such Loan Party of this Seventh Amendment and the performance by each such Loan Party of all of its agreements and obligations under the Credit Agreement as amended hereby and the other Loan Documents to which it is a party are within the corporate, partnership and/or limited liability company authority of each of the Loan Parties and have been duly authorized by all necessary corporate, partnership and/or membership action on the part of each of the Loan Parties.  Each of the Loan Parties hereby certifies to the Administrative Agent and the Lenders that no Default or Event of Default has occurred and is continuing as of the date hereof.

§9.            Ratification, Etc.  Except as expressly amended hereby, the Credit Agreement and all documents, instruments and agreements related thereto, including, but not limited to the Security Documents, are hereby ratified and confirmed in all respects and shall continue in full force and effect.  The Credit Agreement and this Seventh Amendment shall be read and construed as a single agreement.  All references in the Credit Agreement or any related agreement or instrument to the Credit Agreement shall hereafter refer to the Credit Agreement as amended hereby.  This Seventh Amendment shall constitute a Loan Document.

§10.            No Waiver.  Nothing contained herein shall constitute a waiver of, impair or otherwise affect any Obligations, any other obligation of the Loan Parties or any rights of the Administrative Agent, the L/C Issuer, the Swing Line Lender, the Alternative Currency Fronting Lender, the Syndication Agent, the Co-Documentation Agents or the Lenders consequent thereon.

§11.            Counterparts.  This Seventh Amendment may be executed in one or more counterparts, each of which shall be deemed an original but which together shall constitute one and the same instrument.  Delivery of an executed counterpart of a signature page of this Agreement by facsimile or other electronic imaging means (e.g. "pdf" or "tif") shall be effective as delivery of a manually executed counterpart of this Agreement.

§12.            Governing Law.  THIS SEVENTH AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

6

IN WITNESS WHEREOF, the parties hereto have executed this Seventh Amendment as a document under seal as of the date first above written.

 

 

	 	
GLOBAL OPERATING LLC

	 
	 	
By:  Global Partners LP, its sole member

	 
	 	
By:  Global GP LLC, its general partner

	 
	 	 	 
	 	 	 
	 	
By: /s/ Daphne H. Foster

	 
	 	
    Title: Chief Financial Officer

	 
	 	 	 
	 	
GLOBAL COMPANIES LLC

	 
	 	
By:  Global Operating LLC, its sole member

	 
	 	
By:  Global Partners LP, its sole member

	 
	 	
By:  Global GP LLC, its general partner

	 
	 	 	 
	 	 	 
	 	
By: /s/ Daphne H. Foster

	 
	 	
    Title: Chief Financial Officer

	 
	 	 	 
	 	
GLOBAL MONTELLO GROUP CORP.

	 
	 	 	 
	 	 	 
	 	 	 
	 	
By: /s/ Daphne H. Foster

	 
	 	
    Title: Chief Financial Officer

	 
	 	 	 
	 	 	 
	 	
CHELSEA SANDWICH LLC

	 
	 	
By:  Global Operating LLC, its sole member

	 
	 	
By:  Global Partners LP, its sole member

	 
	 	
By:  Global GP LLC, its general partner

	 
	 	 	 
	 	 	 
	 	
By: /s/ Daphne H. Foster

	 
	 	
    Title: Chief Financial Officer

	 
	 	 	 
	 	 	 
	 	
GLEN HES CORP.

	 
	 	 	 
	 	 	 
	 	 	 
	 	
By: /s/ Daphne H. Foster

	 
	 	
    Title: Chief Financial Officer

	 

 

7

 

	 	
GLP FINANCE CORP.

	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	
By: /s/ Daphne H. Foster

	 
	 	
    Title: Chief Financial Officer

	 
	 	 	 
	 	
GLOBAL ENERGY MARKETING LLC

	 
	 	
By:  Global Operating LLC, its sole member

	 
	 	
By:  Global Partners LP, its sole member

	 
	 	
By:  Global GP LLC, its general partner

	 
	 	 	 
	 	 	 
	 	 	 
	 	
By: /s/ Daphne H. Foster

	 
	 	
    Title: Chief Financial Officer

	 
	 	 	 
	 	 	 
	 	
ALLIANCE ENERGY LLC

	 
	 	
By:  Global Operating LLC, its sole member

	 
	 	
By:  Global Partners LP, its sole member

	 
	 	
By:  Global GP LLC, its general partner

	 
	 	 	 
	 	 	 
	 	 	 
	 	
By: /s/ Daphne H. Foster

	 
	 	
    Title: Chief Financial Officer

	 
	 	 	 
	 	
CASCADE KELLY HOLDINGS LLC

	 
	 	
By:  Global Operating LLC, its sole member

	 
	 	
By:  Global Partners LP, its sole member

	 
	 	
By:  Global GP LLC, its general partner

	 
	 	 	 
	 	 	 
	 	
By: /s/ Daphne H. Foster

	 
	 	
    Title: Chief Financial Officer

	 
	 	 	 
	 	
GLOBAL CNG LLC

	 
	 	
By:  Global Operating LLC, its sole member

	 
	 	
By:  Global Partners LP, its sole member

	 
	 	
By:  Global GP LLC, its general partner

	 
	 	 	 
	 	 	 
	 	
By: /s/ Daphne H. Foster

	 
	 	
    Title: Chief Financial Officer

	 

 

8

	 	
WARREN EQUITIES, INC.

	 
	 	 	 
	 	 	 
	 	 	 
	 	
By: /s/ Daphne H. Foster

	 
	 	
    Title: Chief Financial Officer

	 
	 	 	 
	 	 	 
	 	
GLOBAL PARTNERS LP

	 
	 	
By:  Global GP LLC, its general partner

	 
	 	 	 
	 	 	 
	 	
By: /s/ Daphne H. Foster

	 
	 	
    Title: Chief Financial Officer

	 

 

9

 

	 	
BANK OF AMERICA, N.A., as

	 
	 	
Administrative Agent

	 
	 	
By:  /s/ Liliana Claar

	 
	 	
Name:  Liliana Claar

	 
	 	
Title:  Vice President

	 

 

10

	 	 	 
	 	
BANK OF AMERICA, N.A., as a Lender

	 
	 	 	 
	 	 	 
	 	
By:  /s/ Jordan Forester

	 
	 	
Name:  Jordan Forester

	 
	 	
Title:  Assistant Vice President

	 
	 	 	 

 

11

	 	 	 
	 	
JPMORGAN CHASE BANK, N.A., as a Lender

	 
	 	 	 
	 	 	 
	 	
By:  /s/ Daniel J. Stampfel

	 
	 	
Name:  Daniel J. Stampfel

	 
	 	
Title:  Authorized Officer

	 

 

12

	 	 	 
	 	
CITIZENS BANK NATIONAL ASSOCIATION, as a Lender

	 
	 	 	 
	 	 	 
	 	
By:  /s/ Donald A. Wright

	 
	 	
Name:  Donald A. Wright

	 
	 	
Title:  Senior Vice President

	 

 

13

	 	 	 
	 	 	 
	 	
WELLS FARGO BANK, N.A., as a Lender

	 
	 	 	 
	 	 	 
	 	
By:  /s/ Daniel M. Grondin

	 
	 	
Name:  Daniel M. Grondin

	 
	 	
Title:  Senior Vice President

	 

 

14

	 	 	 
	 	
SOCIETE GENERALE, as a Lender

	 
	 	 	 
	 	 	 
	 	
By:  /s/ Cliff Niebling

	 
	 	
Name:  Cliff Niebling

	 
	 	
Title:  Managing Director

	 

 

15

	 	 	 
	 	
BNP PARIBAS, as a Lender

	 
	 	 	 
	 	 	 
	 	
By:  /s/ Jordan Nenoff

	 
	 	
Name:  Jordan Nenoff

	 
	 	
Title:  Director

	 
	 	 	 
	 	
By:  /s/ Pauline Blandin

	 
	 	
Name:  Pauline Blandin

	 
	 	
Title:  Vice President

	 

 

16

	 	 	 
	 	
COOPERATIEVE RABOBANK U.A., NEW YORK BRANCH, as a Lender

	 
	 	 	 
	 	 	 
	 	
By:  /s/ Chung-Taek Oh

	 
	 	
Name:  Chung-Taek Oh

	 
	 	
Title:  Executive Director

	 
	 	 	 
	 	
By:  /s/ Chan K. Park

	 
	 	
Name:  Chan K. Park

	 
	 	
Title:  Managing Director

	 

 

17

	 	 	 
	 	
BMO HARRIS FINANCING, INC., as a Lender

	 
	 	 	 
	 	 	 
	 	
By:  /s/ Matthew Davis

	 
	 	
Name:  Matthew Davis

	 
	 	
Title:  Vice President

	 

 

18

	 	 	 
	 	
THE BANK OF TOKYO-MITSUBISHI UFJ, LTD. NY BRANCH, as a Lender

	 
	 	 	 
	 	 	 
	 	
By:  /s/ Michel Kermarrec

	 
	 	
Name:  Michel Kermarrec

	 
	 	
Title:   Director

	 

 

19

	 	 	 
	 	
SANTANDER BANK, N.A., as a Lender

	 
	 	 	 
	 	 	 
	 	
By:  /s/ Andres Barbosa

	 
	 	
Name:  Andres Barbosa

	 
	 	
Title:  Executive Director

	 

 

20

	 	 	 
	 	
CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK, as a Lender

	 
	 	 	 
	 	 	 
	 	
By:  /s/ Mark Lvoff

	 
	 	
Name:  Mark Lvoff

	 
	 	
Title:  Managing Director

	 
	 	 	 
	 	
By:  /s/ Rosa Santini

	
	 	
Name:  Rosa Santini

	 
	 	
Title:  Vice President

	 

 

21

	 	 	 
	 	
NATIXIS, NEW YORK BRANCH, as a Lender

	 
	 	 	 
	 	 	 
	 	
By:  /s/ David Pershad

	 
	 	
Name:  David Pershad

	 
	 	
Title:  Managing Director

	 
	 	 	 
	 	
By:  /s/ Severine Pardo

	 
	 	
Name:  Severine Pardo

	 
	 	
Title:  Executive Director

	 

 

22

	 	 	 
	 	
SUMITOMO MITSUI BANKING 

CORPORATION, NY BRANCH, as a Lender

	 
	 	 	 
	 	 	 
	 	
By:  /s/ Katsuyuki Kubo

	 
	 	
Name:  Katsuyuki Kubo

	 
	 	
Title:  Managing Director

	 

 

23

	 	 	 
	 	
DEUTSCHE BANK AG, NEW YORK BRANCH,

as a Lender

	 
	 	 	 
	 	 	 
	 	
By:  /s/ Chris Chapman

	 
	 	
Name:  Chris Chapman

	 
	 	
Title:  Director

	 
	 	 	 
	 	
By:  /s/ Shai Bandner

	 
	 	
Name:  Shai Bandner

	 
	 	
Title:  Vice President

	 

 

24

	 	 	 
	 	 	 
	 	
TD BANK, N.A., as a Lender

	 
	 	 	 
	 	 	 
	 	
By:  /s/ Vijay Prasad

	 
	 	
Name:  Vijay Prasad

	 
	 	
Title:  Senior Vice President

	 

 

25

	 	 	 
	 	
KEYBANK NATIONAL ASSOCIATION, as a Lender

	 
	 	 	 
	 	 	 
	 	
By:  /s/ Kevin D. Smith

	 
	 	
Name:  Kevin D. Smith

	 
	 	
Title:  Senior Vice President

	 

 

26

	 	 	 
	 	
BARCLAYS BANK PLC, as a Lender

	 
	 	 	 
	 	 	 
	 	
By:  /s/ Marguerite Sutton

	 
	 	
Name:  Marguerite Sutton

	 
	 	
Title:  Vice President

	 

 

27

	 	 	 
	 	
REGIONS BANK, as a Lender

	 
	 	 	 
	 	 	 
	 	
By:  /s/ Kara Hoagland

	 
	 	
Name:  Kara Hoagland

	 
	 	
Title:  Vice President

	 

 

28

	 	 	 
	 	
RAYMOND JAMES BANK, N.A., as a Lender

	 
	 	 	 
	 	 	 
	 	
By:  /s/ Scott G. Axelrod

	 
	 	
Name:  Scott G. Axelrod

	 
	 	
Title:  Senior Vice President

	 

 

29

	 	 	 
	 	
PEOPLE'S UNITED BANK, NATIONAL ASSOCIATION, formerly PEOPLE'S UNITED BANK, as a Lender

 
	 	 	 
	 	 	 
	 	
By:  /s/ Jeffrey Giunta

	 
	 	
Name:  Jeffrey Giunta

	 
	 	
Title:  Vice President

	 
	 	 	 

 

30

	 	 	 
	 	 	 
	 	
THE HUNTINGTON NATIONAL BANK, as a Lender

	 
	 	 	 
	 	 	 
	 	
By:  /s/ Jared Shaner

	 
	 	
Name:  Jared Shaner

	 
	 	
Title:  Vice President

	 

 

31

	 	 	 
	 	
WEBSTER BANK, NATIONAL ASSOCIATION, as a Lender

 
	 	 	 
	 	 	 
	 	
By:  /s/ Raymond C. Hoefling

	 
	 	
Name:  Raymond C. Hoefling

	 
	 	
Title:  Senior Vice President

	 

 

32

	 	 	 
	 	
FIFTH THIRD BANK, as a Lender

	 
	 	 	 
	 	 	 
	 	
By:  /s/ Mike Ross

	 
	 	
Name:  Mike Ross

	 
	 	
Title:  Senior Vice President

	 

 

33

	 	 	 
	 	
ABN AMRO CAPITAL USA LLC, as a Lender

	 
	 	 	 
	 	 	 
	 	
By:  /s/ R. Bisscheroux

	 
	 	
Name:  R. Bisscheroux

	 
	 	
Title:  Managing Director

	 
	 	 	 
	 	
By:  /s/ Meena Veerappan

	 
	 	
Name:  Meena Veerappan

	 
	 	
Title:  Assistant Vice President

	 

 

34

	 	 	 
	 	
BLUE HILLS BANK, as a Lender

	 
	 	 	 
	 	 	 
	 	
By:  /s/Kelley Keefe

	 
	 	
Name:  Kelley Keefe

	 
	 	
Title:  Senior Vice President

	 

 

35

	 	 	 
	 	
CUSTOMERS BANK, as a Lender

	 
	 	 	 
	 	 	 
	 	
By:  /s/ James B. Daley

	 
	 	
Name:  James B. Daley

	 
	 	
Title:  Vice President

	 
	 	 	 

 

36

   

RATIFICATION OF GUARANTY

Each of the undersigned guarantors (each a "Guarantor") hereby acknowledges and consents to the foregoing Seventh Amendment as of December 21, 2016, and agrees that each of (a) the Second Amended and Restated Guaranty dated as of December 16, 2013 (as amended and in effect from time to time, the "Original Guaranty") from each of Global Partners LP and Bursaw Oil LLC; (b) the Guarantee dated as of September 8, 2014 (as amended and in effect from time to time, the "Canada Guaranty") from Global Partners Energy Canada ULC; and (c) the Guaranty dated as of January 7, 2015 (as amended and in effect from time to time, the "Warren Guaranty") from each of Warex Terminals Corporation, Drake Petroleum Company, Inc., Puritan Oil Company, Inc. and Maryland Oil Company, Inc. remains in full force and effect, and each of the Guarantors confirms and ratifies all of its obligations thereunder and under each of the other Loan Documents to which such Guarantor is a party. Notwithstanding anything to the contrary contained herein, the parties hereto hereby acknowledge, agree and confirm that as of the date hereof, each of the Original Guaranty, the Canada Guaranty and the Warren Guaranty remains in full force and effect.

 

	 	
GLOBAL PARTNERS LP

	 
	 	
By:  Global GP LLC, its general partner

	 
	 	 	 
	 	 	 
	 	
By: /s/ Daphne H. Foster

	 
	 	
    Title: Chief Financial Officer

	 
	 	
BURSAW OIL LLC

	 
	 	
By:  Alliance Energy LLC, its sole member

	 
	 	
By:  Global Operating LLC, its sole member

	 
	 	
By:  Global Partners LP, its sole member

	 
	 	
By:  Global GP LLC, its general partner

	 
	 	 	 
	 	 	 
	 	
By: /s/ Daphne H. Foster

	 
	 	
    Title: Chief Financial Officer

	 
	 	 	 
	 	
GLOBAL PARTNERS ENERGY CANADA ULC

	 
	 	 	 
	 	 	 
	 	
By: /s/ Daphne H. Foster

	 
	 	
    Title: Chief Financial Officer

	 
	 	 	 

 

37

	 	 	 
	 	 	 
	 	 	 
	 	
WAREX TERMINALS CORPORATION

	 
	 	 	 
	 	 	 
	 	
By: /s/ Daphne H. Foster

	 
	 	
    Title: Chief Financial Officer

	 
	 	
DRAKE PETROLEUM COMPANY, INC.

	 
	 	 	 
	 	 	 
	 	
By: /s/ Daphne H. Foster

	 
	 	
    Title: Chief Financial Officer

	 
	 	 	 
	 	
PURITAN OIL COMPANY, INC.

	 
	 	 	 
	 	 	 
	 	
By: /s/ Daphne H. Foster

	 
	 	
    Title: Chief Financial Officer

	 
	 	
MARYLAND OIL COMPANY, INC.

	 
	 	 	 
	 	 	 
	 	
By: /s/ Daphne H. Foster

	 
	 	
    Title: Chief Financial Officer

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00265-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00265-of-00352.parquet"}]]