Document:

Exhibit 10.1

 

 

 

DOLLAR TREE, INC.
 DOLLAR TREE STORES, INC.

 

First Amendment

 

Dated as of January 20, 2015

to

Note Purchase Agreement

Dated as of September 16, 2013

and to the

Notes described below

$300,000,000 4.03% Series A Senior Notes due September 16, 2020

$350,000,000 4.63% Series B Senior Notes due September 16, 2023

$100,000,000 4.78% Series C Senior Notes due September 16, 2025

 

 

 

 

FIRST AMENDMENT TO NOTE PURCHASE AGREEMENT AND NOTES

 

This First Amendment dated as of January 20, 2015 (the or this “First Amendment”) to the Note Purchase Agreement dated as of September 16, 2013 and to the Notes (as such term is defined below) is between Dollar Tree, Inc., a Virginia corporation (the “Parent”), Dollar Tree Stores, Inc., a Virginia corporation (the “Company”, and, together with the Parent, the “Obligors”), and each of the institutions which is a signatory to this First Amendment (collectively, the “Noteholders”).

 

R E C I T A L S:

 

A.                                    The Obligors and each of the Noteholders have heretofore entered into the Note Purchase Agreement dated as of September 16, 2013 (the “Note Agreement”). The Company has heretofore issued $300,000,000 of its 4.03% Series A Senior Notes due September 16, 2020, $350,000,000 of its 4.63% Series B Senior Notes due September 16, 2023, and $100,000,000 of its 4.78% Series C Senior Notes due September 16, 2025 (the “Notes”) pursuant to the Note Agreement.

 

B.                                    The Obligors and the Noteholders now desire to amend the Note Agreement in the respects, but only in the respects, hereinafter set forth.

 

C.                                    Capitalized terms used herein shall have the respective meanings ascribed thereto in the Note Agreement unless herein defined or the context shall otherwise require.

 

NOW, THEREFORE, in consideration of good and valuable consideration the receipt and sufficiency of which is hereby acknowledged, the Obligors and the Noteholders do hereby agree as follows:

 

SECTION 1.                         AMENDMENTS.

 

Section 1.1.                                Schedule A of the Note Agreement is hereby amended by adding the following definitions in alphabetical order:

 

“Acquisition” shall mean the direct or indirect acquisition of Family Dollar by the Parent pursuant to the Merger Agreement.

 

“End Date” means July 28, 2015.

 

“Escrow Accounts” is defined in the definition of “Escrow Debt”.

 

“Escrow Agent” is defined in the definition of “Escrow Debt”.

 

“Escrow Agreement” is defined in the definition of “Escrow Debt”.

 

“Escrow Amount” is defined in the definition of “Escrow Debt”.

 

“Escrow Debt” shall mean, as of any date, any Debt of an Escrow Issuer as to which neither Obligor, nor any of their respective Subsidiaries (other than

 

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the Escrow Issuer), has any liability for any payment and which is issued for purposes of financing the Acquisition, refinancing Debt of the Parent, Family Dollar or their subsidiaries in connection with the Acquisition, and paying related premiums, fees and expenses; provided, that such Debt will only be “Escrow Debt” to the extent that all cash proceeds thereof (together with (i) an additional amount sufficient to fund any special mandatory redemption or repayment premium (collectively, “Redemption Premium”) required to be paid if such Debt is redeemed or repaid on or prior to the End Date and (ii) an additional amount at least equal to all accrued but unpaid interest on such Debt to but not including such date (such proceeds and the sum of the foregoing subclauses (i) and (ii), together with any earnings from the investment thereof, being referred to, collectively, as the “Escrow Amount”)) are, at all times from the date of incurrence of such Debt, on deposit in one or more accounts (the “Escrow Accounts”) each with a third-party escrow agent (the “Escrow Agent”) that is a bank or trust company of nationally recognized standing organized under the laws of the United States or any state thereof and having a combined capital and surplus of at least $1,000,000,000 (A) under arrangements pursuant to which the holders of the Escrow Debt or their representatives shall at all times have a perfected security interest in all the Escrow Issuer’s right, title and interest in the applicable Escrow Account and all cash, securities and other property held therein and (B) pursuant to one or more contracts (each, an “Escrow Agreement”), in form and substance reasonably satisfactory to the Required Holders (it being understood and agreed that the forms of Escrow Agreement attached to the First Amendment hereto as Exhibits D-1 and D-2 are in form and substance reasonably satisfactory to the Required Holders if used in connection with the Acquisition), among the Escrow Agent and the applicable Escrow Issuer and the holders of the applicable Escrow Debt or their representatives providing that the Escrow Amount will only be released from the applicable Escrow Account:

 

(1) in the event the Acquisition closes and at the time thereof, to the Company’s payment agent designated in the applicable Escrow Agreement for payment to the holders of the Notes (or to the holders of the Notes directly) in accordance with this Agreement, in an amount sufficient to pay all principal of, interest and Make-Whole Amount on, the Notes, and all fees and expenses of the holders of Notes payable under this Agreement (other than any principal, interest or Make-Whole Amount with respect to any Notes to the extent the holders thereof have agreed in writing to permit such Notes to remain outstanding following the closing of the Acquisition),

 

(2) in the event the Acquisition closes and at the time thereof, to or as directed by the Parent and/or one or more Subsidiaries to the extent of the remaining balance of the Escrow Accounts after the application contemplated by clause (1) above,

 

(3) to the extent necessary to pay to the holders of Escrow Debt accrued and unpaid interest thereon pursuant to the terms thereof, or

 

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(4) upon a redemption in full of all Escrow Debt of any tranche or series, to the holders of such Escrow Debt or their representatives to pay the principal of such Escrow Debt, together with all unpaid accrued interest thereon and any Redemption Premium, and, after payment of such amounts in respect of such Escrow Debt, to pay any remaining balance to or as directed by the Parent;

 

provided, further, that from and after the release of the cash proceeds of such Debt by the Escrow Agent pursuant to clauses (1) or (2) above, such Debt shall cease to constitute “Escrow Debt” hereunder.

 

“Escrow Interest Expense” shall mean any interest expense attributable to Escrow Debt during any period in which it constitutes or constituted Escrow Debt and any ticking or commitment fees payable to investors in any Debt that is intended to constitute Escrow Debt prior to the initial funding thereof.

 

“Escrow Issuer” shall mean any newly-formed Affiliate or Subsidiary of the Parent.

 

“Family Dollar” means Family Dollar Stores, Inc., a Delaware corporation.

 

“Merger Agreement” means that certain Agreement and Plan of Merger, dated as of July 27, 2014, by and among Family Dollar, the Parent and Dime Merger Sub, Inc., a Delaware corporation and a wholly owned subsidiary of Parent, as may be amended, restated, amended and restated, supplemented or otherwise modified from time to time.

 

“Redemption Premium” is defined in the definition of “Escrow Debt”.

 

Section 1.2.                                Schedule A of the Note Agreement is hereby amended to amend and restate the following definitions in their entirety:

 

“Consolidated Interest Expense” shall mean, for any period, all interest expense (other than Escrow Interest Expense) (net of interest income) of the Parent and its Subsidiaries, including the interest component under Capital Leases, as determined in accordance with GAAP. Except as otherwise provided herein, the applicable period shall be for the four consecutive quarters ending as of the date of computation.

 

“Priority Debt” means (a) all Debt of the Parent and its Subsidiaries secured by Liens not permitted under any of clauses (a) to (k), inclusive, of Section 10.5, provided that any Debt secured by Liens permitted by clause (h) of such Section shall cease to be included in this clause (a) on the 91st day after consummation of the relevant transaction referred to in such clause (h) plus (b) all unsecured Debt of Subsidiaries that are not Guarantors; provided that Priority Debt shall not include Escrow Debt.

 

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“Total Debt” shall mean, as of any date of calculation, all Debt (other than Escrow Debt) of the Parent and its Subsidiaries, on a consolidated basis.

 

Section 1.3.                                Section 8.2 (Optional Prepayments with Make-Whole Amount) of the Note Agreement is hereby amended by adding the following new sentences at the end thereof:

 

“Notwithstanding the foregoing provisions of this Section 8.2, the Company shall give notice of prepayment pursuant to this Section 8.2 in connection with the Acquisition either (a) on the third Business Day preceding the date of the Acquisition or (b) on the date of consummation of the Acquisition, provided that, in the case of this clause (b), (i) in addition to the interest payment required to be paid pursuant to Section 8.4 on the date fixed for prepayment, the Company shall also pay an amount equal to the amount of interest that would have accrued on the Notes to be prepaid from and including such prepayment date to, but not including, the third Business Day thereafter if such Notes were to be prepaid on such third Business Day, (ii) there shall be no requirement to give a certificate of a Senior Financial Officer as to the estimated Make-Whole Amount payable in connection with such prepayment and (iii) the certificate of a Senior Financial Officer as to the actual Make-Whole Amount payable on the prepayment date shall be given together with the notice of prepayment.  A certificate of a Senior Financial Officer as to the estimated Make-Whole Amount payable in connection with a prepayment pursuant to the foregoing clause (a) (calculated as if the date of such certificate were the date of the prepayment), setting forth the details of such computation, shall be provided not less than three Business Days and not more than 30 days prior to the date of consummation of the Acquisition.”

 

Section 1.4.                                Section 9.7(a) (Subsidiary Guarantors) of the Note Agreement is hereby amended by adding the following proviso at the end thereof (and by making the appropriate grammatical changes in connection therewith):

 

“; provided, however, that this Section 9.7(a) shall not apply to any Escrow Issuer which (for the avoidance of doubt) shall not be required to become a Guarantor.”

 

Section 1.5.                                Section 10.1 (Transactions with Affiliates) of the Note Agreement is hereby amended by adding the following new sentence at the end thereof (and by making the appropriate grammatical changes in connection therewith):

 

“Notwithstanding the foregoing, this Section 10.1 shall not prohibit the Parent or any of its Subsidiaries from contributing to the Escrow Accounts to the extent permitted by Section 10.8 or prohibit any Escrow Issuer from engaging in transactions otherwise permitted hereby.”

 

Section 1.6.                                Section 10.5 (Liens) of the Note Agreement is hereby amended by adding the following new clause (m) at the end thereof (and by making the appropriate grammatical changes in connection therewith):

 

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“(m)  Liens on the Escrow Account and cash, securities and other property held therein with respect to any Escrow Debt and any and all right, title or interest therein.”

 

Section 1.7.                                Section 10.8 (Limitations on Actions) of the Note Agreement is hereby amended by adding the phrase “, and, in the case of subclause (v) below, clause (e), above” at the end of the parenthetical following clause (e), and by adding the following new clause (v) and additional sentences at the end thereof (and by making the appropriate grammatical changes in connection therewith):

 

“(v)(i) any Escrow Agreement and (ii) any other document or instrument governing or related to any Escrow Debt to the extent, but only to the extent, that it restricts actions of the types described in the foregoing clauses (a) through (e) by an Escrow Issuer (but not, for the avoidance of doubt, by the Parent or any Subsidiary other than an Escrow Issuer). The Parent will not, and will not permit any Subsidiary other than an Escrow Issuer, directly or indirectly, to transfer its assets (or direct or permit a third party holding assets which the Parent or such Subsidiary has a right to receive) to, or guarantee or pledge its assets as security for any obligations of, any Escrow Issuer (other than contributions to the Escrow Accounts in respect of interest, fees, expenses and the Redemption Premium (if any) with respect to any Escrow Debt).  No Escrow Issuer shall engage in any transactions or activities other than those related to the Escrow Debt and the Merger Agreement, the maintenance of its legal existence, and, in each case, activities incidental thereto.”

 

Section 1.8.                                Section 10 of the Note Agreement is hereby amended by adding a new Section 10.9 as follows:

 

Section 10.9                            Limitation on Actions During Escrow Period.  During the period from and including the first date on which any amount is on deposit in an Escrow Account to and including the earlier to occur of the End Date and the date on which no Escrow Debt is outstanding, the Parent will not, and will not permit any Subsidiary to, (i) incur any Debt (as defined in clauses (a) and (b) of the definition of such term, and as defined in clause (j) of such definition to the extent that clause (j) refers to clauses (a) and (b)), other than Escrow Debt and Debt under the Wells Fargo Credit Agreement incurred in the ordinary course of business substantially consistent with past practice, (ii) acquire equity interests in any one or more Persons (other than any Person that was a wholly-owned subsidiary of the Parent immediately prior to such acquisition) with an aggregate fair market value in excess of $5,000,000, (iii) declare any dividends or repurchase any equity of the Parent or any Subsidiary except to the extent that any such amount is paid to the Parent or any Subsidiary and except for any regular periodic dividend payable by the Parent consistent, as to time and amount, with the Parent’s past practice, (iv) make any Asset Disposition unless either (A) the Disposition Value of all property that is the subject of an Asset Disposition during such period does not exceed 3% of Consolidated Total Assets (determined as of the end of the Parent’s fiscal year ended on or about January 31, 2014)) or (B)

 

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Asset Dispositions to the extent required in connection with obtaining regulatory approval to, or avoiding regulatory objection to, the Acquisition (it being understood that Section 10.7 shall apply to any Asset Disposition referred to in the foregoing clauses (A) or (B)).

 

Section 1.9.                                Section 11 (Events of Default) of the Note Agreement is hereby amended by adding the following sentence at the end thereof:

 

“Notwithstanding the foregoing, any mandatory redemption or repayment of Escrow Debt shall not be deemed to be a Default or Event of Default under this Section 11 so long as amounts on deposit with the Escrow Agent(s) are sufficient to fund such repayment or redemption and the Escrow Debt is repaid or redeemed in accordance with its terms from such amounts.”

 

Section 1.10.                         All of the amendments provided for in this Section 1 hereof shall cease to be effective on the earliest to occur of (such earlier date, the “Termination Date”):  (i) the End Date, (ii) consummation of the Acquisition, or (iii) the fourth Business Day following receipt by the Parent of the Revocation Notice, unless prior to such date, Parent delivers to the Noteholders the Reinstatement Notice; provided, that Escrow Interest Expense shall continue to be excluded from the calculation of Consolidated Interest Expense and any Escrow Debt that was outstanding only prior to the Termination Date shall not be included in any calculation of “Priority Debt” or “Total Debt” as of any date prior to the Termination Date.

 

SECTION 2.                         PARENT COVENANTS

 

Section 2.1.                                The Parent covenants that the Escrow Agreement(s) will at all times contain such provisions as shall be necessary so that the Escrow Debt shall not cease to be Escrow Debt (except upon the release of the proceeds thereof as contemplated by the definition of “Escrow Debt”).

 

Section 2.2.                                The Parent agrees that it will exercise its right to prepay the Notes pursuant to Section 8.2 of the Note Agreement (as modified by Section 1.3 hereof) in connection with any release of the Escrow Amount from the Escrow Account(s) pursuant to clause (1) of the definition of “Escrow Debt”.

 

SECTION 3.                         REPRESENTATIONS AND WARRANTIES OF THE OBLIGORS.

 

Section 3.1.                                To induce the Noteholders to execute and deliver this First Amendment, each Obligor represents and warrants to the Noteholders that:

 

(a)                                 this First Amendment has been duly authorized, executed and delivered by such Obligor;

 

(b)                                 this First Amendment and the Note Agreement, as amended by this First Amendment, constitute the legal, valid and binding obligations, contracts and agreements of such Obligor enforceable against it in accordance with its terms, except as enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws or equitable principles relating to or limiting creditors’ rights generally;

 

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(c)                                  the execution, delivery and performance by such Obligor of this First Amendment (i) do not require the consent or approval of any Governmental Authority and (ii) will not violate (A) the provisions of any law, statute, rule or regulation or its certificate of incorporation or bylaws, (B) any order of any court or any rule, regulation or order of any other Governmental Authority binding upon it, or (C) an provision of any indenture, agreement or other instrument to which it is a party or by which its properties or assets are or may be bound; and

 

(d)                                 as of the date hereof, immediately before and after giving effect to this First Amendment, no Default or Event of Default has occurred which is continuing.

 

SECTION 4.                         CONDITIONS TO EFFECTIVENESS OF THIS FIRST AMENDMENT.

 

Section 4.1.                                This First Amendment shall not become effective until, and shall automatically become effective when, each of the following conditions has been satisfied:

 

(a)                                 The Parent shall have paid or caused to be paid to the Noteholders, ratably in accordance with the principal amount of the Notes held by each of them on the date hereof, a one-time, non-refundable amendment fee of $562,500;

 

(b)                                 this First Amendment shall have been duly executed by the Parent, the Company and the Required Holders;

 

(c)                                  a Confirmation and Reaffirmation of Guaranty Agreement, in the form attached hereto as Exhibit A, shall have been duly executed by the Parent and each of the other Guarantors; and

 

(d)                                 as of the date hereof and after giving effect to this First Amendment, no Default or Event of Default has occurred which is continuing.

 

SECTION 5.                         MISCELLANEOUS.

 

Section 5.1.                                On no more than one occasion following the issuance of any Escrow Debt, the Super-Majority Holders at such time may deliver to the Parent a notice, dated the date that it is sent to the Parent, in the form attached as Exhibit B (the “Revocation Notice”), in which case all of the amendments provided for in Section 1 hereof shall cease to be effective on the fourth Business Day following the Parent’s receipt thereof (and the Note Agreement shall be construed as if such amendments had never been in effect) unless, prior to such date, the Parent delivers to the Noteholders a notice in the form attached as Exhibit C hereto (the “Reinstatement Notice”), in which case all of the amendments provided for in Section 1 hereof shall remain in full force and effect as set forth herein and the interest rate otherwise payable on the Notes shall be increased, effective as of the date of the Revocation Notice (and without other action by any Person), by 1.00% per annum until the earlier of the Termination Date and the date on which no Escrow Debt is outstanding (it being understood that any such increase shall be disregarded for purposes of calculating the Make-Whole Amount).

 

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Section 5.2.                                This First Amendment shall be construed in connection with and as part of each of the Notes and the Note Agreement, and except as modified and expressly amended by this First Amendment, all terms, conditions and covenants contained in the Note Agreement and the Notes are hereby ratified and shall be and remain in full force and effect. Notwithstanding anything herein or in Section 17.2 of the Note Agreement to the contrary, neither the Parent nor the Company is advising any Noteholder as to any legal, tax, investment, accounting or regulatory matters. Each Noteholder has consulted with its own advisors concerning such matters and shall be responsible for making its own independent investigation and appraisal of the amendment contemplated hereby, and neither the Parent nor the Company shall have any responsibility or liability to any Noteholder with respect thereto.

 

Section 5.3.                                Any and all notices, requests, certificates and other instruments executed and delivered after the execution and delivery of this First Amendment may refer to the Note Agreement without making specific reference to this First Amendment but nevertheless all such references shall include this First Amendment unless the context otherwise requires.

 

Section 5.4.                                The descriptive headings of the various Sections or parts of this First Amendment are for convenience only and shall not affect the meaning or construction of any of the provisions hereof.

 

Section 5.5.                                This First Amendment shall be construed and enforced in accordance with, and the rights of the parties shall be governed by, the law of the State of New York excluding choice of law principles of the law of such State that would permit the application of the laws of a jurisdiction other than such State.

 

Section 5.6.                                This First Amendment may be executed in any number of counterparts, each of which shall be an original but all of which together shall constitute one instrument.

 

Section 5.7.                                Without limiting the generality of Section 15 of the Note Agreement, the Parent shall promptly pay, upon receipt of invoices therefor, all reasonable fees and expenses of the Noteholders relating to this First Amendment, including but not limited to, the reasonable fees and disbursements of Morgan, Lewis & Bockius LLP, special counsel to the Noteholders.

 

[Signature pages immediately follow.]

 

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IN WITNESS WHEREOF the parties hereto have caused this First Amendment to be duly executed on the date first above written.

 

 

	
COMPANY:
    	
DOLLAR   TREE STORES, INC.,
    
	
 
    	
a   Virginia corporation
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Kevin S. Wampler
    
	
 
    	
Name:
    	
Kevin   S. Wampler
    
	
 
    	
Title:
    	
CFO
    
	
 
    	
 
    
	
 
    	
 
    
	
PARENT:
    	
DOLLAR   TREE, INC.,
    
	
 
    	
a   Virginia corporation
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Kevin S. Wampler
    
	
 
    	
Name:
    	
Kevin   S. Wampler
    
	
 
    	
Title:
    	
CFO
    

 

[Signature Page for First Amendment to Note Purchase Agreement]

 

 

	
NOTEHOLDERS:
    	
AMERICAN   GENERAL LIFE INSURANCE COMPANY
    
	
 
    	
COMMERCE   AND INDUSTRY INSURANCE COMPANY
    
	
 
    	
THE   VARIABLE ANNUITY LIFE INSURANCE COMPANY
    
	
 
    	
UNITED   GUARANTY RESIDENTIAL INSURANCE COMPANY
    
	
 
    	
LEXINGTON   INSURANCE COMPANY
    
	
 
    	
 
    
	
 
    	
By:
    	
AIG   Asset Management (U.S.) LLC,
    
	
 
    	
 
    	
Investment   Adviser
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   David C. Patch
    
	
 
    	
 
    	
Name:
    	
David   Patch
    
	
 
    	
 
    	
Title:
    	
Managing   Director
    

 

[Signature Page for First Amendment to Note Purchase Agreement]

 

 

	
NOTEHOLDER:
    	
TEACHERS   INSURANCE AND ANNUITY ASSOCIATION OF AMERICA
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Ho Young Lee
    
	
 
    	
Name:
    	
Ho   Young Lee
    
	
 
    	
Title:
    	
Managing   Director
    

 

[Signature Page for First Amendment to Note Purchase Agreement]

 

 

	
NOTEHOLDERS:
    	
ING   LIFE INSURANCE AND ANNUITY COMPANY
    
	
 
    	
ING   USA ANNUITY AND LIFE INSURANCE COMPANY
    
	
 
    	
RELIASTAR   LIFE INSURANCE COMPANY
    
	
 
    	
SECURITY   LIFE OF DENVER INSURANCE COMPANY
    
	
 
    	
 
    
	
 
    	
By:
    	
ING   Investment Management LLC,
    
	
 
    	
 
    	
as   Agent
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   Joshua Winchester
    
	
 
    	
 
    	
Name:
    	
Joshua   Winchester
    
	
 
    	
 
    	
Title:
    	
Vice   President
    

 

[Signature Page for First Amendment to Note Purchase Agreement]

 

 

	
NOTEHOLDER:
    	
PRUDENTIAL   RETIREMENT INSURANCE AND ANNUITY COMPANY
    
	
 
    	
 
    
	
 
    	
By:
    	
Prudential   Investment Management, Inc.,
    
	
 
    	
 
    	
as   investment manager
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   Kyle Ulep
    
	
 
    	
 
    	
Name:
    	
Kyle   Ulep
    
	
 
    	
 
    	
Title:
    	
Vice   President
    
	
 
    	
 
    
	
 
    	
 
    
	
NOTEHOLDER:
    	
FARMERS   INSURANCE EXCHANGE
    
	
 
    	
 
    
	
 
    	
By:
    	
Prudential   Private Placement Investors, L.P.
    
	
 
    	
 
    	
(as   Investment Advisor)
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
Prudential   Private Placement Investors, Inc.
    
	
 
    	
 
    	
 
    	
(as   its General Partner)
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
By:
    	
/s/   Kyle Ulep
    
	
 
    	
 
    	
 
    	
Name:
    	
Kyle   Ulep
    
	
 
    	
 
    	
 
    	
Title:
    	
Vice   President
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
NOTEHOLDER:
    	
THE   PENN MUTUAL LIFE INSURANCE COMPANY
    
	
 
    	
 
    
	
 
    	
By:
    	
Prudential   Private Placement Investors, L.P.
    
	
 
    	
 
    	
(as   Investment Advisor)
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
Prudential   Private Placement Investors, Inc.
    
	
 
    	
 
    	
 
    	
(as   its General Partner)
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
By:
    	
/s/   Kyle Ulep
    
	
 
    	
 
    	
 
    	
Name:
    	
Kyle   Ulep
    
	
 
    	
 
    	
 
    	
Title:
    	
Vice   President
    

 

[Signature Page for First Amendment to Note Purchase Agreement]

 

 

	
NOTEHOLDER:
    	
MID   CENTURY INSURANCE COMPANY
    
	
 
    	
 
    
	
 
    	
By:
    	
Prudential   Private Placement Investors, L.P.
    
	
 
    	
 
    	
(as   Investment Advisor)
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
Prudential   Private Placement Investors, Inc.
    
	
 
    	
 
    	
 
    	
(as   its General Partner)
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
By:
    	
/s/   Kyle Ulep
    
	
 
    	
 
    	
 
    	
Name:
    	
Kyle   Ulep
    
	
 
    	
 
    	
 
    	
Title:
    	
Vice   President
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
NOTEHOLDER:
    	
ZURICH   AMERICAN INSURANCE COMPANY
    
	
 
    	
 
    
	
 
    	
By:
    	
Prudential   Private Placement Investors, L.P.
    
	
 
    	
 
    	
(as   Investment Advisor)
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
Prudential   Private Placement Investors, Inc.
    
	
 
    	
 
    	
 
    	
(as   its General Partner)
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
By:
    	
/s/   Kyle Ulep
    
	
 
    	
 
    	
 
    	
Name:
    	
Kyle   Ulep
    
	
 
    	
 
    	
 
    	
Title:
    	
Vice   President
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    
	
NOTEHOLDER:
    	
BCBSM, INC.   DBA BLUE CROSS AND BLUE SHIELD OF MINNESOTA
    
	
 
    	
 
    
	
 
    	
By:
    	
Prudential   Private Placement Investors, L.P.
    
	
 
    	
 
    	
(as   Investment Advisor)
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
Prudential   Private Placement Investors, Inc.
    
	
 
    	
 
    	
 
    	
(as   its General Partner)
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
By:
    	
/s/   Kyle Ulep
    
	
 
    	
 
    	
 
    	
Name:
    	
Kyle   Ulep
    
	
 
    	
 
    	
 
    	
Title:
    	
Vice   President
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
NOTEHOLDER:
    	
PRUCO   LIFE INSURANCE COMPANY
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   Kyle Ulep
    
	
 
    	
 
    	
Name:
    	
Kyle   Ulep
    
	
 
    	
 
    	
Title:
    	
Assistant   Vice President
    

 

[Signature Page for First Amendment to Note Purchase Agreement]

 

 

	
NOTEHOLDER:
    	
THE   PRUDENTIAL LIFE INSURANCE COMPANY, LTD.
    
	
 
    	
 
    
	
 
    	
By:
    	
Prudential   Investment Management (Japan), Inc.,
    
	
 
    	
 
    	
as   Investment Manager
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
Prudential   Investment Management, Inc.,
    
	
 
    	
 
    	
as   Sub-Adviser
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   Kyle Ulep
    
	
 
    	
 
    	
Name:
    	
Kyle   Ulep
    
	
 
    	
 
    	
Title:
    	
Vice   President
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
NOTEHOLDER:
    	
PAR   U HARTFORD LIFE & ANNUITY COMFORT TRUST
    
	
 
    	
 
    
	
 
    	
By:
    	
Prudential   Arizona Reinsurance Universal Company,
    
	
 
    	
 
    	
as   Grantor
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
Prudential   Investment Management, Inc.,
    
	
 
    	
 
    	
as   Investment Manager
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   Kyle Ulep
    
	
 
    	
 
    	
Name:
    	
Kyle   Ulep
    
	
 
    	
 
    	
Title:
    	
Vice   President
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
NOTEHOLDER:
    	
FARMERS   NEW WORLD LIFE INSURANCE COMPANY
    
	
 
    	
 
    
	
 
    	
By:
    	
Prudential   Private Placement Investors, L.P.
    
	
 
    	
 
    	
(as   Investment Advisor)
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
Prudential   Private Placement Investors, Inc.
    
	
 
    	
 
    	
 
    	
(as   its General Partner)
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
By:
    	
/s/   Kyle Ulep
    
	
 
    	
 
    	
 
    	
Name:
    	
Kyle   Ulep
    
	
 
    	
 
    	
 
    	
Title:
    	
Vice   President
    

 

[Signature Page for First Amendment to Note Purchase Agreement]

 

 

	
NOTEHOLDER:
    	
THE   LINCOLN NATIONAL LIFE INSURANCE COMPANY
    
	
 
    	
 
    
	
 
    	
By:
    	
Delaware   Investment Advisers, a series of Delaware Management Business Trust, Attorney   in Fact
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   Alexander Alston
    
	
 
    	
 
    	
Name:
    	
Alex   Alston
    
	
 
    	
 
    	
Title:
    	
Vice   President
    

 

[Signature Page for First Amendment to Note Purchase Agreement]

 

 

	
NOTEHOLDER:
    	
METLIFE   INSURANCE COMPANY OF CONNECTICUT
    
	
 
    	
 
    
	
 
    	
By:
    	
Metropolitan   Life Insurance Company,
    
	
 
    	
 
    	
its   Investment Manager
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   John A. Wills
    
	
 
    	
 
    	
Name:
    	
John   A. Wills
    
	
 
    	
 
    	
Title:
    	
Managing   Director
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
NOTEHOLDER:
    	
GENERAL   AMERICAN LIFE INSURANCE COMPANY
    
	
 
    	
 
    
	
 
    	
By:
    	
Metropolitan   Life Insurance Company,
    
	
 
    	
 
    	
its   Investment Manager
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   John A. Wills
    
	
 
    	
 
    	
Name:
    	
John   A. Wills
    
	
 
    	
 
    	
Title:
    	
Managing   Director
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
NOTEHOLDER:
    	
METLIFE   ALICO LIFE INSURANCE K.K.
    
	
 
    	
 
    
	
 
    	
By:
    	
MetLife   Investment Management, LLC,
    
	
 
    	
 
    	
Its   Investment Manager
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   John A. Wills
    
	
 
    	
 
    	
Name:
    	
John   A. Wills
    
	
 
    	
 
    	
Title:
    	
Managing   Director
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
NOTEHOLDER:
    	
EMPLOYERS   REASSURANCE CORPORATION
    
	
 
    	
 
    
	
 
    	
By:
    	
MetLife   Investment Management, LLC,
    
	
 
    	
 
    	
Its   Investment Adviser
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   John A. Wills
    
	
 
    	
 
    	
Name:
    	
John   A. Wills
    
	
 
    	
 
    	
Title:
    	
Managing   Director
    

 

[Signature Page for First Amendment to Note Purchase Agreement]

 

 

	
NOTEHOLDER:
    	
MASSACHUSETTS   MUTUAL LIFE INSURANCE COMPANY
    
	
 
    	
 
    
	
 
    	
By:
    	
Babson   Capital Management LLC
    
	
 
    	
 
    	
as   Investment Adviser
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   Patrick Manseau
    
	
 
    	
 
    	
Name:
    	
Patrick   Manseau
    
	
 
    	
 
    	
Title:
    	
Managing   Director
    

 

[Signature Page for First Amendment to Note Purchase Agreement]

 

 

	
NOTEHOLDER:
    	
ATHENE   ANNUITY AND LIFE COMPANY
    
	
 
    	
(f/k/a   Aviva Life and Annuity Company)
    
	
 
    	
 
    
	
 
    	
By:
    	
Athene   Asset Management, L.P.,
    
	
 
    	
 
    	
its   investment advisor,
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
AAM   GP Ltd.,
    
	
 
    	
 
    	
 
    	
its   general partner
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
By:
    	
/s/   Roger D. Fors
    
	
 
    	
 
    	
 
    	
Name:
    	
Roger   D. Fors
    
	
 
    	
 
    	
 
    	
Title:
    	
Vice   President, Fixed Income
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
ROYAL   NEIGHBORS OF AMERICA
    
	
 
    	
 
    
	
 
    	
By:
    	
Athene   Asset Management, L.P.,
    
	
 
    	
 
    	
its   investment advisor,
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
AAM   GP Ltd.,
    
	
 
    	
 
    	
 
    	
its   general partner
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
By:
    	
/s/   Roger D. Fors
    
	
 
    	
 
    	
 
    	
Name:
    	
Roger   D. Fors
    
	
 
    	
 
    	
 
    	
Title:
    	
Vice   President, Fixed Income
    

 

[Signature Page for First Amendment to Note Purchase Agreement]

 

 

	
NOTEHOLDER:
    	
TRANSAMERICA   LIFE (BERMUDA) LTD
    
	
 
    	
 
    
	
 
    	
By:
    	
AEGON   USA Investment Management, LLC,
    
	
 
    	
 
    	
its   investment manager
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   Christopher D. Pahlke
    
	
 
    	
 
    	
Name:
    	
Christopher   D. Pahlke
    
	
 
    	
 
    	
Title:
    	
Vice   President
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
NOTEHOLDER:
    	
MONUMENTAL   LIFE INSURANCE COMPANY
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
AEGON   USA Investment Management, LLC,
    
	
 
    	
 
    	
its   investment manager
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   Christopher D. Pahlke
    
	
 
    	
 
    	
Name:
    	
Christopher   D. Pahlke
    
	
 
    	
 
    	
Title:
    	
Vice   President
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
NOTEHOLDER:
    	
TRANSAMERICA   FINANCIAL LIFE INSURANCE COMPANY
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
AEGON   USA Investment Management, LLC,
    
	
 
    	
 
    	
its   investment manager
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   Christopher D. Pahlke
    
	
 
    	
 
    	
Name:
    	
Christopher   D. Pahlke
    
	
 
    	
 
    	
Title:
    	
Vice   President
    

 

[Signature Page for First Amendment to Note Purchase Agreement]

 

 

	
NOTEHOLDER:
    	
UNUM   LIFE INSURANCE COMPANY OF AMERICA
    
	
 
    	
 
    
	
 
    	
By:
    	
Provident   Investment Management, LLC,
    
	
 
    	
 
    	
its   Agent
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   Ben Vance
    
	
 
    	
 
    	
Name:
    	
Ben   Vance
    
	
 
    	
 
    	
Title:
    	
Senior   Managing Director
    
	
 
    	
 
    
	
 
    	
 
    
	
NOTEHOLDER:
    	
PROVIDENT   LIFE AND ACCIDENT INSURANCE COMPANY
    
	
 
    	
 
    
	
 
    	
By:
    	
Provident   Investment Management, LLC,
    
	
 
    	
 
    	
its   Agent
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   Ben Vance
    
	
 
    	
 
    	
Name:
    	
Ben   Vance
    
	
 
    	
 
    	
Title:
    	
Senior   Managing Director
    

 

[Signature Page for First Amendment to Note Purchase Agreement]

 

 

	
NOTEHOLDER:
    	
THE   GUARDIAN LIFE INSURANCE COMPANY OF AMERICA
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Gwendolyn S. Foster
    
	
 
    	
Name:
    	
Gwendolyn   S. Foster
    
	
 
    	
Title:
    	
Senior   Director
    
	
 
    	
 
    	
 
    
	
 
    	
 
    
	
NOTEHOLDER:
    	
THE   GUARDIAN INSURANCE & ANNUITY COMPANY, INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Gwendolyn S. Foster
    
	
 
    	
Name:
    	
Gwendolyn   S. Foster
    
	
 
    	
Title:
    	
Senior   Director
    

 

[Signature Page for First Amendment to Note Purchase Agreement]

 

 

	
NOTEHOLDER:
    	
PACIFIC   LIFE INSURANCE COMPANY
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Matthew A. Levene
    
	
 
    	
Name:
    	
Matthew   A. Levene
    
	
 
    	
Title:
    	
Assistant   Vice President
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Cathy L. Schwartz
    
	
 
    	
Name:
    	
Cathy   L. Schwartz
    
	
 
    	
Title:
    	
Assistant   Secretary
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
NOTEHOLDER:
    	
PACIFIC   LIFE & ANNUITY COMPANY
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Cathy L. Schwartz
    
	
 
    	
Name:
    	
Cathy   L. Schwartz
    
	
 
    	
Title:
    	
Assistant   Vice President
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Peter S. Fiek
    
	
 
    	
Name:
    	
Peter   S. Fiek
    
	
 
    	
Title:
    	
Assistant   Secretary
    

 

[Signature Page for First Amendment to Note Purchase Agreement]

 

 

	
NOTEHOLDER:
    	
JACKSON   NATIONAL LIFE INSURANCE COMPANY
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
PPM   America, Inc.,
    
	
 
    	
 
    	
as   attorney in fact, on behalf of Jackson National Life Insurance Company
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   Elena S. Unger
    
	
 
    	
 
    	
Name:
    	
Elena   S. Unger
    
	
 
    	
 
    	
Title
    	
Assistant   Vice President
    

 

[Signature Page for First Amendment to Note Purchase Agreement]

 

 

	
NOTEHOLDER:
    	
THRIVENT   FINANCIAL FOR LUTHERANS
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Michael Groneberg
    
	
 
    	
Name:
    	
Michael   Groneberg
    
	
 
    	
Title:
    	
Senior   Research Analyst
    

 

[Signature Page for First Amendment to Note Purchase Agreement]

 

 

	
NOTEHOLDER:
    	
GENWORTH   LIFE INSURANCE COMPANY
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Stephen DeMotto
    
	
 
    	
Name:
    	
Stephen   DeMotto
    
	
 
    	
Title:
    	
Investment   Officer
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
NOTEHOLDER:
    	
GENWORTH   LIFE INSURANCE COMPANY OF NEW YORK
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Stephen DeMotto
    
	
 
    	
Name:
    	
Stephen   DeMotto
    
	
 
    	
Title:
    	
Investment   Officer
    

 

[Signature Page for First Amendment to Note Purchase Agreement]

 

 

	
NOTEHOLDERS:
    	
AMERICAN   FIDELITY ASSURANCE COMPANY
    
	
 
    	
MTL   INSURANCE COMPANY
    
	
 
    	
UNITEDHEALTHCARE   INSURANCE COMPANY
    
	
 
    	
DEARBORN   NATIONAL LIFE INSURANCE COMPANY
    
	
 
    	
CATHOLIC   UNITED FINANCIAL
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
Advantus   Capital Management, Inc.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
Drew   R. Smith
    
	
 
    	
 
    	
Name:
    	
Drew   R. Smith
    
	
 
    	
 
    	
Title:
    	
Vice   President
    

 

[Signature Page for First Amendment to Note Purchase Agreement]

 

 

	
NOTEHOLDER:
    	
MODERN   WOODMEN OF AMERICA
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Douglas A. Pannier
    
	
 
    	
Name:
    	
Douglas   A. Pannier
    
	
 
    	
Title:
    	
Group   Head — Private Placements
    

 

[Signature Page for First Amendment to Note Purchase Agreement]

 

 

	
NOTEHOLDER:
    	
STATE   OF WISCONSIN INVESTMENT BOARD
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Chris Prestigiacomo
    
	
 
    	
Name:
    	
Chris   Prestigiacomo
    
	
 
    	
Title:
    	
Portfolio   Manager
    

 

[Signature Page for First Amendment to Note Purchase Agreement]

 

 

	
NOTEHOLDERS:
    	
AMERITAS   LIFE INSURANCE CORP.
    
	
 
    	
AMERITAS   LIFE INSURANCE CORP. OF NEW YORK
    
	
 
    	
AMERITAS   LIFE INSURANCE CORP. successor by merger to
    
	
 
    	
ACACIA   LIFE INSURANCE COMPANY
    
	
 
    	
AMERITAS   LIFE INSURANCE CORP. successor by merger to
    
	
 
    	
THE   UNION CENTRAL LIFE INSURANCE COMPANY
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
Ameritas   Investment Partners Inc., as Agent
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   Tina Udell
    
	
 
    	
 
    	
Name:
    	
Tina   Udell
    
	
 
    	
 
    	
Title:
    	
Vice   President & Managing Director Corporate Credit
    

 

[Signature Page for First Amendment to Note Purchase Agreement]

 

 

	
NOTEHOLDER:
    	
NATIONAL   LIFE INSURANCE COMPANY
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Chris P. Gudmastad
    
	
 
    	
Name:
    	
Chris   P. Gudmastad
    
	
 
    	
Title:
    	
Assistant   Vice President
    
	
 
    	
 
    	
Sentinel   Asset Management, Inc.
    

 

[Signature Page for First Amendment to Note Purchase Agreement]

 

 

	
NOTEHOLDER:
    	
THE   OHIO NATIONAL LIFE INSURANCE CORPORATION
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Annette M. Teders
    
	
 
    	
Name:
    	
Annette   M. Teders
    
	
 
    	
Title:
    	
Vice   President
    
	
 
    	
 
    	
 
    
	
 
    	
 
    
	
NOTEHOLDER:
    	
OHIO   NATIONAL LIFE ASSURANCE CORPORATION
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Annette M. Teders
    
	
 
    	
Name:
    	
Annette   M. Teders
    
	
 
    	
Title:
    	
Vice   President
    

 

[Signature Page for First Amendment to Note Purchase Agreement]

 

 

	
NOTEHOLDER:
    	
THE   PHOENIX INSURANCE COMPANY
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Michael P. Kroening
    
	
 
    	
Name:
    	
Michael   P. Kroening
    
	
 
    	
Title:
    	
Senior   Vice President
    

 

[Signature Page for First Amendment to Note Purchase Agreement]

 

 

	
NOTEHOLDERS:
    	
PHARMACISTS   MUTUAL INSURANCE COMPANY
    
	
 
    	
THE   PHARMACISTS LIFE INSURANCE COMPANY
    
	
 
    	
SIGNAL   MUTUAL INDEMNITY ASSOCIATION LTD.
    
	
 
    	
NATIONAL   MUTUAL BENEFIT
    
	
 
    	
 
    
	
 
    	
By:
    	
Prime   Advisors, Inc.,
    
	
 
    	
 
    	
its   Attorney-in-Fact
    
	
 
    	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   Scott Sell
    
	
 
    	
 
    	
Name:
    	
Scott   Sell
    
	
 
    	
 
    	
Title:
    	
Vice   President
    

 

[Signature Page for First Amendment to Note Purchase Agreement]

 

 

	
NOTEHOLDER:
    	
ASSURITY   LIFE INSURANCE COMPANY
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Victor Weber
    
	
 
    	
Name:
    	
Victor   Weber
    
	
 
    	
Title:
    	
Senior   Director — Investments
    

 

[Signature Page for First Amendment to Note Purchase Agreement]

 

 

	
NOTEHOLDERS:
    	
HARTFORD   ACCIDENT AND INDEMNITY COMPANY
    
	
 
    	
HARTFORD   FIRE INSURANCE COMPANY
    
	
 
    	
 
    
	
 
    	
By:
    	
Hartford   Investment Management Company
    
	
 
    	
 
    	
Their   Agent and Attorney-in-Fact
    
	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   John Knox
    
	
 
    	
 
    	
Name:
    	
John   Knox
    
	
 
    	
 
    	
Title:
    	
Vice   President
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    
	
NOTEHOLDER:
    	
THE   WALT DISNEY COMPANY RETIREMENT PLAN MASTER TRUST
    
	
 
    	
 
    
	
 
    	
By:
    	
Hartford   Investment Management Company
    
	
 
    	
 
    	
Its   Investment Manager
    
	
 
    	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   John Knox
    
	
 
    	
 
    	
Name:
    	
John   Knox
    
	
 
    	
 
    	
Title:
    	
Vice   President
    

 

[Signature Page for First Amendment to Note Purchase Agreement]Exhibit 10.1

 

EMPLOYMENT AGREEMENT

 

THIS EMPLOYMENT AGREEMENT (the “Agreement”) is made January 22, 2014, by and between Global GP LLC, a Delaware limited liability company (the “Company”), and Andrew P. Slifka (the “Executive”).

 

WHEREAS, the Company employs the Executive as an Executive Vice President of the Company and the President of the Gasoline Distribution and Station Operations (“GDSO”) Division of Global Partners LP, a Delaware limited partnership (the “Partnership”) of which the Company is the general partner; and

 

WHEREAS, the Company and the Executive mutually desire to (i) agree upon the terms of the Executive’s continued employment by the Company, (ii) move the Executive’s employment agreement to a calendar year, and (iii) agree as to certain benefits of such employment.

 

NOW, THEREFORE, in consideration of the mutual promises, covenants and obligations set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, each intending to be legally bound, hereby agree as follows:

 

1.                                      Employment and Term of Employment.  (a) Subject to the terms of this Agreement, the employment term hereunder will commence as of January 1, 2015 (the “Effective Date”) and continue for thirty-six (36) months; provided that, commencing on the third anniversary of this Agreement (the “Renewal Date”), the term of the Executive’s employment by the Company shall be automatically renewed so as to terminate on the date that is thirty-six (36) months from such Renewal Date, unless the Company or the Executive provides the other with prior written notice of its or his desire not to renew delivered in accordance with Section 20 (“Notice”) at least ninety (90) days in advance of the Renewal Date.  The Company and the Executive agree to begin discussions concerning the renewal of this Agreement promptly following the second anniversary of this Agreement with the objective of reaching a final agreement within six months. Notwithstanding the foregoing, either the Company or the Executive may terminate the Executive’s employment with the Company at any time, subject to the terms and conditions of Section 7 hereof.  The employment period as described herein is referred to herein as the “Term.”

 

(b)                                 Simultaneously with the commencement of the Term, the “Term” as defined in that certain Employment Agreement by and between the Company and the Executive dated as of March 1, 2012 (the “2012 Employment Agreement”) shall be amended to terminate as of December 31, 2014, and this Agreement shall replace the 2012 Employment Agreement.  Executive hereby acknowledges and agrees that the early termination of the “Term” under the 2012 Employment Agreement does not constitute a non-renewal under Section 7(e) of the 2012 Employment Agreement.

 

2.                                      Position and Duties.  During the Term, the Company shall employ the Executive as an Executive Vice President of the Company and the Executive shall serve as the President of the GDSO Division of the Partnership, or in such other positions as the parties mutually agree.

 

 

The Executive shall have such powers and duties and responsibilities as are customary to such positions and as are assigned to the Executive by the President and Chief Executive Officer of the Company in connection with the Executive’s management and supervision of the GDSO Division and related operations of the Company and of the Partnership.  The Executive’s employment shall also be subject to the policies maintained and established by the Company that are of general applicability to the Company’s employees as such policies may be amended from time to time.

 

3.                                      Other Interests. During the Term, the Executive shall devote his full time, attention, energies and business efforts during normal business hours to his duties and responsibilities as an Executive Vice President of the Company, including serving as the President of the GDSO Division of the Partnership.   During the Term, except as otherwise restricted by the non-competition covenants set forth in Annex I attached hereto and incorporated herein by reference, the parties recognize and agree that the Executive may engage in other business activities that do not conflict with the business and affairs of the Company or of the Partnership or interfere with the Executive’s performance of his duties and responsibilities hereunder.  Additionally, the non-competition covenants set forth in Annex I shall apply to the Executive upon separation of service from the Company pursuant to Section 7(c) and Section 7(d) hereof, and in each case, said non-competition covenants shall continue until the first anniversary of the Date of Termination (as defined in Section 7(h) hereof).

 

4.                                      Duty of Loyalty.

 

(a) The Executive acknowledges and agrees that the Executive owes a fiduciary duty of loyalty to act in the best interests of the Company and of the Partnership. In keeping with such duty, the Executive shall, during the Term, make full disclosure to the Company of all business opportunities pertaining to the business of the Company or of the Partnership or any of its subsidiaries and, during the Term, shall not appropriate for the Executive’s own benefit business opportunities concerning the business of the Company, the Partnership or any of its subsidiaries, except as otherwise permitted by the non-competition covenants set forth in Annex I or as consented to in writing by the Board of Directors of the Company.

 

(b) The Company shall indemnify the Executive to the extent permitted by the Company’s limited liability company agreement, as amended from time to time, and by applicable law, against all costs, charges and expenses, including without limitation, attorney’s fees, incurred or sustained by the Executive in connection with any claim against Executive and in connection with any action, suit or proceeding to which the Executive may be made a party by reason of being an officer, director or employee of the Company or of the Partnership. In connection with the foregoing, the Executive will be covered under any liability insurance policy that protects the other officers and directors of the Company.

 

5.                                      Place of Performance.  Subject to such business travel from time to time as may be reasonably required in the discharge of his duties and responsibilities as an Executive Vice President of the Company and in his role as President of the GDSO Division of the Partnership, the Executive shall perform his obligations hereunder in, or within forty (40) miles of, Waltham, Massachusetts.

 

2

 

6.                                      Compensation.

 

(a)                                 Base Salary.  During the Term, the Executive shall be entitled to an annual base salary of $425,000, subject to increase as of each January 1 if so determined by the Compensation Committee.  The Executive’s base salary, as from time to time increased in accordance with this Section 6(a), is hereafter referred to as “Base Salary.” The Base Salary shall be paid in equal installments pursuant to the Company’s customary payroll policies and procedures in force at the time of payment, but in no event less frequently than monthly.

 

(b)                                 Bonus.  From time to time during the Term, the Executive may be eligible to receive a cash bonus (a “Bonus”) in an amount to be determined at the discretion of the Compensation Committee.

 

(c)                                  Incentive Compensation.  The Executive shall participate in the annual short-term incentive compensation plan set forth in attached Exhibit A (the “Short-Term Incentive Plan”), and the long-term incentive compensation plan set forth in attached Exhibit B (the “Long-Term Equity-Based Incentive Plan”), and as determined by the Compensation Committee may be eligible to participate in any other incentive plans in which management employees may participate.

 

(d)                                 Reimbursements.  During the Term, the Company shall pay or reimburse the Executive for all reasonable expenses incurred by the Executive on business trips, and for all other business and entertainment expenses reasonably incurred or paid by him during the Term in the performance of his services under this Agreement, in accordance with past practice and with the Company’s expense reimbursement policy as in effect from time to time, upon presentation of expense statements or vouchers or such other supporting documentation as the Company may reasonably require.

 

(e)                                  Fringe Benefits.  During the Term, the Executive shall be entitled to participate in the Company’s health insurance, 401(k) and other benefit plans in accordance with Company policies and on the same general basis as other executives of the Company.  Additionally, the Company shall pay on behalf of the Executive certain membership dues and professional fees for tax and estate planning services in an amount not to exceed $30,000 and the Executive shall be eligible to receive such other benefits as may be approved by the Compensation Committee.

 

(f)                                   Vacation.  During the Term, the Executive shall be eligible for 25 days of paid vacation each calendar year with any unused vacation days to be subject to the Company’s standard vacation policy with respect to the carryover or payment for any such unused vacation days.

 

7.                                      Separation from Service.

 

(a)                                 In General.  If the Executive’s employment is terminated for any reason, he (or his estate) shall be paid on the Date of Termination (i) all amounts of Base Salary due and owing up through the Date of Termination, (ii) any previously awarded but unpaid Bonus and

 

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short-term cash incentive plan amounts, (iii) all reimbursements of expenses appropriately and timely submitted, and (iv) any and all other amounts that may be due to him as of the Date of Termination (the “Accrued Obligations”). Additionally, the Executive shall be entitled to retain the following items currently supplied to him by the Company: personal computer, laptop computer, smartphone and iPad. Promptly following the Date of Termination, the Executive shall return to the Company all confidential and proprietary information of the Company in his possession.

 

(b)                                 Termination Due to the Death or Disability of Executive.  The Executive’s employment hereunder shall be terminated automatically upon the death or Disability of the Executive.  The Company shall pay to the Executive (or his estate) or on his (or its) behalf upon his termination under this Section 7(b) on the Date of Termination or as soon as reasonably practical (but no more than ten days) thereafter the Accrued Obligations. Additionally, the Company shall continue to pay the Executive (or his estate) the Base Salary then in effect as well as all fringe benefits the Executive was receiving as of the Date of Termination through the end of the applicable Term. Furthermore, if the Executive’s employment is terminated due to his Disability, the Company shall pay the monthly amounts due for all group health, dental, life, disability, vision and similar insurance premiums on behalf of the Executive and his spouse and dependents, if any, for 24 months following the Date of Termination and shall pay to the Executive in 24 equal monthly installments commencing on the last day of the month following the last day of the Term an amount equal to the product of 75% and the sum of (i) the Base Salary in effect as of the Date of Termination; and (ii) the average of the aggregate Bonuses and short-term cash incentive amounts awarded to the Executive pursuant to this Agreement, if any, for the two calendar years immediately preceding the termination of this Agreement.

 

(c) Termination by the Company Without Cause or by the Executive for Reasons Constituting Constructive Termination.  The Executive’s employment hereunder may be terminated by the Company without Cause or by the Executive for reasons constituting Constructive Termination.  The Company shall pay to the Executive upon his termination under this Section 7(c) on the Date of Termination or as soon as reasonably practical (but no more than ten days) thereafter the Accrued Obligations. Additionally, if the Executive’s employment is terminated pursuant to this paragraph 7(c), then (1) all compensation and all benefits to the Executive hereunder shall continue to be provided until the last day of the Term pursuant to the terms of this Agreement, and (2) the Executive shall be paid by the Company an amount equal to the product of 75% and the sum of (i) the Base Salary as in effect on the Date of Termination and (ii) the average of any Bonuses and short-term cash incentive amounts awarded pursuant to this Agreement, if any, in the two calendar years immediately preceding the Date of Termination in twenty-four (24) equal monthly installments commencing on the first day of the month following the month in which the Date of Termination occurs.

 

(d)                                 Termination by the Company for Cause.  The Company’s Board of Directors may terminate the Executive’s employment hereunder for Cause, in which case on the Date of Termination, the Executive will receive payment of the Accrued Obligations.  Notwithstanding any provision herein to the contrary, prior to a termination for Cause, the following shall apply:  (i) the Company will provide notice to the Executive setting forth its intention to terminate the Executive for Cause, describing in detail the nature of the

 

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circumstances that support such determination, and the date and time established for a hearing before the Board, which hearing shall be not less than fifteen (15) business days from the date of such notice, (ii) the Executive will have the right to be heard by the Board, and the Executive shall be entitled to representation by counsel at such hearing, provided, however, that such counsel shall be subject to limitations on direct interaction with the Board members during such hearing as such limitations are established by the Board and provided to the Executive with the notice of the hearing, and (iii) following such hearing, the Board may authorize a termination of the Executive’s employment for Cause only with a 2/3 majority vote of the full Board. If the Executive retains counsel for the hearing with the Board, and the Board does not terminate Executive for Cause within five business days following the hearing, the Company shall promptly reimburse the Executive for any legal fees and expenses incurred by him in connection with such a hearing.

 

(e)                                  Nonrenewal of the Agreement.  If the Agreement is not renewed by the Company at the end of the applicable Term, and the Executive does not continue to serve as an Executive Vice President of the Company or President of the GDSO Division of the Partnership following the expiration of this Agreement pursuant to a different employment agreement with the Company, the Company, upon the Executive’s separation of service from the Company, shall pay the Executive in 12 equal monthly installments an amount equal to the greater of (X) the product of 75% and the sum of (i) the Base Salary in effect as of the end of the Agreement; and (ii) the average of the aggregate Bonuses and short-term cash incentive amounts awarded to the Executive pursuant to this Agreement, if any, for the two calendar years immediately preceding the expiration of this Agreement; and (Y) the Base Salary in effect as of the end of the Agreement.  If the Agreement is not renewed by the Company at the end of the applicable Term, then the Agreement shall continue for an additional two months prior to the Executive’s separation of service from the Company, to reflect the two months by which the term of the 2012 Employment Agreement was shortened.

 

(f)                                   Definitions.

 

(i)                                     For the purposes of this Agreement, “Cause” shall mean the Executive (A) has engaged in gross negligence or willful misconduct in the performance of his duties, (B) has committed an act of fraud, embezzlement or willful breach of a fiduciary duty to the Company or any of its subsidiaries (including the unauthorized disclosure of any material secret, confidential and/or proprietary information, knowledge or data of the Company or any of its subsidiaries); (C) has been convicted of a crime involving fraud or moral turpitude or any felony or (D) has breached any material provision of this Agreement.  The Executive must be provided a written notice from the Company, giving him at least 30 days to affect a cure of any claimed occurrence under (A), (B) or (D) above that is capable of being cured, prior to the delivery of any notice described under Section 7(d)(i) hereof.

 

(ii)                                  “Change in Control” shall occur upon: (A) the date that any one person, entity or group (other than the estate of Alfred Slifka or the successors to the interests of Alfred Slifka, and other than Richard Slifka, Eric

 

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Slifka or the Executive, or their respective family members or entities they control, individually or in the aggregate, directly or indirectly (collectively referred to hereinafter as the “Slifkas”)) acquires ownership of the membership interests of the Company that, together with the membership interests of the Company already held by such person, entity or group, constitutes more than 50% of the total voting power of the membership interests of the Company; provided, however, if any one person, entity or group is considered to control more than 50% of the total voting power of the membership interests of the Company, the acquisition of additional membership interests by the same person, entity or group shall not be deemed to be a Change in Control; (B) a consolidation or merger (in one transaction or a series of related transactions) of the Company pursuant to which the holders of the Company’s equity securities immediately prior to such transaction or series of related transactions would not be the holders immediately after such transaction or series of related transactions of at least 50% of the voting power of the entity surviving such transaction or series of related transactions; or (C) the sale, lease, exchange or other transfer (in one transaction or a series of related transactions) of all or substantially all of the assets of the Company to a person other than the Slifkas or any of them. In all respects, the definition of “Change in Control” shall be interpreted to comply with Section 409A(a)(2)(A)(v) of the Internal Revenue Code of 1986 (the “Code”) and any successor statute, and/or guidance thereunder, and the provisions of Treasury Regulation Section 1.409A and any successor regulation and guidance thereto; provided, however, an interpretation in compliance with Section 409A of the Code shall not expand the definition of Change in Control in any way or cause an acquisition by the Slifkas to result in a Change in Control.

 

(iii)                               “Constructive Termination” means termination of this Agreement by the Executive as a result of any (A) substantial diminution, without the Executive’s written consent, in the Executive’s working conditions consisting of (1) a material reduction in the Executive’s duties and responsibilities, (2) any change in the reporting structure so that the Executive no longer reports solely to the President and Chief Executive Officer of the Company, or (3) a relocation of the Executive’s place of work further than forty (40) miles from Waltham, Massachusetts, or (B) a material breach of this Agreement by the Company.  To be able to terminate his employment with the Company for Constructive Termination, the Executive must provide notice to the Company of the existence of any of the conditions set forth in the immediately preceding sentence within 90 days of the initial existence of such condition(s), and the Company must fail to remedy such condition(s) within 30 days of such notice.  In no event shall the Date of Termination in connection with a Constructive Termination occur any later than one year following the initial existence of the condition(s) constituting a Constructive Termination hereunder.

 

(iv)                              “Disability” shall mean a physical or mental condition which (A) renders the Executive, with or without reasonable accommodation, unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in

 

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death or can be expected to last for a continuous period of not less than 12 months, or (B) by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, results in the Executive receiving income replacement benefits for a period of not less than three (3) months under an accident and health plan covering employees of the Company.

 

(g)                                  Notice of Termination.  Any termination or non-renewal (except due to the death of Executive) by the Company or the Executive shall be communicated by written Notice of Termination to the other party hereto.   For purposes of this Agreement, a “Notice of Termination” shall mean a notice which (i) shall state the effective date of such termination, (ii) shall indicate the specific termination provision in this Agreement relied upon and (iii) shall set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of the Executive’s employment under the provision so indicated.  Any such notice shall be provided in accordance with the requirements of Section 20 hereof. Any notice of Constructive Termination by the Executive shall be given by the Executive within 90 days of the initial existence of the condition upon which the Constructive Termination is based.

 

(h)                                 Date of Termination.  The “Date of Termination” shall mean (i) the date of death, if the Executive’s employment is terminated because of death, (ii) the date the Executive is determined to have a Disability, if the Executive’s termination is based on his Disability, and (iii) if the Executive’s employment is terminated for any other reason, the date specified in the Notice of Termination, which date shall be in accordance with the timing rules set out in (d) or (g) of this Section 7, as applicable. With respect to any compensation payable under this Agreement that is subject to Section 409A of the Code, references to the Executive’s Date of Termination or termination of employment (and variations thereof) shall be deemed to refer only to the Executive’s “separation from service” within the meaning of Section 1.409A-1(h) of the U.S. Treasury Regulations, applying the default terms thereof.

 

(i)                                     Delayed Payments. Notwithstanding any other provision with respect to the timing of payments under this Section 7, if, at the time of the Executive’s termination, the Executive is deemed to be a “specified employee”  (within the meaning of Section 409A of the Code, and any successor statute, regulation and guidance thereto) of the Company, then only to the extent necessary to comply with the requirements of Section 409A of the Code, any payments to which the Executive may become entitled under Section 7 as a result of his “separation from service” (within the meaning of Section 409A of the Code, and any successor statute, regulation and guidance thereto) which are subject to Section 409A of the Code (and not otherwise exempt from its application) will be withheld until the first business day of the seventh month following the termination of the Executive’s employment, at which time the Executive shall be paid an aggregate amount equal to six months of payments otherwise due to the Executive under the terms of this Section 7, as applicable, plus (to the extent not prohibited by Section 409A of the Code) interest on such amounts at the then applicable prime rate of interest as established from time to time by Bank of America Corporation or its successor.  After the first business day of the seventh month following the termination of the Executive’s employment and continuing each month thereafter, the Executive shall be paid the regular payments otherwise due to the Executive in accordance with the terms of this Section 7, as applicable.

 

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(j)                                    Nonsolicitation of Employees.  The Executive agrees that for a period of two years following his Date of Termination he will not solicit or induce any employee of the Company or of the Partnership or any of its subsidiaries to terminate his/her employment with, or otherwise cease his/her relationship with the Company or the Partnership or its subsidiaries.

 

(k)                                 Nondisparagement.  Each of the Company and the Executive agree not to make any disparaging comments or remarks, orally or in writing, about the other party following the termination or expiration of this Agreement.

 

8.                                      Section 409A.  The parties hereto intend that this Agreement comply with the requirements of Section 409A of the Code and the regulatory guidance thereunder.   If any provision provided herein may result in the imposition of an additional tax or penalty under the provisions of Section 409A of the Code, the Executive and the Company agree to amend any such provision to avoid imposition of any such additional tax, to the extent possible, in the manner that the Executive and the Company mutually agree is appropriate to comply with Section 409A of the Code; provided that, to the extent possible, any such amendment shall minimize any decrease in the payments or benefits to the Executive contemplated herein.

 

9.                                      Confidential Information; Unauthorized Disclosure.

 

(a)                                 During the Term and for the period ending two years following the Date of Termination, the Executive shall not, without the written consent of the Board or a person authorized thereby, disclose to any person, other than an employee of the Company, the Partnership or its subsidiaries or a person to whom disclosure is reasonably necessary or appropriate in connection with the performance by the Executive of his duties as an Executive Vice President of the Company and the Partnership, any secret, confidential and/or proprietary information, knowledge or data obtained by him while in the employ of the Company or any of its affiliates with respect to the Company, the Partnership or any of its subsidiaries and their respective businesses, the disclosure of which he knows or should know will be damaging to the Company, the Partnership or any of its subsidiaries; provided however, that such information, knowledge or data shall not include (i) any information, knowledge or data known generally to the public (other than as a result of unauthorized disclosure by the Executive) or (ii) any information, knowledge or data which the Executive may be required to disclose by any applicable law, order, or judicial or administrative proceeding.

 

(b)                                 The Executive acknowledges that money damages would not be sufficient remedy for any breach of this Section 9 by the Executive, and the Company, the Partnership or its subsidiaries shall be entitled to enforce the provisions of this Section 9 by seeking specific performance and injunctive relief as remedies for such breach or any threatened breach.  Such remedies shall not be deemed the exclusive remedies for a breach of this Section 9 but shall be in addition to all remedies available at law or in equity, including the recovery of damages from the Executive and his agents.

 

10.                               Payment Obligations Absolute.  Except as specifically provided in this Agreement, the Company’s obligation to pay the Executive the amounts and to make the arrangements provided herein shall be absolute and unconditional and shall not be affected by

 

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any circumstances, including, without limitation, any set-off, counterclaim, recoupment, defense or other right which the Company or the Partnership (including its subsidiaries) may have against him or anyone else.   All amounts payable by the Company shall be paid without notice or demand.  The Executive shall not be obligated to seek other employment in mitigation of the amounts payable or arrangements made under any provision of this Agreement, and except as provided in Section 7(c) above, the obtaining of any such other employment shall in no event effect any reduction of the Company’s obligations to make the payments and arrangements required to be made under this Agreement.

 

11.                               Successors.  This Agreement shall inure to the benefit of and be binding upon the Company and its successors and permitted assigns and any such successor or permitted assignee shall be deemed substituted for the Company under the terms of this Agreement for all purposes. As used herein, “successor” and “assignee” shall be limited to any person, firm, corporation or other business entity which at any time, whether by purchase, merger or otherwise, directly or indirectly acquires the equity of the Company or to which the Company assigns this Agreement by operation of law or otherwise in connection with any sale of all or substantially all of the assets of the Company, provided that any successor or permitted assignee promptly assumes in a writing delivered to the Executive this Agreement and, in no event, shall any such succession or assignment release the Company from its obligations hereunder. The Company will require any successor (whether direct or indirect, by purchase, merger or otherwise) to all or substantially all of the business and/or assets of the Company to assume expressly and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place. As used in this Agreement, “Company” shall mean the Company as herein before defined and any successor to all or substantially all of its business and/or assets as aforesaid which assumes and agrees to perform this Agreement by operation of law, or otherwise.

 

12.                               Assignment.  The Executive shall not have any right to pledge, hypothecate, anticipate or assign this Agreement or the rights hereunder, except by will or the laws of descent and distribution, or delegate his duties or obligations hereunder.

 

13.                               Governing Law.  The provisions of this Agreement shall be construed in accordance with, and governed by, the laws of the Commonwealth of Massachusetts without regard to principles of conflict of laws.

 

14.                               Entire Agreement.  This Agreement together with the attached Annex I and Exhibits A and B hereto constitute the entire agreement of the parties with regard to the subject matter hereof, and contain all of the covenants, promises, representations, warranties and agreements between the parties with respect to such subject matter.  Without limiting the scope of the preceding sentence, as of the Effective Date, all understandings and agreements preceding the Effective Date and relating to the subject matter hereof are hereby null and void and of no further force and effect, including, without limitation all prior employment and severance agreements, if any, by and between the Company and the Executive; provided that, nothing contained in the foregoing shall be deemed to supersede or make invalid any prior agreements between the Executive and the Company concerning long-term incentive plan awards and any agreement by and between the Executive and the Company, the Partnership or any affiliated

 

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entity or member of the Partnership in his capacity as an interest holder, including without limitation the Omnibus Agreement.

 

15.                               Modification.  Any modification of this Agreement will be effective only if it is in writing and signed by the parties hereto.

 

16.                               No Waiver.  No failure by either party hereto at any time to give notice of any breach by the other party of, or to require compliance with, any condition or provision of this Agreement shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time.

 

17.                               Severability.  Any provision in this Agreement which is prohibited or unenforceable in any jurisdiction by reason of applicable law shall, as to such jurisdiction, be ineffective only to the extent of such prohibition or unenforceability without invalidating or affecting the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

18.                               Counterparts.  This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original, but all of which together will constitute one and the same Agreement.

 

19.                               Withholding of Taxes and Other Employee Deductions.  The Company may withhold from any benefits and payments made pursuant to this Agreement all federal, state, city and other taxes as may be required pursuant to any law or governmental regulation or ruling and all other normal employee deductions made with respect to the Company’s employees generally.

 

20.                               Notice.  For the purpose of this Agreement, notices and all other communications provided for in this Agreement shall be in writing and shall be deemed to have been duly given when delivered by hand, or by a nationally recognized overnight delivery service or mailed by U.S. registered mail, return receipt requested, postage prepaid, addressed to the parties at their addresses set forth below, or to such other addresses as either party may have furnished to the other in writing in accordance herewith except that notices of change of address shall be effective only upon receipt.

 

If to the Company:

 

Global GP LLC
 P.O. Box 9161
 800 South St.
 Waltham, Massachusetts 02454-9161
 Attention: General Counsel and the Chairman of the Board

 

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with a copy to:

 

Brenda K. Lenahan
 Vinson & Elkins L.L.P.
 666 Fifth Avenue
 25th Floor
 New York, New York 10103

 

If to the Executive:

 

At the Executive’s last known home address listed in the Company’s personnel records from time to time

 

with a copy to:

 

Michael A. Hickey

Goulston & Storrs, P.C.

400 Atlantic Ave.
 Boston, Massachusetts 02110

 

21.                               Headings.  The section headings have been inserted for purposes of convenience and shall not be used for interpretive purposes.

 

[Remainder of page intentionally blank]

 

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IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

 

	
 
    	
GLOBAL GP LLC
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Eric Slifka
    
	
 
    	
Name:
    	
Eric   Slifka
    
	
 
    	
Title:
    	
President   and CEO
    

 

 

	
 
    	
ANDREW P. SLIFKA
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
/s/   Andrew P. Slifka
    

 

[Signature page to Employment Agreement]

 

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ANNEX I

 

Non-Competition Provisions

 

1.                                      Non-competition; Nonsolicitation.   During the Term, and in the event that the Executive’s employment is terminated for any reason, then for a period of two (2) years (the “Restrictive Period”) following the Date of Termination the Executive shall be prohibited from working (as an employee, consultant, advisor, director or otherwise) for, engaging in or acquiring or investing in any business having assets engaged in (or actively considering engagement in) the following businesses in New England and other jurisdictions in which the Company and/or Global is conducting business as of the Date of Termination (the “Restricted Businesses”):  (i) wholesale and/or retail marketing, sale, distribution and transportation of refined petroleum products, crude oil, renewable fuels (including ethanol and bio-fuels), natural gas liquids (including ethane, butane, propane and condensates), natural gas, compressed natural gas and liquefied natural gas; (ii) the storage of refined petroleum products and/or any of the other products identified in clause (i) of this paragraph in connection with any of the activities described in said clause (i); (iii) the sale of convenience store items and sundries and related food service and (iv) bunkering, unless the Chief Executive Officer of the Company and the Board approve such activity.  During the Restrictive Period, the Executive also shall not directly or indirectly solicit any employees, contractors, vendors, suppliers or customers of the Company or Global to cease to be employed by or otherwise do business with the Company or Global, or to reduce the same, or to be employed or otherwise do business with any Restricted Business.  Notwithstanding any provision of this Amendment to the contrary, the Executive may own up to 3% of a publicly traded entity that is engaged in one or more of the Restricted Businesses.  If any court determines that any of the provisions of this Amendment are invalid or unenforceable, the remainder of such provisions shall not thereby be affected and shall be given full effect without regard to the invalid provisions.  If any court construes any of the provisions of this Amendment, or any part thereof, to be unreasonable because of the duration of such provision or the geographic scope thereof, such court shall have the power to reduce the duration or restrict the geographic scope of such provision and to enforce such provision as so reduced or restricted.  Notwithstanding the foregoing or any other provision of this Agreement, nothing in this Amendment shall limit the Executive’s ability to perform services in any capacity or invest in any of the following: (i) money management firm; (ii) investment partnership; (iii) investment or private equity firm; or (iv) private equity or other investment fund; except that if any such firm, partnership or fund referenced in subsections (i) through (iv) contemplates or makes direct investments in Global or in any Restricted Business, the Executive must recuse himself and may not personally, in any respect, be actively involved, actively participate, or directly invest, and must fully comply with the provisions of Section 15 of this Agreement.

 

Any restrictions on the Executive otherwise prohibited under this Amendment may be waived only by express written permission of the Conflicts Committee of the Company’s Board of Directors.

 

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EXHIBIT A

 

Short-Term Annual Cash Incentive Plan

 

The Executive shall participate in an annual short-term cash incentive plan with 50% of any cash incentive amounts earned for a fiscal year to be determined based upon the achievement of financial metrics established by the Company’s Compensation Committee (the “financial metrics”) and 50% of such cash incentive amounts to be determined at the discretion of the Company’s Compensation Committee.  The annual “award target” cash incentive amount shall be $265,000, and the annual maximum cash incentive amount that may be awarded shall be $530,000.  The Company’s Compensation Committee may also establish threshold financial metrics required to be met for any cash incentive amount to be awarded, and a formula for the amount of the cash incentive that will be awarded relative to the amount by which the financial metrics threshold are or are not met or exceeded.  The targets, metrics (including any thresholds) and formula will be established by the Company’s Compensation Committee in the first calendar quarter of each fiscal year. Any amounts earned or awarded under any short-term cash incentive plan shall be paid within 2 and 1⁄2 months of the end of the fiscal year for which the cash incentives were earned or awarded.

 

 

EXHIBIT B

 

Long-Term Equity-Based Incentive Plan

Performance-Restricted Units

 

Executive shall be eligible to participate in the Company’s Long-Term Equity-Based Incentive Plan (the “Plan”) throughout the Term of the Employment Agreement.  The Company’s Compensation Committee shall determine whether and in what amounts to grant the Executive Performance-Restricted Units, Phantom Units or some functional equivalent of Global Partners LP, and shall establish the terms and conditions of such grants, including the timing of the grants, the vesting periods, if any, and any applicable milestones, all in accordance with the Plan and in compliance with Section 409A of the Code and any successor statute, regulation or guidance thereunder.

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