Document:

Exhibit 10.1

  

  

  

  

  

  
    EXTENSION AMENDMENT

    

    

    EXTENSION AMENDMENT, dated as of November 12, 2019 (this “Extension Amendment”), to the Amended and Restated Credit Agreement, dated as of March 21, 2011, as amended and
      restated as of June 26, 2014, as further amended and restated as of June 30, 2016, as further amended as of July 13, 2018, and as further amended and restated as of September 26, 2018 (as otherwise amended, supplemented or otherwise modified from
      time to time prior to the date hereof, the “Existing Credit Agreement”), among Brunswick Corporation, a Delaware corporation (the “Company”), certain subsidiaries of the Company that may be Subsidiary Borrowers party thereto (the “Subsidiary
        Borrowers”, and together with the Company, the “Borrowers”), the Company as guarantor of the amount owing by each Subsidiary Borrower thereunder (the “Guarantor”), the several banks and other financial institutions or entities
      from time to time party thereto as lenders (collectively and including the Issuing Lenders, the “Lenders”), JPMorgan Chase Bank, N.A., as administrative agent (in such capacity, the “Administrative Agent”), and the other Agents party
      thereto, among the Company, the other Loan Parties, the Administrative Agent and the lenders party hereto that represent at least Required Lenders under the Existing Credit Agreement (the “Extending Lenders”; such Lenders under the Existing
      Credit Agreement on the date hereof that are not Extending Lenders, the “Non-Extending Lenders”).

    

    

    The Existing Credit Agreement, as amended by this Extension Amendment, is referred to in this Extension Amendment as the “Amended Credit Agreement”.

    

    

    W I T N E S S E T H:

    

    

    WHEREAS, the Company, the Subsidiary Borrowers, the Guarantor, the Lenders, the Agents and the Administrative Agent are parties to the Existing Credit Agreement;

    

    

    WHEREAS, the Company has requested that each Lender extend such Lender’s Commitment Termination Date for an additional year pursuant to Section 2.24 of the Existing Credit
      Agreement; and

    

    

    WHEREAS, each Lender that executes this Extension Amendment as an  Extending Lender is willing to agree to extend its Commitment Termination Date pursuant to Section 2.24 of the
      Existing Credit Agreement and as set forth herein;

    

    

    NOW THEREFORE, in consideration of the premises and the mutual covenants hereinafter set forth, the parties hereto hereby agree as follows:

    

    

    1.         Defined Terms.  Terms defined in the Existing Credit Agreement and used herein (including, without limitation, in the recitals hereto) shall have the meaning
      given to them in the Existing Credit Agreement unless otherwise defined herein.

    

    

    2.         Amendments to the Existing Credit Agreement.

    

    

    (a)      Additional Defined Terms. The following definitions are hereby added in the appropriate alphabetical order to Section 1.01 of the Existing Credit Agreement:““2019
        Extending Lenders” means the “Extending Lenders” as defined in the Extension Amendment.”

    

    

    

    

    
      
        

    

    

    

    

    

    ““2019 Non-Extending Lenders” means the “Non-Extending Lenders” as defined in the Extension Amendment.  As of the Extension Amendment Effective Date, the 2019 Non-Extending
      Lenders are deemed “Non-Extending Lenders” as defined under this Agreement.”

    

    

    ““Extension Amendment” means that certain Extension Amendment, dated as of November 12, 2019 among the Borrowers, the Guarantor, the 2019 Extending Lenders and the
      Administrative Agent.”

    

    

    ““Extension Amendment Effective Date” has the meaning set forth in the Extension Amendment.”

    

    

    (b)          Defined Term.  Section 1.01 of the Existing Credit Agreement is hereby amended by (i) deleting the definition of “Commitment Termination Date” in its entirety
      and (ii) replacing, in lieu thereof, with the following:

    

    

     ““Commitment Termination Date” means the later of (a) for any 2019 Non-Extending Lender, (i) September 26, 2023 and (ii) if the Commitments of such 2019 Non-Extending
      Lender are extended pursuant to Section 2.24, such extended termination date as determined pursuant to such Section 2.24 and (b) for any 2019 Extending Lender, (i) September 26, 2024 and (ii) if the Commitments of such 2019 Extending Lender are
      extended pursuant to Section 2.24, such extended termination date as determined pursuant to such Section 2.24; provided, however, that, in each case, if such date is not a Business Day, the Commitment Termination Date shall be the immediately
      preceding Business Day.  As of the Extension Amendment Effective Date, the date set forth in clause (a)(i) of the preceding sentence is deemed an “Existing Termination Date” as defined under this Agreement and the date set forth in clause (a)(ii) of
      the preceding sentence is deemed an “Extended Commitment Termination Date” under this Agreement.”

    

    

    (c)          Amendment to Section 2.24(a).  Section 2.24(a) of the Existing Credit Agreement is hereby amended by replacing the first parenthetical statement in such Section
      with the following language:  “(but no more than one time under this Agreement, in addition to the request effected pursuant to the Extension Amendment)”.

    

    

    (d)          Schedule 1.01A.  Schedule 1.01A of the Existing Credit Agreement is hereby amended and restated in its entirety with the schedule of Commitments set forth in
      Exhibit A of this Extension Amendment.

    

    

    (e)          Other Matters.  The parties hereto acknowledge and agree to the following:

    

    

    (i)          Pursuant to Section 2.24(b) of the Existing Credit Agreement, following the Extension Amendment Effective Date, the LC Exposure shall continue to be
      held ratably among the lenders under the Amended Credit Agreement, but on the Commitment Termination Date (as defined under the Amended Credit Agreement) applicable to the Loans of any Non-Extending Lender, the LC Exposure under the Amended Credit
      Agreement of such Non-Extending Lender shall be ratably reallocated, to the extent of the unused Commitments of the Extending Lenders, to such Extending Lenders (without regard to whether the conditions set forth in Section 4.02 of the Existing
      Credit Agreement can then be satisfied) and the Borrowers shall cash collateralize the balance of such LC Exposure under the Amended Credit Agreement in accordance with Section 2.06(k) of the Existing Credit Agreement.

    

    

    

    

    
      
        

    

    

    

    

    

    (ii)          Pursuant to Section 2.24(e)(iii) of the Existing Credit Agreement, on the Commitment Termination Date (as defined under the Amended Credit
      Agreement) applicable to Loans of any Non-Extending Lender, each of the Borrowers shall repay any outstanding Loans of each Non-Extending Lender that has not been replaced as provided in Section 2.24(c) of the Existing Credit Agreement (and pay any
      additional amounts required pursuant to Section 2.16 of the Existing Credit Agreement).

    

    

    3.          Conditions to Effectiveness of this Amendment.  This Extension Amendment shall become effective (the date of such effectiveness, the “Extension Amendment
        Effective Date”) upon the satisfaction of or waiver by the Administrative Agent of the following conditions:

    

    

    (a)          Execution of Counterparts.  This Extension Amendment shall have been executed and delivered by the Company, the other Loan Parties, the Administrative Agent and
      the Extending Lenders; and

    

    

    (b)          Representations and Warranties.  Each of the representations and warranties made by the Loan Parties in Section 4 hereof shall be true and correct.

    

    

    (c)          Fees.  All fees required to be paid on the Extension Amendment Effective Date and reasonable out-of-pocket expenses required to be paid on the Extension
      Amendment Effective Date, in each case to the extent invoiced at least three business days prior to the Extension Amendment Effective Date (except as otherwise reasonably agreed by the Company) and to the extent such fees and expenses are required to
      be paid pursuant to Section 10.03 of the Existing Credit Agreement, shall be paid substantially concurrently with the effectiveness of this Extension Amendment.

    

    

    (d)          Officers Certificate.  The Administrative Agent shall have received a certificate, signed by a Financial Officer and dated the Extension Amendment Effective
      Date stating that the representations and warranties contained in Section 4 hereof are true and correct.

    

    

    4.          Representation and Warranties.  To induce the Administrative Agent and the Extending Lenders to enter into this Extension Amendment, the Loan Parties hereby
      represent and warrant to the Administrative Agent and each Extending Lender that:

    

    

    (a)          On and as of the Extension Amendment Effective Date, the representations and warranties of the Loan Parties set forth in the Amended Credit Agreement and in the other
      Loan Documents are true and correct in all material respects (or, to the extent subject to materiality or Material Adverse Effect qualifiers, in all respects) on and as of the Extension Amendment Effective Date (or, if any such representation or
      warranty is expressly stated to have been made as of a specific earlier date, as of such specific date).

    

    

    

    

    
      
        

    

    

    

    

    

    (b)          At the time of and immediately after giving effect to this Extension Amendment, no Default or Event of Default shall have occurred and be continuing.

    

    

    5.          Effect.  Except as expressly amended hereby, all of the representations, warranties, terms, covenants and conditions of the Loan Documents shall remain unamended
      and not waived and shall continue to be in full force and effect.  After the date hereof, any reference in the Loan Documents to the Existing Credit Agreement shall mean the Amended Credit Agreement.

    

    

    6.          Counterparts.  This Extension Amendment may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall
      constitute an original, but all of which when taken together shall constitute a single contract.

    

    

    7.          Severability.  Any provision of this Extension Amendment held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be
      ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions thereof; and the invalidity of a particular provision in a particular jurisdiction
      shall not invalidate such provision in any other jurisdiction.

    

    

    8.          Integration.  This Extension Amendment shall constitute a Loan Document.  This Extension Amendment and the other Loan Documents constitute the entire contract
      between and among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof.

    

    

    9.          GOVERNING LAW.  THIS EXTENSION AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK.

    

    

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

    

    

    

    

    
      	 	
              BRUNSWICK CORPORATION, as a Borrower and the Guarantor

            	 
	 	 	 	 
	 	 	 	 
	
              

              

            	
              By: 

            	
              /s/ Ryan M. Gwillim

            	 
	 	 	
              Name:  Ryan M. Gwillim

            	 
	 	 	
              Title:    Vice President—Finance and Treasurer

            	 
	 	 	 	 

    

    
      

      

      

      

      
        	 	
                BRUNSWICK MARINE IN EMEA, INC., as a Borrower

              	 
	 	 	 	 
	 	 	 	 
	
                

                

              	
                By: 

              	
                /s/ Ryan M. Gwillim

              	 
	 	 	
                Name:  Ryan M. Gwillim

              	 
	 	 	
                Title:    Treasurer

              	 
	 	 	 	 

      

      

      

      

      

      
        	 	
                BRUNSWICK INTERNATIONAL LIMITED, as a Borrower

              	 
	 	 	 	 
	 	 	 	 
	
                

                

              	
                By: 

              	
                /s/ Ryan M. Gwillim

              	 
	 	 	
                Name:  Ryan M. Gwillim

              	 
	 	 	
                Title:    Vice President—Finance and Treasurer

              	 
	 	 	 	 

      

      

      

      

      

      
        	 	
                MARINE POWER INTERNATIONAL LIMITED, as a Borrower

              	 
	 	 	 	 
	 	 	 	 
	
                

                

              	
                By: 

              	
                /s/ Ryan M. Gwillim

              	 
	 	 	
                Name:  Ryan M. Gwillim

              	 
	 	 	
                Title:    Treasurer

              	 
	 	 	 	 

      

      

      

      

      

      
        

        

      

      
        [Signature Page to Brunswick Revolving Credit Agreement Extension Amendment]

        
          

        

      

       

      

       

      

       

      

      
        	 	
                JPMORGAN CHASE BANK, N.A., as Administrative Agent, a Lender, and Issuing Lender and an Extending Lender

              	 
	 	 	 	 
	 	 	 	 
	
                

                

              	
                By: 

              	
                /s/ Tony Yung

              	 
	 	 	
                Name:  Tony Yung

              	 
	 	 	
                Title:    Executive Director

              	 
	 	 	 	 

      

      
        

        

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      
        [Signature Page to Brunswick Revolving Credit Agreement Extension Amendment]

        
          

        

      

       

      

      

      

      

      

      
        	 	
                BANK OF AMERICA, N.A., as a Lender, an Issuing Bank and an Extending Lende

              	 
	 	 	 	 
	 	 	 	 
	
                

                

              	
                By: 

              	
                /s/ Nicholas Cheng

              	 
	 	 	
                Name:  Nicholas Cheng

              	 
	 	 	
                Title:    Director

              	 
	 	 	 	 

      

      
        

        

        

        

        

        

        

        

        

        

        

        

        

        

        

        

        
          [Signature Page to Brunswick Revolving Credit Agreement Extension Amendment]

          
            

          

        

         

        

        

        

        

        

        
          	 	
                  WELLS FARGO BANK, N.A., as a Lender, an Issuing Bank and an Extending Lender

                	 
	 	 	 	 
	 	 	 	 
	
                  

                  

                	
                  By: 

                	
                  /s/ Joseph Gricco

                	 
	 	 	
                  Name:  Joseph Gricco

                	 
	 	 	
                  Title:    Vice President

                	 
	 	 	 	 

        

        

        

        

        

        

        

        

        

        

        

        

        

        

        

        

        

        

        

        
          [Signature Page to Brunswick Revolving Credit Agreement Extension Amendment]

          
            

          

        

         

        

         

        

         

        

        
          	 	
                  U.S. Bank National Association, as a Lender and an Extending Lender

                	 
	 	 	 	 
	 	 	 	 
	
                  

                  

                	
                  By: 

                	
                  /s/ James N. Devries

                	 
	 	 	
                  Name:  James N. Devries

                	 
	 	 	
                  Title:  Senior Vice President

                	 
	 	 	 	 

        

        

        

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      
        [Signature Page to Brunswick Revolving Credit Agreement Extension Amendment]

        
          

        

      

       

      

       

      

       

      

      
        	 	
                Citizens Bank N.A., as a Lender and an Extending Lender

              	 
	 	 	 	 
	 	 	 	 
	
                

                

              	
                By: 

              	
                /s/ Thomas Lass

              	 
	 	 	
                Name:  Thomas Lass

              	 
	 	 	
                Title:    Senior Vice President

              	 
	 	 	 	 

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      
        
          [Signature Page to Brunswick Revolving Credit Agreement Extension Amendment]

          
            

          

        

         

        

         

        

        
          	 	
                  SUNTRUST BANK, as a Lender and an Extending Lender

                	 
	 	 	 	 
	 	 	 	 
	
                  

                  

                	
                  By: 

                	
                  /s/ Carlos Cruz

                	 
	 	 	
                  Name:  Carlos Cruz

                	 
	 	 	
                  Title:    Director

                	 
	 	 	 	 

        

         

        

         

        

      

      

      

      

      

      

      

      

      

      

      

      
        [Signature Page to Brunswick Revolving Credit Agreement Extension Amendment]

        
          

        

      

       

      

       

      

      
        	 	
                CITIBANK, N.A., as a Lender and an Extending Lender

              	 
	 	 	 	 
	 	 	 	 
	
                

                

              	
                By: 

              	
                /s/ Michael Vondriska

              	 
	 	 	
                Name:  Michael Vondriska

              	 
	 	 	
                Title:    Vice President

              	 
	 	 	 	 

      

       

      

       

      

       

      

       

      

       

      

       

      

       

      

      
        [Signature Page to Brunswick Revolving Credit Agreement Extension Amendment]

        
          

        

      

       

      

       

      

       

      

      
        	 	
                BMO HARRIS BANK N.A., as a Lender and an Extending Lender

              	 
	 	 	 	 
	 	 	 	 
	
                

                

              	
                By: 

              	
                /s/ Jason Deegan

              	 
	 	 	
                Name:  Jason Deegan

              	 
	 	 	
                Title:    Director

              	 
	 	 	 	 

      

       

      

      

      

      

      

      

      

      

      

      

      

      

      

      
        [Signature Page to Brunswick Revolving Credit Agreement Extension Amendment]

        
          

        

      

       

      

      

        	 	
                KBC Bank N.V., New York Branch, as a Lender and an Extending Lender

              	 
	 	 	 	 
	 	 	 	 
	
                

                

              	
                By: 

              	
                /s/ Nicholas Fiore

              	 
	 	 	
                Name:  Nicholas Fiore

              	 
	 	 	
                Title:    Director

              	 
	 	 	 	 

        

      

      
        	 	
                If your institution requires a second signature:

              	 
	 	 	 	 
	 	 	 	 
	

              	
                By: 

              	
                /s/ Robbie Claes

              	 
	 	 	
                Name:  Robbie Claes

              	 
	 	 	
                Title:    Managing Director

              	 
	 	 	 	 

      

      

      

      

      

      

      

      

      

      

      

      
        [Signature Page to Brunswick Revolving Credit Agreement Extension Amendment]

        
          

        

      

       

      

      

      

      
        EXHIBIT A

        Commitments

        

        

        [On file with the Administrative Agent.]SusGlobal Energy Corp.: Exhibit 10.1 - Filed by newsfilecorp.com

    

    
        CFO CONSULTING AGREEMENT

        THIS CONSULTING SERVICES AGREEMENT made as of the 1st day of January, 2020

        Between

        SUSGLOBAL ENERGY CANADA CORP.

        a company incorporated under the Laws of Canada (the “Company”)

        and

        IKE MAKRIMICHALOS

        an individual subject to the Laws of Canada (the “Contractor”)

        IN CONSIDERATION of the mutual agreements herein contained and of other good and valuable consideration (the receipt and sufficiency of which are acknowledged by each party), the parties agree with one another as follows:

        1. Definitions. Capitalized terms and expressions not otherwise defined herein have the meanings to them in Schedule A.

        2. Engagement. The Company hereby engages the Contractor to provide the services (the “Services”) of Chief Financial Officer (the “CFO”) of the Company, subject to the directions of the Chief Executive

        Officer (the “CEO”), and as agreed in the job description (Exhibit B).

        3. Modification of Duties. Subject to Section 10(c), the scope of the Contractor's duties may be changed from time to time by the CEO or the Board of Directors of the Company without thereby terminating this Agreement. If so changed, the Contractor's engagement with the Company shall be construed continuing under this Agreement, as modified in accordance with such determination by the CEO or the Board of Directors.

        4. Independent Contractor. The Contractor shall be an independent contractor and not a servant, employee or agent of the Company. The Company may from time to time give any instructions to the Contractor it considers necessary in connection with the provision of Services but the Contractor shall not be subject to the control of the Company in respect of the manner in which such instructions are carried out. The Contractor will perform his services from the location of the Company office and where required, attend meetings and conference calls from other locations, as required.

        5. Compliance with Laws. The Contractor shall comply with all applicable laws, rules and regulations and shall pay any and all taxes, (including the Harmonized Sales Tax (“HST”) and the Canada pension plan contributions), that it is subject to, as well as compliance with other contributions and assessments, including those under any applicable workers compensation legislation, and any other statutorily prescribed payment or assessment of any nature that are payable by virtue of the independent contractor relationship between the Contractor, its personnel if any, and the Company.

        6. Contractor is a Key Contractor. The Contractor’s position is a key position in the Company, and the

        Contractor shall provide the Services diligently and faithfully and devote his time, attention and energy to the performance of the duties of the Contractor under this Agreement with the degree of care, skill and expertise as is the industry standard and in accordance with applicable laws.

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        7. Non-exclusivity of Services. The Company acknowledges that the Contractor may, from time to time, provide services to other persons, firms and companies during the term of this Agreement, but the Contractor shall not provide such services if the ability of the Contractor to provide such Services is hereby materially diminished or impaired. Except as expressly provided in this Agreement, the Contractor shall have the right independently to engage in and receive full benefits from business activities, providing such activities are not competitive with the Company’s activities. In the event a conflict of interest arises, the Contractor agrees to inform the Company as soon as possible and the Company and the Contractor agree to use their best efforts to come to a mutually agreeable solution to the situation.

        .

        8. Duration and Term of Engagement

        The engagement of the Contractor with the Company is for a term (the “Term”) of 12 months beginning on the Effective Date, as hereinafter defined.

        9. Fee for Services

        (a) Flat Fee. Effective January 1, 2020 (the “Effective Date”), the Company will pay the Contractor a basic fee (the “Fee”) of $8,000.00 per month for 12 months, plus the applicable HST payable monthly, on the 30th of each month and upon presentation of an invoice for FOUR (4) Days per week per month. Final settlement for the month will be billed and payable at the end of each month.

        (b) Disbursements

        In addition to the Fees, noted above, the Company will reimburse the Contractor for actual out-of-pocket expenses incurred at the specific direction of or with the pre-authorization of the Company provided the Company is invoiced on a timely basis for such expenses with photo scans of proper receipts.

        10. Termination

        (a) Termination for Cause, Death or Disability. If the Contractor's engagement under this Agreement is terminated:

        (i) for Cause;

        (ii) by reason of the Contractor’s death or Disability; or

        (iii) by reason of the voluntary resignation of the Contractor as the CFO of the Company, the Contractor shall be entitled to the Fee pro-rata through the date of termination.

        (b) Termination without Cause

        If the Company terminates the engagement of the Contractor without Cause, the Contractor shall be entitled to prompt (within 10 business days of the termination) cash payments equal to 2 months Fees and any bonus compensation owing.

        (c) Constructive Discharge

        A Constructive Discharge shall be treated for all purposes of this Agreement as a termination by the Company without Cause. Notwithstanding any other provision of this Agreement, a Constructive Discharge shall be deemed to have occurred if:

        (i) the Contractor gives the Company written notice specifically identifying circumstances considered by the Contractor to constitute Good Reason, within a reasonable time after acquiring knowledge of circumstances constituting Good Reason;

        (ii) the Company fails to correct the circumstances within 15 days after such notice; and

        (iii) the Contractor resigns within ninety days after the date of delivery of the notice.

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        11. Effect of Termination on Other Positions

        If, on the date of termination of this Agreement, the Contractor is a member of the Board or a member of the Board of any of the subsidiaries, or holds any other position with the Company or any subsidiary, the Contractor shall be deemed to have resigned from all such positions as of the date of the termination of this Agreement. The Contractor agrees to execute such documents and take such other actions as the Company may request to reflect such resignation.

        12. Return of Company Property

        Upon the termination of this Agreement for any reason, the Contractor shall promptly return to the Company any keys, credit cards, passes, confidential documents or material, or other property belonging to the Company, and to return all writings, files, records, correspondence, notebooks, notes and other documents and things (including any copies thereof) except any personal diaries, calendars, rolodexes or personal notes or correspondence.

        13. Confidentiality

        The Contractor shall not, directly or indirectly, either during the term of this Agreement or at any time thereafter, in any way use or disclose to any person, other than strictly for the fulfillment of this Agreement or as required by law, any information relating to the business, commercial, technical, trade, marketing, financing or any other confidential affairs of the Company. The Contractor agrees and acknowledges that all such information is the exclusive property of the Company, and the Contractor as the case may be, shall hold all such information in trust for the Company. The Contractor confirms and acknowledges their duty to use their respective best efforts to protect the confidentiality of such information, not to misuse such information, and to protect such information from any misuse, misappropriation, harm and interference in any manner whatsoever.

        14. General

        (a) Assignments. This Agreement shall not be assignable by either party, provided however, that if the Company merges into or consolidates or amalgamates with, or transfers/sells substantially all of its assets or shares to, another company or business entity, this Agreement shall run to the benefit of and may be assigned to the Company's successors resulting from such merger, consolidation or transfer.

        (b) Non-Waiver. No consent or waiver, express or implied, of the Company or the Contractor to or of any breach or default by the other of them in the performance by the other of its obligations under this Agreement shall be deemed or construed to be a consent or waiver to or of any other breach or default of the same or any other obligation of the other party. Failure on the part of any party to complain of any act or failure to act of the other of them, or to declare the other party in default regardless of how long such failure continues, shall not constitute a waiver by such party of its rights under this Agreement or failure continues, shall not constitute a waiver by such party of its rights under this Agreement or of the right to then or subsequently declare a default.

        (c) No Agency. The Contractor shall not, at any time, hold itself out as the agent or representative of the Company except as permitted in this Agreement, and shall not incur any obligations or liabilities or enter into any agreements for or on behalf of the Company except with the prior written consent of the Company.

        (d) Loss or Damage. The Contractor shall be responsible for any loss or damage suffered by the Company as a result of any negligent misrepresentation or unauthorized warranties given by the Contractor or agreements or contracts entered into by the Contractor which were not authorized or approved by the Company or any claims made against the Company as a result of the negligence or willful default of the Contractor.

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        (e) Notices. Any notice, direction or other instrument required or permitted to be given by any party under this Agreement will be in writing and will be sufficiently given if delivered personally or by courier, or transmitted by telecopier during the transmission of which no indication of failure of receipt is communicated to the sender:

        	
                    To the Company at:

                	
                    To the Contractor at:

                
	
                    200 Davenport Road

                	
                    Ike Makrimichalos

                
	
                    Toronto, ON M5R1J2

                	
                    48 Lafayette Drive

                
	
                     

                	
                            St. Catharines, Ontario L2N 6C2

                

        (f) Entire Agreement. This Agreement contains the entire agreement between the parties with

        respect to its subject matter and supersedes all prior negotiations and oral or written understandings, if any. This agreement may not be modified except by agreement in writing signed by all of the parties.

        (g) Partial Enforceability. If any provision of this Agreement is held invalid or unenforceable, it shall be modified or construed restrictively rather than voided, if possible, to give effect to the intent of the parties to the extent possible, and if modification or restrictive construction is not possible, it shall be severed. In any event, all of the other provisions of this Agreement shall be deemed valid and enforceable.

        (h) Governing Law. This Agreement shall be governed by and construed in accordance with the laws of Canada.

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        EXHIBIT A

        Definitions

        For the purposes of this Agreement:

        (a) “Cause” means:

        (i) the Contractor is convicted of a criminal or other statutory offence which has a potential sentence of imprisonment greater than six (6) months or the Contractor’s conviction of a criminal or other statutory offence involving, in the sole discretion of the Board of Directors of the Company, moral turpitude; or

        (ii) a reasonable determination by a vote of the Board of Directors comprising a simple majority of the entire Board of Directors, that, in carrying out his duties, the Contractor has engaged in willful gross neglect or willful gross misconduct, resulting in material economic harm, neglect or willful gross misconduct, to the Company or resulting in reputational harm causing quantifiable material injury to the Company, unless the Contractor had a good faith belief that such conduct was in, or not opposed to the best interests of the Company; or

        (iii) any other action or inaction that would constitute “cause” in law.

        (b) “Disability” means the Contractor’s inability, due to physical or mental incapacity, to substantially perform his duties and responsibilities contemplated by this Agreement. In the event of a dispute as to whether the Contractor is disabled, the determination shall be made by a licensed medical doctor selected by the Company and agreed to by the Contractor. If the parties cannot agree on a medical doctor, each party shall select a medical doctor and the two doctors shall elect a third who shall be the approved medical doctor for this purpose. The Company agrees to cause the Contractor to submit to such tests and examinations as such medical doctor shall deem appropriate.

        (c) “Good Reason” means, without the Contractor's express written consent (and except in consequence of a prior termination of the Contractor's engagement), the occurrence of any of the following circumstances:

        (i) reduction by the Company in the Contractor's Fee to an amount that is less than required under Section 9(a), without its consent.

        (ii) the removal of the Contractor from any of the positions described in Section 3.

        (iii) A material diminution in the Contractor's duties or the assignment to the Contractor of any duties inconsistent with his/her position.

        (iv) A change in the Contractor's reporting relationship such that the Contractor no longer reports directly to the CEO.

        (v) A breach by the Company of any of its material obligations to the Contractor under this Agreement. (vi) The failure of the Company to obtain a satisfactory agreement from any successor to all or substantially all of the assets or business of the Company to assume and agree to perform this Agreement within 15 days after a merger, consolidation, sale or similar transaction.

        EXHIBIT B

        5

    

    

    
        Chief Financial Officer

        Job Description & General Conduct when acting for the Company.

        The role of the CFO is to carry out the traditional CFO activities in a public company, consisting of general finance/accounting advice and accounting support.

        To execute this role, specific responsibilities include (but shall not be limited to) the following:

        1. Assist in the preparation of the appropriate working paper documentation/financial reporting for public company purposes, i.e. timely assistance on quarterly financial statements, preparation of the MD&A, preparation for the audits and reviews and budgeting.

        2. Develop a system of internal controls and ensure adherence to the system of internal controls. Included, will be proper and complete approval of invoices by the CFO and CEO for payment, subject to any expenditure limits already in place or to be implemented and the assurance of alternate cheque signing authority, should the CFO or CEO, not be available.

        3.Report on the quarterly and annual financial statements and MD&A, to the Audit Committee and other matters as directed by the CEO.

        4. Assist, when requested, any additional duties with respect to current financial reporting and other duties generally required of a CFO. And as may be requested by the CEO and/or the Board of Directors as directed by the Audit Committee.

        To assist the Contractor in carrying out his duties, the Company will:

        1. Provide financial information on a timely basis to assist with the immediate reporting requirements. Provide such information as may be requested of outside legal counsel, external auditors and internally in the organization.

        2. Keep Contractor appraised of information requirements and corporate needs so as to properly discharge his duties, and

        3. Provide adequate liability insurance for the Contractor in his capacity as CFO and Officer of the Company, signing corporate documents.

        General Considerations:

        SusGlobal Energy Canada Corp. is a wholly owned subsidiary of SusGlobal Energy Corp. (OTCQB:SNRG) which is a publicly quoted company in the United States of America. Any exchanges of information or opinions relating to the Company and its operations, whether expressed publicly or privately, may affect the share price and could potentially be construed as insider trading (which is a criminal offence). Reasonable measures must therefore be observed in order to control the flow of information to third party individuals and organizations. Unless otherwise approved by the CEO:

        1. No information or opinions relating to the Company, its operations, or developments is to be discussed or divulged to third parties, unless such information is already a matter of public record. Material information should at all times be secured in such a manner as to prevent access by third parties.

        2. When information needs to be conveyed to third parties acting in an authorized or professional capacity to the Company, the terms of their engagement must provide for confidentiality prior to information being exchanged, and information should thereafter be exchanged by secure means.

        3. When third parties are invited to visit the Company’s project sites and prior to commencing such visits, they shall be required to sign an indemnity form, and as directed by the CEO, may also be required to sign a confidentiality agreement.

        6

    

    

    
        The Parties, intending to be contractually bound, have executed this Agreement as of the date set out in the first page.

        SUSGLOBAL ENERGY CANADA CORP.

        ___________________________

        MARC HAZOUT President

        ___________________________

        IKE MAKRIMICHALOS Contractor

        7

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